Hedge fund manager Glen Greenberg likes to run a concentrated portfolio. He thinks that if he does not want to put at least 5% of the fund asset in a position, he wouldn’t buy it. To understand his secret to success, read the great interview on latest Graham and Doddsville Spring 2010 Issue. Mr. Greenberg split with partners last year. His partners got to keep the old name of his fund, Chieftain, and he started a new firm called Brave Warrior Capital. After the shake up, he bought into a lot of positions. This is the Q1 portfolio update.
Glenn Greenberg buys Google Inc., Arch Capital Group Ltd., Renaissancere Holdings Ltd., Tidewater Inc., Bank Of America Corp., Comcast Corp., Freddie Mac, sells Waters Corp. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Brave Warrior Capital, Inc.. Glenn Greenberg owns 17 stocks with a total value of $965 million. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Glenn Greenberg
Google Inc. has a market cap of $161.38 billion; its shares were traded at around $507.53 with a P/E ratio of 23.09 and P/S ratio of 6.82. Google Inc. had an annual average earning growth of 65.7% over the past 10 years.
Arch Capital Group Ltd. is a diversified financial services holding company, with an emphasis on the insurance sector. Arch Capital Group Ltd. has a market cap of $3.96 billion; its shares were traded at around $75.11 with a P/E ratio of 7.82 and P/S ratio of 1.13. Arch Capital Group Ltd. had an annual average earning growth of 26.1% over the past 10 years.
RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. Renaissancere Holdings Ltd. has a market cap of $3.37 billion; its shares were traded at around $56.15 with a P/E ratio of 4.45 and P/S ratio of 2.02. The dividend yield of Renaissancere Holdings Ltd. stocks is 1.78%.
Tidewater, Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater Inc. has a market cap of $2.52 billion; its shares were traded at around $48.67 with a P/E ratio of 7.7 and P/S ratio of 1.81. The dividend yield of Tidewater Inc. stocks is 2.05%.
Bank of America Corp. is one of the world's financial services companies. Bank Of America Corp. has a market cap of $141.49 billion; its shares were traded at around $16.34 with and P/S ratio of 0.94. The dividend yield of Bank Of America Corp. stocks is 0.24%.
Comcast Corp., among the world's communication companies, provides basic cable, digital cable and high speed internet services that connect people to what's important in their lives. Comcast Corp. has a market cap of $49.94 billion; its shares were traded at around $17.6 with a P/E ratio of 14.55 and P/S ratio of 1.4. The dividend yield of Comcast Corp. stocks is 2.15%. Comcast Corp. had an annual average earning growth of 15.1% over the past 10 years.
Freddie Mac is a stockholder-owned corporation that supports homeownership and rental housing. Freddie Mac has a market cap of $888.28 million; its shares were traded at around $1.37 with and P/S ratio of 0.06. Freddie Mac had an annual average earning growth of 0.5% over the past 10 years.
Crosstex Energy, a mid-stream natural gas company, operates over 1,700 miles of pipeline, two processing plants, and 49 natural gas treating plants. Crosstex Energy L.p. Ltd. Partnership In has a market cap of $518.78 million; its shares were traded at around $10.44 with and P/S ratio of 0.36.
Crosstex Energy Inc. owns and controls the general partner of Crosstex Energy, L. Crosstex Energy Inc. has a market cap of $372.06 million; its shares were traded at around $7.99 with and P/S ratio of 0.25. Crosstex Energy Inc. had an annual average earning growth of 2% over the past 5 years.
Precision Castparts Corp. is a worldwide manufacturer of complex metal components and products. Precision Castparts Corp. has a market cap of $17.03 billion; its shares were traded at around $120.23 with a P/E ratio of 18.47 and P/S ratio of 3.1. The dividend yield of Precision Castparts Corp. stocks is 0.1%. Precision Castparts Corp. had an annual average earning growth of 20.4% over the past 10 years. GuruFocus rated Precision Castparts Corp. the business predictability rank of 2-star.
Dell Inc. is a premier provider of products and services required for customers worldwide to build their information-technology and Internet infrastructures. Dell Inc. has a market cap of $29.66 billion; its shares were traded at around $15.15 with a P/E ratio of 15.3 and P/S ratio of 0.56. Dell Inc. had an annual average earning growth of 4.1% over the past 10 years.
Varian Medical Systems, Inc., of Palo Alto, California is the world's supplier of equipment and software for treating cancer. Varian Medical Systems Inc. has a market cap of $6.55 billion; its shares were traded at around $52.83 with a P/E ratio of 18.73 and P/S ratio of 2.96. Varian Medical Systems Inc. had an annual average earning growth of 20.9% over the past 10 years. GuruFocus rated Varian Medical Systems Inc. the business predictability rank of 4.5-star.
Laboratory Corporation of America Holdings, is one of the largest independent clinical laboratory company's in the United States. Laboratory Corp. Of America Holdings has a market cap of $8.11 billion; its shares were traded at around $77.47 with a P/E ratio of 15.56 and P/S ratio of 1.73. Laboratory Corp. Of America Holdings had an annual average earning growth of 17.6% over the past 10 years.
Ryanair Holdings provides airline services for passengers for point-to-point trips between Ireland and the United Kingdom with over 100 flights a day. Ryanair Holdings Plc has a market cap of $7.3 billion; its shares were traded at around $24.72 with and P/S ratio of 1.74. Ryanair Holdings Plc had an annual average earning growth of 27.9% over the past 10 years. GuruFocus rated Ryanair Holdings Plc the business predictability rank of 3.5-star.
U.S. Bancorp is a financial services holding company. U.s. Bancorp has a market cap of $48.86 billion; its shares were traded at around $25.51 with a P/E ratio of 24.07 and P/S ratio of 2.51. The dividend yield of U.s. Bancorp stocks is 0.78%. U.s. Bancorp had an annual average earning growth of 2.1% over the past 10 years.
Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $49.26 billion; its shares were traded at around $16.88 with and P/S ratio of 1.38. The dividend yield of Comcast Corp. Special stocks is 2.24%. Comcast Corp. Special had an annual average earning growth of 14.6% over the past 10 years.
Lockheed Martin Corp. is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced-technology systems, products and services. Lockheed Martin Corp. has a market cap of $30.2 billion; its shares were traded at around $80.79 with a P/E ratio of 10.67 and P/S ratio of 0.67. The dividend yield of Lockheed Martin Corp. stocks is 3.12%. Lockheed Martin Corp. had an annual average earning growth of 17% over the past 10 years. GuruFocus rated Lockheed Martin Corp. the business predictability rank of 2.5-star.
Waters Corporation is a holding company which owns only and all of the outstanding common stock of Waters Technologies Corporation, the operating subsidiary. Waters Corp. has a market cap of $6.38 billion; its shares were traded at around $68.18 with a P/E ratio of 19.37 and P/S ratio of 4.26. Waters Corp. had an annual average earning growth of 12.4% over the past 10 years. GuruFocus rated Waters Corp. the business predictability rank of 4.5-star.
Glenn Greenberg buys Google Inc., Arch Capital Group Ltd., Renaissancere Holdings Ltd., Tidewater Inc., Bank Of America Corp., Comcast Corp., Freddie Mac, sells Waters Corp. during the 3-months ended 03/31/2010, according to the most recent filings of his investment company, Brave Warrior Capital, Inc.. Glenn Greenberg owns 17 stocks with a total value of $965 million. These are the details of the buys and sells.
- New Purchases: ACGL, BAC, CMCSA, FRE, GOOG, RNR, TDW,
- Reduced Positions: CMCSK, DELL, LH, LMT, PCP, RYAAY, USB, VAR, XTEX, XTXI,
- Sold Out: WAT,
This is the sector weightings of his portfolio:
These are the top 5 holdings of Glenn Greenberg
- Comcast Corp. Special (CMCSK) - 8,117,305 shares, 15.12% of the total portfolio. Shares reduced by 52.16%
- U.S. Bancorp (USB) - 5,174,710 shares, 13.88% of the total portfolio. Shares reduced by 51.39%
- Lockheed Martin Corp. (LMT) - 1,585,219 shares, 13.67% of the total portfolio. Shares reduced by 58.61%
- Ryanair Holdings Plc (RYAAY) - 4,714,663 shares, 13.28% of the total portfolio. Shares reduced by 45%
- Laboratory Corp. Of America Holdings (LH) - 1,551,801 shares, 12.18% of the total portfolio. Shares reduced by 48.73%
New Purchase: Google Inc. (GOOG, Financial)
Glenn Greenberg initiated holdings in Google Inc.. His purchase prices were between $526.43 and $626.75, with an estimated average price of $560.25. The impact to his portfolio due to this purchase was 7.9%. His holdings were 134,361 shares as of 03/31/2010.Google Inc. has a market cap of $161.38 billion; its shares were traded at around $507.53 with a P/E ratio of 23.09 and P/S ratio of 6.82. Google Inc. had an annual average earning growth of 65.7% over the past 10 years.
New Purchase: Arch Capital Group Ltd. (ACGL, Financial)
Glenn Greenberg initiated holdings in Arch Capital Group Ltd.. His purchase prices were between $69.53 and $76.6, with an estimated average price of $72.89. The impact to his portfolio due to this purchase was 3.44%. His holdings were 435,340 shares as of 03/31/2010.Arch Capital Group Ltd. is a diversified financial services holding company, with an emphasis on the insurance sector. Arch Capital Group Ltd. has a market cap of $3.96 billion; its shares were traded at around $75.11 with a P/E ratio of 7.82 and P/S ratio of 1.13. Arch Capital Group Ltd. had an annual average earning growth of 26.1% over the past 10 years.
New Purchase: Renaissancere Holdings Ltd. (RNR, Financial)
Glenn Greenberg initiated holdings in Renaissancere Holdings Ltd.. His purchase prices were between $51.41 and $57.04, with an estimated average price of $54.58. The impact to his portfolio due to this purchase was 2.66%. His holdings were 451,598 shares as of 03/31/2010.RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. Renaissancere Holdings Ltd. has a market cap of $3.37 billion; its shares were traded at around $56.15 with a P/E ratio of 4.45 and P/S ratio of 2.02. The dividend yield of Renaissancere Holdings Ltd. stocks is 1.78%.
New Purchase: Tidewater Inc. (TDW, Financial)
Glenn Greenberg initiated holdings in Tidewater Inc.. His purchase prices were between $43.96 and $51.37, with an estimated average price of $47.43. The impact to his portfolio due to this purchase was 0.1%. His holdings were 19,625 shares as of 03/31/2010.Tidewater, Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater Inc. has a market cap of $2.52 billion; its shares were traded at around $48.67 with a P/E ratio of 7.7 and P/S ratio of 1.81. The dividend yield of Tidewater Inc. stocks is 2.05%.
New Purchase: Bank Of America Corp. (BAC, Financial)
Glenn Greenberg initiated holdings in Bank Of America Corp.. His purchase prices were between $14.45 and $18.04, with an estimated average price of $16.17. The impact to his portfolio due to this purchase was 0.03%. His holdings were 14,532 shares as of 03/31/2010.Bank of America Corp. is one of the world's financial services companies. Bank Of America Corp. has a market cap of $141.49 billion; its shares were traded at around $16.34 with and P/S ratio of 0.94. The dividend yield of Bank Of America Corp. stocks is 0.24%.
New Purchase: Comcast Corp. (CMCSA, Financial)
Glenn Greenberg initiated holdings in Comcast Corp.. His purchase prices were between $15.21 and $18.74, with an estimated average price of $16.69. The impact to his portfolio due to this purchase was 0.03%. His holdings were 15,547 shares as of 03/31/2010.Comcast Corp., among the world's communication companies, provides basic cable, digital cable and high speed internet services that connect people to what's important in their lives. Comcast Corp. has a market cap of $49.94 billion; its shares were traded at around $17.6 with a P/E ratio of 14.55 and P/S ratio of 1.4. The dividend yield of Comcast Corp. stocks is 2.15%. Comcast Corp. had an annual average earning growth of 15.1% over the past 10 years.
New Purchase: Freddie Mac (FRE, Financial)
Glenn Greenberg initiated holdings in Freddie Mac. His purchase prices were between $1.15 and $1.5, with an estimated average price of $1.28. The impact to his portfolio due to this purchase was 0.01%. His holdings were 71,965 shares as of 03/31/2010.Freddie Mac is a stockholder-owned corporation that supports homeownership and rental housing. Freddie Mac has a market cap of $888.28 million; its shares were traded at around $1.37 with and P/S ratio of 0.06. Freddie Mac had an annual average earning growth of 0.5% over the past 10 years.
Reduced: Crosstex Energy L.p. Ltd. Partnership In (XTEX, Financial)
Glenn Greenberg reduced to his holdings in Crosstex Energy L.p. Ltd. Partnership In by 26.4%. His sale prices were between $8.29 and $11.44, with an estimated average price of $9.98. The impact to his portfolio due to this sale was -0.47%. Glenn Greenberg still held 1,584,764 shares as of 03/31/2010.Crosstex Energy, a mid-stream natural gas company, operates over 1,700 miles of pipeline, two processing plants, and 49 natural gas treating plants. Crosstex Energy L.p. Ltd. Partnership In has a market cap of $518.78 million; its shares were traded at around $10.44 with and P/S ratio of 0.36.
Reduced: Crosstex Energy Inc. (XTXI, Financial)
Glenn Greenberg reduced to his holdings in Crosstex Energy Inc. by 77.34%. His sale prices were between $5.99 and $9.68, with an estimated average price of $7.95. The impact to his portfolio due to this sale was -0.71%. Glenn Greenberg still held 1,025,447 shares as of 03/31/2010.Crosstex Energy Inc. owns and controls the general partner of Crosstex Energy, L. Crosstex Energy Inc. has a market cap of $372.06 million; its shares were traded at around $7.99 with and P/S ratio of 0.25. Crosstex Energy Inc. had an annual average earning growth of 2% over the past 5 years.
Reduced: Precision Castparts Corp. (PCP, Financial)
Glenn Greenberg reduced to his holdings in Precision Castparts Corp. by 66.58%. His sale prices were between $103.01 and $127.09, with an estimated average price of $114.37. The impact to his portfolio due to this sale was -2.31%. Glenn Greenberg still held 264,041 shares as of 03/31/2010.Precision Castparts Corp. is a worldwide manufacturer of complex metal components and products. Precision Castparts Corp. has a market cap of $17.03 billion; its shares were traded at around $120.23 with a P/E ratio of 18.47 and P/S ratio of 3.1. The dividend yield of Precision Castparts Corp. stocks is 0.1%. Precision Castparts Corp. had an annual average earning growth of 20.4% over the past 10 years. GuruFocus rated Precision Castparts Corp. the business predictability rank of 2-star.
Reduced: Dell Inc. (DELL, Financial)
Glenn Greenberg reduced to his holdings in Dell Inc. by 52.51%. His sale prices were between $12.9 and $15.22, with an estimated average price of $14.11. The impact to his portfolio due to this sale was -3.12%. Glenn Greenberg still held 3,812,625 shares as of 03/31/2010.Dell Inc. is a premier provider of products and services required for customers worldwide to build their information-technology and Internet infrastructures. Dell Inc. has a market cap of $29.66 billion; its shares were traded at around $15.15 with a P/E ratio of 15.3 and P/S ratio of 0.56. Dell Inc. had an annual average earning growth of 4.1% over the past 10 years.
Reduced: Varian Medical Systems Inc. (VAR)
Glenn Greenberg reduced to his holdings in Varian Medical Systems Inc. by 72.65%. His sale prices were between $46.85 and $56.15, with an estimated average price of $50.16. The impact to his portfolio due to this sale was -4.08%. Glenn Greenberg still held 980,391 shares as of 03/31/2010.Varian Medical Systems, Inc., of Palo Alto, California is the world's supplier of equipment and software for treating cancer. Varian Medical Systems Inc. has a market cap of $6.55 billion; its shares were traded at around $52.83 with a P/E ratio of 18.73 and P/S ratio of 2.96. Varian Medical Systems Inc. had an annual average earning growth of 20.9% over the past 10 years. GuruFocus rated Varian Medical Systems Inc. the business predictability rank of 4.5-star.
Reduced: Laboratory Corp. Of America Holdings (LH)
Glenn Greenberg reduced to his holdings in Laboratory Corp. Of America Holdings by 48.73%. His sale prices were between $70.14 and $76.92, with an estimated average price of $73.67. The impact to his portfolio due to this sale was -5.94%. Glenn Greenberg still held 1,551,801 shares as of 03/31/2010.Laboratory Corporation of America Holdings, is one of the largest independent clinical laboratory company's in the United States. Laboratory Corp. Of America Holdings has a market cap of $8.11 billion; its shares were traded at around $77.47 with a P/E ratio of 15.56 and P/S ratio of 1.73. Laboratory Corp. Of America Holdings had an annual average earning growth of 17.6% over the past 10 years.
Reduced: Ryanair Holdings Plc (RYAAY)
Glenn Greenberg reduced to his holdings in Ryanair Holdings Plc by 45%. His sale prices were between $25.98 and $27.95, with an estimated average price of $26.99. The impact to his portfolio due to this sale was -5.98%. Glenn Greenberg still held 4,714,663 shares as of 03/31/2010.Ryanair Holdings provides airline services for passengers for point-to-point trips between Ireland and the United Kingdom with over 100 flights a day. Ryanair Holdings Plc has a market cap of $7.3 billion; its shares were traded at around $24.72 with and P/S ratio of 1.74. Ryanair Holdings Plc had an annual average earning growth of 27.9% over the past 10 years. GuruFocus rated Ryanair Holdings Plc the business predictability rank of 3.5-star.
Reduced: U.s. Bancorp (USB)
Glenn Greenberg reduced to his holdings in U.s. Bancorp by 51.39%. His sale prices were between $22.45 and $26.25, with an estimated average price of $24.69. The impact to his portfolio due to this sale was -7.13%. Glenn Greenberg still held 5,174,710 shares as of 03/31/2010.U.S. Bancorp is a financial services holding company. U.s. Bancorp has a market cap of $48.86 billion; its shares were traded at around $25.51 with a P/E ratio of 24.07 and P/S ratio of 2.51. The dividend yield of U.s. Bancorp stocks is 0.78%. U.s. Bancorp had an annual average earning growth of 2.1% over the past 10 years.
Reduced: Comcast Corp. Special (CMCSK)
Glenn Greenberg reduced to his holdings in Comcast Corp. Special by 52.16%. His sale prices were between $14.48 and $17.88, with an estimated average price of $15.9. The impact to his portfolio due to this sale was -7.89%. Glenn Greenberg still held 8,117,305 shares as of 03/31/2010.Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $49.26 billion; its shares were traded at around $16.88 with and P/S ratio of 1.38. The dividend yield of Comcast Corp. Special stocks is 2.24%. Comcast Corp. Special had an annual average earning growth of 14.6% over the past 10 years.
Reduced: Lockheed Martin Corp. (LMT)
Glenn Greenberg reduced to his holdings in Lockheed Martin Corp. by 58.61%. His sale prices were between $74.41 and $86.9, with an estimated average price of $78.74. The impact to his portfolio due to this sale was -8.01%. Glenn Greenberg still held 1,585,219 shares as of 03/31/2010.Lockheed Martin Corp. is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced-technology systems, products and services. Lockheed Martin Corp. has a market cap of $30.2 billion; its shares were traded at around $80.79 with a P/E ratio of 10.67 and P/S ratio of 0.67. The dividend yield of Lockheed Martin Corp. stocks is 3.12%. Lockheed Martin Corp. had an annual average earning growth of 17% over the past 10 years. GuruFocus rated Lockheed Martin Corp. the business predictability rank of 2.5-star.
Sold Out: Waters Corp. (WAT)
Glenn Greenberg sold out his holdings in Waters Corp.. His sale prices were between $56.18 and $67.89, with an estimated average price of $61.45.Waters Corporation is a holding company which owns only and all of the outstanding common stock of Waters Technologies Corporation, the operating subsidiary. Waters Corp. has a market cap of $6.38 billion; its shares were traded at around $68.18 with a P/E ratio of 19.37 and P/S ratio of 4.26. Waters Corp. had an annual average earning growth of 12.4% over the past 10 years. GuruFocus rated Waters Corp. the business predictability rank of 4.5-star.
