Stocks of Facebook, Zynga, and Groupon have been sinking. You
wouldn't expect to see those in value investors' portfolios
unless they invested in the early stages of the companies. But we
see these positions in
Wilbur Ross
's portfolio. This is very surprising as we all know
Wilbur Ross
likes to invest in distressed situations. The stocks of Zynga,
and Groupon have lost more than 50% since the second quarter. And
their valuations still do not look distressed at all. This is the
second quarter portfolio update for
Wilbur Ross
.
Wilbur Ross
buys Exco Resources Inc, Zynga Inc, Groupon Inc, Tangoe Inc,
Ubiquiti Networks Inc, sells United Continental Holdings Inc
during the 3-months ended 06/30/2012, according to the most
recent filings of his investment company, Invesco Private
Capital.
As of 06/30/2012, Invesco Private Capital owns 21 stocks with a
total value of $1.1 billion. This report does not include his
foreign holdings. For instance, together with Fairfax Financials,
he invested a large chunk of money in Bank of Ireland (
IRE
), which are not included in this filings because it is a foreign
holding. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
|
Financials
|
67.7% |
|
Oil & Gas
|
22.8% |
|
Industrials
|
7.7% |
|
Technology
|
1% |
|
Consumer Services
|
0.6% |
|
Health Care
|
0.2% |
|
Telecom
|
0.1% |
These are the top 5 holdings of Wilbur Ross
- BankUnited (
BKU
) - 13,721,131 shares, 30.1% of the total portfolio.
- Assured Guaranty Ltd. (
AGO
) - 19,835,370 shares, 26.0% of the total portfolio.
- EXCO Resources Inc (
XCO
) - 31,504,077 shares, 22.2% of the total portfolio. Shares
added by 6.78%
- Air Lease Corp (
AL
) - 4,250,000 shares, 7.7% of the total portfolio.
- Cascade Bancorp (
CACB
) - 11,468,750 shares, 6.3% of the total portfolio.
New Purchase: Zynga Inc (
ZNGA
)
Wilbur Ross initiated holdings in Zynga Inc. His purchase prices
were between $5.03 and $12.88, with an estimated average price of
$7.96. The impact to his portfolio due to this purchase was
0.43%. His holdings were 844,326 shares as of 06/30/2012. Zynga
Inc has a market cap of $2.25 billion; its shares were traded at
around $3 with and P/S ratio of 2.
It is very surprising to see this position in his portfolio. But
overall, together with Groupon, this is a very small position.
New Purchase: Groupon Inc (
GRPN
)
Wilbur Ross initiated holdings in Groupon Inc. His purchase
prices were between $9.43 and $15.28, with an estimated average
price of $11.48. The impact to his portfolio due to this purchase
was 0.05%. His holdings were 52,099 shares as of 06/30/2012.
Groupon Inc has a market cap of $4.79 billion; its shares were
traded at around $5.01 with and P/S ratio of 3.
New Purchase: Tangoe Inc (
TNGO
)
Wilbur Ross initiated holdings in Tangoe Inc. His purchase prices
were between $17.76 and $22.56, with an estimated average price
of $20.28. The impact to his portfolio due to this purchase was
0.01%. His holdings were 7,178 shares as of 06/30/2012. Tangoe,
Inc. is a provider of communications lifecycle management
software and related services. Tangoe Inc has a market cap of
$796.8 million; its shares were traded at around $20.46 with a
P/E ratio of 112.8 and P/S ratio of 7.6.
New Purchase: Ubiquiti Networks Inc (
UBNT
)
Wilbur Ross initiated holdings in Ubiquiti Networks Inc. His
purchase prices were between $11.83 and $35, with an estimated
average price of $23.12. The impact to his portfolio due to this
purchase was 0.01%. His holdings were 7,413 shares as of
06/30/2012. Ubiquiti Networks, Inc. is engaged in the business of
designing, manufacturing and selling broadband wireless solutions
worldwide. Ubiquiti Networks Inc has a market cap of $799.9
million; its shares were traded at around $8.23 with and P/S
ratio of 2.3.
Added: Exco Resources Inc (
XCO
)
Wilbur Ross added to his holdings in Exco Resources Inc by 6.78%.
His purchase prices were between $5.79 and $8.02, with an
estimated average price of $6.83. The impact to his portfolio due
to this purchase was 1.41%. His holdings were 31,504,077 shares
as of 06/30/2012. EXCO Resources, Inc. is an independent oil and
natural gas company engaged in the acquisition, development and
exploitation of onshore North American oil and natural gas
properties. Exco Resources Inc has a market cap of $1.64 billion;
its shares were traded at around $7.45 with a P/E ratio of 23.6
and P/S ratio of 2.2. The dividend yield of Exco Resources Inc
stocks is 2.1%.
Wilbur Ross keeps adding to this position as the stock price
collapsed following the dramatic decline of natural gas prices.
This is the holding history of Wilbur Ross with XCO. His average
cost is about double of what the stock price is now:
Reduced: United Continental Holdings Inc (
UAL
)
Wilbur Ross reduced to his holdings in United Continental
Holdings Inc by 39.6%. His sale prices were between $20.96 and
$24.64, with an estimated average price of $22.86. The impact to
his portfolio due to this sale was -0.17%. Wilbur Ross still held
140,300 shares as of 06/30/2012. United Continental Holdings Inc
has a market cap of $5.9 billion; its shares were traded at
around $18.29 with a P/E ratio of 6.3 and P/S ratio of 0.2.
Here is the complete portfolio of Wilbur Ross. Also check out the
Undervalued Stocks, Top Growth Companies, and High Yield stocks
of Wilbur Ross.About GuruFocus: GuruFocus.com tracks the stocks
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