Reckitt Benckiser Group PLC $ 93.95 -2.35 (-2.44%)
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The MS Global Franchise Fund (Trades, Portfolio), which is part of investment bank Morgan Stanley (MS), released its second-quarter portfolio earlier this week.
Managed by a nine-person team, the New York-based fund invests in high-quality companies from around the world in order to achieve long-term capital appreciation. It looks for companies that have resilient business franchises and growth potential.
With these criteria in mind, the fund entered one new position during the quarter, reduced 13 holdings and added to 17 other investments. Its most notable trades for the quarter included establishing a holding in Roper Technologies Inc.
Earlier this week, the Invesco European Growth Fund (Trades, Portfolio) disclosed its portfolio updates for its second quarter of fiscal 2020, which ended on April 30.
Invesco is a global financial services company with headquarters in Atlanta and offices in 25 countries around the world. The Invesco European Growth Fund (Trades, Portfolio) seeks long-term exposure to high-quality growth opportunities in both developed and emerging European markets.
As of the quarter’s end, the equity portfolio consisted of positions in 59 stocks valued at $878 million. It established 11 new positions, sold out of eight stocks
As a stock investor, what can be better than learning from the mistakes of other investors and corporate managers? This is why we enjoy reading about the position-selling decisions of those consistent market outperformers. Investment managers often consider selling because 1) they decide that there was a mistake in the investment thesis in the first place; 2) they decide there was a mistake committed by the management from a shareholder perspective (often relating to capital allocation); or 3) hefty valuations. We at Urbem focus on studying the first two, as they help us mitigate the investment risk of picking “losers.”
Market overview
- Global equity markets started the year well, buoyed by positive economic data and the signing of the Phase One US/China trade deal.
- However, initial optimism was dampened by a ‘black swan’ event: the outbreak of the novel coronavirus that swiftly spread from China to other global regions.
- European equities fell sharply as the spread of the COVID-19 virus accelerated across the western hemisphere.
- As investors fled stocks in search of assets perceived to be ‘safer,’ all sectors of the broad European equity market declined for the quarter, with financials and energy faring the worst.
Positioning and
David Herro (Trades, Portfolio), chief investment officer for international equities at Harris Associates, announced Tuesday that he bought one stock, doubled a position and added to numerous existing holdings in his Oakmark International Fund.
Herro succinctly worded his criteria for stocks he buys in his first-quarter 2019 shareholder letter: “We continue to focus on finding attractive, undervalued international companies with management teams focused on building shareholder value,†he said. Using this strategy, his Oakmark International Fund has returned an average of 9.1% per year since its inception in 1992, versus a 5.8% annual average for the MSCI
Guru Ken Fisher (Trades, Portfolio), who leads Fisher Asset Management, sold shares of the following stocks during the first quarter.
The investor reduced his PepsiCo Inc. (PEP) holding by 96.66%. The trade had an impact of -1.01% on the portfolio.
The company, which manufactures soft drink and snacks, has a market cap of $177.60 billion.
GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of 104.88% and return on assets of 16.24% are outperforming 57% of companies in the
David Herro (Trades, Portfolio), Oakmark portfolio manager and Morningstar’s international fund manager of the year 2016, disclosed in his shareholder letter this week that he purchased Southwest Airlines (LUV) and Reckitt Benckiser (XSWX:RB) in the second quarter.
Herro has until Aug. 15 to provide details of his second-quarter buys and sales but reported the trades and this thoughts about them early for shareholders of his $2.6 billion Oakmark Global Fund. The two fresh positions were the smallest in the portfolio, with Southwest Airlines worth 0.5% of net assets and Reckitt Benckiser Group worth 0.4% at the end
The management team of the Morgan Stanley Global Franchise Fund, among the top 12% of open-ended funds in the U.S., has indicated the establishment of two positions, which were reflected in regulatory filings disclosed this week.
Regulatory filings indicated Morningstar’s bronze-medal fund gained a total of more than 280,000 shares of Western Europe’s largest beer producer, Heineken NV (XAMS: HEIA). Each share of the Netherlands-based brewer was priced at an average 86.76 euros ($101.65) per share. The shares, the fund’s largest new position, sit in a portfolio space of 2.66%, and have produced an estimated 1% in trading gains.
The
The [url=http://www.gurufocus.com/StockBuy.php?GuruName=Invesco+European+Growth+Fund]Invesco European Growth Fund[/url] ([url=http://www.gurufocus.com/StockBuy.php?GuruName=Invesco+European+Growth+Fund]Trades[/url], [url=http://www.gurufocus.com/holdings.php?GuruName=Invesco+European+Growth+Fund]Portfolio[/url]) added three new stocks to its $1.65 billion portfolio in the fourth quarter, it reported this week.
The fund has 59 positions in its portfolio, with 33.4% from its largest represented sector, financial services. It has 20.5% of the fund invested in industrials and 13.4% in the consumer defensive, its second and third largest sector weightings.
During the fourth quarter, managers purchased consumer packaged goods company Reckitt Benckiser Group Plc (LSE:RB.), bank Mediobanca SpA (MIL:MB) and entertainment company Vivendi SA (XPAR:VIV).
Selling out of five stocks, the quarter-over-quarter turnover of the [url=http://www.gurufocus.com/StockBuy.php?GuruName=Invesco+European+Growth+Fund]Invesco European
While U.S. markets closed for the President's Day holiday, European stock markets closed lower today, with Reckitt Benckiser Group PLC (LSE:RB.) and Daimler AG (XTER:DAI) driving the losing round.
Shares of Reckitt Benckiser Group PLC's lost more than 7% after the company posted pretax profit increased 11% and revenue rose 21%, driven by a weaker pound. It posted pretax profit of 2.50 billion pounds ($3.51 billion) on revenue of GBP 11.51 billion.
In 2018, it expects revenue growth between 13% and 14%. Moreover, the company has raised its dividend to 97.7 pence per share, up from 95 pence the prior
The extent of the opioid epidemic in the U.S. is so pervasive that the Substance Abuse and Mental Health Services Administration’s (SAMHSA) National Survey on Drug Use and Health estimated that around 23.5 million Americans, aged 12 or older, are addicted to drugs and alcohol.
In 2007, the American public spent nearly $200 billion in health care, criminal justice, legal and lost workplace production and participation costs due to drug addiction, according to the Office of National Drug Control Policy (ONDCP). It is estimated the annual cost to the U.S. health care system from illegal drugs amounts to $11 billion
This past week the MS Global Franchise Fund released their second quarter portfolio. Their most recent portfolio update highlighted 28 stocks, with two of them being new buys occurring in the second quarter. The fund’s second quarter portfolio is valued at $566 million and displays a Q/Q turnover of 2%.
The following five companies represent the five largest positions amongst MS Global Franchise Fund’s second quarter portfolio.
British American Tobacco PLC (LSE:BATS)
The fund’s largest holding is in British American Tobacco where they hold on to 947,309 shares of the company’s stock. This position makes
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