Sat, Aug. 23, 7:58 AM
- Joel Greenblatt made investors fortunes at his hedge fund 30 years ago by holding a highly concentrated basket - six to eight names - of deep-value stocks, but his approach today is somewhat different: Buy more than 300 high-quality stocks trading at cheap prices and short more than 300 expensive, lower-quality names. Stocks are weighted in the portfolio depending on where they rank along that spectrum.
- Greenblatt: "[My partner] and I would wake up some days and lose 15% or 20% of our net worth ... now it's more like 15 or 20 basis points."
- The strategy is also available in a trio of mutual funds Greenblatt's Gotham Asset Management offers, and they now account for more than half of Gotham's $7B in AUM.
- A top position last year remaining a large holding after a big run higher is Apple, thanks to "huge returns on capital" and 11% earnings yield. As for Apple's future, Greenblatt will leave that for others to debate: "I don't own just Apple. I own a bucket of companies like Apple, and over time, I know my bucket is going to work."
- Top 5 long holdings now: ENR, SAFM, BG, AXE, CAT.
- Top 5 short holdings now: SUSS, THC, BOBE, KMT, TMO.
Wed, Aug. 6, 7:14 PM
Thu, Jul. 31, 9:49 AM
- Bunge (BG +7.1%) soars higher at the open as Q2 earnings and revenues post strong growth and easily beat analyst estimates, due to solid oilseed processing margins and strong demand.
- Strong global oilseed processing margins, driven by a record southern hemisphere soybean crop and growing demand, led to significantly better results in agribusiness; sales in the segment - by far the company's largest by revenue - rose 11% Y/Y to $12.86B.
- Sales in the sugar and bioenergy business rose 26% to $1.19B, milling products sales gained 8.6% to $553M driven in part by the addition of new wheat mills in Mexico, while sales of edible oil products fell 12% to $2.1B.
- Says Bunge’s review of its sugarcane milling business is still under way and the company is exploring various alternatives for the segment.
Thu, Jul. 31, 6:34 AM
Wed, Jul. 30, 5:30 PM
- AAWW, ABMD, ACIW, ACOR, ADP, AGI, ALKS, ALU, AMRC, APA, ASEI, ATK, AVP, AYR, AZN, BDX, BG, BGCP, BKCC, BLL, BUD, BWA, BZH, CCJ, CDW, CEVA, CHTR, CI, CL, CME, CNSL, COMM, COP, COT, CRCM, CRR, CTCM, CVI, CVRR, DDD, DISCA, DLPH, DTV, ENDP, EPD, EXC, FCH, FCN, FIG, FLY, FRM, GEL, GG, GIL, GLOP, GMT, GNRC, GTLS, H, HGG, HL, HP, HST, IDA, IMN, INCY, IRDM, IRM, ITT, IVZ, K, KMT, LKQ, LLL, LM, MA, MCK, MD, MDP, MNTA, MOD, MOS, MPC, MPLX, MSCI, MTOR, MWIV, NGD, NI, NJR, NWL, OAK, OCN, ODFL, OXY, PCG, PCRX, PES, PNR, PNW, PPL, PRFT, PWR, Q, RFP, RYL, SBH, SC, SCG, SFY, SHOO, SNAK, SNMX, STC, STRA, STRZA, SUP, SWC, TE, TEVA, TKR, TRP, TWC, UAN, UPL, USAK, VG, VICL, VNTV, VRX, WLT, WWE, XEL, XOM, XRAY
Thu, May. 29, 9:39 AM
- Solazyme (SZYM +12.2%) surges at the open on news that its joint venture with Bunge (BG +1.1%) has successfully produced its first commercially saleable products on full-scale production lines at the renewable oils plant in Brazil.
- SZYM says both oil and encapsulated lubricant products have been manufactured; production is continuing and expected to reach nameplate capacity within the next 12-18 months.
- SZYM is now manufacturing products at three large scale facilities, including the 2K metric tons/year integrated facility in Peoria, Ill., the 20K/year Iowa facilities in Clinton/Galva and the 100K/year facility in Brazil.
Thu, May. 22, 5:38 PM
Thu, May. 22, 5:38 PM
Thu, May. 1, 7:59 AM
- Bunge (BG) swings to a net loss of $27M from a profit of $170M a year earlier, hurt by losses in the company's grain trading & distribution business "and a temporarily depressed crushing environment in China."
- Sales breakdown: agribusiness -6.3%; sugar and bioenergy -24%; edible oil -16%.
- Remains confident for the full year. Expects sugar & bioenergy "to be about breakeven," and to have sufficient cane to crush close to capacity despite dry weather during Q1. Expects food & ingredient to improve sequentially each quarter, similar to 2013. (PR)
Thu, May. 1, 6:39 AM
Wed, Apr. 30, 5:30 PM
- AAWW, ABMD, ACIW, AFSI, AIT, AMT, ANR, ANSS, ARG, AVP, BBW, BDC, BDX, BG, BGCP, BKCC, BLL, BWA, BZH, CAH, CHD, CI, CIE, CLX, CME, CNP, CNSL, COP, CPN, CRCM, CROX, CVI, CVRR, DIN, DPZ, ENDP, EPD, EXAS, FCH, FCN, FIG, FIS, FSS, FUR, GG, GNRC, GWR, HAR, HEP, HSNI, HST, I, IART, IDA, IDCC, IIVI, INCY, IQNT, IRDM, IRM, IT, ITC, ITT, IVZ, JAH, K, KMT, LAZ, LINE, LLL, LM, MA, MD, MDC, MFA, MFC, MPC, MPLX, MSI, MTOR, MWW, MYL, NGLS, NILE, NNN, NVO, O, OAK, OCN, OGE, PCG, PCRX, PEG, PMC, PPL, PRLB, PTRY, PWE, PWR, Q, RFP, RGLD, RRD, SBH, SFY, SHOO, SHPG, SMP, SNMX, STRZA, SWC, TEVA, THRM, TMUS, TXT, UAN, UPL, VG, VIAB, VICL, WLT, WWE, XEL, XOM, YRCW.
Fri, Apr. 25, 8:27 AM
- Grain handler Bunge (BG) is in the middle of the process of selling its Brazilian sugar business, says the outgoing chief executive of Bunge Brazil.
- Bunge's move into sugar hasn't gone as planned, partly because of low global sugar prices and the Brazilian government's cap on the price of ethanol, which in Brazil is produced from sugar.
- Today, the company is opening two grain- and oilseed-loading terminals in the north of Brazil that will increase its export capacity from the country by 4M tons/year; once the terminals are operating at full steam, they will have the capacity to export 35M tons/year of grains and oilseeds from Brazil via its own and third-party terminals.
Mon, Mar. 3, 2:58 PM
- Archer Daniels Midland (ADM -1.8%) and Bunge (BG -1.2%) say their Black Sea grain-trading operations haven't been affected so far by the escalating turmoil in Ukraine.
- ADM, one of the world's largest traders and processors of grain and oilseeds, runs an inland grain elevator system, ports and an oilseed processing plant in Ukraine, where exports apparently are continuing despite the unrest.
- Bunge's Ukrainian facilities are "operating normally," the company says.
Fri, Feb. 28, 4:37 PM
Thu, Feb. 13, 2:46 PM
- Bunge (BG +0.6%) CEO Soren Schroder says in an earnings call that the company could generate record profits in its grain trading and processing division in 2014, thanks to large crops in South and North America.
- New plants and transport facilities starting operations in Brazil and Canada will help BG process and ship large quantities of agricultural products coming to market this year, and the company could purchase more facilities in Canada and Australia to expand its global network.
- BG swung to a profit in Q4 despite lower revenue of $61.35B, as larger profits from agribusiness - which accounts for ~75% of its net revenue - and ingredient sales offset a loss in its long-struggling Brazilian sugar-milling business.
Thu, Feb. 13, 6:31 AM
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