Charles de Vaulx (Trades, Portfolio)’s IVA Worldwide Fund added four new stocks in the first quarter, including two from the automotive industry.
De Vaulx is the portfolio manager of the fund, as well as chief investment officer of International Value Advisers, a New York-based asset management firm founded in 2007. The firm focuses on business fundamentals, rigorous research and a flexible approach not limited by asset class or geography.
During the first quarter, he started positions in: LKQ Corp. (LKQ, Financial), Sony Corp. (TSE:6758, Financial), Inchcape PLC (LSE:INCH, Financial) and Ipsos SA (XPAR:IPS, Financial).
At the end of the quarter, the IVA Worldwide Fund had 73 stocks, which were valued at $4.09 billion. The largest three sectors represented, each around 20% of the portfolio, were consumer cyclical, financial services and industrials. Its largest position, at a 5.02% portfolio weight, was Berkshire Hathaway Inc. (BRK.A, Financial).
De Vaulx was remaining “cautious,” he said in a letter from March, “focusing our efforts on a preservation of capital” due to economic factors such as China debt, a fragile European banking system and “financial exuberance” in the U.S., among others. He also said he was finding cheaper opportunities outside the U.S. and investing more in international stocks.
New stocks
De Vaulx purchased 1,974,636 shares of LKQ Corp. giving it 1.37% space in the portfolio. The automotive stock’s first-quarter share price averaged $27.
LKQ Corp. has a market cap of $8.22 billion; its shares were traded around $26.19 Wednesday with a price-earnings ratio of 19.40 and price-sales ratio of 0.68. LKQ Corp. had an annual average earnings growth of 17.30% over the past 10 years. GuruFocus rated LKQ Corp. the business predictability rank of 5-star.
Sony Corp. (TSE:6758, Financial)
De Vaulx purchased 789,800 shares of Sony Corp. giving it 0.81% portfolio space. The stock’s first-quarter share price averaged 5,170 yen.
Sony Corp. has a market cap of $6737.77 billion; its shares were traded around 5,321.00 yen with a price-earnings ratio of 7.62 and price-sales ratio of 0.80. The trailing 12-month dividend yield of Sony Corp is 0.65%. The forward dividend yield of Sony Corp. is 0.74%. Sony Corp. had an annual average earnings growth of 9.7% over the past 10 years.
Inchscape PLC (LSE:INCH, Financial)
De Vaulx purchased 659,927 shares of Inchscape PLC, giving it 0.12% portfolio space. The automotive stock’s first-quarter share price averaged 6 British pounds.
Inchcape PLC has a market cap of $2.57 billion; its shares were traded around 6.20 British pounds with a price-earnings ratio of 51.67 and price-sales ratio of 0.28. The trailing 12-month dividend yield of Inchcape PLC is 4.33%. The forward dividend yield of Inchcape PLC is 4.33%. Inchcape PLC had an annual average earnings growth of 2.10% over the past 10 years.
Ipsos SA (XPAR:IPS, Financial)
De Vaulx purchased 37,533 shares of Ipsos SA, giving it 0.02% portfolio space. The stock’s first-quarter share price averaged 22 euro.
Ipsos SA has a market cap of 1.05 billion euro; its shares were traded around 24.20 euro per share Wednesday with a price-earnings ratio of 10.07 and price-sales ratio of 0.62. The trailing 12-month dividend yield of Ipsos SA is 3.60%. The forward dividend yield of Ipsos SA is 3.64%. Ipsos SA had annual average earnings growth of 3.5% over the past 10 years.
See Charles de Vaulx (Trades, Portfolio)’s portfolio here.
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