Often dubbed the “Warren Buffett (Trades, Portfolio) of Spain” for his value investing style, Spain’s Francisco Garcia Parames announced Friday that he bought 19 new stocks, giving his portfolio 30% turnover from the previous quarter.
Parames launched Cobas Asset Management in 2017 after departing from Bestinver in 2014 and waiting for the end of a non-compete agreement. At Cobas, his Cobas Seleccion FI returned 6.49% in the fourth quarter and 10.26% since Dec. 31, 2016. The fund’s assets have reached 949.9 million euros and the managers are 97% invested, approaching Spain’s legal maximum of 99%.
“We have continued to raise the value of the portfolio over the quarter and we expect that this value will continue to be reflected over time in its net asset value,” Parames said.
The biggest sector represented in Parames’ portfolio is industrials, which spans 37.5% of stocks. The second biggest, consumer cyclical, encompasses 24.9%. There are 67 stocks in the portfolio and it has a value of $915 million.
The biggest new buys of the fourth quarter were: Israel Chemicals Ltd. (ICL:XTAE), Petrofac Ltd. (LSE:PFC), Golar LNG Ltd. (GLNG, Financial), Fujitech Co. Ltd. (TSE:6406, Financial) and Teva Pharmaceutical Industries Ltd. ADR (TEVA, Financial).
Israel Chemicals Ltd. (ICL:XTAE)
Parames purchased 15,402,299 shares of Israel Chemicals, which had an average share price of 14.49 Israeli shekels. The holding represented 5.72% of the portfolio.
Petrofac Ltd. (LSE:PFC)
Parames purchased 3,698,285 shares of Petrofac, which had an average share price of 4.39 pounds per share. The holding represented 2.33% of the stock portfolio.
Petrofac Ltd. has a market cap of 1.42 billion pounds; its shares were traded around 4.17 pounds with a P/E ratio of 32.06 and P/S ratio of 0.22. The trailing 12-month dividend yield of Petrofac Ltd. stocks is 10.46%. The forward dividend yield of Petrofac Ltd. stocks is 10.46%.
Golar LNG Ltd. (GLNG, Financial)
Parames purchased 654,377 shares of Golar LNG, which had an average share price of $24 per share. The holding represented 1.83% of the stock portfolio.
Golar LNG Ltdt has a market cap of $2.59 billion; its shares were traded around $25.68 with and P/S ratio of 23.58. The trailing 12-month dividend yield of Golar LNG Ltd. stocks is 0.78%. The forward dividend yield of Golar Lng. Ltd. stocks is 0.77%.
Fujitech Co. Ltd. (TSE:6406, Financial)
Parames purchased 985,077 shares of Fujitech Co. Ltd., which had an average stock price of 1,629 yen in the fourth quarter. The holding represented 1.33% of the stock portfolio.
Fujitech Co. Ltd. has a market cap of 114.78 billion yen; its shares were traded around 1,409.00 yen with a P/E ratio of 13.20 and P/S ratio of 0.67. The trailing 12-month dividend yield of Fujitech Co. Ltd. stocks is 2.11%. The forward dividend yield of Fujitech Co. Ltd. stocks is 2.11%. Fujitech Co. Ltd. had an annual average earnings growth of 11.10% over the past 10 years.
Teva Pharmaceutical Industries Ltd. ADR (TEVA, Financial)
Parames purchased 696,509 shares of Teva Pharmaceutical Industries, which had an average share price of $15 for the fourth quarter. The stock represented 1.24% of the portfolio.
Teva Pharmaceutical Industries Ltd. has a market cap of $19.57 billion; its shares were traded around $18.72 with and P/S ratio of 0.75. The trailing 12-month dividend yield of Teva Pharmaceutical Industries Ltd. stocks is 4.55%. Teva Pharmaceutical Industries Ltd. had an annual average earnings growth of 6.80% over the past 10 years.
Furgo NV (XAMS:FUR, Financial)
Parames purchased 840,724 shares of Furgo NV, which had an average share price of 12 euros. The stock represented 1.19% of the portfolio.
Fugro NV has a market cap of 996.012 million euros; its shares were traded around 12.31 euros with and P/S ratio of 0.56.
Petra Diamonds Ltd. (LSE:PDL, Financial)
Parames purchased 10,702,087 shares of Petra Diamonds, which had an average share price of 74 pence. The stock represented 1.03% of the portfolio.
Petra Diamonds Ltd. has a market cap of 335.719 million pounds; its shares were traded around 63 pence with a P/E ratio of 21.08 and P/S ratio of 0.91. Petra Diamonds Ltd. had an annual average earnings growth of 17.20% over the past five years.
Euskaltel SA (XMCE:EKT, Financial)
Parames purchased 1,293,382 shares of Euskaltel, which had an average share price of 7 euros per share in the fourth quarter. The holding represented 0.96% of the stock portfolio.
Euskaltel SA has a market cap of 1.03 billion euros; its shares were traded around 6.81 euros with a P/E ratio of 19.44 and P/S ratio of 1.85. The trailing 12-month dividend yield of Euskaltel SA stocks is 4.95%. The forward dividend yield of Euskaltel SA stocks is 3.73%.
Parames purchased 223,489 shares of Mylan, which had an average share price of $38 for the fourth quarter. The holding represented 0.89% of the portfolio.
Mylan NV has a market cap of $21.07 billion; its shares were traded around $39.28 with a P/E ratio of 24.10 and P/S ratio of 1.78. Mylan NV had an annual average earnings growth of 9.60% over the past 10 years. GuruFocus rated Mylan NV the business predictability rank of 2.5-star.
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