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Holdings and activity of leading value funds.

What We're Reading ~ 1/13/16

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  • The difference between patience and stubbornness [Fool].
  • The digital future of consumer-packaged goods companies [McKinsey].
  • Meet the 'new' lower margin, lower quality Chipotle [HVST].

Watch the First Episode of Showtime's Billions For Free

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  • Showtime's new show Billions is about power politics in high finance and is the first major show centered on the industry in quite some time.
  • The cast also includes Maggie Siff as well as Malin Akerman, Toby Leonard Moore, and David Costabile.
  • As if you didn't already have enough reasons to watch, the show's creators include Brian Koppelman and Andrew Ross Sorkin.

Kyle Bass on Wall Street Week

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  • Anthony Scaramucci and Gary Kaminsky's rebooted Wall Street Week continues their run of impressive guests with Kyle Bass of Hayman Capital joining them this time around.
  • They also talked about how excess capacity fueled by debt has now led to oversupply of various things, which has led to deflation.
  • For previous interviews from this show, head to Wall Street Week's episode with Point72's Doug Haynes.

Sohn London Conference Notes 2015 - Burbank, Singh, Block & More

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John Burbank's Sohn London Presentation: Long CF Industries

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  • Buying Netherlands based OCI enables a tax inversion which will reduce CF's tax rate from 35% to between 20-25%. The CF OCI deal should close in mid-2016.
  • Executives are net buyers rather than net sellers of the stock.
  • Then the deals will close, the big buyback will happen and the stock price will go up.

Carson Block Short Proofpoint: Sohn London Presentation

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  • Management mischaracterise their company as a cyber security company but it only focuses on email.
  • Proofpoint is facing increasing competitive pressures.
  • Microsoft, Google and Cisco are putting more effort into email security and are catching up.

Vikram Kumar's Sohn London Presentation: Long TomTom

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  • There are only three global mapping databases: Nokia, TomTom and Google.
  • All Apple mapping data is underpinned by TomTom data.
  • TomTom have recently signed an agreement with Uber to provide all their mapping data.

Selvan Masil's Sohn London Presentation: Long Rolls Royce, Short Ericsson

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  • Long Rolls Royce Rolls Royce primarily makes and services jet engines for aircraft.
  • Rolls Royce has issued 5 profit warnings in a row in the last two years.
  • Rolls Royce is at the start of capturing new market share.

Bran Cornelisse's Sohn London Presentation: Long First Group, Short Student Transportation

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  • Long First Group: First Group is a UK based company that runs buses in the UK and operates the famous Greyhound service in the US. It is 4x larger than STB. The two companies do compete in the school bus market.
  • Unlike Student Transport, First Group does not pay a dividend and does not grow.
  • Student Transport First Group PE 62.7 8.5EV/CE 2x 1.8x. Be sure to check out the rest of the Sohn London Conference presentations.

Michael Karsch's Sohn London Presentation: Long Houghton Harcourt

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  • Houghton Harcourt is primarily a school text book publisher.
  • Houghton is the largest developer of text book content from Kindergarten to 12th grade in the US. It has 40% market share of the overall spend in the US. The school publishing market is an oligopoly.
  • Houghton has complex accounting partly because revenues from textbooks are spread over 7 years even though the fee for the books is received up front.

Guillaume Rambourg's Sohn London Presentation: Long Unipol Group

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  • Next up is Guillaume Rambourg of Verrazzano Capital who pitched long Unipol Group.
  • Unipol has transformed itself into the No. 1 in telematics.
  • With knowledge that they are being watched, drivers drive more carefully and have fewer accidents.

Bo Bortemark's Sohn London Presentation: Short Lafargeholcim, Long Sprouts & Yahoo

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  • Next up is Bo Börtemark of Carve Capital who pitched a short of Larfargeholcim and two long ideas: Sprouts Farmers Market and Yahoo.
  • China will increasingly seek to export cement to the countries where the price of cement is highest.
  • The natural and organic food market is expected to grow in the US. Long Yahoo.

Franck Falézan's Sohn London Presentation: Long Dorma Kaba

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  • Dorma Kaba Holding is a Switzerland-based company engaged in the provision of security systems - locks, cylinders, hotel security, door closers.
  • The security industry is an attractive sector with high margins that are often above 20%. It's recession resilient.
  • It is characterized by growing markets driven by urbanisation and the need to produce ever more effective security systems.

Robert Harteveldt Long New Media Investment Group (Sohn London Conference)

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  • New Media is a newspaper publisher that utilizes a roll-up strategy buying small and medium sized local newspaper businesses.
  • No one wants to touch newspaper businesses because of the challenge from digital media.
  • People need local news and local papers are the main way to get it - school news, obituaries, police blogs etc.

Per Johansson's Sohn London Presentation: Long eBay, Short ACS

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  • Long Ebay: Per Johansson is particularly interested in the investment opportunities created by spinoffs.
  • The spinoff of Paypal from Ebay is creating an opportunity to invest in a smaller Ebay.
  • The Paypal spinoff is the first step to unlocking Ebay's value.

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