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Sarah Ketterer Buys Stake in United Continental Holdings

Sarah Ketterer ( Trades , Portfolio ) is probably best described as a hands-on CEO at Causeway Capital Management, where she handles investment research in global financials and healthcare. She could also be described as a big-picture person, focusing on global equities as she does. In most quarters, her buying and selling tends to be pretty balanced, but, while she did sell some of her holdings in the second quarter, most of her activity involved buying new stakes and contributing to old ones.

Ketterer's top second-quarter transactions were acquisitions of new stakes in United Continental Holdings Inc. ( NYSE:UAL ), PPL Corp. ( PPL ) and American Express Co. ( AXP ).

Ketterer bought a 1,889,402-share stake in United Continental Holdings, a Chicago-based publicly traded airline holding company that owns United Air Lines, for an average price of $58.03 per share. The deal had a 2.93% impact on Ketterer's portfolio.

United Continental Holdings has a market cap of $22.03 billion and an enterprise value of $28.7 billion. It has a P/E of 8.4, a Price/Book of 5.4 and a Price/Sales of 0.6. PRIMECAP Management (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), David Tepper (Trades, Portfolio), George Soros (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Lee Ainslie (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) have shares of United Continental Holdings in their portfolios.

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United CEO Jeff Smisek stepped down earlier this week in the wake of a federal investigation into the relationship between United, the Port Authority of New York and New Jersey.

Ketterer purchased a 3,229,890-share stake in PPL, an Allentown, Pa., energy company, for an average price of $31.17 per share. The transaction had a 2.78% impact on Ketterer's portfolio.

PPL has a market cap of $19.93 billion and an enterprise value of $39.18 billion. It has a P/E of 18.5, a Price/Book of 2.0 and a Price/Sales of 1.7. HOTCHKIS & WILEY, First Eagle Investment (Trades, Portfolio), John Hussman (Trades, Portfolio), David Dreman (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of PPL in their portfolios.

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Ketterer acquired a 638,037-share stake in American Express, a Manhattan-based financial services corporation, for an average price of $79.32 per share. The purchase had a 1.45% impact on Ketterer's portfolio.

American Express has a market cap of $75.49 billion and an enterprise value of $114.34 billion. It has a P/E of 13.2, a Price/Book of 3.4 and a Price/Sales of 2.3. Warren Buffett (Trades, Portfolio), Chris Davis (Trades, Portfolio), James Barrow (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Jeff Ubben (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Bill Frels (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Dodge & Cox, Tom Russo (Trades, Portfolio), John Rogers (Trades, Portfolio), Mark Hillman (Trades, Portfolio), David Dreman (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Lee Ainslie (Trades, Portfolio) have shares of American Express in their portfolios.

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Ketterer bought stakes in four other companies in the second quarter - UBS Group AG ( UBS ), Credicorp Ltd. ( BAP ), Ambev SA (ABEV) and Vedanta Ltd. ( VEDL ).

Ketterer added to 58 existing stakes in the second quarter. Most of the additions were modest, but a few stand out - WisdomTree India Earnings Fund (ETF) [EPI], Johnson & Johnson (JNJ), SM Energy Co. (SM) and Delta Air Lines Inc. (DAL).

Wisdom Tree Earnings Fund is made of companies incorporated and traded in India that are profitable and eligible for purchase. Ketterer added 2,631,800 shares to her stake, paying an average price of $21.99 per share. The deal had a 1.43% impact on Ketterer's portfolio.

Ketterer is Wisdom Tree Earnings Fund's leading shareholder among the gurus. Jeremy Grantham (Trades, Portfolio) and John Keeley (Trades, Portfolio) also have shares in Wisdom Tree Earnings Fund in their portfolios.

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Ketterer acquired 352,882 shares in Johnson & Johnson, a New Jersey-based medical devices and pharmaceutical company, for an average price of $100.15 per share. The purchase had a 1.01% impact on Ketterer's portfolio.

Johnson & Johnson has a market cap of $257.33 billion and an enterprise value of $250.29 billion. It has a P/E of 16.4, a Price/Book of 3.7 and a Price/Sales of 3.7. James Barrow (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Manning & Napier Advisors, Inc., Yacktman Focused Fund (Trades, Portfolio), Bill Frels (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, John Rogers (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Warren Buffett (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Richard Perry (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Prem Watsa (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Robert Olstein (Trades, Portfolio), John Buckingham (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Dodge & Cox, Mark Hillman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Michael Price (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Meridian Funds (Trades, Portfolio), David Dreman (Trades, Portfolio), Richard Snow (Trades, Portfolio) and John Hussman (Trades, Portfolio) have shares of Johnson & Johnson in their portfolios.

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Ketterer purchased 672,114 shares of SM Energy, a Denver-based oil and gas exploration and production company, for an average price of $52.75 per share. The transaction had a 0.91% impact on Ketterer's portfolio.

SM Energy has a market cap of $2.36 billion and an enterprise value of $4.86 billion. It has a P/E of 5.5, a Price/Book of 1.1 and a Price/Sales of 1.1. Ketterer is SM Energy's leading shareholder among the gurus; Columbia Wanger (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Paul Singer (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Kyle Bass (Trades, Portfolio), Jim Simons (Trades, Portfolio), FPA Capital Fund (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) also have shares of SM Energy in their portfolios.

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Ketterer bought 674,108 shares of Delta Air Lines, an Atlanta-based air carrier, for an average price of $43.73 per share. The deal had a 0.81% impact on Ketterer's portfolio.

Delta Air Lines has a market cap of $36.8 billion and an enterprise value of $39.29 billion. It has a P/E of 20.3, a Price/Book of 3.9 and a Price/Sales of 0.9. PRIMECAP Management (Trades, Portfolio), David Tepper (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), John Burbank (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Julian Robertson (Trades, Portfolio), George Soros (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Whitney Tilson (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Pioner Investments, Mario Gabelli (Trades, Portfolio), David Dreman (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Murray Stahl (Trades, Portfolio) have shares of Delta Air Lines in their portfolios.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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