Chris Davis (Trades, Portfolio) has revealed his second-quarter portfolio. Major trades include selling out of Raytheon Technologies Corp. (RTX) and Magnolia Oil & Gas Corp. (MGY), new buys in Carrier Global Corp. (CARR) and Mohawk Industries Inc. (MHK) and a reduction in his top holding Amazon.com Inc. (AMZN).

Davis purchases durable, well-managed businesses that can be purchased at value prices and held for four to seven years on average. Davis focuses primarily on financial services companies and he looks to buy companies when they are out of favor.

Portfolio overview

Davis' portfolio contained 119 stocks,

Robert Olstein (Trades, Portfolio)'s Olstein Capital manages a $535 million equity portfolio composed of 104 stocks as of the quarter's end. The firm sold shares of the following stocks during the second quarter.

Lowe's

The fund trimmed its position in Lowe's Companies Inc. (LOW) by 50.82%. The trade had an impact of -0.58% on the portfolio.

The home improvement retailer has a market cap of $119 billion and an enterprise value of $139 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on

US markets

U.S. stocks were in the red on Thursday morning. The Dow fell more than 400 points to 25,584, the S&P 500 index lost 1.42% to 3,124 and the Nasdaq Composite Index was down 0.70% to 10,419.

Gainers

• F5 Networks, Inc. (FFIV) +5.5%

• Pentair plc (PNR) +5%

• Advanced Micro Devices, Inc. (AMD) +3.7%

• Costco Wholesale Corporation (COST) +2.6%

Losers

• Mohawk Industries, Inc. (MHK) -23%

• Walgreens Boots Alliance, Inc. (WBA) -9.8%

• Leggett & Platt, Incorporated (LEG) -7.3%

• Kohl's Corporation (KSS) -6.8%

Global markets

The main European stock markets traded in

In 2015, one year before he became president, Donald Trump remarked that supermodel Heidi Klum was “sadly, no longer a 10.” Klum good-naturedly responded by wearing a T-shirt marked 9.99.

What is always a 10? My Perfect 10 Portfolio. It contains 10 stocks, each of which is priced at 10 times the past four quarters’ earnings per share.

To bargain hunters, that’s an attractive ratio. U.S. stocks usually sell for about 15 times earnings. Today, with interest rates low and investors’ hopes high, they command 22 times earnings.

Over many decades, but not lately, stocks with low price-earnings ratios tend

In light of homebuilder sentiment accelerating during June, five home furnishing stocks with high financial strength and profitability are Fuling Global Inc. (FORK), Hooker Furniture Corp. (HOFT), Kimball International Inc. (KBAL), La-Z-Boy Inc. (LZB) and Mohawk Industries Inc. (MHK) according to the All-in-One Screener, a Premium GuruFocus feature.

Markets add to Monday’s comeback rally on several factors including strong housing data

On Tuesday, the Dow Jones Industrial Average closed at 26,289.98, up 526.82 points or 2.04% from Monday’s close of 25,763.16 on the heels of strong economic news from the housing sector and positive news regarding a potential

Charles Brandes (Trades, Portfolio)' Brandes Investment released its portfolio for the first quarter of 2020. The top five buys included new positions in Textron Inc. (TXT) and Change Healthcare Inc. (CHNG) alongside additions to its holdings of Cameco Corp. (CCJ), Embraer SA (ERJ) and Mohawk Industries Inc. (MHK).

Brandes is a Benjamin Graham disciple. As such, his firm seeks to purchase out-of-favor securities that are trading at discounts to their intrinsic values, and then hold them until the market recognizes their true worth.

Portfolio overview

The portfolio is valued at $2.86

Tom Gayner (Trades, Portfolio), co-CEO of Markel Corp. (MKL), disclosed this week that his top five buys for fourth-quarter 2019 included a new holding in O-I Glass Inc. (OI) and position boosts in Mohawk Industries Inc. (MHK), Illinois Tool Works Inc. (ITW), Healthcare Services Group Inc. (HCSG) and NVR Inc. (NVR).

Gayner believes that the stock is part of a business, which in turn is worth the present value of cash flows. The chief investment officer of the Richmond, Virginia-based company said that Markel “operates with a margin of safety in the investment portfolio” and that the

According to the Aggregated Portfolio, a GuruFocus Premium feature, five most-broadly-held stocks from the manufacturing sector include Mohawk Industries Inc. (MHK), Hanesbrands Inc. (HBI), Whirlpool Corp. (WHR), PVH Corp. (PVH) and Capri Holdings Ltd. (CPRI).

Dow tumbles on weaker-than-expected manufacturing data

On Cyber Monday, the Dow Jones Industrial Average closed at 27,784.94, down 266.47 points from the Black Friday close of 28,051.41.

Institute of Supply Management Chairman Timothy Fiore said the November purchasing manager’s index stood at 48.1%, down 0.2% from the October reading of 48.3%. The three components of the

The Third Avenue Value Fund (Trades, Portfolio), founded by legendary investor Marty Whitman, disclosed this week its top five buys for the third quarter were Bank of Ireland Group PLC (LSE:BIRG), Mohawk Industries Inc. (MHK), Borr Drilling Ltd. (OSL:BDRILL), Tidewater Inc. (TDW) and Subsea 7 SA (OSL:SUBC).

Portfolio managers Matthew Fine and Michael Fineman said in their second-quarter shareholder letter, Third Avenue Management (Trades, Portfolio) “arrives at investment decisions through a bottom-up fundamental analysis.” The fund seeks to invest in undervalued securities across industries, regions and market caps.

Value strategies are surpassing growth funds so far in 2019, data from Hedge Fund Research showed Monday, affirming investors who think purchasing stocks trading below intrinsic value beats buying glamorous growth stocks at premiums.

The ascendance of tech stocks like Netflix (NFLX) and Amazon (AMZN) trading at huge multiples to earnings in recent years has called into question the strategy founded by Ben Graham and employed by many profitable investors, such as his pupil Warren Buffett (Trades, Portfolio) and Baupost Group’s Seth Klarman (Trades, Portfolio). Easy monetary policy, low interest rates and optimism

According to my research, the second quarter of 2019 was a busy period for some of the world's most significant hedge funds.

As equity markets put in one of their best performances on record for the first half of any year, hedge funds were able to take some money off the table for some stocks and redeploy this capital into their favorite bets.

According to my research, the most acquired stock of all hedge funds in the second quarter of 2019 was Google parent company Alphabet (GOOG).

Taking the opportunity

Alphabet had a tough second quarter. After rising to

Tom Gayner (Trades, Portfolio), co-CEO of Markel Corp., bought shares of the following stocks in both the first and second quarters.

Choice Hotels International Inc. (CHH)

The guru increased his position by 20.43% in the first quarter and by 19.79% in the second quarter. The stock has a weight of 0.23% in the equity portfolio.

The hotel chain has a market cap of $4.94 billion. Its revenue of $10.07 billion has grown at an average 8.10% per annum over the last five years.

Ron Baron (Trades, Portfolio) is

Several stocks in the portfolio had strong returns in the quarter. Leading global floor product manufacturer, Mohawk Industries, Inc. (NYSE:MHK) posted a +16.90% gain on financial results that were in line for the second consecutive quarter, however forward looking guidance fell short of expectations. Nonetheless, MHK exhibited sequential improvement in organic growth as well as reduced production rates to balance inventory with customer demand and to manage working capital. In an effort to further address its present operating environment, MHK put through a price increase to offset higher energy and materials as well as consolidated inefficient operations, enhanced manufacturing

Performance data quoted represents past performance. Past performance does not guarantee future results. All performance assumes the reinvestment of dividends and capital gains, and represents returns of the Investor Class shares. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end for Ariel Fund may be obtained by visiting our website, arielinvestments.com. For the period ended June 30, 2019, the average annual