Jeff Auxier

Jeff Auxier

Last Update: 05-12-2017

Number of Stocks: 156
Number of New Stocks: 7

Total Value: $477 Mil
Q/Q Turnover: 2%

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

Jeff Auxier' s Profile & Performance

Profile

Jeff Auxier is the manager of Auxier Focus Fund. Over the 10-year ended on 9/30/2009, his fund gained more 75% cumulatively, while the S&P500 lost about 10%.

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

Investing Philosophy

Try to find compelling, undervalued companies that ideally exhibit the following attributes:

* Strong or improving fundamentals
* Consistency in operating results
* A substantial advantage over competition (strong franchise)
* A demonstrated ability to earn high rates of return on capital
* Understandable products
* Honest, competent shareholder-oriented management
* Intelligent capital allocation policies
* Generates substantial free cash flow with nominal mandatory capital requirements
* A strong balance sheet and financial flexibility

The investment candidates are then screened to determine what price represents good value with acceptable, low risk and the potential for above average returns. One of the chief investment sins is overpayment. We count on exceptional investment selection for our returns, not the market.

Total Holding History

Performance of Auxier Focus Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20167.0911.96-4.9
2015-1.231.38-2.6
20147.3413.69-6.3
3-Year Cumulative13.5 (4.3%/year)29 (8.9%/year)-15.5 (-4.6%/year)
201323.8132.39-8.6
20128.7316-7.3
5-Year Cumulative52.8 (8.9%/year)98.2 (14.7%/year)-45.4 (-5.8%/year)
20115.572.113.5
201010.115.06-5.0
200924.7626.46-1.7
2008-24.52-3712.5
20075.715.490.2
10-Year Cumulative76.8 (5.9%/year)95.7 (6.9%/year)-18.9 (-1%/year)
200611.7515.79-4.0
20054.584.91-0.3
200410.7310.88-0.2
200326.7528.68-1.9
2002-6.79-22.115.3
15-Year Cumulative170.4 (6.9%/year)164.2 (6.7%/year)6.2 (0.2%/year)
200112.67-11.8924.6
20004.05-9.113.2

Top Ranked Articles

2017 GuruFocus Value Conference Early Bird Registration Started Register now and get a deep discount
2017 GuruFocus Value Conference registration has now started. The number of seats is limited to 200. Register now before the seat runs out. Get a deep discount by registering before Oct. 31. Read more...
Jeff Auxier Comments on Philip Morris Guru stock highlight
Philip Morris (NYSE:PM) is working on transforming from a cigarette company to focusing on meeting the growing demand of reduced risk, smoke-free tobacco products. They estimate that about 1.4 million adults quit smoking cigarettes in 2016 and switched to their IQOS product that heats tobacco rather than burns it, and annual production capacity will grow from 7 billion units to more than 32 billion units in 2017. Read more...
Jeff Auxier Comments on Visa Guru stock highlight
Visa (NYSE:V) dominates the global market for electronic payments handling over half of all credit card transactions globally. The trend toward digital payments and away from cash is strong and fundamentals for global commerce and spending have been improving. Their network processes over $8 trillion in transactions annually.


Read more...
Jeff Auxier Reduces, Exits Multiple Positions in 4th Quarter Guru releases quarterly portfolio
Jeff Auxier (Trades, Portfolio) is the founder of Auxier Asset Management. His portfolio consists of 152 stocks with a total value of $460 million. During the fourth quarter of 2016, the guru sold shares in the following stocks: Read more...
Jeff Auxier Comments on Corning Guru stock highlight
Corning (NYSE:GLW) is engaged in the manufacturing of specialty glass. They expect their gas particulate filters to become a significant business in China following the finalization of emission-related regulations in December 2016. Corning recently made a deal to provide Gorilla Glass for moderately priced smartphones that are within the reach of many of India’s customers—the second largest smartphone market in the world. Read more...
» More Jeff Auxier Articles

Commentaries and Stories

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Jeff Auxier Comments on Bank of New York Guru stock highlight
Banks in general declined off euphoric post-election highs although Bank of New York (NYSE:BK) still sells at a significant discount to the market and will benefit greatly if interest rates normalize.After a difficult global earnings and revenue environment for over six quarters, we are seeing a pickup in sales and earnings for our core positions as many economies have seemed to stabilize. Domestically, the ISM services index still shows good improvement over 55%. We work hard at monitoring fundamentals to be able to catch the turn. While we are concerned with making good buys, it is also important to monitor highly valued “high expectation” stocks that can suffer painful drops when results fall short. We are looking for high integrity, dynamic management teams that can build value in any environment. We have learned over the years that having the cumulative knowledge of specific businesses, cash flows and balance sheets is far more important than being a market operator. When focusing on the power of compounding, it is critical to quantify and constantly assess risk through an in-depth knowledge of More...

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Jeff Auxier Comments on Visa Guru stock highlight
Visa (NYSE:V) dominates the global market for electronic payments handling over half of all credit card transactions globally. The trend toward digital payments and away from cash is strong and fundamentals for global commerce and spending have been improving. Their network processes over $8 trillion in transactions annually. More...

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Jeff Auxier Comments on Cerner Guru stock highlight
Cerner (NASDAQ:CERN) is a leading healthcare information technology company which provides critical software to help automate hospitals and other healthcare providers. The stock traded down to a multiyear low valuation at year end providing for an attractive entry point to this high-quality enterprise. More...

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Jeff Auxier Comments on Anthem Guru stock highlight
Anthem (NYSE:ANTM) is a leading managed care operator which operates under the Blue Cross/Blue Shield brand. Fourth quarter net income was up 103% year over year as medical enrollment increased 3.4%. They are expecting their operating cash flow to be greater than $3.5B in 2017. More...

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Jeff Auxier Comments on Oracle Guru stock highlight
Oracle (NYSE:ORCL)’s cloud revenue growth continues to expand reaching $1.2B in the most recent quarter, a growth of 62% year over year. Oracle is selling more enterprise SaaS than any cloud services provider in the world, and claims their new Gen2 IaaS is both faster and lower cost than Amazon web services. More...

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Jeff Auxier Comments on Corning Guru stock highlight
Corning (NYSE:GLW) is engaged in the manufacturing of specialty glass. They expect their gas particulate filters to become a significant business in China following the finalization of emission-related regulations in December 2016. Corning recently made a deal to provide Gorilla Glass for moderately priced smartphones that are within the reach of many of India’s customers—the second largest smartphone market in the world. More...

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Jeff Auxier Comments on Philip Morris Guru stock highlight
Philip Morris (NYSE:PM) is working on transforming from a cigarette company to focusing on meeting the growing demand of reduced risk, smoke-free tobacco products. They estimate that about 1.4 million adults quit smoking cigarettes in 2016 and switched to their IQOS product that heats tobacco rather than burns it, and annual production capacity will grow from 7 billion units to more than 32 billion units in 2017. More...

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Jeff Auxier Comments on PepsiCo Guru stock highlight
PepsiCo (NYSE:PEP) was the single largest contributor to US retail food and beverage growth in 2016 for the third straight year. They also announced their 45th consecutive annualized dividend increase in 2017 and are driving 3.7% organic revenue growth through healthier products. More...

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Jeff Auxier Comments on Zimmer Biomet Holdings Guru stock highlight
Zimmer Biomet (NYSE:ZBH) has a leading musculoskeletal portfolio and is the global market share leader in knees and hips. Zimmer is also predicting $2B in annual free cash flow by 2020. At year end the stock traded down to a steep discount to the market, an attractive 12 times earnings. The demographics favor hips and knees as the peak year is age 68—about the average age for baby boomers. According to the Pew Research Center, roughly 10,000 Americans turn 65 every day. Pain is a good motivator for action. More...

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Jeff Auxier Comments on Medtronic plc Guru stock highlight
Medtronic is a leader in implantable biomedical devices. Back in 2001 the stock traded at 37.5 times earnings and this past quarter traded down to 13 times earnings with a fortress balance sheet and a 7% free cash flow yield. They continue to be a leader in medical technology as their world’s smallest pacemaker, Micra, accelerates US sales driving pacemaker market growth. They generate over $5 billion in free cash flow annually. More...

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Jeff Auxier Comments on Unilever Guru stock highlight
Unilever (NYSE:UN) is a major player in consumer goods, especially in emerging markets with leading brands like Lipton Tea, Dove, skin products company Dollar Shave Club, and Best Foods. Kraft Heinz made an offer to buy the company for $143 billion. Although it was rejected, it motivated the company to aggressively restructure, benefiting shareholders. More...

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Jeff Auxier's Spring 2017 Market Commentary Discussion of markets and holdings Jeff Auxier - Jeff Auxier's Spring 2017 Market Commentary
The excitement surrounding the Trump agenda died down as political gridlock dramatically slowed proposed policy changes. The priorities of job creation and economic growth with pro-business policies favoring deregulation helps to incentivize small business growth and the overall economy, but it cannot happen overnight. New proposed changes in the tax code including a lower tax on “pass-through” entities will provide tremendous incentives to start up a business. I remember investing in 1986 after oil prices dropped over 60%, then tax rates were slashed under the Tax Reform Act of 1986 which was the largest simplification of the US tax code in history. The country added over two million businesses during the decade. The economy surged, earnings and sales improved overall and longer-term interest jumped over 2.75% in less than 18 months. Our quality, cash-rich franchises enjoyed strong performance with double play returns—earnings acceleration and price earnings expansion. Although the booming share prices suffered a setback—specifically, the severe crash in the fall of 1987—the underlying economy remained solid. Thoughtful deregulation also tends to be a positive to new business More...

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Jeff Auxier Reduces, Exits Multiple Positions in 4th Quarter Guru releases quarterly portfolio Jeff Auxier - Jeff Auxier Reduces, Exits Multiple Positions In 4th Quarter
Jeff Auxier (Trades, Portfolio) is the founder of Auxier Asset Management. His portfolio consists of 152 stocks with a total value of $460 million. During the fourth quarter of 2016, the guru sold shares in the following stocks: More...

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Jeff Auxier Invests in Gilead, Wells Fargo, Apple The guru's repeat purchases in the last 2 quarters of 2016 Jeff Auxier,Jim Simons,Pioneer Investments,John Ro - Jeff Auxier Invests In Gilead, Wells Fargo, Apple
Jeff Auxier (Trades, Portfolio) is the manager of Auxier Focus Fund. He manages a portfolio composed of 152 stocks with a total value of $460 million. In the fourth and third quarters of 2016 the guru bought shares in the following stocks: More...

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Jeff Auxier Buys Cerner, Yum China and Granite Construction Guru releases quarterly portfolio Jeff Auxier,Vanguard Health Care Fund,Mason Hawkin - Jeff Auxier Buys Cerner, Yum China And Granite Construction
Auxier Asset Management President and CEO Jeff Auxier (Trades, Portfolio) gained three new holdings in the final quarter of 2016. They are Cerner Corp. (NASDAQ:CERN), Yum China Holdings Inc. (NYSE:YUMC) and Granite Construction Inc. (NYSE:GVA). More...

AUXIER, BUYS, 4Q, 2016


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Jeff Auxier's Year-End 2016 Market Commentary Discussion by founder of Auxier Asset Management Jeff Auxier - Jeff Auxier's Year-End 2016 Market Commentary
Donald Trump’s November 8 election confounded most experts in Washington, D.C. and on Wall Street. Our stock and bond markets reacted decisively to Trump’s proposed pro-growth agenda focused on stimulating the economy and domestic jobs. High on his policy wish list are tax cuts, rollbacks in onerous regulations, renegotiation of trade deals and a large increase in infrastructure spending promoting construction jobs. Infrastructure investment has dropped to under 14% of GDP vs. 48% in China. To incentivize business spending, Team Trump is talking of a one year expensing option for depreciable property. There is a push to lower taxes on individuals, corporations and capital gains. To pay for tax cuts, a 20% border tax on imports has been discussed as well as reduction in the deductibility of business interest. These policies appear very positive for new business formation, particularly of smaller ones. The prospect of such aggressive fiscal stimulus may well have ended our 35-year bull market in bonds. Inflation fears are driving up interest rates as we close in on full employment and shortages of skilled workers, especially in construction. Since the election, over $1.8 trillion has been lost in government bonds, as prices of 10-year Treasuries slumped and yields spiked from 1.5% in August to over 2.5% after the election. Bonds face the double whammy of principal loss in a rising rate environment coupled with the loss of purchasing power. Ironically, bonds have been the most popular category of investment, attracting record flows into fixed income funds just as prices have hit historic highs. There is no way for investors to stay ahead of the rising cost of living with such low rates. Yet capital from abroad continues to pour in thanks to America’s reputation for a strong rule of law and private property rights. Over $500 billion has exited China this past year, boosting that country’s purchases of foreign real estate by 50%, with the US the biggest destination. The domestic housing market has been firm with home prices up 5.6% in the 12 months ended November 2016. The strongest markets were Seattle, Washington, up 10.4% and Portland, Oregon, up 10.1%. Partly due to the shortage of skilled labor, new housing construction is running 15% under historic trend. The market in the Northwest is showing signs of froth as we are seeing crazy bidding wars and “flipping” activity. Portfolio Highlights Auxier Focus Fund’s Investor shares returned 2.14% for the fourth quarter vs. 3.82% for the S&P 500 index. For the year, Auxier Focus Fund returned 7.09% vs. 11.96% for S&P 500. The stock portion returned 8%. As of year-end 2016, a hypothetical $10,000 investment in the Fund since inception has grown to $32,634 vs. $22,433 for the S&P 500. It’s worth noting that the Fund was launched in 1999, the last leg of a long bull market in stocks whose aggregate value totaled over 145% of GDP, a historic peak. Our results were achieved with far less exposure to risks inherent in the market. And 100% of the fund manager’s retirement skin is committed. The Fund has a wide, flexible investment mandate to maintain high compounding returns and protect capital during difficult markets. This past year, the Fund had approximately 78% in domestic stocks, 11% in foreign, with the balance in cash and “workouts” or market agnostic positions with a timetable. Results were hurt by multinationals and foreign holdings whose profits suffered not so much from poor fundamentals, but from an exceptionally strong dollar. This was especially painful in the UK, where export companies did well but the pound suffered a steep 16% loss against the US dollar. In contrast, banks and other financial intermediaries rallied in response to post-election prospects for Trump’s pro-business agenda. Bank of New York (NYSE:BK) was up over 19% for the quarter, Bank of America (NYSE:BAC) gained over 40%, and Central Pacific (NYSE:CPF) was up 25%. Reason: anticipation of a steeper yield curve improves net interest margins together with higher returns on cash balances. Health insurers UnitedHealth (NYSE:UNH) and Anthem (NYSE:ANTM) rang up gains near 15%. The devastation from Hurricane Matthew boosted insurance premium pricing, helping Berkshire Hathaway and Travelers. Grocery store operator Kroger (NYSE:KR) rebounded 16% as grocery prices now offer consumers tremendous bargains compared with other food choices. We have continued to see one of the steepest corrections in food prices since 1960. Chemical names like Celanese, Dow and Dupont were strong in sync with the Trump Bump and lower prices for natural gas feedstocks. The farm economy, however, is suffering one of the worst downturns since the 1980s. Mounting supply gluts are compounded by the dollar’s appreciation, making US products more expensive on the global market. On the downside, defensive food and beverage stocks slumped, with Molson Coors down 11% and Unilever sliding 10%. Investors switched post-election from stocks that do well in deflationary, low-growth times to those that excel in a reflationary, pro-growth setting based on the assumption that all of Trump’s initiatives will sail through without a challenge. We still see a deeply divided country where gridlock could slow the pace of change. Uncertainty over the Affordable Care Act’s future, together with President Trump’s warning about high drug prices, led to declines for quality medical services companies like Becton Dickinson (NYSE:BOX), Merck (NYSE:MRK) and Johnson & Johnson (NYSE:JNJ). Medical devices companies Zimmer and Medtronic were especially weak. Zimmer (NYSE:ZBH) is the low-cost provider of hip and knee implants whose demand peaks at age 68—about the average age of baby boomers today. The stock dropped to 12 times earnings during the quarter, an enticing 35% discount to the market’s multiple, plus an enormous free cash flow yield. Demographic trends still provide strong demand for healthcare goods and services. Companies that are innovative and provide value through research should prosper. Negative political headlines are leading to attractive long-term values among healthcare stocks, especially in biotech, medicine and neuroscience, as key technologies are information enabled. A good example is Cerner, which is a leader in digitizing medical records. And there’s the prospect of a post-election FDA moving safe compounds much faster to the market in the next few years, spawning even more innovation and the potential for value enhancing spinoffs. 2016 will go down as a year that defied the experts. First was Great Britain voting to leave the European Union. Brexit was an event politicians and pollsters missed badly. This was followed by dour predictions of a deep recession. What actually happened? Britain finished the year with stronger growth than any country in the G-7. Then the so-called experts were stunned by Trump’s victory, with some Wall Street pundits predicting 10% to 20% market declines. It reinforces the lesson I learned when analyzing Enron after it had purchased our local utility Portland General Electric in 1997. We analyzed the books and discovered enormous debts not listed on its balance sheet. About the same time, around February 2001, Fortune magazine had Enron on its cover touting “best practices in the utility industry.” Wall Street had the same optimistic opinion. We checked with eight brokerages, and all had strong buys on the stock. We kept digging and decided the excessive borrowed money threatened Enron’s solvency in a downturn. We sold the stock several times around $80 and, within the next 18 months, it dropped to zero in bankruptcy. This despite the strong consensus of “experts” on the merits of the company and leadership. Having the humility to do the homework every day is crucial. Nailing down facts and fundamentals not only helps us avoid losses that interrupt the compounding process, but also stand firm when a solid business is temporarily out of investing fashion. We have had an earnings recession for the past six quarters. Stock price gains for most companies have far exceeded the growth in underlying business value. Massive share buybacks and historic low interest rates have acted as a buffer. The digital transformation of business is spawning disruption in many industries. Shopping malls are getting crushed by consumers’ switch to buying online, particularly on their cell phones. Advertisers are losing out to Facebook and Google as video use is exploding. Small corporate teams armed with data are making rapid advances against old-line and entrenched franchises. We continue to seek out businesses blessed with ethical management who can survive, thrive and endure through such challenges. Factoring in Trump’s proposed tax cuts, we can see S&P 500 earnings for 2017 possibly improving by as much as 10%. A repatriation of nearly $2.5 trillion sitting abroad would be a positive for the supply/demand for US stocks. Deregulation has historically been good for small businesses, which have been an important generator of new jobs. Easing regulations in the banking industry could unleash more lending and potentially greater “velocity of money,” fueling higher inflation. The negative of higher inflation is the compression of price earnings multiples. On a positive note, three billion new minds will join the global economy in the next six years estimates Peter Diamandis, co-founder of Silicon Valley think tank Singularity University. This could lead to a new population of consumers and a further explosion of innovation. Ten years ago, we had 500 million internet-connected devices. Today there are eight billion. By 2020 there will be 50 billion. With the pace of change accelerating exponentially, an active, voracious research effort has never been more important to maintain high compounded returns in today’s markets. We appreciate your trust. Jeff Auxier (Trades, Portfolio) The views in this shareholder letter were those of the Fund Manager as of the letter’s publication date and may not reflect his views on the date this letter is first distributed or anytime thereafter. These views are intended to assist readers in understanding the Fund’s investment methodology and do not constitute investment advice. More...

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Time to Plan for Your Annual Omaha Trip: 2017 GuruFocus Value Conference Register before seats run out Tom Russo,Jeff Auxier - Time To Plan For Your Annual Omaha Trip: 2017 GuruFocus Value Conference
It is now time to plan for your annual Omaha trip to Berkshire Hathaway meeting in May. If you are going, make sure to join us at 2017 GuruFocus Value Conference. More...

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7 Low P/S Stocks With a Rising 10-Year Price Stocks with a long-term record of increasing prices Columbia Wanger,Jeff Auxier - 7 Low P/S Stocks With A Rising 10-Year Price
According to GuruFocus' All-in-One Screener, the following stocks with market caps above $5 billion look cheap since they are trading with a very low price-sales (P/S) ratio. More...

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2017 GuruFocus Conference Early Bird Registration Will End on December 15 Seats are limited. Register now. First Eagle Investment,Jeff Auxier - 2017 GuruFocus Conference Early Bird Registration Will End On December 15
2017 GuruFocus Conference Early Bird Registration will end soon. Register now before the seat runs out. Seats are limited. Get a deep discount by registering before Dec. 15. More...

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Jeff Auxier Expands Holdings in Chemical and Biotech Companies Fund manager takes 3 and boosts 2 in 3rd quarter Jeff Auxier - Jeff Auxier Expands Holdings In Chemical And Biotech Companies
Auxier Asset Management president Jeff Auxier (Trades, Portfolio) provides long-term capital appreciation to his shareholders through a “dedicated, diligent research effort” from his employees. The fund manager invests in companies that offer compelling value potential through several characteristics, including strong and consistent operating results, potential for high returns on invested capital and competent shareholder-oriented management. As of Sept. 30, Auxier has over 52% of the portfolio in consumer defensive (consumer staples) and health care companies. The manager took stakes in Celanese Corp. (NYSE:CE), LinkedIn Corp. (NYSE:LNKD) and Methanex Corp. (MEOX). Auxier also expanded his position in Biogen Inc. (NASDAQ:BIIB) and Allergan PLC (NYSE:AGN). More...

JEFF AUXIER, DODGE & COX, PIONEER INVESTMENTS, STEVEN COHEN, MARIO GABELLI, JEREMY GRANTHAM


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