Summary:More than 50% of David Winters's holdings are in foreign stocks. In 1Q09, his only Domestic Buy is The Coca-Cola Company and his top Sells: Fomento Economico Mexicano SAB (FMX, Financial) and Wynn Resorts Limited.
International Holdings
According to Wintergreen Fund 2008 Annual Report, US domestic equity only account for 28.3% of the total asset. The rest goes to cash (14.8%) and more importantly, international stocks.
The Fund’s website posts the top 10 holdings as of March 31, 2009: six of the top 10 top holdings are foreign companies, including the top two: Japan Tobacco Inc. (7.9%) and Jardine Matheson Holdings Ltd. (6.5%).
Top Domestic Purchase in 1Q09
While we do not know what international stock did David Winters buy during 1Q09 until after June when his semi-annual report is out, we do know he bought one domestic stocks: The Coca-Cola Company.(KO, Financial)
The Coca-Cola Company (KO), Total Purchase: 179,300 Shares
The Coca-Cola Company is the world's largest beverage company and is the leading producer and marketer of soft drinks. The CocaCola Company has a market cap of $115.18 billion; its shares were traded at around $49.76 with a P/E ratio of 15.9 and P/S ratio of 3.5. The dividend yield of The CocaCola Company stocks is 3.3%. The CocaCola Company had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated The CocaCola Company the business predictability rank of 2-star.
David Winters bought 179,300 shares of KO during the first quarter of 2009.
Top 1Q09 Sells
During the first quarter of 2009, David Winters noticeably sold out two stocks:
Fomento Economico Mexicano SAB (FMX) and Wynn Resorts, Limited (WYNN, Financial), besides these two, they sold some Leucadia National shares (LUK).
Fomento Economico Mexicano SAB (FMX)
FOMENTO ECO-ADR is Latin America's largest beverage company exporting to the United States Canada and select countries in Europe, Asia, and Latin America. Fomento Economico Mexicano S.A.B. de C.V has a market cap of $12.33 billion; its shares were traded at around $34.55 with and P/S ratio of 0.8. The dividend yield of Fomento Economico Mexicano S.A.B. de C.V stocks is 0.5%. Fomento Economico Mexicano S.A.B. de C.V had an annual average earning growth of 46.5% over the past 10 years.
David Winters held a significant position in FMX since 3Q07, and during 1Q09 he sold all 1,339,660 shares at a loss.
Wynn Resorts, Limited (WYNN)
Wynn Resorts Limited is a luxury hotel and destination casino resort in Las Vegas and Macau. Wynn Resorts Ltd. has a market cap of $4.55 billion; its shares were traded at around $40.6 with a P/E ratio of 26.5 and P/S ratio of 1.5.
David Winters started to own a WYNN from 1Q07, and by 1Q08, he owned a peak of 1.76 million shares of WYNN.
HE sold all 1,589,022 shares of WYNN in 1Q09.
Conclusion
The market carnage humbled a lot of people, including David Winters. We still consider him a very viable player in value investing based on the kind of stock he purchased and the low turnover rate of his fund. In 2008, he performed worse than S&P 500 Index because he invests in both domestic and international stocks. In 2008, international stocks performed even worse than U.S. domestic stocks.
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International Holdings
According to Wintergreen Fund 2008 Annual Report, US domestic equity only account for 28.3% of the total asset. The rest goes to cash (14.8%) and more importantly, international stocks.
The Fund’s website posts the top 10 holdings as of March 31, 2009: six of the top 10 top holdings are foreign companies, including the top two: Japan Tobacco Inc. (7.9%) and Jardine Matheson Holdings Ltd. (6.5%).
Top Domestic Purchase in 1Q09
While we do not know what international stock did David Winters buy during 1Q09 until after June when his semi-annual report is out, we do know he bought one domestic stocks: The Coca-Cola Company.(KO, Financial)
The Coca-Cola Company (KO), Total Purchase: 179,300 Shares
The Coca-Cola Company is the world's largest beverage company and is the leading producer and marketer of soft drinks. The CocaCola Company has a market cap of $115.18 billion; its shares were traded at around $49.76 with a P/E ratio of 15.9 and P/S ratio of 3.5. The dividend yield of The CocaCola Company stocks is 3.3%. The CocaCola Company had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated The CocaCola Company the business predictability rank of 2-star.
David Winters bought 179,300 shares of KO during the first quarter of 2009.
Top 1Q09 Sells
During the first quarter of 2009, David Winters noticeably sold out two stocks:
Fomento Economico Mexicano SAB (FMX) and Wynn Resorts, Limited (WYNN, Financial), besides these two, they sold some Leucadia National shares (LUK).
Fomento Economico Mexicano SAB (FMX)
FOMENTO ECO-ADR is Latin America's largest beverage company exporting to the United States Canada and select countries in Europe, Asia, and Latin America. Fomento Economico Mexicano S.A.B. de C.V has a market cap of $12.33 billion; its shares were traded at around $34.55 with and P/S ratio of 0.8. The dividend yield of Fomento Economico Mexicano S.A.B. de C.V stocks is 0.5%. Fomento Economico Mexicano S.A.B. de C.V had an annual average earning growth of 46.5% over the past 10 years.
David Winters held a significant position in FMX since 3Q07, and during 1Q09 he sold all 1,339,660 shares at a loss.
Wynn Resorts, Limited (WYNN)
Wynn Resorts Limited is a luxury hotel and destination casino resort in Las Vegas and Macau. Wynn Resorts Ltd. has a market cap of $4.55 billion; its shares were traded at around $40.6 with a P/E ratio of 26.5 and P/S ratio of 1.5.
David Winters started to own a WYNN from 1Q07, and by 1Q08, he owned a peak of 1.76 million shares of WYNN.
HE sold all 1,589,022 shares of WYNN in 1Q09.
Conclusion
The market carnage humbled a lot of people, including David Winters. We still consider him a very viable player in value investing based on the kind of stock he purchased and the low turnover rate of his fund. In 2008, he performed worse than S&P 500 Index because he invests in both domestic and international stocks. In 2008, international stocks performed even worse than U.S. domestic stocks.
Also check out:
