Guru Robert Bruce (Trades, Portfolio) founded the Bruce Fund, which he runs with his son Jeff. In 2013, the Bruce Fund more than doubled its return from the previous year, 7.86%, to 18.95%.
Bruce invests in stocks – mostly small- and mid-cap plus the occasional large-cap – and convertible and distressed bonds. He prefers to hold stocks for the long term.
Bruce dealt in nine stocks in the third quarter. While his third-quarter activity may appear low key, the fact is it was the busiest quarter he has had in 2014. He traded in six stocks in the second quarter and four in the first.
Bruce added three new holdings to his portfolio in the third quarter – Duke Energy Corporation (DUK, Financial), CMS Energy Corp (CMS, Financial) and Avista Corp (AVA, Financial).
Bruce purchased 19,000 shares of Duke Energy, a North Carolina-based electric power holding company, for an average price of $72.96. That deal had a 0.4% impact on his portfolio.
He added to his stakes in three companies – Phoenix Companies Inc (PNX, Financial), Supernus Pharmaceuticals Inc (SUPN, Financial) and Xcel Energy Inc (XEL, Financial).
Bruce’s purchase of 78,100 shares in Phoenix Companies, a Connecticut-based financial services company, for an average price of $55.45 had an impact of 1.23% on his portfolio.
His purchase of 400,000 shares of Supernus Pharmaceuticals, a Maryland-based company focused on developing and commercializing products for the treatment of central nervous system disorders, was his largest acquisition of the quarter. Bruce acquired the shares at an average price of $8.99. The transaction had a 0.73% impact on his portfolio.
He sold his stake in UNS Energy Corp (UNS, Financial), the parent company for Tucson Electric Power. Bruce sold 162,100 shares in UNS for an average price of $60.46 per share. The sale had a -2.3% impact on his portfolio.
Bruce reduced his holdings in two companies – Omega Protein Corp (OME, Financial) and Integrys Energy Group Inc (TEG, Financial).
He sold more than three-quarters of his stake in Omega Protein, a Houston-based producer of omega-3 fish oil and North America's largest manufacturer of fishmeal and organic fish soluble products, for an average price of $13.97. The transaction had a -0.82% on his portfolio.
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