David Winters

David Winters

Last Update: 05-15-2015
Related: Wintergreen Fund

Number of Stocks: 12
Number of New Stocks: 1

Total Value: $606 Mil
Q/Q Turnover: 2%

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 (%)
2014-1.6813.69-15.4
201316.8132.39-15.6
20127.5116-8.5
3-Year Cumulative23.5 (7.3%/year)74.6 (20.4%/year)-51.1 (-13.1%/year)
20110.572.11-1.5
201021.0915.066.0
5-Year Cumulative50.4 (8.5%/year)105.1 (15.5%/year)-54.7 (-7%/year)
200932.7826.466.3
2008-39.05-37-2.0
200721.135.4915.6
200620.115.794.3

Top Ranked Articles

David Winters Is Having a Ball
Things are going swimmingly for David Winters, the quick-witted, good-natured, spirited manager of the new Wintergreen Fund and former chief honcho at Franklin Mutual Series. Read more...
The ABCs of Global Value Investing
Value investor David Winters is smiling, for a good reason: He outperformed S&P 500 Index by about 10% per year during 2001 to 2004. And now he is running his own show: Wintergreen Fund. On January 26, 2006, a freezing cold winter evening, he fired up some sparkling investment wisdom at a professional seminar organized by New York Society of Security Analysts. Read more...
Searching for Attractive Risk/Reward Balance
Graham & Doddsville, an investment newsletter from the students of Columbia Business School, has proven in the past to be a must-read for value investors – and the most recent issue didn’t disappoint. The fall 2012 issue had a fantastic interview with Joel Greenblatt, the managing partner of Gotham Capital, in which he talked about his start in investing, how he’s changed as an investor over time, and the responsibility he feels successful financial professionals have to give back to society. In that interview, Mr. Greenblatt gave an interesting answer in response to a question about selectivity when adding positions to his portfolio (bold added for emphasis): Read more...
What Stocks Would a Modern Day Ben Graham Buy?
Someone who reads my articles asked me this question: Read more...
The ABCs of Global Value Investing
Value investor David Winters is smiling, for a good reason: He outperformed S&P 500 Index by about 10% per year during 2001 to 2004. And now he is running his own show: Wintergreen Fund. Read more...
» More David Winters Articles

Commentaries and Stories

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David Winters Initiates Position in CSX Corporation
David Winters (Trades, Portfolio) is the founder of Wintergreen Fund (Trades, Portfolio) which began in October 2005. Before founding his own fund, he was chief executive officer and chief investment officer of Franklin Mutual Advisers. 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. Last quarter he initiated a position in CSX Corporation (CSX) by buying 292,455 shares of the company. More...

LONG, David Winters, CSX Corporation


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David Winters - Index Investing Puts Americans’ Retirement Savings in Peril
Wintergreen cites position concentration and passive stance on executive pay April 30, 2015 3:30 PM Eastern Daylight Time New York, NY – (Business Wire) ‐ The rush of money into index equity funds has ballooned into a market mania that is fueling excessive CEO compensation and putting the savings of ordinary investors at risk, according to a new report by Wintergreen Advisers that was released today. The report noted that the massive assets of index giants Vanguard, BlackRock (BLK) and State Street (STT) make them the largest block of shareholders in America’s largest publicly traded companies, holding an average of 16% of the shares outstanding of the top 25 companies in the S&P 500. David Winters (Trades, Portfolio), CEO of Wintergreen Advisers, said: “Trillions of ordinary investors’ dollars are now committed to a mechanistic strategy that day in and day out simply buys stocks without a thought for their actual underlying value. Students of market history know that index mania – like other market fads before it – will end badly. “The sad reality is that index funds have turned ordinary investors into the pawns in a game that undermines the integrity of American markets and imposes costs on society that don’t show up in index fund expense ratios. We believe that one consequence of this is that billions of dollars of value created by American companies are being diverted to a select few executives while ordinary investors, distracted by ‘low fee’ hype, are subjected to dangerous risk concentrations in their retirement portfolios.” Wintergreen’s analysis of the voting histories of the leading S&P 500 index funds run by Vanguard, BlackRock and State Street over the past five years for the 25 largest companies in the S&P 500 found that these funds cast their votes in favor of equity compensation plans 89% of the time, and opposed executives’ pay packages less than 4% of the time. They withheld or cast votes against directors a meager 4% of the time. Liz Cohernour, COO of Wintergreen Advisers, added: “Index mania has been a boon for executives of companies in the index, whether or not these executives are delivering real shareholder value. Flows into Big Index’s fund products that tend to vote with management means a significant block of the shareholders in an S&P 500 company can generally be counted on to support executive compensation packages even when shareholders are receiving meager returns.“ The Wintergreen report noted that index hype creates an illusion of safety and diversification. Wintergreen believes this can lead ordinary investors to take on a dangerously high concentration of risk in their investment portfolios. By Wintergreen’s estimate, the top 25 securities by market value in the S&P 500 in 2014 contributed over 33% of the index’s total return, while the top 25 securities by performance contributed 55% of the index’s total return. Apple (AAPL), Microsoft (MSFT), Facebook (FB) and Intel (INTC) alone accounted for over 20% of the total return of the S&P 500 in 2014. A copy of the Wintergreen report is available at http://www.wintergreenadvisers.com. About Wintergreen Advisers Established in 2005, Wintergreen is an independent global money manager that employs a research‐ driven value style in managing global securities. As of March 31, 2015, Wintergreen Advisers had approximately $1.5 billion under management on behalf of individuals and institutions through its mutual fund and other clients, and is based in Mountain Lakes, New Jersey. For further information on Wintergreen Advisers, please call 973‐263‐4500 or visit www.wintergreenadvisers.com. For information, forms and documents regarding Wintergreen’s U.S. mutual fund, please visit www.wintergreenfund.com. More...

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David Winters' First Quarter Commentary - Thinking and Voting Like an Owner
With another seemingly endless winter in our rearview mirror, we begin the annual spring rituals of digging our warm-weather clothes out of the closet and delving into annual reports and proxy statements. Arriving by the handful in each day’s mail, these reports provide unique insight into the inner workings of businesses, corporate boards, and their philosophy on everything from operations to compensation. For those who take the time to read them, proxy statements and annual reports can be fascinating and informative documents. The ballot that accompanies each proxy statement provides the most direct feedback mechanism from shareholders to board members and management – depending on how shareholders cast their ballots, they can send a message of approval, or can demand change at the top. More...

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Warren Buffett Calls Out Coca-Cola Activist Investor David Winters
"I totally disagree with the idea of putting somebody on the board who has an option on some other people's stock which is only good for two years, it's just not the way to run a business," he added." More...

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Wintergreen's David Winters Calls Coca-Cola "Shockingly Unethical"
In the podcast below the conversation with David Winters (Trades, Portfolio) starts at the 8:30 mark. More...

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Wintergreen Fund Buys 4 New International Stocks David Winters, Wintergreen Fund - Wintergreen Fund Buys 4 New International Stocks
David Winters (Trades, Portfolio) formed Wintergreen Advisers in 2005, whose Wintergreen Fund (Trades, Portfolio) now manages $1.5 billion in assets. More...

WINTERGREEN FUND, DAVID WINTERS, GLOBAL, INTERNATIONAL


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David Winters Purchases 4 International Stocks in Q4 David Winters - David Winters Purchases 4 International Stocks In Q4
David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) is a global value fund that invests anywhere in the world in almost any asset class. In the fourth quarter, he bought four new stocks from three different countries. His portfolio, valued at $1.3 billion, contains 34 stock holdings. The investor has also garnered much attention recently for striking out at the management of Coca-Cola (KO), of which he has a large holding. More...

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David Winter's Wintergreen Fund Annual Letter 2014
New York – (BUSINESS WIRE) – Wintergreen Fund (Trades, Portfolio), Inc. today released its 2014 Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com. More...

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David Winters' Q4 Commentary - Sizing Up Oil Prices, Volatility, and Opportunity
The decline in oil prices took center stage in the fourth quarter, igniting a debate on its impact that will likely linger well into the New Year. The issue looms large because carbon fuels are – and will likely remain for a very long time – the lifeblood of economic activity. Every corner of the global economy feels the tremors, positive and negative, from sliding oil prices. More...

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Coca-Cola Board Member Barry Diller Calls David Winters "Just Another Blowhard" David Winters, Wintergreen Fund - Coca-Cola Board Member Barry Diller Calls David Winters
David Winters (Trades, Portfolio) of the Wintergreen Fund (Trades, Portfolio) has received a huge amount of publicity for his attack on the new compensation plan at Coca-Cola (KO). More...

BARRY DILLER, COCA-COLA, STOCK


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David Winters Coca-Cola's Fuzzy Math David Winters - David Winters Coca-Cola's Fuzzy Math
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David Winters Purchases 3 New Stocks in Q3 David Winters - David Winters Purchases 3 New Stocks In Q3
David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) holds 33 stocks, three of which were reported new in the third quarter. The fund’s portfolio has a value of $1.3 billion and has allocated the greatest amount of its funds into consumer defensive stocks at 33.2%, followed by consumer cyclical stocks at 31.8% of the total portfolio. More...

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David Winters Reduces Position in Google in Q3 David Winters - David Winters Reduces Position In Google In Q3
David Winters (Trades, Portfolio) formed Wintergreen Advisors in 2005 and has been the portfolio manager of the Wintergreen Fund (Trades, Portfolio) since then. In the third quarter, the fund held 13 stocks with a total value of $772 million. More...

DAVID WINTERS, WINTERGREEN FUND, WINTERGREEN ADVISORS


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Top Value Manager David Winters Is Not Happy With Coca-Cola
David Winters (Trades, Portfolio) was very public with his displeasure over Coca-Cola's previous compensation plan for top management. More...

David Winters, Warren Buffett, Coca-Cola


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David Winters Chastises Coca-Cola and Buffett Again
David Winters (Trades, Portfolio)' is a deep value investor and runs Wintergreen Advisors. He was mentored by Michael Price (Trades, Portfolio) and Max Heine at Mutual Series in the late '80s. He believes that management is just as important as buying at a deep discount to intrinstic value. More...

KO, DAVID WINTERS, WINTERGREEN FUND


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David Winters Fund Third Quarter Commentary
Asian Market Sell-Off Offers Long-Term Opportunities Further signs of an economic slowdown in China’s economy sent the markets lower during the third quarter, with the late-September demonstrations in Hong Kong adding to the unsettled conditions. Real estate prices declined, factory output slowed, and consumers put the brakes on spending. While the speed of the economic slowdown occurred at a faster pace than many had predicted, the Chinese government’s efforts at “taking away the punch bowl” before a bubble could form (and burst) have been wellscripted. Chinese banks have been reducing liquidity and cutting back on new loans for some time now. We believe these measures are a rational and appropriate response to an economy that was growing at an unsustainably fast pace. The trillion-dollar question is whether China can manage to head off a bubble without stalling the economy. More...

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David Winters: The Governance Is Terrible at Coca-Cola
Wintergreen Advisers CEO David Winters (Trades, Portfolio) spoke with FOX Business Network’s (FBN) Maria Bartiromo about Coca-Cola’s (KO) changes to their executive compensation plan. Winters said, “We’re thrilled that Coca-Cola has acknowledged and conceded that what they did was wrong.” Winters went on to discuss Coca-Cola’s management saying, “the governance is terrible” and the board that put the executive compensation plan “in place is still there, so there is a real question about credibility and whether there needs to be real change at the top of Coca-Cola.” More...

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Berkshire & Coca-Cola: A Situation Handled Well David Winters - Berkshire & Coca-Cola: A Situation Handled Well
Over the past few days, I’ve been rereading Roger Lowenstein’s “Buffett: The Making of an American Capitalist”. I’ve read the book before, though it has been years since I’ve last picked it up; in the meantime, I’ve somehow managed to forget that Lowenstein is a truly fantastic writer. My personal opinion is that his book is the best written about Warren and Berkshire to date. More...

LONG BRK.B & PEP


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According To David Winters, Buffett Might Take Coca-Cola Private
It sounds crazy, but David Winters (Trades, Portfolio) doesn't think it is. More...

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