Oak Value Fund is run by David Karr, Larry Coats and their partners. Over the 12 months ended on March 31, their fund gained 56.8%. This is the first quarter portfolio update.
For the 10-year period ended the first quarter, Oak Value Fund averaged 3.71% a year, compared with the -0.65% of the S&P500. Oak Value likes to buy quality companies. They run a relative concentrated portfolio. Their largest holding, Berkshire Hathaway Inc., is accounted more than 12% of the fund.Oak Value buys The Thomson Corporation, Teva Pharmaceutical Industries Ltd., CME Group Inc Cl A, sells Aon, Microsoft Corp., XTO Energy Inc. during the 3-months ended 03/31/2010, according to the most recent filings of their investment company, Oak Value Capital Management. Oak Value owns 31 stocks with a total value of $200 million. These are the details of the buys and sells.
- New Purchases: CME, TEVA, TRI,
- Added Positions: AFL, APOL, CHK, ORCL, PX,
- Reduced Positions: ESI, MDT,
- Sold Out: AON, MSFT, XTO,
This is the sector weightings of their portfolio:
| Financials | 28.9% |
| Industrials | 13.5% |
| Consumer Goods | 12.7% |
| Consumer Services | 12.2% |
| Technology | 12.1% |
| Health Care | 12% |
| Basic Materials | 5.1% |
| Oil & Gas | 3.6% |
These are the top 5 holdings of Oak Value
- Berkshire Hathaway Inc. (BRK-A) - 199 shares, 12.12% of the total portfolio. Shares reduced by 7.01%
- Avon Products Inc. (AVP) - 311,951 shares, 5.28% of the total portfolio. Shares reduced by 3.99%
- Praxair Inc. (PX) - 123,239 shares, 5.11% of the total portfolio. Shares added by 18.43%
- Coach Inc. (COH) - 256,195 shares, 5.06% of the total portfolio. Shares reduced by 2.06%
- AFLAC Inc. (AFL) - 179,829 shares, 4.88% of the total portfolio. Shares added by 210.7%
Added: Aflac Inc. (AFL, Financial)
Oak Value added to their holdings in Aflac Inc. by 210.7%. Their purchase prices were between $53.65 and $53.79, with an estimated average price of $53.72. The impact to their portfolio due to this purchase was 3.31%. Their holdings were 179,829 shares as of 03/31/2010.AFLAC Inc. is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries by providing management services and making capital available. Aflac Inc. has a market cap of $25.53 billion; its shares were traded at around $54.42 with a P/E ratio of 11.22 and P/S ratio of 1.4. The dividend yield of Aflac Inc. stocks is 2.06%. Aflac Inc. had an annual average earning growth of 11.5% over the past 10 years. GuruFocus rated Aflac Inc. the business predictability rank of 3-star.
Added: Chesapeake Energy Corp. (CHK, Financial)
Oak Value added to their holdings in Chesapeake Energy Corp. by 36.46%. Their purchase prices were between $22.37 and $28.97, with an estimated average price of $25.97. The impact to their portfolio due to this purchase was 0.95%. Their holdings were 299,954 shares as of 03/31/2010.Chesapeake Energy Corp. is an independent oil and gas company engaged in the development, exploration, acquisition and production of onshore natural gas and oil reserves. Chesapeake Energy Corp. has a market cap of $15.57 billion; its shares were traded at around $23.88 with a P/E ratio of 9.36 and P/S ratio of 2.02. The dividend yield of Chesapeake Energy Corp. stocks is 1.26%. Chesapeake Energy Corp. had an annual average earning growth of 14.9% over the past 10 years. GuruFocus rated Chesapeake Energy Corp. the business predictability rank of 2-star.
Added: Apollo Group Inc. (APOL, Financial)
Oak Value added to their holdings in Apollo Group Inc. by 29.82%. Their purchase prices were between $62.28 and $63.16, with an estimated average price of $62.72. The impact to their portfolio due to this purchase was 0.88%. Their holdings were 124,391 shares as of 03/31/2010.Apollo Group, Inc. has been providing higher education to working adults for over 25 years. Apollo Group Inc. has a market cap of $9.98 billion; its shares were traded at around $64.61 with a P/E ratio of 13.95 and P/S ratio of 2.51. Apollo Group Inc. had an annual average earning growth of 26.4% over the past 10 years. GuruFocus rated Apollo Group Inc. the business predictability rank of 4-star.
Added: Praxair Inc. (PX, Financial)
Oak Value added to their holdings in Praxair Inc. by 18.43%. Their purchase prices were between $74.01 and $82.82, with an estimated average price of $78.89. The impact to their portfolio due to this purchase was 0.8%. Their holdings were 123,239 shares as of 03/31/2010.Praxair is one of the largest industrial gases companies in North and South America. Praxair Inc. has a market cap of $26.58 billion; its shares were traded at around $86.81 with a P/E ratio of 21.7 and P/S ratio of 2.97. The dividend yield of Praxair Inc. stocks is 2.07%. Praxair Inc. had an annual average earning growth of 10.8% over the past 10 years. GuruFocus rated Praxair Inc. the business predictability rank of 2-star.
Added: Oracle Corp. (ORCL, Financial)
Oak Value added to their holdings in Oracle Corp. by 8.72%. Their purchase prices were between $23.06 and $26.04, with an estimated average price of $24.58. The impact to their portfolio due to this purchase was 0.38%. Their holdings were 369,767 shares as of 03/31/2010.Oracle Corporation is one of the world's suppliers of software for information management. Oracle Corp. has a market cap of $130.04 billion; its shares were traded at around $25.95 with a P/E ratio of 17.77 and P/S ratio of 5.59. The dividend yield of Oracle Corp. stocks is 0.77%. Oracle Corp. had an annual average earning growth of 20.5% over the past 10 years. GuruFocus rated Oracle Corp. the business predictability rank of 3-star.
New Purchase: The Thomson Corporation (TRI, Financial)
Oak Value initiated holdings in The Thomson Corporation. Their purchase prices were between $31.74 and $37.02, with an estimated average price of $34.53. The impact to their portfolio due to this purchase was 1.9%. Their holdings were 104,800 shares as of 03/31/2010.Thomson Corporation is a provider of value-added information and technology to users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. The Thomson Corporation has a market cap of $30.15 billion; its shares were traded at around $36.32 with a P/E ratio of 21.36 and P/S ratio of 2.32. The dividend yield of The Thomson Corporation stocks is 3.19%. The Thomson Corporation had an annual average earning growth of 3.2% over the past 10 years.
New Purchase: Teva Pharmaceutical Industries Ltd. (TEVA, Financial)
Oak Value initiated holdings in Teva Pharmaceutical Industries Ltd.. Their purchase prices were between $55.88 and $64.54, with an estimated average price of $59.37. The impact to their portfolio due to this purchase was 1.81%. Their holdings were 57,475 shares as of 03/31/2010.TEVA Pharmaceuticals USA, the business is to develop, manufacture, and market generic pharmaceuticals. Teva Pharmaceutical Industries Ltd. has a market cap of $57.65 billion; its shares were traded at around $62.43 with a P/E ratio of 18.53 and P/S ratio of 4.15. The dividend yield of Teva Pharmaceutical Industries Ltd. stocks is 0.86%. Teva Pharmaceutical Industries Ltd. had an annual average earning growth of 21.1% over the past 10 years. GuruFocus rated Teva Pharmaceutical Industries Ltd. the business predictability rank of 4-star.
New Purchase: CME Group Inc Cl A (CME, Financial)
Oak Value initiated holdings in CME Group Inc Cl A. Their purchase prices were between $269.29 and $349.32, with an estimated average price of $309.55. The impact to their portfolio due to this purchase was 1.34%. Their holdings were 8,480 shares as of 03/31/2010.Chicago Mercantile Exchange Holdings is the parent company of Chicago Mercantile Exchange Inc, the largest futures exchange in the United States based on notional value, trading volume and open interest. CME Group Inc Cl A has a market cap of $20.62 billion; its shares were traded at around $312.19 with a P/E ratio of 23.49 and P/S ratio of 7.89. The dividend yield of CME Group Inc Cl A stocks is 1.47%.
Reduced: Medtronic Inc. (MDT, Financial)
Oak Value reduced to their holdings in Medtronic Inc. by 40.69%. Their sale prices were between $41.67 and $46.03, with an estimated average price of $44.27. The impact to their portfolio due to this sale was -0.7%. Oak Value still held 75,987 shares as of 03/31/2010.Medtronic is the world's medical technology company, pioneeringdevice-based therapies that restore health, extend life and alleviate pain. Medtronic Inc. has a market cap of $49.46 billion; its shares were traded at around $44.9 with a P/E ratio of 14.25 and P/S ratio of 3.39. The dividend yield of Medtronic Inc. stocks is 1.83%. Medtronic Inc. had an annual average earning growth of 11.9% over the past 10 years. GuruFocus rated Medtronic Inc. the business predictability rank of 4-star.
Reduced: Itt Educational Services Inc. (ESI, Financial)
Oak Value reduced to their holdings in Itt Educational Services Inc. by 60.27%. Their sale prices were between $93.39 and $116.31, with an estimated average price of $104.61. The impact to their portfolio due to this sale was -0.84%. Oak Value still held 24,725 shares as of 03/31/2010.ITT EDUCATIONAL SERVICES, INC. is a proprietary provider of technical postsecondary degree programs in the United States based on student enrollment. Itt Educational Services Inc. has a market cap of $3.94 billion; its shares were traded at around $114.06 with a P/E ratio of 14.22 and P/S ratio of 2.99. Itt Educational Services Inc. had an annual average earning growth of 33.9% over the past 10 years. GuruFocus rated Itt Educational Services Inc. the business predictability rank of 5-star.
Sold Out: Microsoft Corp. (MSFT, Financial)
Oak Value sold out their holdings in Microsoft Corp.. Their sale prices were between $27.72 and $31.1, with an estimated average price of $29.3.Microsoft develops, manufactures, licenses, and supports a wide range of software products for a multitude of computing devices. Microsoft Corp. has a market cap of $268.99 billion; its shares were traded at around $30.67 with a P/E ratio of 16.23 and P/S ratio of 4.6. The dividend yield of Microsoft Corp. stocks is 1.7%.
Sold Out: Aon Corp.(AON, Financial)
Oak Value sold out their holdings in Aon. Their sale prices were between $42.89 and $42.9, with an estimated average price of $42.9.Aon Corporation is a holding company whose operating subsidiaries carry onbusiness in three distinct segments: insurance brokerage and other services; consulting; and insurance underwriting. Aon has a market cap of $11.5 billion; its shares were traded at around $43.08 with a P/E ratio of 13.76 and P/S ratio of 1.51. The dividend yield of Aon stocks is 1.39%. Aon had an annual average earning growth of 5% over the past 10 years.
Sold Out: Xto Energy Inc. (XTO)
Oak Value sold out their holdings in Xto Energy Inc.. Their sale prices were between $44.57 and $48.2, with an estimated average price of $46.54.XTO Energy Inc. is engaged in the acquisition, development, exploitation and exploration of producing oil and gas properties, and in the production, processing, marketing and transportation of oil and natural gas. Xto Energy Inc. has a market cap of $27.81 billion; its shares were traded at around $47.67 with a P/E ratio of 13.32 and P/S ratio of 3.07. The dividend yield of Xto Energy Inc. stocks is 1.05%. Xto Energy Inc. had an annual average earning growth of 31.8% over the past 10 years. GuruFocus rated Xto Energy Inc. the business predictability rank of 5-star.
