Rolls-Royce Holdings PLC $ 1.84 -0.13 (-6.59%)
RYCEF News and Headlines - Rolls-Royce Holdings PLC
Rolls-Royce Holdings (LSE:RR.), based in the U.K. and a leading producer of engines for the aerospace sector, was the largest detractor for this quarter, returning -16% and down approximately 60% year to date. As we discussed during our last quarterly write-up, we believe that the coronavirus has only modestly affected the intrinsic value of most of our holdings. Unfortunately, this is not the case with Rolls-Royce. We think that the coronavirus will cause a material and long-lasting disruption to the company’s civil business. This segment accounted for approximately 55% of the company’s 2019 revenue and generated most of its
The Oakmark International Fund had a strong quarter of absolute and relative performance, returning 24.4%. The benchmark MSCI World ex U.S. Index returned 15.3% for the same period. The Fund has returned an average of 8.2% per year since its inception in September 1992, outperforming the MSCI World ex U.S. Index, which has averaged 5.5% per year over the same period.
Glencore (LSE:GLEN), headquartered in Switzerland and one of the world’s largest mining firms and commodities traders, was the largest contributor for the quarter, returning 38%. The company’s first-quarter production was lower than a year earlier, specifically for copper, cobalt,
The Oakmark International Fund is a Chicago-based global investment fund that holds a diversified portfolio of stocks in companies outside of the U.S. Managed by Herro, the fund is a subset of Harris Associates, an investment company with over $118 billion in assets under management. The fund employs a focused approach of investing in relatively few individual securities that are trading at a discount to intrinsic value and show strong potential to increase value for shareholders.
Based on the
We are pleased to bring you the 38th edition of Graham & Doddsville. This student-led investment publication of Columbia Business School (CBS) is co-sponsored by the Heilbrunn Center for Graham & Dodd Investing and the Columbia Student Investment Management Association (CSIMA). Since our Fall 2019 issue, the Heilbrunn Center hosted the 28th Annual Graham & Doddsville Breakfast in October 2019 and the 5th Annual CSIMA Stock Pitch Competition in November 2019.
We first interviewed Paul B. Kazarian ’81, Founder, Chairman, and CEO of Japonica Partners. Mr. Kazarian shared with us his extensive experience, starting as corporate white knight in the
Rolls-Royce (LSE:RR.) is our other long-term holding fighting through difficult weather. It has become abundantly clear over the last year that as they developed their latest generation of products, both the airplane manufacturers and their engine suppliers pushed the technological envelope too far. For Rolls, the consequences have involved enormous cost and distraction. We are cautiously optimistic that the company has finally gotten its arms around the particularly acute problems that have plagued the engine it developed for the Boeing 787. Crucially, the Airbus A350 engine that will become the preponderant driver of earnings growth over the next two decades
Rolls-Royce (LSE:RR.) was the one new purchase in the period. The company is a leading producer of engines for the aerospace sector, and it is particularly exposed to wide-body aircraft, where it operates in a duopoly with General Electric (GE). The wide-body market is coming up on a strong replacement cycle. In fact, we estimate that 50% of Rolls’ incremental wide-body engine deliveries will come from replacement demand. In civil aviation, the net present value of a new aircraft engine platform involves years of accumulating losses during the development and early production phases, which is followed by a lucrative
Dear Sequoia Shareholders and Clients:
For the third quarter of 2019, Sequoia Fund generated a total return of 0.71%1, net of fees, versus a 1.70% return for the Standard & Poor’s 500 Index. For the year-to-date through September 30, 2019, the Fund generated a 21.85% total return versus 20.55% for the Index.
During the quarter we trimmed the Fund’s stakes in Constellation Software (TSX:CSU) and Mastercard (MA) and added to our holdings in Rolls Royce (LSE:RR.). We also initiated a new position in Wayfair (W), an online retailer about which we will have more to say in our year-end letter.
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: â€œWe continue to focus on finding attractive, undervalued international companies with management teams focused on building shareholder value,â€ 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
The Causeway International Value (Trades, Portfolio) Fund, part of Sarah Ketterer (Trades, Portfolio)’s Causeway Capital Management, disclosed it established three new positions when it released its first-quarter portfolio.
The fund, which was established in 2001, strives to achieve long-term capital growth by investing in foreign companies with market caps that exceed $1 billion.
The stocks that met these requirements in the most recent quarter were Rolls-Royce Holdings PLC (LSE:RR.), Givaudan SA (XSWX:GIVN) and Johnson Matthey PLC (LSE:JMAT).
Having previously closed a position in Rolls-Royce in the first quarter of 2014, Causeway started a
We exited our small position in British power systems company Rolls-Royce (LSE:RR.) after its price rallied in the first half of the quarter. The business has long-term upside, but the thesis will take longer to play out than we originally expected. We invested our proceeds in higher return opportunities.
From Longleaf Partners' International Fund first quarter 2016 letter.
Sequoia Fund’s results for the quarter and year ended December 31, 2015 appear below with comparable results for the S&P 500 Index:
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Sequoia turned in its second straight year of poor results in 2015.Teasing out the source of our underperformance doesn’t take much work. We began the year with a 20% weighting in Valeant Pharmaceuticals
Our European holdings continued to turn in poor performance. Rolls-Royce (LSE:RR.) fired its CEO John Rishton and replaced him with a board member, Warren East, who had great success leading the semiconductor company ARM Holdings. Mr. East knows what he is doing but he’s got his work cut out for him as he tries to improve operating discipline at this inefficient manufacturer. Rolls and our UK holding IMI plc were the two worst-performing stocks in Sequoia, each declining about 35% in dollars.
From Sequoia Fund's 4th quarter 2015 shareholder letter.
Sequoia, led by Robert Goldfarb and David Poppe, has lately been in the news regarding its gigantic stake in Valeant Pharmaceutical (VRX) of nearly 11.3 million shares representing 29% of assets under management. Last quarter the position wasn't decreased although two directors resigned over its size.
The firm's huge concentrated bets can be unnerving and perhaps a direct investment is not for everyone, but it is interesting to watch what it likes in this volatile market. The firm bought only three different companies in the third quarter although its portfolio consists of a long tail of holdings:
GreenWood Investors go through their investment research into Rolls-Royce Holdings (RYCEY),(RYCEF) in seven minutes.
Sky is the road ahead for Japanese automobile major Honda Motor Company (HMC). Yes, you read that right. Some latest developments in the aviation oriented business interests of the Japanese automobile multinational Honda shows that the quintessentially future focused company
The British engine maker well known for its wide-bodied aircraft engines, Rolls-Royce (RYCEY), is facing the heat as airliners are reducing their investment in wide-body planes and are instead shifting their focus to single-aisle aircraft. This is a warning to the London-based aircraft engine manufacturer that has been manufacturing the best of the engines in the wide bodied aircraft segment. But for doing that Rolls-Royce needs a viable partner as its immediate competitor in making the engines for the narrow bodied aircraft is General Electric (GE).
If Pirelli was a disappointment, the performance of our UK holdings in 2014 was a horror show. Rolls-Royce (LSE:RR.), our largest UK position, seems willing to destroy shareholder value in the name of diversification. Rolls-Royce has a world class business making engines for wide body jets. These engines are often sold at breakeven prices, or even a loss, but come with long-term Total Care service contracts that are quite profitable. Rolls shares a duopoly with General Electric in wide body engines and the barriers to entry for any newcomer would be formidable. Not only is the business intensely regulated,
At Bronte we have a large position in Rolls Royce (LSE:RR.) - the UK based manufacturer of jet engines.
Rolls is a relatively simple story - Rolls is part of a duopoly in engines for wide-bodied aircraft (aircraft with two aisles like the Dreamliner, A350, A380, 777 and forthcoming 777X).
Jet engines cost a fortune to develop and are sold at a loss - but with huge out-year maintenance streams.
The maintenance is potentially very profitable. If you sell a lot of copies of the jet engine maintenance margins can get very
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