Charles de Vaulx (Trades, Portfolio)’s Worldwide Fund beat its benchmark for the first three quarters of the year, returning 4.04% compared to 3.73% for the MSCI All Country World Index. He initiated three new positions when market volatility allowed him to purchase at discounts to his estimates of intrinsic value. In his third quarter letter, de Vaulx said of the current market:
“Our view today is that most stocks around the world are fully valued, but we still believe there are stock picking opportunities, especially when markets experience volatility like they did this quarter. At IVA, we continue to stick to our investment approach of striving to preserve wealth in real terms over the long-term, always investing in securities that we believe offer a margin of safety, and keeping our portfolios well diversified with cash on hand to take advantage of market volatility. When the price is right, we will pounce.”
The three new stocks the IVA Worldwide Fund gained in the third quarter are: Henderson Land Development Co. Ltd. (HKSE:00012, Financial), Vinci (XPAR:DG, Financial) and Stolt-Nielsen Ltd. (OSL:SNI, Financial).
Henderson Land Development Co. Ltd. (HKSE:00012, Financial)
De Vaulx purchased 5,935,000, giving it a 0.71% portfolio position. Share of Henderson Land Development sold for 50 Hong Kong dollars per share in the third quarter.
Henderson Land Development Co. Ltd. was founded in 1976. Henderson Land Development Co. Ltd. has a market cap of $140.35 billion; its shares were traded at around $50.70 with a P/E ratio of 9.60 and P/S ratio of 6.57. The dividend yield of Henderson Land Development Co. Ltd. stocks is 2.08%. Henderson Land Development Co. Ltd. had an annual average earnings growth of 3.70% over the past 10 years.
De Vaulx purchased 514,411 shares of Vinci, a 0.56% portfolio weight. The company’s shares cost 49 euros each on average for the quarter.
Vinci was incorporated in July 1908. The company is engaged in the construction business. Vinci has a market cap of 24.08 billion euros; its shares were traded at around 43.48 euros with a P/E ratio of 12.30 and P/S ratio of 0.59. The dividend yield of Vinci stocks is 4.07%. Vinci had an annual average earnings growth of 6.30% over the past 10 years.
Stolt-Nielsen Ltd. (OSL:SNI, Financial)
De Vaulx purchased 98,890 Stolt-Nielsen Ltd. shares, a 0.036% portfolio holding. The company’s share price averaged 136 kroner each on average for the quarter.
Stolt-Nielsen Ltd. is a holding company incorporated in Bermuda on June 11, 2010. Stolt-Nielsen Ltd. has a market cap of $6.22 billion; its shares were traded at around $107.00 with a P/E ratio of 9.50 and P/S ratio of 0.49. The dividend yield of Stolt-Nielsen Ltd stocks is 5.96%. Stolt-Nielsen Ltd. had an annual average earnings growth of 4.90% over the past 10 years. GuruFocus rated Stolt-Nielsen Ltd. the business predictability rank of 2-star.
See more of Charles de Vaulx (Trades, Portfolio)’s holdings in his IVA Worldwide Fund portfolio here. Not a Premium Member of GuruFocus? Try it free for 7 days here.
