David Winters

David Winters

Last Update: 08-14-2018
Related: Wintergreen Fund

Number of Stocks: 6
Number of New Stocks: 0

Total Value: $134 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

David Winters' s Profile & Performance

Profile

Manager of Wintergreen Fund, David J. Winters, was formerly chief executive officer and chief investment officer of Franklin Mutual Advisers. Winters resigned from that $35 billion fund behemoth in order to found his own mutual fund. The Wintergreen Fund (WRGNX), incepted in October 2005.

Web Page:http://www.wintergreenfund.com/

Investing Philosophy

Winters is a value investor. He believes in holding solid companies for the long-term. He prefers to invest in companies that he thinks will do well in all market conditions, and avoids the current fad.

Total Holding History

Performance of Wintergreen Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20171421.71-7.7
20166.6711.99-5.3
2015-6.941.24-8.2
3-Year Cumulative13.2 (4.2%/year)38 (11.3%/year)-24.8 (-7.1%/year)
2014-1.6813.47-15.2
201316.8132.3-15.5
5-Year Cumulative30 (5.4%/year)107.2 (15.7%/year)-77.2 (-10.3%/year)
20127.5115.99-8.5
20110.571.9-1.3
201021.0915.056.0
200932.7826.356.4
2008-39.05-36.79-2.3
10-Year Cumulative37.7 (3.3%/year)125 (8.4%/year)-87.3 (-5.1%/year)
200721.135.1416.0
200620.115.854.2

Top Ranked Articles

Where’s the Hedging? Activist investor David Winters had many fine years in the last decade, but effects of 2008 continue to drag down his 10-year record
David Winters Takes Aim at Passive Investing Wintergreen Fund founder discusses hidden costs at CFA Society
David Winters (Trades, Portfolio) discussed why he believes passive investing doesn't offer all the benefits it advertises on Tuesday in an address to the CFA Society in New York. Read more...
David Winters Comments on Nestle Guru stock highlight
During the first-half of 2017, the Fund took profits on two sets of Nestle (NSRGY) long-dated call options that the Fund purchased in 2013. At that time, Nestle was trading near CHFii 65 per share, and it seemed that the market indicated flat growth for the company. We thought otherwise, as we have been investors in Nestle’s common stock since 2007, and participated in many growth developments including, product innovations, new categories, acquisitions, emerging market growth, and management changes. We identified and executed on an intriguing value investment in late 2013 when we took advantage of an opportunity in call options. The Fund bought a set of options with a strike price of CHF 60, and another set with a strike price of CHF 68. In early June of this year, when Nestle common shares traded at approximately CHF 83 per share, the Fund sold these options as they were ’deep in the money’.

We believe that our diligence and advocacy for the Fund’s shareholders allows us to take advantage of opportunities Read more...
David Winters Sells Google, Slashes British American Tobacco Google goes at a gain
CEO of Wintergreen Advisers David Winters (Trades, Portfolio) unwound his position in Alphabet (NASDAQ:GOOG) and reduced his stake in long-term holding British American Tobacco PLC (NYSE:BTI) during the fourth quarter, his firm reported Friday. Read more...
Wintergreen Fund Axes 4 Positions in 1st Quarter Top sells include Buffett’s conglomerate and two Swiss companies
David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) recently disclosed the fund closed its positions in Berkshire Hathaway Inc. (NYSE:BRK.B), Sika AG (XSWX:SIK), Roche Holding AG (XSWX:ROG) and Frutarom Industries Ltd. (XTAE:FRUT) during the first quarter. Read more...
» More David Winters Articles

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

6 Low PE Stocks British American Tobacco tops the list Murray Stahl, David Winters, Lee Ainslie - 6 Low PE Stocks
The following stocks have low price-earnings ratios and have been bought by gurus. While some of them are great investments, others need to be checked again, according to the discounted cash flow calculator. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Wintergreen Fund Axes 4 Positions in 1st Quarter Top sells include Buffett’s conglomerate and two Swiss companies Warren Buffett, David Winters, Wintergreen Fund - Wintergreen Fund Axes 4 Positions In 1st Quarter
David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) recently disclosed the fund closed its positions in Berkshire Hathaway Inc. (NYSE:BRK.B), Sika AG (XSWX:SIK), Roche Holding AG (XSWX:ROG) and Frutarom Industries Ltd. (XTAE:FRUT) during the first quarter. More...

WARREN BUFFETT, DAVID WINTERS, WINTERGREEN FUND, BILL GATES


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Wintergreen Fund Trims Stake in 2 Companies and Eliminates Alphabet in 4th Quarter Fund releases quarterly portfolio David Winters, Wintergreen Fund - Wintergreen Fund Trims Stake In 2 Companies And Eliminates Alphabet In 4th Quarter
David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) announced Friday that the firm’s top three sells during fourth-quarter 2017 were British American Tobacco PLC (NYSE:BTI), Birchcliff Energy Ltd. (TSX:BIR) and Alphabet Inc. (NASDAQ:GOOG)(NASDAQ:GOOGL). More...

DAVID WINTERS, WINTERGREEN FUND


  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters Sells Google, Slashes British American Tobacco Google goes at a gain David Winters - David Winters Sells Google, Slashes British American Tobacco
CEO of Wintergreen Advisers David Winters (Trades, Portfolio) unwound his position in Alphabet (NASDAQ:GOOG) and reduced his stake in long-term holding British American Tobacco PLC (NYSE:BTI) during the fourth quarter, his firm reported Friday. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Takes Aim at Passive Investing Wintergreen Fund founder discusses hidden costs at CFA Society David Winters - David Winters Takes Aim At Passive Investing
David Winters (Trades, Portfolio) discussed why he believes passive investing doesn't offer all the benefits it advertises on Tuesday in an address to the CFA Society in New York. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters Comments on Nestle Guru stock highlight
During the first-half of 2017, the Fund took profits on two sets of Nestle (NSRGY) long-dated call options that the Fund purchased in 2013. At that time, Nestle was trading near CHFii 65 per share, and it seemed that the market indicated flat growth for the company. We thought otherwise, as we have been investors in Nestle’s common stock since 2007, and participated in many growth developments including, product innovations, new categories, acquisitions, emerging market growth, and management changes. We identified and executed on an intriguing value investment in late 2013 when we took advantage of an opportunity in call options. The Fund bought a set of options with a strike price of CHF 60, and another set with a strike price of CHF 68. In early June of this year, when Nestle common shares traded at approximately CHF 83 per share, the Fund sold these options as they were ’deep in the money’.We believe that our diligence and advocacy for the Fund’s shareholders allows us to take advantage of opportunities More...

  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

David Winters Comments on British American Tobacco Guru stock highlight
Since the Fund’s inception in 2005, Wintergreen has held significant investments in both BAT (NYSE:BTI) and Reynolds (NYSE:RAI). BAT’s management team has increased the company’s operating margin from the high-20s to mid-30s, doubled free cash flow to well over GBPi 3 billion per year, and raised the dividend by a 12% compounded annual growth rate. At the same time, the Reynolds management team used a value formula that consisted of employing pricing power, generating substantial free cash flow, and returning much of that cash to shareholders through increasing dividends and share repurchases. Earlier this year, BAT, which has a global footprint and had long held approximately 42% of Reynolds shares, announced a bid for the remainder of Reynolds, which primarily caters to consumers in the U.S. In addition to corporate due diligence, this deal required both government and shareholder approval before the transaction could occur. We saw significant value in both companies More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters' Wintergreen Fund Semi-Annual Letter to Shareholders Winters reviews fund and holdings David Winters - David Winters' Wintergreen Fund Semi-Annual Letter To Shareholders
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Where’s the Hedging? Activist investor David Winters had many fine years in the last decade, but effects of 2008 continue to drag down his 10-year record David Winters, Wintergreen Fund - Where’s The Hedging?
More...

GURU, DAVID WINTERS, WINTERGREEN ADVISORS, WINTERGREEN FUND, ACTIVIST INVESTOR, FRANKLIN MUTUAL, EQUITIES, CONSOLIDATED-TOMOKA, ARBITRAGE, DISTRESSED COMPANIES, DEBT RATINGS, UNDERVALUED, HEDGING


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Wintergreen Fund Gains 3 New Holdings in 1st Quarter The fund invested in pharmaceuticals, a tracking stock and real estate David Winters,Wintergreen Fund,PRIMECAP Management - Wintergreen Fund Gains 3 New Holdings In 1st Quarter
David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) established three new holdings during the first quarter. They are Roche Holding AG (XSWX:ROG), Liberty Formula One Group (NASDAQ:FWONA) and Cheung Kong Property Holdings Ltd. (HKSE:01113). More...

WINTERGREEN, TRADES, 1Q, BUYS


  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Heineken Holding NV Guru stock highlight
Most investors are familiar with Heineken Holding NV (XAMS:HEIO) (“Heineken”), in particular because of its dark green premium beer bottle. Second only to Corona in U.S. imported beer, Heineken is sold virtually everywhere in the world. Growing from a single brewery in Amsterdam in 1864 to the second-largest beer company in the world today, Heineken brews more than 250 brands, with widespread name recognition of Amstel, Dos Equis, Sol and Tiger, in addition to its premium flagship brand. The company is focused on continued growth in emerging markets. Five years ago only about 20% of its profits came from developing markets. That percentage now exceeds 60%. The company has been able to combine sales growth with stable and improving margins, forming one of the pillars of our investment thesis in the company. Heineken’s management also keeps a sharp eye on efficient capital deployment, adhering to hard RONA (Return on Net Assets) metrics. In combination with well-defined executive compensation plan determinants, this properly ties management pay to performance. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Baker Hughes Guru stock highlight
Like the tobacco industry, the oil and gas industry is also undergoing consolidation, and the Fund has benefited from its holding in Baker Hughes, Inc. (NYSE:BHI) (“BHI”). The Fund’s position in BHI was initiated in late 2015 as an arbitrage opportunity when Halliburton Company (“HAL”) bid for BHI, and as a proxy for an anticipated return to growth in the oil services industry. Because the outcome of the merger was uncertain, the deal was written with a breakup fee of $3.5 billion, which we viewed as an attractive safety cushion for BHI in the event that the merger agreement was terminated. The deal did indeed break around mid-2016, and HAL paid the breakup fee to BHI, which then commenced a massive buyback of its stock. Shortly thereafter, General Electric Co. made an approach to merge its own oil and gas business unit with BHI. The Board of BHI approved the transaction and the merger is scheduled to close in the middle of 2017. We highlight this arbitrage win for the Fund as an example of an investment strategy that we sometimes employ as a supplement More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on British American Tobacco Guru stock highlight
Let’s look at some highlights for the Fund. In last year’s annual letter, we noted many virtues of Reynolds as a core portfolio investment for many years. A smart management team combined Reynolds with Lorillard, Inc. in an earnings-accretive deal, creating an even more powerful cash generating business. In the process, the company increased its appeal to British American Tobacco plc (“BAT”), its largest owner with 42% of outstanding shares, as a must-own asset to fully capture opportunities in the U.S. and benefit from Reynolds’s product innovations. Our belief that BAT (BAT) would eventually bid for the rest of the shares came to fruition last October, resulting in a surge in the value of Reynolds, the Fund’s largest holding. With an improved deal price and structure more favorable to shareholders, Reynolds agreed to the takeover in January of 2017 (closing is expected by the Adviser to occur in the third quarter of 2017). As shareholders of BAT, another top holding of the Fund, we hope to continue to collect the steady amounts of cash returned by More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters' Wintergreen Fund 4th Quarter Letter to Shareholders Winters discusses investing and holdings David Winters - David Winters' Wintergreen Fund 4th Quarter Letter To Shareholders
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Lotte Confectionery Has Been Growing With Sales South Korean candy manufacturer is expanding into emerging markets Wintergreen Fund,David Winters - Lotte Confectionery Has Been Growing With Sales
Lotte Confectionery (XKRX:004990) is a South Korean candy and food company. Sales and earnings have grown for a long time, and the stock is reasonably priced. Wintergreen Fund (Trades, Portfolio) recently bought shares. More...

CANDY, KOREA


  • Currently 3.00/5

Rating: 3.0/5 (3 votes)

David Winters Buys Israeli Defense Company One of the largest weapons makers in Israel David Winters - David Winters Buys Israeli Defense Company
Israel’s largest publicly traded arms and defense company, Elbit Systems Ltd. (XTAE:ESLT), singularly caught the eye of a manager who focuses on fundamental research but who has also tangled with public companies’ boards of late, David Winters (Trades, Portfolio). More...

  • Currently 4.00/5

Rating: 4.0/5 (3 votes)

23 Questions With Mike Onghai 'There is a big difference between a favorite company and a good stock' Warren Buffett,David Winters - 23 Questions With Mike Onghai
1. How and why did you get started investing? More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters Comments on British American Tobacco Guru stock highlight
British American Tobacco plc (“BAT”) (BTI) was one of the Fund’s first investments in 2005. The position has grown to become the Fund’s second largest stock holding, behind Reynolds American Inc. All along the way, BAT’s very capable management team has driven the operating margin up from the high 20s to mid-30s, doubled free cash flows to well over GBPii 3 billion per year, and raised the dividend by a 12% compounded annual growth rate. Shareholders of BAT have been rewarded nicely with an 18% average annual return since October 2005. BAT remains an important core holding for the Fund because it has historically been a dependable cash generator, particularly during times of uncertainty, the most prominent of which is presently unfolding in its home country. “Brexit” was a surprise to many and it is likely that in the U.K. business world there will be many winners and losers as a result of it. An immediate visible impact was the fall in the value of the pound sterling in June 2016, which could be net beneficial to BAT’s bottom line, as the company More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Birchcliff Energy Ltd. Guru stock highlight
Wintergreen Advisers believes the mark of good management in the commodity sector is a steady hand to steer the company through cycles. In Birchcliff Energy Ltd.’s (“Birchcliff”) (BIR) management, we think you have exactly that. Whereas other oil and gas drillers in North America have become unprofitable or even bankrupt due to excessive debt in the recent global downturn in the oil and gas market, Birchcliff has sustained operations in the black on a cash basis, with controlled levels of debt. Credit goes to the leaders of the company who have reduced operating costs per boe (barrel of oil equivalent) to record lows this year. This combination of profitability and balance sheet strength enabled Birchcliff to take advantage of a competitor’s need to sell assets in order to decrease its own dangerous debt burden. At the end of July, Birchcliff acquired a large tract of petroleum and natural gas properties in the Gordondale area of Alberta, Canada. The strategic rationale of the investment in these fields seems readily apparent, as the properties lie between More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Wintergreen Fund Semi-Annual Report Review of holdings and fund performance David Winters - David Winters Wintergreen Fund Semi-Annual Report
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

Add Notes, Comments

If you want to ask a question or report a bug, please create a support ticket.

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat

{{numOfNotice}}
FEEDBACK