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Donald Smith Sells Micron Technology, Air France-KLM, AerCap

The fund's largest 3rd-quarter sales

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Nov 13, 2017
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As an investment management firm, Donald Smith (Trades, Portfolio) & Co. Inc. manages a portfolio composed of 70 stocks with a total value of $4.155 billion. During the third quarter the guru sold shares in the following stocks:

The guru’s holding of Toll Brothers Inc. (TOL) was reduced by 51.05% with an impact of -1.13% on the portfolio.

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The luxury homebuilder has a market cap of $7.29 billion and an enterprise value of $10.18 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity (ROE) of 10.55% and return on assets (ROA) of 4.71% are outperforming 64% of the companies in the Global Residential Construction industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.25 is below the industry median of 2.09.

Smith is the largest guru shareholder with 0.71% of outstanding shares followed by

Ken Fisher (Trades, Portfolio) with 0.34% and Ron Baron (Trades, Portfolio) with 0.21%.

The guru’s holding of Micron Technology Inc. (MU) was reduced by 9.28% with an impact of -0.9% on the portfolio.

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The provider of storage and memory solutions has a market cap of $50.17 billion and an enterprise value of $56.72 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity (ROE) of 34.63% and return on assets (ROA) of 16.28% are outperforming 92% of the companies in the Global Semiconductor Memory industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.49 is below the industry median of 1.62.

PRIMECAP Management (Trades, Portfolio) is the largest shareholder among the gurus with 5.12% of outstanding shares followed by David Tepper (Trades, Portfolio) with 1.12%, Smith with 1.05% and Pioneer Investments (Trades, Portfolio) with 0.34%.

The New Gold Inc. (NGD) position was almost closed with a reduction of 93.05%. The transaction had an impact of -0.82% on the portfolio.

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The gold mining company has a market cap of $1.96 billion and an enterprise value of $2.7 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. The ROE of 3.33% and ROA of 1.82% are outperforming 70% of the companies in the Global Gold industry. Financial strength has a rating of 5 out of 10 with the cash-debt ratio of 0.21.

First Eagle Investment (Trades, Portfolio) is the largest shareholder among the gurus with 1.73% of outstanding shares followed by Smith with 0.14% and Ray Dalio (Trades, Portfolio) with 0.07%.

The guru reduced his Granite Real Estate Investment Trust (GRP.U) position by 62.76%. The trade had an impact of -0.75% on the portfolio.

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The real estate investment trust (REIT) has a market cap of $1.89 billion and an enterprise value of $2.25 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The ROE of 14.03% and ROA of 9.49% are outperforming 83% of the companies in the Global REIT – Industrial industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.29 is above the industry median of 0.06.

The largest shareholder among the gurus is HOTCHKIS & WILEY with 2.88% of outstanding shares followed by Smith with 0.98% and

Jim Simons (Trades, Portfolio) with 0.19%.

The guru cut the Air France-KLM ADR (AFLYY) holding by 6.75%. The trade had an impact of -0.42% on the portfolio.

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The provider of transportation services to passengers and cargos has a market cap of $4.85 billion and an enterprise value of $8.91 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The ROE of 67.34% and ROA of 4.42% are outperforming 50% of the companies in the Global Airlines industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.57 is above the industry median of 0.46.

Smith is the largest shareholder among the gurus with 4.38% of outstanding shares.

KB Home (KBH)’s stake was reduced by 9.96% impacting the portfolio -0.39%.

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The company that offers several solutions for new homes has a market cap of $2.73 billion and an enterprise value of $4.74 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 7.60% and ROA of 2.66% are outperforming 54% of the companies in the Global Residential Construction industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.20 is below the industry median of 2.09.

The largest shareholder among the gurus is Smith with 6.25% of outstanding shares followed by Fisher with 3.61% and

John Hussman (Trades, Portfolio) with 0.21%.

Smith’s holding of AerCap Holdings NV (AER) was cut by 3.71%. The trade had an impact of -0.37% on the portfolio.

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The provider of aircraft leasing and other finance services has a market cap of $8.2 billion and an enterprise value of $34.09 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. While the ROE of 13.82% is outperforming the sector, ROA of 2.84% is underperforming 51% of the companies in the Global Airports and Air Services industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.05 is below the industry median of 0.34.

David Einhorn (Trades, Portfolio) is the largest shareholder among the gurus with 7.89% of outstanding shares followed by Smith with 5.38% and Leon Cooperman (Trades, Portfolio) with 1.36%.

The Pan American Silver Corp. (PAAS) position was reduced by 78.62% impacting the portfolio by -0.35%.

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The metals’ producer has a market cap of $2.29 billion and an enterprise value of $2.15 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 8.57% and ROA of 6.41% are outperforming 82% of the companies in the Global Silver industry. Financial strength has a rating of 8 out of 10 with a cash-debt ratio of 4.24.

The largest shareholder among the gurus is Simons with 1.79% of outstanding shares followed by Smith with 0.15% and

Chuck Royce (Trades, Portfolio) with 0.02%.

Disclosure: I do not own any shares of any stocks mentioned in this article.

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