Todd Combs Buys CRMT, GBLI, and WFC, Sells BLK, CME, HIG, INDM, LUK

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Nov 12, 2010
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This is the Q3 portfolio update of Todd Combs at Castle Point Capital. This might be the last one for him at the firm he started. Next time he will be part of Berkshire Hathaway.


It was widely reported that Todd Combs has been selected by Warren Buffett as the new investment manager. He will start with a few billion, which may get bigger if he does well.


Apparently he still made some purchases during the third quarter: CRMT, GBLI, and WFC. He sold more shares than bought. He might be already in the process of winding down his firm before the end of the quarter.


As always, his portfolio is filled with financials, banks and insurers. His new purchases must be the ones he likes the most as he has been selling the complete positions.


Todd Combs started Castle Point Capital to focus on the financial services sector. According to the letter by Stone Point Capital, Mr. Combs’ fund gained 34% since Nov. 2005, beating the benchmark XLF by 80%.


Todd Combs buys Global Indemnity Plc, Warrants of The PNC Financial Services Group Inc., Wells Fargo & Company, America's Carmart Inc, sells Leucadia National Corp., Blackrock Inc., The Hartford Financial Services Group In, United America Indemnity Ltd., Cme Group Inc Cl A during the 3-months ended 09/30/2010, according to the most recent filings of his investment company, Castle Point Capital Management, LLC. Todd Combs owns 24 stocks with a total value of $225 million. These are the details of the buys and sells.


For the details of Todd Combs's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Todd+Combs


This is the sector weightings of his portfolio:


Financials

70.1%

Industrials

12%

Consumer Services

0.4%




These are the top 5 holdings of Todd Combs


  1. U.S. Bancorp (USB) - 1,000,000 shares, 9.63% of the total portfolio. Shares reduced by 1.96%
  2. MasterCard Inc. (MA) - 75,000 shares, 7.48% of the total portfolio. Shares reduced by 26.47%
  3. RenaissanceRe Holdings Ltd. (RNR) - 250,000 shares, 6.68% of the total portfolio. Shares reduced by 1.96%
  4. The Chubb Corp. (CB) - 250,000 shares, 6.35% of the total portfolio. Shares reduced by 1.96%
  5. The Western Union Company (WU) - 800,000 shares, 6.3% of the total portfolio. Shares reduced by 34.64%



Added: Charles Schwab Corp. (SCHW)


Todd Combs added to his holdings in Charles Schwab Corp. by 5.04%. His purchase prices were between $12.76 and $15.43, with an estimated average price of $14.28. The impact to his portfolio due to this purchase was 0.22%. His holdings were 750,000 shares as of 09/30/2010.


Charles Schwab Corp. provides a full-service investing experience to customers through a clicks and mortar multi-dimensional, five channel offering of the Internet, branch offices, speech recognition, touch-tone telephone, e-mail and wireless technologies, multilingual and international services, and direct access to professionals day or night. Charles Schwab Corp. has a market cap of $18.36 billion; its shares were traded at around $15.38 with a P/E ratio of 30.2 and P/S ratio of 4.4. The dividend yield of Charles Schwab Corp. stocks is 1.5%. Charles Schwab Corp. had an annual average earning growth of 11.2% over the past 10 years.


Added: Chatham Lodging Trust (CLDT)


Todd Combs added to his holdings in Chatham Lodging Trust by 12.04%. His purchase prices were between $14.95 and $18.74, with an estimated average price of $16.36. The impact to his portfolio due to this purchase was 0.11%. His holdings were 120,000 shares as of 09/30/2010.


Chatham Lodging Trust is a self-advised hotel REIT, formed to invest in premium-branded upscale extended-stay and select-service hotels. Chatham Lodging Trust has a market cap of $167.5 million; its shares were traded at around $18.2 . The dividend yield of Chatham Lodging Trust stocks is 1%.


New Purchase: Global Indemnity Plc (GBLI, Financial)


Todd Combs initiated holdings in Global Indemnity Plc. His purchase prices were between $14.27 and $17.11, with an estimated average price of $15.75. The impact to his portfolio due to this purchase was 2.31%. His holdings were 323,260 shares as of 09/30/2010.


Global Indemnity plc, through its several direct and indirect wholly owned subsidiary insurance and reinsurance companies, provides both admitted and nonadmitted specialty property and casualty insurance coverages in the United States, as well as reinsurance throughout the world. Global Indemnity Plc has a market cap of $576.8 million; its shares were traded at around $19 with a P/E ratio of 8.6 and P/S ratio of 1.6.


New Purchase: Warrants - The Pnc Financial Services Group Inc. (PNC.WS, Financial)


Todd Combs initiated holdings in The Pnc Financial Services Group Inc. Warrants. His purchase prices were between $9.4 and $14.81, with an estimated average price of $12.1. The impact to his portfolio due to this purchase was 0.95%. His holdings were 200,000 shares as of 09/30/2010.


New Purchase: Wells Fargo & Company (WFC, Financial)


Todd Combs initiated holdings in Wells Fargo & Company. His purchase prices were between $23.25 and $28.57, with an estimated average price of $26.11. The impact to his portfolio due to this purchase was 0.56%. His holdings were 50,000 shares as of 09/30/2010.


Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Company has a market cap of $149.57 billion; its shares were traded at around $28.58 with a P/E ratio of 16.6 and P/S ratio of 1.5. The dividend yield of Wells Fargo & Company stocks is 0.7%. Wells Fargo & Company had an annual average earning growth of 5.1% over the past 10 years.


New Purchase: America's Carmart Inc (CRMT, Financial)


Todd Combs initiated holdings in America's Carmart Inc. His purchase prices were between $20.82 and $26.01, with an estimated average price of $23.45. The impact to his portfolio due to this purchase was 0.38%. His holdings were 33,525 shares as of 09/30/2010.


America's Car-Mart operates automotive dealerships and is one of the largest automotive retailers in the United States focused exclusively on the `Buy Here/Pay Here` segment of the used car market. America's Carmart Inc has a market cap of $323.9 million; its shares were traded at around $29.8 with a P/E ratio of 12.4 and P/S ratio of 1. America's Carmart Inc had an annual average earning growth of 12.6% over the past 10 years.


Reduced: Mb Financial Inc. (MBFI)


Todd Combs reduced to his holdings in Mb Financial Inc. by 21.57%. His sale prices were between $14.68 and $19.68, with an estimated average price of $16.94. The impact to his portfolio due to this sale was -0.79%. Todd Combs still held 400,000 shares as of 09/30/2010.


MB Financial, Inc. is a bank holding company which conducts a commercial banking business through Manufacturers Bank. Mb Financial Inc. has a market cap of $870.5 million; its shares were traded at around $16.13 with and P/S ratio of 1.6. The dividend yield of Mb Financial Inc. stocks is 0.2%.


Reduced: Aercap Holdings N.v. (AER)


Todd Combs reduced to his holdings in Aercap Holdings N.v. by 34.64%. His sale prices were between $10.09 and $13.63, with an estimated average price of $11.75. The impact to his portfolio due to this sale was -1.67%. Todd Combs still held 600,000 shares as of 09/30/2010.


AERCAP HOLDINGS is an integrated global aviation company with a market position in aircraft and engine leasing, trading and parts sales. Aercap Holdings N.v. has a market cap of $1.69 billion; its shares were traded at around $14.14 with a P/E ratio of 7.1 and P/S ratio of 1.7.


Reduced: Cit Group Inc. (CIT)


Todd Combs reduced to his holdings in Cit Group Inc. by 29.97%. His sale prices were between $34.4 and $40.77, with an estimated average price of $37.7. The impact to his portfolio due to this sale was -1.95%. Todd Combs still held 250,000 shares as of 09/30/2010.


CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $8.6 billion; its shares were traded at around $42.94 with and P/S ratio of 2.2.


Reduced: Broadridge Financial Solutions Inc. (BR)


Todd Combs reduced to his holdings in Broadridge Financial Solutions Inc. by 50.98%. His sale prices were between $18.96 and $23.13, with an estimated average price of $21.09. The impact to his portfolio due to this sale was -2.65%. Todd Combs still held 250,000 shares as of 09/30/2010.


Broadridge is a global provider of technology-based outsourcing solutions to the financial services industry. Broadridge Financial Solutions Inc. has a market cap of $2.78 billion; its shares were traded at around $21.95 with a P/E ratio of 14.3 and P/S ratio of 1.2. The dividend yield of Broadridge Financial Solutions Inc. stocks is 2.8%.


Reduced: Goldman Sachs Group Inc. The (GS)


Todd Combs reduced to his holdings in Goldman Sachs Group Inc. The by 50.98%. His sale prices were between $131.08 and $156.41, with an estimated average price of $146.49. The impact to his portfolio due to this sale was -2.68%. Todd Combs still held 40,000 shares as of 09/30/2010.


Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. Goldman Sachs Group Inc. The has a market cap of $86.22 billion; its shares were traded at around $167.22 with a P/E ratio of 8.6 and P/S ratio of 1.7. The dividend yield of Goldman Sachs Group Inc. The stocks is 0.8%. Goldman Sachs Group Inc. The had an annual average earning growth of 12.7% over the past 10 years.


Reduced: Mastercard Inc. (MA)


Todd Combs reduced to his holdings in Mastercard Inc. by 26.47%. His sale prices were between $191.98 and $223, with an estimated average price of $208.23. The impact to his portfolio due to this sale was -2.69%. Todd Combs still held 75,000 shares as of 09/30/2010.


MASTERCARD INCORPORATED advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. Mastercard Inc. has a market cap of $33.18 billion; its shares were traded at around $253.57 with a P/E ratio of 19.1 and P/S ratio of 6.6. The dividend yield of Mastercard Inc. stocks is 0.2%.


Reduced: The Western Union Company (WU)


Todd Combs reduced to his holdings in The Western Union Company by 34.64%. His sale prices were between $14.9 and $17.65, with an estimated average price of $16.28. The impact to his portfolio due to this sale was -3.34%. Todd Combs still held 800,000 shares as of 09/30/2010.


The Western Union Company is a provider of global money-transfer services. The Western Union Company has a market cap of $12.39 billion; its shares were traded at around $18.77 with a P/E ratio of 13.9 and P/S ratio of 2.4. The dividend yield of The Western Union Company stocks is 1.3%. The Western Union Company had an annual average earning growth of 3.2% over the past 5 years.


Reduced: State Street Corp. (STT)


Todd Combs reduced to his holdings in State Street Corp. by 37.61%. His sale prices were between $32.81 and $40.11, with an estimated average price of $37.7. The impact to his portfolio due to this sale was -3.54%. Todd Combs still held 350,000 shares as of 09/30/2010.


State Street Corporation is the world's specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. State Street Corp. has a market cap of $22.42 billion; its shares were traded at around $44.67 with a P/E ratio of 12.7 and P/S ratio of 2.4. The dividend yield of State Street Corp. stocks is 0.1%. State Street Corp. had an annual average earning growth of 3.4% over the past 10 years.


Sold Out: The Hartford Financial Services Group In (HIG, Financial)


Todd Combs sold out his holdings in The Hartford Financial Services Group In. His sale prices were between $19.09 and $24.12, with an estimated average price of $22.16.


Hartford Financial Services is one of the nation's largest investment and insurance companies, offers a complete line of insurance and financial service products to customers all over the world. The Hartford Financial Services Group In has a market cap of $11.54 billion; its shares were traded at around $25.96 with a P/E ratio of 6.5 and P/S ratio of 0.5. The dividend yield of The Hartford Financial Services Group In stocks is 0.8%.


Sold Out: Leucadia National Corp. (LUK, Financial)


Todd Combs sold out his holdings in Leucadia National Corp.. His sale prices were between $18.89 and $24.05, with an estimated average price of $21.78.


LEUCADIA NATL is a diversified financial services holding companyprincipally engaged in personal and commercial lines of property and casualty insurance, life insurance, banking and lending and manufacturing. Leucadia National Corp. has a market cap of $6.65 billion; its shares were traded at around $27.31 with a P/E ratio of 59.3 and P/S ratio of 6.


Sold Out: Blackrock Inc. (BLK, Financial)


Todd Combs sold out his holdings in Blackrock Inc.. His sale prices were between $139.44 and $171.68, with an estimated average price of $154.12.


BlackRock, Inc. is one of the largest investment management firms in the United States. Blackrock Inc. has a market cap of $10.79 billion; its shares were traded at around $168.48 with a P/E ratio of 17 and P/S ratio of 2.3. The dividend yield of Blackrock Inc. stocks is 2.4%. Blackrock Inc. had an annual average earning growth of 23.3% over the past 10 years. GuruFocus rated Blackrock Inc. the business predictability rank of 3-star.


Sold Out: United America Indemnity Ltd. (INDM, Financial)


Todd Combs sold out his holdings in United America Indemnity Ltd.. His sale prices were between $7.23 and $7.23, with an estimated average price of $7.23.


United America Indemnity, through its wholly-owned operating subsidiaries which include United National Group, Penn-America Group, Inc. United America Indemnity Ltd. has a market cap of $438.49 million; its shares were traded at around $7.23 with a P/E ratio of 7.23 and P/S ratio of 1.13.


Sold Out: Cme Group Inc Cl A (CME, Financial)


Todd Combs sold out his holdings in Cme Group Inc Cl A. His sale prices were between $237.69 and $286.56, with an estimated average price of $265.8.


Chicago Mercantile Exchange Holdings is the parent company of Chicago Mercantile Exchange Inc, the largest futures exchange in the United States based on notional value, trading volume and open interest. Cme Group Inc Cl A has a market cap of $19.81 billion; its shares were traded at around $294.69 with a P/E ratio of 19.5 and P/S ratio of 7.5. The dividend yield of Cme Group Inc Cl A stocks is 1.6%. Cme Group Inc Cl A had an annual average earning growth of 14.6% over the past 5 years.



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