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Alan Fournier (Trades, Portfolio), the head of Pennant Capital Management, disclosed his firm’s first-quarter portfolio earlier this month, listing four new holdings.
The guru got his start at Sanford C. Bernstein before managing global equity investments at David Tepper (Trades, Portfolio)’s Appaloosa Management. He later founded his Summit, New Jersey-based hedge fund in 2001 with $12 million from Tepper. In March 2019, he converted Pennant into a family office after several years of unsatisfactory returns.
Following a wide range of strategies, which include buy and hold, long-short, growth and hedging, Fournier established positions in
Over the past few weeks, U.S. hedge funds have been busy filing their 13F reports with the SEC.
Any U.S.-based hedge fund with more than $100 million in assets under management is required to submit one of these reports listing the stocks of U.S. companies that it holds in its portfolio at the end of every calendar quarter.
While these reports do give us a great insight into holdings of some of the greatest money managers on the planet, they have their limitations. For example, only U.S.-listed stocks are included, and they do not list international equities or credit investments.
As a major operator of coffee shops in China as well as the U.S., Starbucks Corporation (SBUX) felt the sting of Covid-19 sooner than most U.S. food and beverage corporations. As its Chinese stores began to cautiously reopen, lockdowns and other measures to prevent the spread of the pandemic led to store closings in North America and Europe.
Unsurprisingly, the stock price of Starbucks has been depressed in 2020, which was a signal for some investors to take an interest. Among those investors were about a dozen value-investing gurus; according to the GuruFocus S&P 500 Screener list, SBUX
“We define an economic – or competitive – moat as the ability of a portfolio company to create a product or service that is essential to their customer’s strategy or operations. An example of this might be a platform that is essential to capture, analyze and report customer usage data. There are companies like this – Veeva being an example – that are essential to life sciences drug development, promotion, and sales. This in turn generates extraordinary return on capital. Over time, you end up with a holding that is an essential part of their customer’s business that generates
When he reported Wedgewood Partners’ portfolio for the first quarter of 2020 last week, Chief Investment Officer David Rolfe (Trades, Portfolio) disclosed he drastically reduced several long-held positions and established three new holdings.
The guru’s St. Louis-based firm approaches potential investments with the mindset of a business owner, analyzing a handful of undervalued companies that have a dominant product or service, consistent earnings, revenue and dividend growth, are highly profitable and have strong management teams.
Taking these criteria into consideration, Rolfe made three new buys, sold out of two positions and trimmed or added to a number
“The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money.” - Warren Buffett (Trades, Portfolio), 2007 shareholder letter
We are big fans of Buffett’s theories about businesses with low capital requirements and the ability to throw off cash to owners. Unfortunately, he recently emphasized indexing and didn’t shy folks away from today’s glamour tech stocks, which require more and more capital. In Berkshire Hathaway’s (BRK.A)(BRK.B) 2007 letter to shareholders, Buffett outlined what “The Great, the Good and the Gruesome” businesses look
Shares of Microsoft Corporation (MSFT) are up 34% since March 23. The computing software giant’s stock maintained an upward trend for most of the period amid the Covid-19 pandemic.
The company’s year-to-date gain of about 15% makes it one of the best-performing stocks among the top five largest technology companies in the U.S.
With the exclusion of the Saudi Arabia Oil Company (SAU:2222), Microsoft has grown over the last few years to become the world’s largest publicly traded stock with a market capitalization of $1.39 trillion. A
Warren Buffett (Trades, Portfolio) has frequently written about the crucial significance of the capital allocation skill for corporate managers. Capital allocation skill referst to the ability to decide what to do with the cash available in order to generate the most long-term earnings for shareholders. Their decisions today will impact business returns far into the future.
Generally, management has the following options for allocating their capital:
1) reinvest into the business (e.g., new products, new markets)
2) acquire or invest in other businesses
3) pay off debt
4) repurchase shares
5) pay a dividend.
Now here comes
The recent market crash and ensuing return of risk-on sentiment has led many to once again raise the question of whether value investing is still a valuable (pardon the pun) strategy.
For the last decade or so, it was widely believed that growth investing was a superior approach compared to value investing, and the data seemed to back this up. During good times, investors are more willing to spend a dollar today for something that might be worth two dollars in a year’s time.
However, crises have a way of waking investors up. Whenever the
Cisco Systems (CSCO) released its fiscal third-quarter 2020 earnings results on May 13 after the market closed.
By the numbers
The U.S. multinational technology conglomerate posted adjusted earnings per share of 79 cents, up from 78 cents reported the year before. Wall Street had predicted earnings of 71 cents per share.
Revenue of $11.98 billion was down 8% on a year-over-year basis, but beat analyst expectations of $11.88 billion.
Chief Financial Officer Kelly Kramer said:
"We executed well in Q3 in a very challenging environment, delivering strong margins and non-GAAP EPS growth. The resiliency that we have been
First Pacific Advisors (Trades, Portfolio) sold shares of the following stocks during the first quarter of 2020.
Howmet Aerospace
The firm cut the Howmet Aerospace Inc. (HWM) position by 42.23%. The portfolio was impacted by -2.81%.
The supplier of specialty metals to the aerospace market has a market cap of $5.15 billion and an enterprise value of $9.74 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity of 10.31% and return on assets of 2.77% are outperforming 51% of companies
Microsoft Corporation (MSFT)
Microsoft’s continued shift to more digital services helped offset some of the virus-related headwinds during the quarter. Their earnings release in January showed that Azure cloud revenue grew 62%. Azure revenue has grown over 50% in each of the last four quarters. Work-from-home policies have led to increased usage of Microsoft’s online services. The company revealed that their Teams collaboration and communication service had 75 million daily active users during the shutdown, adding 31 million in just one month. Globally, usage of the company’s virtual desktop software has tripled since the crisis began.
In the first quarter we witnessed an unprecedented demand shock as many governments around the world instituted stay-at-home social distancing lockdowns to contain the exponentially spreading coronavirus pandemic. In addition to throwing millions out of work, the government mandated shutdowns have led to many supply-demand imbalances. Quality agricultural products are being wasted as demand is shut off from institutions and restaurants. The supply chains cannot adapt fast enough to get food to homes, markets and food banks. Many industries, such as energy, are running out of storage leading to major gluts in supply and material price declines. This contributed to
In the first quarter the AMG [url=https://www.gurufocus.com/StockBuy.php?GuruName=Yacktman+Fund]Yacktman Fund[/url] ([url=https://www.gurufocus.com/StockBuy.php?GuruName=Yacktman+Fund]Trades[/url], [url=https://www.gurufocus.com/holdings.php?GuruName=Yacktman+Fund]Portfolio[/url]) (the Fund) returned -21.7%, lagging the S&P 500® Index’s -19.6% fall but significantly outperforming the Fund’s secondary benchmark, the Russell 1000® Value Index, which returned -26.7%.
We hope this letter finds investors well as they deal with the personal, social, and economic challenges brought about by COVID-19. In the first quarter, markets around the globe crashed due to quarantines, business closure, and economic chaos. It was a very busy quarter for the Fund and we put substantial cash to work in new opportunities and fund holdings that became more attractively
Diamond Hill Capital (Trades, Portfolio) sold shares of the following stocks during the first quarter of 2020.
Discover Financial Services
The firm cut the Discover Financial Services (DFS) position by 93.26%. The portfolio was impacted by -1.30%.
The bank has a market cap of $11.99 billion and an enterprise value of $28.62 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity of 18.96% and return on assets of 1.94% are outperforming 51% of companies in the credit services industry. Its financial strength is rated 3 out
David Carlson (Trades, Portfolio)'s Elfun Trusts sold shares of the following stocks during the first quarter of 2020.
Allergan
The firm closed the Allergan PLC (AGN) position. The portfolio was impacted by -1.87%.
The pharmaceutical manufacturer has a market cap of $62.57 billion and an enterprise value of $79.9 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity of -8.7% and return on assets of -5.44% are outperforming 62% of companies in the drug manufacturer
Microsoft Corp. (MSFT) reported financial results on Wednesday for the third quarter of fiscal 2020 – and it was another period of solid results for the company in the face of global economic uncertainty. Revenue grew 15% to $35 billion, driven by year-over-year growth in each of the three business segments. Operating income grew at a faster pace due to continued margin expansion (up 320 basis points year over year to 37%), with net income and diluted earnings per share both increasing by more than 20% (diluted EPS up 27% in constant currencies).
Commercial Cloud revenues (Office 365 Commercial, Azure,
Many investors are waiting on the sidelines for better opportunities to buy stocks. This list includes the likes of Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio) as well, which has led to confusion among investors as stocks look cheaper than they were a few months ago. Carl Icahn (Trades, Portfolio), on the other hand, has given a clear indication to investors with his recent actions. The guru has a reputation for making bold moves, and the latest data suggests that
How can one explain the unusual dispensation for one sector of the economy from the ravages of the sudden and economically devastating effects of the coronavirus when seemingly every other industry is untouched?
Prior to the lockdown, some analysts had been making a compelling case that many of the tech stocks, particularly some of the FAANG members, were reaching valuation levels that were simply inconsistent with present value discounting models. Skeptics might have anticipated that the current economic pain, thrust on every other business, would not have left the seemingly overvalued tech group untouched.
Instead, the group has been performing
International Business Machines Corp. (IBM) has a new CEO, but an old problem: falling sales and earnings, write-offs and declining shares.
On Monday, the computer hardware company reported first-quarter operating earnings of $1.84 per share, down 18% from the same period last year. Revenue came at $17.6 billion, down 3.4% over the same period.
Meanwhile, the company took a $900 million charge against earnings as part of its restructuring efforts to cover restructuring costs for its Global Technology Service division and withdrew its annual profit guidance.
In a statement, CEO Arvind Krishna, who just assumed the role this year, commented
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