Mohnish Pabrai, David Winters: Q4 2009 Hedge Fund Moves

 |  Includes: BMY, CHK, CSE, LUK, MCD, MJN, MO, PM, TX
by: Davy Bui

You can view the latest portfolio moves in spreadsheet format of Mohnish Pabrai, renowned value investor, here. 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 (NYSE: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 (NYSE: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 (NYSE:PM) and Mead Johnson Nutritional (NYSE: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 (NYSE: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 (NYSE:MCD) position while sizably reducing his stake in Chesapeake Energy (NYSE:CHK) and to a lesser extent, Leucadia National (NYSE:LUK).

You can examine both managers' holdings in spreadsheet format:

View other manager filings in spreadsheet format here.

Disclosure: Author holds a long position in CHK preferred D shares and holds no other positions