Like David Winter's other funds at Wintergreen Advisers, the
is composed of stocks the investment manager believes are
undervalued, except they can be from any country.
Specifically, "The Investment Manager will seek to identify
securities through extensive analysis and research, taking into
account, among other factors, the relationship of book value to
market value, cash flow and multiples of earnings," according to
the firm's web site.
The fund also engages in activism and arbitrage, and invests in
bankrupt and distressed companies.
Since inception in 2005, $1.8 billion in assets have poured in.
In the first quarter, the fund, which holds 32 stocks, added one
new position: Boeing Co. (
Boeing Co. (
Winters purchased 56,499 shares of aerospace company Boeing Co.
at $78 in the first quarter of 2013, representing 0.3% of the
portfolio and making it one of his smallest holdings.
Boeing shares have already gained 30% from his average purchase
price and trade at $100.90 on Thursday, near their highest price
in 10 years. Financial growth has been substantial over recent
quarters as well. In its full-year 2012 results reported Jan. 30,
Boeing posted record revenue of $81.7 billion, and GAAP EPS of
$5.11, increased from $68.7 million, and $1.68, the previous
The 19% revenue increase was primarily driven by higher new
airplane deliveries, and higher revenues in its Boeing Military
Aircraft and Global Service & Support segments. Growth in its
commercial airplanes segment driven by new airplane deliveries
was almost three times higher than in 2011, when it grew 7% over
In the first quarter, reported April 24, Boeing then reported a
3% decline in revenue year over year, with earnings per share
increasing 24% to $1.73, including a $0.19 research and
development tax credit for 2012.
The company's cash position declined to $11.8 billion from $13.5
billion during the quarter as it paid down maturing debt. Its
backlog also grew to a record $392 billion at year-end.
Back in December, Boeing announced a 10% dividend increase to
48.5 cents per, and between $1.5 billion and $2 billion in share
repurchases for 2013.
Boeing's one-year revenue, P/E and price history:
On Thursday, Boeing has a 19 P/E ratio, 13.2 P/B ratio and 0.94
P/S ratio, near a five-year high.
Boeing is a U.S. company, though Winters' largest holdings are
1. Jardine Matheson Holdings Ltd. (
) - Singapore
2. Swatch Group AG (
) - Switzerland
3. British American Tobacco PLC (
) - Great Britain
4. Berkshire Hathaway (
) - U.S.
5. Franklin Resources (
6. Compagnie Financiere Richemont SA (
See the rest of his long
stock portfolio here
. Also check out the
, Top Growth Companies and High Yield stocks of Wintergreen
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