Paris-born Jean-Marie Eveillard (Trades, Portfolio), chief investment officer of the Arnhold and S. Bleichroeder Advisers, LLC Global Value Team and portfolio manager of First Eagle Funds, is a value-oriented investor.
“Our cash balance is purely a residual of whether or not we're finding enough to invest in,” Eveillard has said. It is safe to say that, in the third quarter, he found plenty to invest in. Whether it was enough is a matter of personal perspective.
Of his new portfolio additions in the third quarter, the one that had the greatest impact was his purchase of 3,554,029 shares of Deere & Co (DE, Financial), an Illinois-based manufacturer of heavy equipment for agricultural, construction and forestry businesses as well as equipment for lawn care. At an average price of $85.56, the transaction had a 0.72% impact on his portfolio.
Eveillard also bought 29,569,294 shares of Israel Chemicals Ltd (ICL, Financial) for an average price of $7.90. Israel Chemicals is based in Tel Aviv and develops, produces and markets fertilizers, metals and other special-purpose chemical products. The transaction had a 0.53% impact on his portfolio.
Among the remaining 29 companies that Eveillard added to his portfolio in the third quarter were American International Group Inc (AIG, Financial), Bed Bath & Beyond Inc (BBBY, Financial), Phillips 66 (PSX, Financial), Discovery Communications Inc (DISCK, Financial), Family Dollar Stores Inc (FDO, Financial) and Dow Chemical Co (DOW, Financial).
Eveillard added to existing stakes in nearly three dozen companies in the third quarter. His purchase of 4,153,560 shares of Time Warner Inc (TWX, Financial), a New York-based media company, for an average price of $77.51 had a 0.78% impact on his portfolio.
He purchased 2,071,585 shares of W R Grace & Co (GRA, Financial), a chemical company based in Columbia, Maryland, for an average price of $83.26 per share. The transaction had a 0.47% impact on his portfolio.
He also acquired 1,966,211 shares of McDonald's Corp (MCD, Financial) for an average price of $95.32 per share. The purchase of stock in McDonald’s, the Illinois-based hamburger restaurant chain, had a 0.46% impact on his portfolio.
Other companies in which Eveillard expanded his holdings in the third quarter are Martin Marietta Materials Inc (MLM, Financial), Potash Corp of Saskatchewan Inc (POT), Raytheon Co (RTN) and Delta Air Lines Inc (DAL).
Divestitures and reductions
Eveillard sold his holdings in 26 companies – Sunesis Pharmaceuticals Inc (SNSS), Archer-Daniels Midland Co (ADM), Boeing Co (BA), Intra-Cellular Therapies, Inc. (ITCI), Oncolytics Biotech Inc (ONCY), Pacific Coast Oil Trust (ROYT), Lamar Advertising Co (LAMR), Micron Technology Inc (MU), Walgreen Co (WAG), Huntsman Corp (HUN), EOG Resources Inc (EOG), PG&E Corp (PCG), Edison International (EIX), Health Net Inc (HNT), MeadWestvaco Corp (MWV), Analog Devices Inc (ADI), SeaWorld Entertainment Inc (SEAS), Oncothyreon Inc (ONTY), Philippine Long Distance Telephone (PHI), Nordion Inc (NDZ), Chemtura Corp (CHMT), Foster Wheeler AG (FWLT), Intercontinental Exchange Inc (ICE), Halcon Resources Corp (HK), Boardwalk Pipeline Partners LP (BWP) and Energy XXI Ltd (EXXI).
He reduced his stakes in 32 companies, among them Philip Morris International Inc (PM), Chevron Corp (CVX), Home Depot Inc (HD), Pfizer Inc (PFE), Merck & Co Inc (MRK), Madison Square Garden Co (MSG) and Sirius XM Holdings Inc (SIRI).
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