CrestPoint Capital Management is a professional money management firm specializing in the management of common stock portfolios. It disclosed an equity portfolio valued at $189.4 million as of the end of June, representing a 1.6% decrease from the previous quarter. The equity portfolio is mainly invested in technology (18%), consumer discretionary (14%) and health care (12%) stocks.
The three largest holdings are represented by large-cap companies. These companies are Exxon Mobil Corporation (XOM), Apple Inc. (AAPL) and Wells Fargo (WFC).
As of the end of the quarter, Exxon Mobil represents CrestPoint's largest holding in terms of value. The fund held 72,559 shares valued at $6.04 million. The position represented 3.22% of the equity portfolio and decreased slightly over the quarter. During the second quarter, the stock of declined by 2.1%.
The company explores for and produces crude oil and natural gas in the U.S, Canada, South America, Europe, Africa, Asia, and Australia. The stock has lost 17.8% of its value over the last 12 months, which is suggesting that the stock is now cheap. One reason may be the scenario in China and the devalued yuan. A depreciated yuan makes American products relatively more expensive. Exxon is attractive for dividend investors with a current dividend yield of 3.85%, which is close to the 10-year high. Further, the firm�s generation of free cash flow is enough to determine dividend increases and share repurchases. Chevron (CVX) offers a higher dividend at 5.6%, but the stock is down 26% in the last year. We know that Exxon�s business involves several risks such as overinvestment risk, execution risk, budgetary risk and geopolitical risk.
Several investors reported long positions in the stock at the end of Q2, including Donald Yacktman (Trades, Portfolio)'s Yacktman Asset Management and Ken Fisher (Trades, Portfolio)'s Fisher Asset Management, which owns 6 million and 4.83 million shares, respectively.
Apple comes next on the list with CrestPoint holding 33,200 shares, almost flat over the quarter; the value of the stake amounts to $4.16 million, according to the latest 13F filing. The stock appreciated by 0.8% in the three-month period. Among other investors, Carl Icahn (Trades, Portfolio) disclosed holding 52.76 million shares of the company, the value of the stake amounting to $6.62 billion as of the end of second quarter.
Next in line is Wells Fargo, in which the fund disclosed holding 67,300 shares, almost flat on the quarter, with the value amounting to $3.79 million. Warren Buffet's Berkshire Hathaway reported holding 470.29 million shares of Wells Fargo, valued at $26.45 billion as of the end of the quarter.
Disclosure: Omar Venerio holds no position in any stocks mentioned
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