At its website, NWQ Managers (Trades, Portfolio), a value-oriented money management firm, says it “focuses on understanding individual companies as businesses rather than simply as stocks by conducting independent research,” and its “process is fluid and dynamic” in which “portfolios are constantly monitored using and strictly adhering to our research and analyst-driven process.”
That “fluid and dynamic” process resulted in quite a bit of activity in the third quarter. NWQ’s preferred investment is in financial services, and several deals involving such companies influenced NWQ’s portfolio.
NWQ purchased holdings in 18 companies that are new to its portfolio – Zions Bancorp (ZION, Financial), CIT Group Inc (CIT, Financial), eBay Inc (EBAY, Financial), PNC Financial Services Group Inc (PNC, Financial), Brandywine Realty Trust (BDN, Financial), McDonald's Corp (MCD, Financial), Capital Bank Financial Corp (CBF, Financial), Landec Corp (LNDC, Financial), Northstar Realty Finance Corp (NRF, Financial), Apple Inc (AAPL, Financial), FS Investment Corp (FSIC, Financial), Hilton Worldwide Holdings Inc (HLT), Williams Companies Inc (WMB), Stonemor Partners LP (STON), Tsakos Energy Navigation Ltd (TNP), SandRidge Permian Trust (PER), Retail Opportunity Investments Corp (ROIC) and Exchange Traded Concepts Trust (YMLP).
NWQ bought 4,305,438 shares of Zions Bancorp, a Salt Lake City-based financial services company, for an average price of $29.03 per share. The transaction had a 1.4% impact on NWQ’s portfolio.
NWQ acquired 2,133,003 shares of CIT Group, a New York-based financial holding company, for an average price of $47.4 per share. The purchase had a 1.1% impact on NWQ’s portfolio.
NWQ also invested in eBay, an ecommerce company headquartered in California, buying 1,474,159 shares for an average price of $52.85 per share. That deal had a 0.9% impact on NWQ’s portfolio.
NWQ also added to its existing stakes in 30 companies – NRG Energy Inc (NRG), Key Energy Services Inc (KEG), Teradyne Inc (TER), New Residential Investment Corp (NRZ), Louisiana-Pacific Corp (LPX), Mitel Networks Corp (MITL), Lattice Semiconductor Corp (LSCC), Comstock Resources Inc (CRK), PacWest Bancorp (PACW), Coherent Inc (COHR), Materion Corp (MTRN), EnerSys (ENS), Elizabeth Arden Inc (RDEN), Laclede Group Inc (LG), Denbury Resources Inc (DNR), Impax Laboratories Inc (IPXL), Actuant Corp (ATU), Stoneridge Inc (SRI), Analogic Corp (ALOG), Ares Capital Corporation (ARCC), Whiting USA Trust II (WHZ), APOGlaxoSmithKline PLC (GSK), TCP Capital Corp (TCPC), PennantPark Floating Rate Capital (PFLT), Arlington Asset Investment Corp. (AI), Apollo Global Management LLC (APO), Hercules Technology Growth Capital Inc (HTGC), Compass Diversified Holdings (CODI), iShares Barclays Aggregate Bond Fund (AGG) and Abengoa Yield PLC (ABY).
NWQ added 1,699,839 shares to its stake in NRG Energy, an energy company with headquarters in New Jersey and Texas, at an average price of $31.18 per share. That deal had a 0.56% impact on NWQ’s portfolio.
NWQ also raised its stake in Key Energy Services, a Texas-based oilfield services company, by 9,608,814 shares. NWQ paid an average price of $6.49 per share. The transaction had a 0.51% impact on NWQ’s portfolio.
Divestitures and reductions
NWQ sold its stakes in 14 companies – Astronics Corp (ATROB), Treehouse Foods Inc (THS), Bob Evans Farms Inc (BOBE), International Game Technology (IGT), PartnerRe Ltd (PRE), Delphi Automotive PLC (DLPH), Texas Roadhouse Inc (TXRH), Tesoro Corp (TSO), Endurance Specialty Holdings Ltd (ENH), Selective Insurance Group (SIGI), Time Inc (TIME), Twenty-First Century Fox Inc (FOXA), Crestwood Midstream Partners LP (CMLP) and Measurement Specialties Inc (MEAS).
NWQ sold portions of its holdings in more than 40 companies, among them American International Group Inc (AIG), Time Warner Inc (TWX), International Rectifier (IRF), Hartford Financial Services Group Inc (HIG), Microsoft Corp (MSFT), Norwegian Cruise Line Holdings Ltd (NCLH), General Motors Co (GM), Citigroup Inc (C), Wells Fargo & Co (WFC) and MetLife Inc (MET).
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