Westport Asset Management

Westport Asset Management

Last Update: 08-12-2015

Number of Stocks: 49
Number of New Stocks: 1

Total Value: $918 Mil
Q/Q Turnover: 2%

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

Westport Asset Management' s Profile & Performance

Profile

The firm's investment philosophy is a modified form of bottom-up value investing that combines classic value investment with forward-looking business analysis. This approach combines low valuation, a value attribute, with improving earnings and cash flow, a growth attribute. This variation of value investing may reduce downside risk while offering the potential for capital appreciation as a stock gains favor among other investors as its price increases.

The firm's investment focus is on companies selling at a substantial discount to their intrinsic value. These companies are often out of favor with Wall Street due to transitory problems.

Principles of the firm include founder Andrew J. Knuth and Managing Director Edmund H. Nicklin, Jr.

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

Investing Philosophy

Normally, the Westport Fund invests primarily in undervalued common stocks of mid capitalization companies. A mid capitalization company is defined as having a market value between $2 and $10 billion. The Westport Fund will opportunistically invest in securities of companies with both larger and smaller market capitalizations, but expects the median market capitalization of the Fund to be in the mid capitalization range. The Westport Fund considers several factors as part of its analysis for determining value, primarily the potential for capital appreciation and secondarily the potential for current income.

Total Holding History

Performance of Westport Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20148.6213.69-5.1
201328.5432.39-3.8
201212.2616-3.7
3-Year Cumulative56.7 (16.2%/year)74.6 (20.4%/year)-17.9 (-4.2%/year)
20113.242.111.1
201020.0615.065.0
5-Year Cumulative94.3 (14.2%/year)105.1 (15.5%/year)-10.8 (-1.3%/year)
200932.1726.465.7
2008-30.28-376.7
200713.715.498.2
200613.2715.79-2.5
200511.614.916.7
10-Year Cumulative157.4 (9.9%/year)109.4 (7.7%/year)48 (2.2%/year)
200416.8610.886.0
200329.3628.680.7
2002-16.91-22.15.2
20013.99-11.8915.9
20008.68-9.117.8
15-Year Cumulative265.3 (9%/year)86.4 (4.2%/year)178.9 (4.8%/year)
199946.1321.0425.1
199812.228.58-16.4

Top Ranked Articles

Westport Asset Management Buys MSM, ROST, MA, CHKP, LH, WSH, FST, Sells DV
Westport Fund has outperformed the market in eleven out of the last twelve years. Their 10 year cumulative return is 108%, while the market gained just 16.4%. This is the portfolio update for the first quarter of Westport. Read more...
Westport Asset Management Makes Two Sells in Q3 Portfolio Update
Milwaukee-based Westport Asset Management reported its portfolio updates for the third quarter that ended Sept. 30, a short list containing only one reduction and one complete sell of all its shares of one company, in addition to three increases in current shareholdings and one new holding – six transactions in total. Read more...
Westport Asset Management Comments on Precision Castparts
Making the third largest contribution for the half was Precision Castparts Corp. (NYSE:PCP), the components supplier to the aerospace industry. After being essentially flat in the first quarter, the stock rose over 19% in the second quarter, adding 177 basis points to performance. As we had anticipated, the shares rose as problems with Boeing's 787 were resolved. Read more...
Westport Asset Management RSG, SGY, LPS, CHKP, Sells KBR, AIR, ELMG, DBD
Westport Asset Management just reported their fourth quarter portfolio. The firm likes to invest in undervalued companies with market cap between $2 and $10 billion. The firm’s flagship fund Westport Fund has achieved impressive performance since 1999. The fund outperformed the market every year except for 2006, when the fund underperformed by 2.5%. Read more...
Westport Funds Selects 1 Stock in Q2
Westport Funds, a firm led by Andrew Knuth and Edmund Nicklin that has beat its index since inception, is having a strong year as well. The Westport Select Cap Fund has returned 22.06% from the start of the year through July 31, even through higher volatility in May and June. “A focus on the long-term and avoidance of short-term fads, even those that seem compelling, is a key factor in these long-term results,” the fund’s manager wrote in their second quarter shareholder letter. Read more...
» More Westport Asset Management Articles

Commentaries and Stories

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Westport Asset Management Sells Bulk of Two Stakes Westport Asset Management - Westport Asset Management Sells Bulk Of Two Stakes
Westport, Connecticut-based Westport Asset Management (Trades, Portfolio) is an investment advisory firm that manages four accounts collectively valued at $143 million. It produced returns of 8.62% last year, 28.54% in 2013 and 12.26% in 2012. More...

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Westport Select Cap Fund Comments on Universal Health Services Inc
Universal Health Services, Inc., Class B shares (UHS), the fund’s largest position, was up nearly 6%, contributing 79 basis points. The company continues to benefit from the Affordable Care Actii (“Obamacare“) as it reported strong fourth quarter results and forecast continued above average growth for 2015. More...

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Westport Select Cap Fund Comments on Big Lots Inc
Big Lots, Inc. (BIG), the off price retailer, continues its turn-around under new management, Earnings were reported in line with management’s projections and strong cash flow led to another large share repurchase program. The shares rose 20% in the quarter and added 110 basis points to performance. More...

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Westport Select Cap Fund Comments on IPG Photonics Corp
IPG Photonics Corp. (IPGP), a producer of precision laser products, was up over 23%, adding 183 basis points. The company’s results exceeded expectations as fears of slowing demand in China were proven to be incorrect. More...

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Westport Select Cap Fund Comments on Precision Castparts Corp
Precision Castparts (PCP) has experienced weakness in demand from one of its important jet engine customers and softness in its less important energy-related businesses. As a result, management was forced to withdraw its long-standing estimate of $16.00 per share earnings for fiscal 2016. On its earnings call for fiscal 2015, ended March 31, management is expected to lay out revised forecasts for the new year as well as long-term goals. More...

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Westport Select Cap Fund Comments on United Rentals
United Rentals (URI) has evolved in the market’s view into an “energy” company. Despite management’s strong argument that its results will be minimally impacted by weakness in crude oil prices, investors have decided that energy is more important than the apparent improvement in the company’s principal business, non-residential construction. First quarter results, to be announced later this month, will give a good indication of which side of this argument is correct. More...

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Westport Select Cap Fund Comments on DeVry Education Group Inc
Both DeVry Education and United Rentals had risen more than 30% last year so some profit taking might have been expected. However, DeVry Education (DV), a for-profit education company, reported disappointing new student results for the December quarter even as it beat earnings estimates. Future earnings will be negatively impacted without improvement in new student starts. More...

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Westport Asset Management’s Westport Select Cap Fund Q1 2015 Commentary
During the first quarter the Westport Select Cap Fund’s Class R shares declined 0.38%, trailing by 470 basis pointsi the Russell 2000® Index’s gain of 4.32%. Since inception seventeen and a quarter years ago, the Westport Select Cap Fund R shares have outperformed by 251 basis points a year, 10.20% to 7.69%, both compounded annually. More...

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Westport Fund Comments on Mohawk Industries Inc
During the quarter a position was initiated in Mohawk Industries, Inc. (“Mohawk”). Mohawk (MHK) has expanded from a manufacturer with a primary focus on carpeting to a company whose current product offerings include rugs, carpets and tiles, along with laminate, wood, stone and vinyl flooring. During the quarter Mohawk announced the acquisition of a European company that manufactures sheet vinyl with a focus on luxury vinyl tiles. This new product is gaining acceptance in both the United States and Europe. Expanded offerings and increased volumes have enabled Mohawk to improve margins over time, directly enhancing its profitability. The latest acquisition should support the trend. More...

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Westport Sells Its Stake in PetSmart in First Quarter Westport Asset Management - Westport Sells Its Stake In PetSmart In First Quarter
Westport Asset Management (Trades, Portfolio)’s investing philosophy has been described on this website as “a modified form of bottom-up value investing that combines classic value investment with forward-looking business analysis.” More...

STOCKS, NEW BUYS


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Westport Asset Management First Quarter 2015 Commentary
* The Russell Midcap® Index is an unmanaged index comprising the 800 smallest companies in the Russell 1000® Index. The Lipper Multi-Cap Core Fund Index measures the performance of the 30 largest mutual funds that invest in a variety of capitalization ranges without concentrating 75% of more of their equity assets in any one market capitalization range over an extended period of time, as determined by Lipper, Inc. You should note that the Westport Funds are professionally managed mutual funds while the indices are unmanaged, do not incur expenses and are not available for investment. More...

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Westport Buys Apparel Retailer Express During Q4 Westport Asset Management - Westport Buys Apparel Retailer Express During Q4
Andrew J. Knuth founded Westport Asset Management (Trades, Portfolio) in 1983 with a focus on investing in small-cap companies for institutional clients. More...

WESTPORT ASSET MANAGEMENT, EXPRESS, LABORATORY CORP OF AMERICA,


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Westport Asset Management’s Westport Select Cap Fund Third Quarter 2014 Commentary
Portfolio Review More...

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Westport Fund Comments on American Eagle Outfitters & McCormick & Company
Two portfolio holdings were eliminated in the third quarter of 2014 – American Eagle Outfitters, Inc. (AEO) and McCormick & Company, Inc. (MKC) as future returns were viewed as unlikely to reach the levels needed for retention in the portfolio. More...

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Westport Fund Comments on PetSmart Inc
PetSmart, Inc. (PETM) (retailer of pet products and services) appreciated 17% in the quarter due to acceptable earnings and a board decision to evaluate “strategic alternatives,” including a sale of the company. This course of action was aggressively advanced by an activist investor. More...

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Westport Fund Comments on EOG Resources Inc
Slowing growth in China, little growth in Europe and continued increases in U.S. oil production raise questions about the oil price needed to balance supply and demand. Not surprisingly, energy was the other major disappointing industry segment in the quarter, subtracting 98 basis points on a relative basis from Fund results versus its benchmark Index. While the share prices of all three energy portfolio holdings were down, EOG Resources, Inc. (EOG), after an excellent first half, decreased the Fund’s return by 107 basis points. In the first nine months of 2014 energy was the best performing industry segment and EOG Resources, Inc. contributed 57 basis points to the Fund’s return. More...

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Westport Fund Comments on FMC Corp
Of the industry segments, Materials and Processing saw the poorest relative return versus the Index at a negative 109 basis points with the largest detractor, FMC Corp. (FMC) (agricultural and food products), at a negative 92 basis points. Drought in South America, compressed North American planting schedules and bumper crops of corn and soybeans have led to reduced applications and sales of agricultural chemicals. More...

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Westport Asset Management’s Westport Fund Third Quarter 2014 Commentary
Portfolio Review More...

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Westport Select Cap Fund Comments on Zebra Technologies Corp
The Fund made one new purchase during the quarter, Zebra Technologies Corp (ZBRA), Class A shares (“Zebra”). This company has established a leading position in data collection and product identification and announced the acquisition of a unit of Motorola Solutions, Inc. This deal will expand Zebra’s market position into mobile and network solutions while doubling the company’s size and adding significantly to its earnings per share. More...

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