Richard Snow (Trades, Portfolio) is the founder, president and chief investment officer of Snow Capital Management, which calls itself “a boutique investment manager.”
Snow likes financially strong companies that are temporarily underpriced because of short-term difficulties. His research tells him whether the stock is likely to overcome whatever the issue may be and helps him estimate the stock’s value once that issue has been overcome.
In the second quarter, Snow added 12 stakes to his portfolio.
Snow’s most significant second-quarter acquisition was a 474,712-share stake in Qualcomm Inc. (QCOM, Financial), a San Diego-based semiconductor company, for an average price of $68.24 per share. The purchase had a 0.87% impact on Snow’s portfolio.
Qualcomm has a market cap of $97.54 billion and an enterprise value of $89.27 billion. It has a P/E of 17.0, a Price/Book of 2.9 and a Price/Sales of 3.9. Jana Partners (Trades, Portfolio), James Barrow (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), David Rolfe (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Bill Frels (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Manning & Napier Advisors, Inc, Ray Dalio (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), John Buckingham (Trades, Portfolio), David Dreman (Trades, Portfolio), Dodge & Cox, Murray Stahl (Trades, Portfolio), Jeff Auxier (Trades, Portfolio) and John Hussman (Trades, Portfolio) have shares of Qualcomm in their portfolios.
Snow’s second-largest purchase in the second quarter was his buy of a 401,040-share stake in Open Text Corp. (OTEX, Financial), a Canadian software company, for an average price of $48.27 per share. The deal had a 0.48% impact on Snow’s portfolio.
Open Text has a market cap of $5.56 billion and an enterprise value of $6.53 billion. It has a P/E of 26.6, a Price/Book of 3.2 and a Price/Sales of 3.0. Jim Simons (Trades, Portfolio), John Hussman (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Open Text in their portfolios.
Snow added a 307,620-share stake in Mosaic Co. (MOS, Financial), a Minnesota-based fertilizer producer, for an average price of $45.38 per share. The transaction had a 0.42% impact on Snow’s portfolio.
Mosaic has a market cap of $15.31 billion and an enterprise value of $16.91 billion. It has a P/E of 12.8, a Price/Book of 1.5 and a Price/Sales of 1.7. Snow’s purchase made him the leading stockholder in Mosaic among the gurus, but Louis Moore Bacon (Trades, Portfolio), John Rogers (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Buckingham (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and John Hussman (Trades, Portfolio) also have shares of Mosaic in their portfolios.
Snow also purchased stakes in Genesco Inc. (GCO, Financial), Google Inc. (GOOG, Financial), Stone Energy Corp. (SGY, Financial), Valley National Bancorp (VLYPRA, Financial), Boardwalk Pipeline Partners LP (BWP, Financial), Vanguard Growth ETF (VUG, Financial), iShares MSCI EAFE Index Fund [ETF] (EFA, Financial), ALPS ETF Trust (AMLP, Financial) and Wintrust Financial Corp. (WTFCM) in the second quarter.
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