Arnold Van Den Berg Fund Investing Strategies By Dividend Yield – Stock Capital, Investment. Here is a current portfolio update of Arnold Van Den Berg’s - Century Management Advisers - portfolio movements as of Q4/2011 as of November 30, 2011. In total, he held 77 stocks with a total portfolio worth of USD 101,996,000.
Strategy:
For over thirty five years we have been value investors and have applied the same value strategy for both our clients and our own personal accounts. Our proprietary investment research seeks to determine the appraised value of a company. The appraised value, or worth of a company, is sometimes referred to as intrinsic value, private market value, or break-up value.
Investments are then made at a significant discount, normally 40% to 65% below our determination of a company's current intrinsic value. This allows us to buy companies with a margin of safety, as we strongly believe that the price we pay for a company will ultimately determine our return.
By adhering to the principles of intrinsic value and the margin of safety, we practice an investment philosophy that runs counter to the general market psychology. The buying and selling of companies is therefore based on investment discipline, not popular opinion.
To minimize unforeseen events that could adversely affect intrinsic values, we adhere to a policy of broad diversification. Generally, no one issue accounts for more than 1% to 5% of the portfolio assets on the cost side; and no one industry group accounts for more than 10% to 15% of a portfolio's value. When fully invested, the typical portfolio will have approximately 35 to 40 companies whose headquarters are generally based in the United States.
Portfolios are not constrained by market size or capitalization. Therefore, a significant portion of portfolio assets may be invested in small, medium, or large companies with one market capitalization being more heavily weighted over the other at any given time.
Arnold Van Den Berg’s fund positions as of Q4/2011 with actual stock movements:
Sym - Stock | Portfolio Weight | Recent activity | Reported Price* |
MSFT - Microsoft Corp. | 6.63 | 0 | $25.58 |
WMT - Wal-Mart Stores | 4.4 | Reduce 35.37% | $58.89 |
DELL - Dell Inc. | 4.34 | 0 | $15.76 |
JEC - Jacobs Engineering Group | 4.25 | 0 | $41.54 |
CSCO - Cisco Systems | 4.16 | 0 | $18.64 |
WFC - Wells Fargo | 3.28 | 0 | $25.86 |
INTC - Intel Corp. | 3.27 | 0 | $24.91 |
AMAT - Applied Materials | 3.14 | 0 | $10.78 |
SPLS - Staples Inc. | 3.05 | 0 | $14.41 |
TOL - Toll Brothers | 2.97 | Add 27.44% | $20.31 |
MMM - 3M Co. | 2.79 | Reduce 33.32% | $81.03 |
MDC - M.D.C. Hldgs | 2.61 | 0 | $17.85 |
BRK.B - Berkshire Hathaway CL B | 2.61 | 0 | $78.76 |
MAS - Masco Corp. | 2.56 | 0 | $9.58 |
ORN - Orion Marine Group Inc. | 2.21 | 0 | $6.01 |
EMR - Emerson Electric | 2.04 | 0 | $52.25 |
HSC - Harsco Corp. | 2.03 | 0 | $20.64 |
VLO - Valero Energy | 1.83 | 0 | $22.27 |
XOM - Exxon Mobil Corp. | 1.68 | 0 | $80.44 |
SCS - Steelcase Inc. | 1.51 | Buy | $7.84 |
PAYX - Paychex Inc. | 1.46 | 0 | $29.11 |
TDW - Tidewater Inc. | 1.41 | 0 | $50.39 |
NEWP - Newport Corp. | 1.4 | 0 | $13.03 |
AXP - American Express | 1.4 | Reduce 20.51% | $48.03 |
UFPI - Universal Forest Products | 1.32 | Add 2050.89% | $27.87 |
ABM - ABM Industries | 1.31 | 0 | $21.73 |
BHE - Benchmark Electronics | 1.25 | Add 81.15% | $13.81 |
MDT - Medtronic Inc. | 1.24 | 0 | $36.42 |
MXWL - Maxwell Technologies Inc. | 1.2 | Reduce 33.00% | $16.97 |
CDI - CDI Corp. | 1.19 | 0 | $13.05 |
MMC - Marsh & McLennan | 1.13 | 0 | $30.18 |
GE - General Electric | 1.12 | 0 | $15.91 |
TGT - Target Corp. | 1.09 | 0 | $52.70 |
SBX - SeaBright Holdings Inc. | 1.04 | 0 | $6.85 |
CORE - Core Mark Holding Co. Inc. | 0.97 | 0 | $38.57 |
DIS - Walt Disney Co. | 0.95 | Buy | $35.85 |
CPY - CPI Corp. | 0.91 | Add 18.40% | $4.80 |
CTAS - Cintas Corp. | 0.88 | 0 | $30.41 |
HTCH - Hutchinson Technology | 0.87 | 0 | $1.59 |
GLW - Corning Inc. | 0.83 | Buy | $13.27 |
PG - Procter & Gamble | 0.82 | 0 | $64.57 |
GVA - Granite Construction | 0.8 | 0 | $24.91 |
LDL - Lydall Inc. | 0.8 | Add 12.48% | $9.00 |
WIRE - Encore Wire Corp. | 0.79 | Add 590.20% | $25.91 |
APOG - Apogee Enterprises | 0.73 | Add 592.81% | $10.60 |
MOLX - Molex Inc. | 0.7 | 0 | $24.93 |
LOW - Lowe's Cos. | 0.69 | 0 | $23.99 |
WOOF - VCA Antech | 0.68 | Add 949.10% | $19.66 |
IIIN - Insteel Industries Inc. | 0.68 | Add 284.94% | $10.43 |
KFY - Korn/Ferry International | 0.68 | Buy | $16.83 |
FBHS - Fortune Brands Home & Security | 0.66 | Buy | $16.68 |
TMO - Thermo Fisher Scientific | 0.65 | 0 | $47.22 |
HSII - Heidrick & Struggles | 0.65 | Buy | $21.30 |
RTEC - Rudolph Technologies | 0.63 | Buy | $7.86 |
FDX - FedEx Corp. | 0.62 | 0 | $83.13 |
PRCP - Perceptron Inc. | 0.61 | Add 397.28% | $5.26 |
SWY - Safeway Inc. | 0.61 | 0 | $20.00 |
CAS - Castle (A.M.) | 0.52 | Buy | $13.60 |
VPG - Vishay Precision Group | 0.52 | 0 | $14.24 |
LAWS - Lawson Products | 0.47 | 0 | $15.76 |
SVT - Servotronics Inc. | 0.36 | Add 4.64% | $8.96 |
ISSC - Innovative Solutions & Support Inc. | 0.32 | Add 228.04% | $4.00 |
PVA - Penn Virginia | 0.3 | 0 | $5.30 |
CMCSK - Comcast Corp. CL A Spl | 0.28 | 0 | $22.33 |
PLNR - Planar Systems | 0.27 | Add 202.16% | $2.02 |
LFVN - Lifevantage Corp. | 0.14 | Buy | $1.45 |
TNB - Thomas & Betts | 0.12 | 0 | $52.19 |
PCTI - PCTEL Inc. | 0.12 | 0 | $6.98 |
MCRL - Micrel Inc. | 0.1 | 0 | $10.37 |
EXAR - Exar Corp. | 0.1 | 0 | $6.31 |
CCMP - Cabot Micro-Electronics | 0.08 | 0 | $41.73 |
SIGI - Selective Insurance Gr | 0.06 | 0 | $16.44 |
DW - Drew Industries | 0.05 | 0 | $21.75 |
LNDC - Landec Corp. | 0.04 | 0 | $6.02 |
SCX - LS Starrett Co. | 0.04 | 0 | $12.23 |
WFR - MEMC Electronic Materials | 0.02 | Reduce 98.46% | $4.14 |
COHU - Cohu Inc. | 0.01 | 0 | $10.00 |
Related Stock Ticker of Arnold Van Den Berg Fund Portfolio:
MSFT, WMT, MMM, DELL, JEC, CSCO, WFC, AMAT, SPLS, MDC, WFR, INTC, BRK.B, MAS, ORN, HSC, TOL, VLO, MXWL, EMR, AXP, XOM, TDW, NEWP, CPY, PAYX, ABM, HTCH, MDT, GE, MMC, TGT, CDI, SBX, CTAS, CORE, LDL, PG, TMO, BHE, GVA, MOLX, FSX, LOW, SWY, VPG, LAWS, PVA, SVT, CMCSK, IIIN, PRCP, ISSC, PCTI, TNB, WIRE, MCRL, APOG, EXAR, PLNR, CCMP, UFPI, WOOF, DW, SIGI, SCX, LNDC, COHU, SCS, DIS, GLW, KFY, FBHS, HSII, RTEC, CAS, LFVN