David Winters

David Winters

Last Update: 05-13-2016
Related: Wintergreen Fund

Number of Stocks: 9
Number of New Stocks: 1

Total Value: $279 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

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 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 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 Read more...
David Winters Sells Stake in Franklin Resources Guru reduces holdings in Coca-Cola, both of Alphabet's components and tobacco companies
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. Read more...
Altria, Cigna, Philip Morris Are Outperforming the S&P 500 Guru stocks with high returns
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. Read more...
» More David Winters Articles

Commentaries and Stories

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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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David Winters On Wealthtrack
David Winters, founder of Wintergreen Fund (Trades, Portfolio), recently did a interview with Wealthtrack. Mr. Winters sounded the alarmed on index funds and the risk investors are taking by investing in index funds. He discusses the widespread mania in index funds which have become a huge bubble that will burst eventually. Mr. Winters said that investors have the illusion of safety since there is a lack of diversification. Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), and Intel (NASDAQ:INTC) More...

DAVID WINTER,WINTERGREEN FUND'S,VALUE INVESTING,WEALTHTRACK,INDEX FUNDS,BUBBLE,


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David Winters Sells Two-Thirds of Stake in Coca-Cola David Winters - David Winters Sells Two-Thirds Of Stake In Coca-Cola
Wintergreen Fund (Trades, Portfolio) manager David Winters (Trades, Portfolio) is a deep value investor. Like many investors, Wintergreen struggled in 2014 – not as much as some, though, with a -1.68% return for the year – but it returned nearly 17% in 2013. Winters doesn’t make many transactions in a given quarter – his nine transactions in the first quarter of 2015 were the most he has made since the fourth quarter of 2013 – but they tend to be noteworthy. More...

David Winters, Coca-Cola


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David Winters' stocks trading at Low P/E David WInters - David Winters' Stocks Trading At Low P/E
Established in 2005, Wintergreen is an independent global money manager. Its manager is David J. Winters, follows a global approach to investing that combines the following key elements: Activism and Arbitrage, Cash and Convertibles, Financings. All client assets are managed on a discretionary basis. More...

P/E Ratio, Stocks


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David Winters' Highest-Growing Stocks
Established in 2005, Wintergreen is an independent global money manager. The manager is David J. Winters, who follows a global approach to investing that combines the following key elements: Activism and Arbitrage, Cash and Convertibles, Financings. All client assets are managed on a discretionary basis. Winter’s portfolio is composed of 12 stocks and the total value is $606 million with 2% Q/Q turnover. More...

David Winters


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David Winters' Most Heavily Weighted Trades In Q1 2015
David Winters (Trades, Portfolio) is the manager of Wintergreen Fund (Trades, Portfolio), and the former chief executive officer and chief investment officer of Franklin Mutual Advisers. More...

David Winters, Wintergreen Fund


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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 (NASDAQ: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 (NYSE:BLK) and State Street (NYSE: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 (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB) and Intel (NASDAQ: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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