California-based Fisher Investments is led by Ken Fisher, who believes markets are efficient, and the only way to beat them is by knowing what other participants do not. He looks at macro conditions first, then sectors, then individual stocks.
In the third quarter, Fisher’s portfolio experienced 8% turnover, with 57 new stocks added for a total of 499 holdings. The largest new picks are: UBS AG (UBS, Financial), Daimler AG (DDAIY, Financial), Deutsche Post AG (DPSGY, Financial), Bancorp South Inc. (BXS, Financial) and American Equity Investment Life Holding Company (AEL, Financial).
UBS AG (UBS)
Fisher purchased 26,161,499 UBS shares in the third quarter, a holding composing 1.3% of the portfolio. The stock’s price averaged around $20 in the third quarter. Fisher previously closed out a UBS position in the fourth quarter of 2011.
Based in Zurich and Basel, UBS is a global financial services firm with offices in more than 50 countries.
UBS has grown per-share revenue by 39.2% and book value by 2.2% annually over the past five years. The firm’s stock price around $19 is close to a five-year high and its P/S ratio at 2.58 is close to a three-year high. It also has a P/B of 1.5.
UBS’s 10-year revenue and earnings history:
Daimler AG (DDAIY)
Fisher bought 5,314,140 shares of Dailmer AG, equal to 1% of the portfolio. The stock’s price averaged around $72 in the third quarter.
Daimler is the vehicle and services company that owns the brands Mercedes-Benz, Freightliner, Western Star, BharatBenz, Fuso, Setra and Stuttgart.
The company has grown per-share revenue at a rate of 3.3%, EBITDA at a rate of 39.8% and book value at a rate of 8.2% annually over the past five years. Daimler has a cash balance of $15.9 billion, with long-term liabilities and debt around $90.54 billion.
Daimler’s 10-year revenue and earnings history:
Its P/E ratio is 9.4, P/B ratio is 1.6 and P/S ratio is 0.6.
Deutsche Post AG (DPSGY)
Fisher purchased 1,770,024 shares of Deutsche Post AG, equaling 0.14% of his portfolio. The stock’s price averaged $29 in the third quarter.
Deutsche Post is a logistics and communications company, offering clients standardized products, dialog marketing and industrial supply chains.
The company’s per-share revenue grew at a rate of 1.7%, EBITDA at a rate of 27.4% and book value at a rate of 7.5% annually for the past five years. Its balance sheet reflects cash of $3.05 billion, with long-term liabilities and debt of $14.61 billion.
Deutsche Post has a P/E ratio of 17.2, P/B ratio of 3.2 and P/S ratio of 0.56, which is close to a one-year low.
Deutsche Post 10-year long-term revenue and earnings history:
Bancorp South Inc. (BXS)
Fisher purchased 2,667,685 shares of Bancorp South, equaling 0.13% of the portfolio. The price averaged $20 in the third quarter.
Bancorp South is a system of community banks with approximately 300 locations in nine states.
The company’s per-share revenue decline rate is 2.5% and its EBITA decline rate is 15.2% annually for the past five years. Its free cash flow has increased at a rate of 9.5% and book value at a rate of 0.4% annually for the same period.
The bank has $795 million in cash on its balance sheet and $791 million in long-term liabilities and debt.
Its P/E ratio is 25.2, P/B ratio is 1.4 and P/S ratio is 2.92, near a five-year high.
Bancorp South’s 10-year revenue and earnings history:
American Equity Investment Life Holding Company (AEL)
Fisher purchased 2,313,750 shares of American Equity Investments Life Holding Company, equaling 0.12% of his portfolio. The stock price averaged $19 in the third quarter.
American Equity sells fixed index and fixed rate annuity products and was opened in 1995.
American Equity Investment has experienced a per-share revenue growth rate of 31.4%, free cash flow growth rate of 16.9% and book value growth rate of 32.2% annually over the past five years. It has a cash balance of $747 million, with long-term liabilities and debt around $ 1.47 billion.
American Equity’s P/E ratio is 8.3, P/B ratio is 1 and P/S ratio is 0.75, which is close to a three-year high.
The company’s 10-year revenue and earnings history:
For more Ken Fisher buys, check out his portfolio here. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Ken Fisher.
In the third quarter, Fisher’s portfolio experienced 8% turnover, with 57 new stocks added for a total of 499 holdings. The largest new picks are: UBS AG (UBS, Financial), Daimler AG (DDAIY, Financial), Deutsche Post AG (DPSGY, Financial), Bancorp South Inc. (BXS, Financial) and American Equity Investment Life Holding Company (AEL, Financial).
UBS AG (UBS)
Fisher purchased 26,161,499 UBS shares in the third quarter, a holding composing 1.3% of the portfolio. The stock’s price averaged around $20 in the third quarter. Fisher previously closed out a UBS position in the fourth quarter of 2011.
Based in Zurich and Basel, UBS is a global financial services firm with offices in more than 50 countries.
UBS has grown per-share revenue by 39.2% and book value by 2.2% annually over the past five years. The firm’s stock price around $19 is close to a five-year high and its P/S ratio at 2.58 is close to a three-year high. It also has a P/B of 1.5.
UBS’s 10-year revenue and earnings history:
Daimler AG (DDAIY)
Fisher bought 5,314,140 shares of Dailmer AG, equal to 1% of the portfolio. The stock’s price averaged around $72 in the third quarter.
Daimler is the vehicle and services company that owns the brands Mercedes-Benz, Freightliner, Western Star, BharatBenz, Fuso, Setra and Stuttgart.
The company has grown per-share revenue at a rate of 3.3%, EBITDA at a rate of 39.8% and book value at a rate of 8.2% annually over the past five years. Daimler has a cash balance of $15.9 billion, with long-term liabilities and debt around $90.54 billion.
Daimler’s 10-year revenue and earnings history:
Its P/E ratio is 9.4, P/B ratio is 1.6 and P/S ratio is 0.6.
Deutsche Post AG (DPSGY)
Fisher purchased 1,770,024 shares of Deutsche Post AG, equaling 0.14% of his portfolio. The stock’s price averaged $29 in the third quarter.
Deutsche Post is a logistics and communications company, offering clients standardized products, dialog marketing and industrial supply chains.
The company’s per-share revenue grew at a rate of 1.7%, EBITDA at a rate of 27.4% and book value at a rate of 7.5% annually for the past five years. Its balance sheet reflects cash of $3.05 billion, with long-term liabilities and debt of $14.61 billion.
Deutsche Post has a P/E ratio of 17.2, P/B ratio of 3.2 and P/S ratio of 0.56, which is close to a one-year low.
Deutsche Post 10-year long-term revenue and earnings history:
Bancorp South Inc. (BXS)
Fisher purchased 2,667,685 shares of Bancorp South, equaling 0.13% of the portfolio. The price averaged $20 in the third quarter.
Bancorp South is a system of community banks with approximately 300 locations in nine states.
The company’s per-share revenue decline rate is 2.5% and its EBITA decline rate is 15.2% annually for the past five years. Its free cash flow has increased at a rate of 9.5% and book value at a rate of 0.4% annually for the same period.
The bank has $795 million in cash on its balance sheet and $791 million in long-term liabilities and debt.
Its P/E ratio is 25.2, P/B ratio is 1.4 and P/S ratio is 2.92, near a five-year high.
Bancorp South’s 10-year revenue and earnings history:
American Equity Investment Life Holding Company (AEL)
Fisher purchased 2,313,750 shares of American Equity Investments Life Holding Company, equaling 0.12% of his portfolio. The stock price averaged $19 in the third quarter.
American Equity sells fixed index and fixed rate annuity products and was opened in 1995.
American Equity Investment has experienced a per-share revenue growth rate of 31.4%, free cash flow growth rate of 16.9% and book value growth rate of 32.2% annually over the past five years. It has a cash balance of $747 million, with long-term liabilities and debt around $ 1.47 billion.
American Equity’s P/E ratio is 8.3, P/B ratio is 1 and P/S ratio is 0.75, which is close to a three-year high.
The company’s 10-year revenue and earnings history:
For more Ken Fisher buys, check out his portfolio here. Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Ken Fisher.
