Renowned global investor Charles de Vaulx manages the IVA Worldwide Fund and purchased four new stocks for it in the fourth quarter.
'The high-priced environment of the past year has rendered it difficult for de Vaulx to find low-priced stocks, and he placed the fund's cash exposure at 35.8%. In his fourth quarter letter, de Vaulx said:
"Even though we view many stocks today as fully valued, we believe there are stockpicking opportunities for us to uncover. The more volatile markets are, the better we, as active managers, should do. As Charles de Vaulx (Trades, Portfolio) says, "We are not market forecasters at IVA, not only because one cannot forecast but more importantly because there is no need for it, the market is hereto serve us." What matters to us most at IVA is: valuation, understanding businesses, and recognizing the risks. We will continue to focus on delivering absolute returns through good stock picking, avoiding the losers, and always insisting on a margin of safety. With over six years since inception, the Funds continue to build solid track records, and we thank you for your continued con?dence and support."
The four new stocks the investor chose in the fourth quarter were: Antofagasta PLC (ANTO.L), Hongkong and Shanghai Hotels Ltd. (HKSE:00045), Bureau Veritas SA (BVI.PA) and Bollore SA (BOLNV.PA).
Antofagasta PLC (ANTO.L)
De Vaulx purchased 3,655,194 shares of Antofagasta PLC in the fourth quarter, a 0.81% portfolio holding. The share price averaged �7 for the quarter.
Antofagasta PLC was incorporated on April 7, 1982. The Company is engaged in copper mining, including exploration and development. Antofagasta Plc has a market cap of $6.41 billion; its shares were traded at around �7.65 with a P/E ratio of 18.80 and P/S ratio of 2.07. The dividend yield of Antofagasta Plc stocks is 7.58%. Antofagasta Plc had an annual average earnings growth of 15.0% over the past 10 years. GuruFocus rated Antofagasta Plc the business predictability rank of 2.5-star.
Hongkong and Shanghai Hotels Ltd. (HKSE:00045)
De Vaulx purchased 14,116,000 shares of Hongkong and Shanghai Hotels Ltd., a 0.4% portfolio shareholding. The stock's average price for the quarter was 12 Hong Kong dollars per share.
Hongkong and Shanghai Hotels Ltd. is engaged in the development, ownership and management of hotels, commercial and residential properties, as well as the provision of transport, club management and other services. Hongkong And Shanghai Hotels Ltd. has a market cap of $16.85 billion; its shares were traded at around $11.44 with a P/E ratio of 9.90 and P/S ratio of 3.06. The dividend yield of Hongkong and Shanghai Hotels Ltd. stocks is 1.51%.
Bureau Veritas SA (BVI.PA)
De Vaulx purchased 607,908 shares of Bureau Veritas, a 0.26% portfolio holding. The stock's average share price was ?18.
Bureau Veritas SA was formed in 1828. The Company is engaged in providing testing, inspection and certification services to different industries. Bureau Veritas SA has a market cap of ?8.22 billion; its shares were traded at around ?21.06 with a P/E ratio of 27.40 and P/S ratio of 2.39. The dividend yield of Bureau Veritas SA stocks is 2.28%. Bureau Veritas SA had an annual average earnings growth of 11.50% over the past five years.
Bollore SA (BOLNV.PA)
De Vaulx purchased 55,400 shares of Bollore SA, a 0.0047% portfolio weight. The average share price was ?4.
Bollore was incorporated on Aug. 3, 1926. The company is engaged in three business activities, namely transportation and logistics, media and communications, and electricity storage solutions. It had a P/E ratio of 44.50 and P/S ratio of 1.11.
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