2009 Q4 Moves – Mohnish Pabrai and David Winters

You can view the latest portfolio moves in spreadsheet format of Mohnish Pabrai, renown value investor. Despite his shift toward a less concentrated portfolio, Pabrai’s portfolio is still rather focused compared to the average money manager.

  • Only one new position, CapitalSource (CSE), which should be familiar to regular readers of this blog as Seth Klarman’s Baupost Group has held positions in both the equity and debt of this company.
  • Pabrai divested a relatively long-held position in Ternium SA (TX).
  • Otherwise, a relatively inactive quarter as there was only minor adjustments to a few existing positions, the most notable being a 17% increase in the Fairfax Financial Holdings (FFH) stake.

David Winters of the Wintergreen Fund has a less traditional approach to value investing and readers can see his Q4 2009 portolio holdings in spreadsheet view here. Highlights include the following:

  • In contrast to Pabrai, Winters divested his entire FFH stake as opposed to adding to it. This was the only divestiture revealed by Winters’ filing.
  • Two new positions were divulged: Phillip Morris International (PM) and Mead Johnson Nutritional (MJN). Both stocks are newly-traded issues as PM was formerly the international division of Altria while MJN was spun out of Bristol-Myers Squibb (BMY). Joel Greenblatt highlighted spin-offs as fertile ground for value investors and Winters seems to be taking that to heart.
  • Winters added substantively to his McDonalds (MCD) position while sizably reducing his stake in Chesapeake Energy (CHK) and to a lesser extent, Leucadia National (LUK).

You can examine both managers’ holdings in spreadsheet format:

View other manager filings in spreadsheet format here.

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