IVA International Fund Adds Four Positions to Portfolio

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Mar 09, 2015

IVA International Fund (Trades, Portfolio) added four new positions to its portfolio during the fourth quarter of 2014. The Chief Investment Officer of the firm is guru Charles de Vaulx (Trades, Portfolio).

There are currently 92 stocks in the portfolio, valued at $2.04 million with a quarter over quarter turnover of 9%.

Here's a look at the firm's latest buys:

Anotfagasta PLC (LSE:ANTO, Financial)

IVA purchased 1,912,614 shares of LSE:ANTO for an average price of £7.12 a share. Because the price of the stock is currently selling at £7.48 a share, the firm's purchase has resulted in a 5.2% gain.

Anotfagasta was incorporated in 1992. The company develops and explores copper mining.

According to the DCF calculator, which can be found on the home page of the stock, ANTO.UK has an intrinsic value of £7.89 a share and a margin of safety at 5%, which indicates the stock may be slightly undervalued.

The current operating margin is 32.82%. One warning sign investors should be aware of is the company's operating margin has been declining for the past five years at an average rate of -4.7%.

The company's current enterprise value is ~£7.94 million.

The current dividend yield is 7.77%, which is close to the 10-year high.

Shareholders receive a cash dividend semi-annually. The most recent payout was on October 9, 2014 of £0.072 a share. Shareholders have received cash dividends since 1993.

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The current payout ratio is 0.3, which indicates the dividend may be sustainable.

Thaicom PLC (BKK:THCOM, Financial)

IVA purchased 6,655,200 shares of THCOM.Thailand at an average price of ฿37.40 a share. The stock consists of 0.34% of the firm's overall portfolio.

Thaicom has four different businesses, which include satellite transponder leasing services, internet-related services, telephone-related services and telephone directories and distribution.

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The Peter Lynch earnings line is currently at  ฿20.80, which indicates the stock may be overvalued because it is currently trading at ฿36.00 a share.

One warning sign investors should be cautious of is the company continues to issue new debt. Over the past three years, Thaicom has issued ฿1.3 billion of debt.

The current P/E ratio is 24.86.

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The P/S ratio of 3.83 is currently close to the two-year low of 3.56, which is a good sign.

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The P/B ratio of 2.34 is also close to the two-year low of 2.22.

Bureau Veritas SA (XPAR:BVI, Financial)

IVA purchased 220,448 shares of BVI.France at an average price of €18.51 a share. The stock consists of 0.24% of the firm's overall portfolio.

Bureau Veritas was formed in 1828. The company provides testing, inspections and certification services to a variety of industries.

The stock is currently trading at €20.22 a share.

According to the DCF calculator, the the stock's intrinsic value is at €10.92, with a margin of safety at 85%. Results may be slightly inaccurate due to the lack of business predicatbility rating.

The company's current P/E ratio is 26.26, the P/S ratio is 2.30 and the P/B ratio is 8.99.

Bollore SA (XPAR:BOLNV, Financial)

The firm purchased 19,200 shares of BOLNV.France at an average price of €3.77 a share.

Bollore was incorporated in 1926. The company is engaged in transportation and logistics, media and communication, as well as electricity storage solutions.

The stock is currently trading at €4.91 a share.

One warning sign investors should be cautious of is the P/E ratio of 44.64, which is close to the five-year high of 46.01.

Another warning sign investors should be aware of is the P/S ratio of 1.11, which is close to the 10-year high of 1.15.

The current P/B ratio is 1.30.

IVA International also increased its stakes in the following positions: Samsung Electronics Co Ltd (XKRX:005930, Financial), Yahoo Japan Corp (TSE:4689), Altran Technologies (XPAR:ALT), Carrefour (XPAR:CA), Uranium Participation Corp (TSX:U), Digital China Holdings Ltd (HKSE:00861), Total SA (TOT), Vinco (XPAR:DG) and Alten (XPAR:ATE).

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