Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager of International Value Advisers, disclosed his first-quarter portfolio this week, listing five new positions.
The stocks purchased were during the period were: KT&G Corp. (XKRX:033780, Financial), United Breweries Co. Inc. (CCU, Financial), Totvs SA (BSP:TOTS3, Financial), DongKook Pharmaceuticals Co. Ltd. (XKRX:086450) and Whanin Pharm Co. Ltd. (XKRX:016580, Financial). The entire portfolio lists 92 equities, collectively valued around $2.4 billion, with most capital allocated to the industrial, consumer cyclical and technology sectors.
De Vaulx, a value investor, joined New York-based International Value Advisers in 2008 after departing from the famed First Eagle Investment (Trades, Portfolio) Funds and winning several industry awards. In a March letter, de Vaulx said he implemented cautious positioning of the fund this year due to high market valuations. He also reported difficulty in locating stocks appropriate for the portfolio, leading to an increased cash position that as of March 31 spanned 28.4% of the fund.
Overview of de Vaulx’s IVA International Fund (Trades, Portfolio) selections
Whanin Pharma Co. Ltd.
De Vaulx purchased 298,218 shares of Whanin Pharma, reflecting 0.18% of the stock portfolio. The stock’s price averaged 15,014 Korean won in the quarter and has risen 27% since.
Whanin Pharm Co. Ltd. has a market cap of 270.99 billion won; its shares were traded around 19,000.00 won with a P/E ratio of 14.23 and P/S ratio of 1.91. The trailing 12-month dividend yield of Whanin Pharm Co. Ltd. is 1.41%. The forward dividend yield of Whanin Pharm Co. Ltd. is 1.41%. Whanin Pharm Co. Ltd. had annual average earnings growth of 4.7% over the past five years.
DongKook Pharmaceuticals Co. Ltd.
De Vaulx purchased 75,334 shares of DongKook Pharmaceuticals, reflecting 0.18% of the stock portfolio. The stock’s price averaged 58,057 Korean won in the quarter and has risen 19% since.
Dongkook Pharmaceutical Co. Ltd. has a market cap of 605.61 billion Korean won; its shares were traded around 69,200.00 Korean won with a P/E ratio of 14.99 and P/S ratio of 1.93. The trailing 12-month dividend yield of Dongkook Pharmaceutical Co. Ltd. is 0.58%. The forward dividend yield of Dongkook Pharmaceutical Co. Ltd. is 0.58%. Dongkook Pharmaceutical Co. Ltd. had annual average earnings growth of 11.9% over the past five years.
Totvs SA
De Vaulx purchased 1,515,600 shares of Totvs, reflecting 0.56% of the stock portfolio. The stock’s price averaged 26 Brazilian Real in the quarter and has risen 13% since.
Totvs SA has a market cap of 4.83 billion Real; its shares were traded around 29.55 Real with a P/E ratio of 37.40 and P/S ratio of 2.25. The trailing 12-month dividend yield of Totvs SA is 3.28%. The forward dividend yield of Totvs SA is 3.28%. Totvs SA had annual average earnings growth of 19% over the past 10 years. GuruFocus rated Totvs SA the business predictability rank of 2-star.
United Breweries Co. Inc.
De Vaulx purchased 551,948 shares of United Breweries, representing 0.59% of the portfolio. The stock’s price averaged $23 per share in the quarter and has risen 15% since.
United Breweries Co. Inc. has a market cap of $4.89 billion; its shares were traded around $26.59 with a P/E ratio of 27.33 and P/S ratio of 2.05. The trailing 12-month dividend yield of United Breweries Co. Inc. is 1.99%. The forward dividend yield of United Breweries Co. Inc. is 1.99%. United Breweries Co. Inc. had annual average earnings growth of 2.9% over the past 10 years.
KT&G Corp.
De Vaulx purchased 408,731 shares of KT&G Corp., reflecting 1.5% of the portfolio. The stock’s price averaged 100,213 Korean won in the quarter and has risen 13% since.
KT&G Corp. has a market cap of $14394.22 billion; its shares were traded around 113,000.00 Korean won with a P/E ratio of 13.23 and P/S ratio of 4.80. The trailing 12-month dividend yield of KT&G Corp. stocks is 3.16%. The forward dividend yield of KT&G Corp. is 3.16%. KT&G Corp. had annual average earnings growth of 7% over the past five years.
See Charles de Vaulx (Trades, Portfolio)’s portfolio here.
