David Winters

David Winters

Last Update: 08-12-2016
Related: Wintergreen Fund

Number of Stocks: 8
Number of New Stocks: 0

Total Value: $269 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

David Winters' s Profile & Performance

Profile

Manager of Wintergreen Fund, David J. Winters, was formerly chief executive officer and chief investment officer of Franklin Mutual Advisers. Winters resigned from that $35 billion fund behemoth in order to found his own mutual fund. The Wintergreen Fund (WRGNX), incepted in October 2005.

Web Page:http://www.wintergreenfund.com/

Investing Philosophy

Winters is a value investor. He believes in holding solid companies for the long-term. He prefers to invest in companies that he thinks will do well in all market conditions, and avoids the current fad.

Total Holding History

Performance of Wintergreen Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-6.941.19-8.1
2014-1.6813.69-15.4
201316.8132.39-15.6
3-Year Cumulative6.9 (2.2%/year)52.3 (15.1%/year)-45.4 (-12.9%/year)
20127.5116-8.5
20110.572.11-1.5
5-Year Cumulative15.6 (2.9%/year)80.4 (12.5%/year)-64.8 (-9.6%/year)
201021.0915.066.0
200932.7826.466.3
2008-39.05-37-2.0
200721.135.4915.6
200620.115.794.3
10-Year Cumulative64.7 (5.1%/year)102 (7.3%/year)-37.3 (-2.2%/year)

Top Ranked Articles

Global Investor David Winters Purchases 3 New Stocks Winters said he watched for prices to come down on his wishlist
David Winters (Trades, Portfolio) manages the Wintergreen Fund (Trades, Portfolio), a long-term, global value firm that oversees $636 million. Read more...
David Winters Comments on Reynolds Guru stock highlight
Reynolds (NYSE:RAI) has been a core Wintergreen investment for many years. The Reynolds management team utilizes a value formula that consists of wielding pricing power, generating substantial free cash flows, and returning much of that cash through raising dividends and share repurchases. The company acquired the Newport brand via the takeover of Lorillard during 2015, and traded away lower-return assets, for an attractive price. Reynolds’ market share of the U.S. cigarette market has increased from around 25% to 33% with the addition of Newport as of December 31, 2015. According to Reynolds’ management, the deal is accretive on an earnings per share basis in the first 12 months and will have “strong double-digit accretion second year and beyond.” Reynolds may execute a rapid pay-down of debt after the Lorillard deal, which will increase the prospects of accelerating stock buybacks. With our investment in British American Tobacco plc (LSE: BATS, “BAT”), the largest shareholder in Reynolds with ownership of 42% of Reynolds outstanding shares, we should further benefit from the ongoing success of Reynolds. Since BAT has acquired affiliates of Read more...
David Winters Comments on Birchcliff Energy Ltd. Guru stock highlight
Wintergreen Advisers believes the mark of good management in the commodity sector is a steady hand to steer the company through cycles. In Birchcliff Energy Ltd.’s (“Birchcliff”) (BIR) management, we think you have exactly that. Whereas other oil and gas drillers in North America have become unprofitable or even bankrupt due to excessive debt in the recent global downturn in the oil and gas market, Birchcliff has sustained operations in the black on a cash basis, with controlled levels of debt. Credit goes to the leaders of the company who have reduced operating costs per boe (barrel of oil equivalent) to record lows this year. This combination of profitability and balance sheet strength enabled Birchcliff to take advantage of a competitor’s need to sell assets in order to decrease its own dangerous debt burden. At the end of July, Birchcliff acquired a large tract of petroleum and natural gas properties in the Gordondale area of Alberta, Canada. The strategic rationale of the investment in these fields seems readily apparent, as the properties lie between Read more...
Wintergreen Fund Dissolves 2 Holdings in 2nd Quarter Fund sells Sun Hung Kai, Coca-Cola
In the second quarter, the Wintergreen Fund (Trades, Portfolio) sold out of two holdings. They are Sun Hung Kai Properties Ltd. (HKSE:0016) and Coca-Cola Co. (NYSE:KO). Read more...
David Winters Sells Coca-Cola in 2nd Quarter Guru trims holdings in Reynolds American and Baker Hughes
David Winters (Trades, Portfolio) of Wintergreen Advisors extended three ongoing investment trends in the second quarter, divesting a stock that had been reduced gradually for more than a year and trimming two others that had been reduced since at least the start of this year. Read more...
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Commentaries and Stories

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David Winters Comments on British American Tobacco Guru stock highlight
British American Tobacco plc (“BAT”) (BTI) was one of the Fund’s first investments in 2005. The position has grown to become the Fund’s second largest stock holding, behind Reynolds American Inc. All along the way, BAT’s very capable management team has driven the operating margin up from the high 20s to mid-30s, doubled free cash flows to well over GBPii 3 billion per year, and raised the dividend by a 12% compounded annual growth rate. Shareholders of BAT have been rewarded nicely with an 18% average annual return since October 2005. BAT remains an important core holding for the Fund because it has historically been a dependable cash generator, particularly during times of uncertainty, the most prominent of which is presently unfolding in its home country. “Brexit” was a surprise to many and it is likely that in the U.K. business world there will be many winners and losers as a result of it. An immediate visible impact was the fall in the value of the pound sterling in June 2016, which could be net beneficial to BAT’s bottom line, as the company More...

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David Winters Comments on Birchcliff Energy Ltd. Guru stock highlight
Wintergreen Advisers believes the mark of good management in the commodity sector is a steady hand to steer the company through cycles. In Birchcliff Energy Ltd.’s (“Birchcliff”) (BIR) management, we think you have exactly that. Whereas other oil and gas drillers in North America have become unprofitable or even bankrupt due to excessive debt in the recent global downturn in the oil and gas market, Birchcliff has sustained operations in the black on a cash basis, with controlled levels of debt. Credit goes to the leaders of the company who have reduced operating costs per boe (barrel of oil equivalent) to record lows this year. This combination of profitability and balance sheet strength enabled Birchcliff to take advantage of a competitor’s need to sell assets in order to decrease its own dangerous debt burden. At the end of July, Birchcliff acquired a large tract of petroleum and natural gas properties in the Gordondale area of Alberta, Canada. The strategic rationale of the investment in these fields seems readily apparent, as the properties lie between More...

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David Winters Wintergreen Fund Semi-Annual Report Review of holdings and fund performance David Winters - David Winters Wintergreen Fund Semi-Annual Report
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

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David Winters Sells Coca-Cola in 2nd Quarter Guru trims holdings in Reynolds American and Baker Hughes David Winters,Warren Buffett,Pioneer Investments,J - David Winters Sells Coca-Cola In 2nd Quarter
David Winters (Trades, Portfolio) of Wintergreen Advisors extended three ongoing investment trends in the second quarter, divesting a stock that had been reduced gradually for more than a year and trimming two others that had been reduced since at least the start of this year. More...

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Wintergreen Fund Dissolves 2 Holdings in 2nd Quarter Fund sells Sun Hung Kai, Coca-Cola Wintergreen Fund,David Winters - Wintergreen Fund Dissolves 2 Holdings In 2nd Quarter
In the second quarter, the Wintergreen Fund (Trades, Portfolio) sold out of two holdings. They are Sun Hung Kai Properties Ltd. (HKSE:0016) and Coca-Cola Co. (NYSE:KO). More...

WINTERGREEN, SALES, SECOND QUARTER


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David Winters Sells Stake in Canadian Natural Resources Guru reduces positions in tobacco companies in 1st quarter David Winters - David Winters Sells Stake In Canadian Natural Resources
David Winters (Trades, Portfolio)' top eight transactions in the first quarter were partial or complete sales of stakes in his portfolio. He made only one new purchase in the quarter, and his two largest reductions were in tobacco stocks. More...

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Global Investor David Winters Purchases 3 New Stocks Winters said he watched for prices to come down on his wishlist David Winters - Global Investor David Winters Purchases 3 New Stocks
David Winters (Trades, Portfolio) manages the Wintergreen Fund (Trades, Portfolio), a long-term, global value firm that oversees $636 million. More...

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David Winters Comments on Consolidated-Tomoka Land Co. Guru stock highlight
With roots that go back to the early 1900’s, Consolidated-Tomoka Land Co. (CTO) (NYSE: CTO, “CTO”) is a land company in Volusia County, Florida, that was formed as the remains of a liquidating trust from Baker, Fentress & Co. In 2006, when Wintergreen first invested in CTO, it was and still is a company with approximately 10,500 acres of largely undeveloped land near the famous Daytona International Speedway and Interstate 95, a primary north-south highway. Although CTO has sold off some acreage over the years, and it has improved the quality of its income property portfolio, in our opinion, CTO has largely not taken advantage of or participated in rising land values during the ongoing real estate recovery. We believe CTO’s stock price is significantly undervalued, and the increase in stock price over the years generally tracks the increase in value of the real estate market. Since initiating a position, Wintergreen has encouraged meaningful changes at CTO including the replacement of what we viewed as a flawed management team and the implementation More...

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David Winters Comments on Reynolds Guru stock highlight
Reynolds (NYSE:RAI) has been a core Wintergreen investment for many years. The Reynolds management team utilizes a value formula that consists of wielding pricing power, generating substantial free cash flows, and returning much of that cash through raising dividends and share repurchases. The company acquired the Newport brand via the takeover of Lorillard during 2015, and traded away lower-return assets, for an attractive price. Reynolds’ market share of the U.S. cigarette market has increased from around 25% to 33% with the addition of Newport as of December 31, 2015. According to Reynolds’ management, the deal is accretive on an earnings per share basis in the first 12 months and will have “strong double-digit accretion second year and beyond.” Reynolds may execute a rapid pay-down of debt after the Lorillard deal, which will increase the prospects of accelerating stock buybacks. With our investment in British American Tobacco plc (LSE: BATS, “BAT”), the largest shareholder in Reynolds with ownership of 42% of Reynolds outstanding shares, we should further benefit from the ongoing success of Reynolds. Since BAT has acquired affiliates of More...

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David Winters Comments on Sika AG Guru stock highlight
Every now and then, controlling shareholders of an excellent business foolishly attempt to enrich themselves at the expense of minority shareholders. At the close of 2014, the Burkard family announced its intention to sell its controlling stake of Sika AG (XSWX:SIK)(SIX: SIK) of Switzerland to a French competitor, Cie de Saint-Gobain, which has long coveted this prize of a company. The problem in this proposed deal is that the Burkard family, which conducted negotiations away from Sika’s Board of Directors, would receive a premium in the sale and all other shareholders would not. Now held up in the judicial process due to strong and swift legal action taken by Sika’s Board of Directors, and backed by key minority shareholders, we think this brazen attempt to deprive shareholders of Sika’s full and fair value will fail. Shares of this little-known gem of a company—a maker of high value-added construction materials to satisfy growing demand for stronger, lighter, and more energy- efficient building and automobile structures – have been knocked down More...

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David Winters' Wintergreen Fund 2016 Annual Letter Winters discusses top holdings and value investing values David Winters - David Winters' Wintergreen Fund 2016 Annual Letter
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

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David Winters Sells Stake in Franklin Resources Guru reduces holdings in Coca-Cola, both of Alphabet's components and tobacco companies David Winters - David Winters Sells Stake In Franklin Resources
Most of David Winters (Trades, Portfolio)’ fourth-quarter activitiy involved reductions of existing stakes, but the guru did sell a stake in his portfolio, and it turned out to be his most noteworthy trade of the quarter. More...

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Altria, Cigna, Philip Morris Are Outperforming the S&P 500 Guru stocks with high returns Tom Russo, David Winters, Larry Robbins, Warren Bu - Altria, Cigna, Philip Morris Are Outperforming The S&P 500
The following are some of the stocks that outperformed the S&P 500 Index over the last 12 months and have been bought by gurus during the last quarter. More...

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David Winters: Navigating Turbulent Markets Fourth quarter commentary from the Wintergreen Fund David Winters - David Winters: Navigating Turbulent Markets
While the press headlines would generally lead investors to believe that the world is on the verge of ending, at Wintergreen we believe that these are times of opportunity. Our confidence comes from truly understanding the businesses that we own. Our portfolio is comprised of high quality securities that in most cases have very little borrowing, and most with exceptional management teams that are working for all long-term shareholders. More...

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David Winters' Firm Accuses Consolidated-Tomoka of Further Disclosure Failings The letter 'urges board of directors to expedite sale process to maximize value for shareholders' David Winters - David Winters' Firm Accuses Consolidated-Tomoka Of Further Disclosure Failings
New York, NY – (Business Wire) ‐ Wintergreen Advisers, LLC (“Wintergreen”) sent the following letter to the board of Directors of Consolidated‐Tomoka Land Co. (CTO)(NYSE: CTO, “CTO”) to draw attention to what Wintergreen believes are continuing failures by CTO to make full disclosures to its shareholders about the financial condition of the company. More...

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David Winters Sends Aggressive Letter to Tomoka Land's Board The letter stands out as it is quite aggressive even within the genre of activist letters David Winters - David Winters Sends Aggressive Letter To Tomoka Land's Board
David Winters (Trades, Portfolio) of Wintergreen Advisors just sent a letter to the directors of Consolidated-Tomoka Land Company (CTO) that is extremely hostile towards management. More...

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Wintergreen Fund Trims Stakes in 5 Companies in 3rd Quarter Guru invests in oilfield services company David Winters - Wintergreen Fund Trims Stakes In 5 Companies In 3rd Quarter
As it nears the end of its first decade of existence, Wintergreen Fund (Trades, Portfolio) had transactions in only nine companies in the third quarter – three in the U.S., three in Switzerland and one each in Malaysia, Canada and Hong Kong. That is the Fund's fewest quarterly transactions since the second quarter of 2014. More...

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Wintergreen Advisers Urges Consolidated‐Tomoka Land Co. to Take Steps to Maximize Shareholder Value Wintergreen Advisers submits shareholder proposal to hire an independent adviser to evaluate sale of the company or liquidation of its assets David Winters - Wintergreen Advisers Urges Consolidated‐Tomoka Land Co. To Take Steps To Maximize Shareholder Value
New York, NY – (Business Wire) ‐ Wintergreen Advisers, LLC (“Wintergreen”), today announced that it has submitted a shareholder proposal to Consolidated‐Tomoka Land Company (CTO)(NYSE: CTO, “CTO”) recommending that the Board of Directors of CTO retain an independent financial adviser to evaluate ways to maximize shareholder value through the sale of the company or the liquidation of its assets. More...

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David Winters' Wintergreen Fund Semiannual Report 2015 You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. David Winters - David Winters' Wintergreen Fund Semiannual Report 2015
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

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David Winters' Q2 Commentary - Global Value Investing in a Continually Changing World
Investors and long-term observers of Wintergreen Fund (Trades, Portfolio) know that we remain disciplined when applying our investment criteria: More...

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