Finding Value in Hard-Hit European Stocks

[moore_capital54]

Great piece. We have been finding some great value in Europe. Carrefour SA for example is already showing us a profit.

 

http://www.bloomberg.com/news/2011-10-05/don-t-fear-greeks-bearing-gifts.html

[tombgrt]

Good subject for another informative and interesting topic Moore, thanks for the link.

 

I have some companies on my watchlist (Vinci, Diageo, Solvay, Inbev, Colruyt, CFE, Danone, France Telecom, Telefonica, Siemens, ...) but I haven't really been looking at them yet, not even sure if they are all cheap.

 

 

I was looking at the website of the mutual fund and was wondering about the fees (http://evermoreglobal.com/evalue_fees_A.html).

Is it correct that they charge 1,67% annually and a sales charge of 5% (or lower) at deposit? Seems expensive, especially with the sales charge and without any track record. The guy has been mentored by Michael Price, that's a plus.

 

Over time I want to put some of my money in a European value mutual fund but I am a total layman in that field. If anyone has recommendations..

[Hawk4value]

I have owned the Mutual European Fund (TEM1Z) for years. They are excellent value investors.

[ourkid8]

http://choufunds.com/europe.html

 

I definitely recommend Chou Europe if you are looking for a European focused fund with one of the best value fund manager (Francis Chou) at the helm.  I currently hold 2 of his funds, Chou Associates and Chou Asia and what impresses me is his honesty, integrity and focus on long term value. 

 

Thanks,

 

S

 

Over time I want to put some of my money in a European value mutual fund but I am a total layman in that field. If anyone has recommendations..

[tombgrt]

I have owned the Mutual European Fund (TEM1Z) for years. They are excellent value investors.

 

Seems great, thanks.

 

http://choufunds.com/europe.html

 

I definitely recommend Chou Europe if you are looking for a European focused fund with one of the best value fund manager (Francis Chou) at the helm.  I currently hold 2 of his funds, Chou Associates and Chou Asia and what impresses me is his honesty, integrity and focus on long term value. 

 

Thanks,

 

S

 

Over time I want to put some of my money in a European value mutual fund but I am a total layman in that field. If anyone has recommendations..

 

Yes I have been looking at Chou's funds but as an European I can't buy any. :(

[Sportgamma]

Has anybody here looked into Exor SpA. Financial reporting is a bit messy imo, but it looks cheap.

[tombgrt]

Has anybody here looked into Exor SpA. Financial reporting is a bit messy imo, but it looks cheap.

 

Hm, interesting to note they have 25% of the assets in Mackenzie Cundill. I really like their value fund, their stock picks align with the average picks on this board.

 

Edit: Both the Mackenzie Cundill Value Fund and Bestinver Bestinfond have a substantial investment in Exor. For Bestinfond it is even a 6% position.

[frog03]

Yes I have been looking at Chou's funds but as an European I can't buy any.

 

***************

The best European value funds that are offered in Europe and that I know of are:

 

Flinvest Entrepreneurs (French fund)

Bestinver Bestinfond (Spanish fund)

 

The managers have a very long track record

[frog03]

Chou has done very well in North America.  His European performance is not satisfactory, not average, just plain bad.  Maybe it will get better over time?

[tombgrt]

Yes I have been looking at Chou's funds but as an European I can't buy any.

 

***************

The best European value funds that are offered in Europe and that I know of are:

 

Flinvest Entrepreneurs (French fund)

Bestinver Bestinfond (Spanish fund)

 

The managers have a very long track record

 

Tjeez frog03, thanks for the tips!  :D

 

 

 

1.  DANS LE DOMAINE DES ACTIONS EUROPEENNES

 

Notre approche consiste à investir en stock-picking dans une sélection de sociétés européennes cotées de première qualité, c'est-à-dire :

Leaders sur des marchés à forte barrières à l'entrée, de préférence en croissance, et profitables.

De toutes tailles de capitalisation, mais avec un biais sur les Midcaps, où se trouve le maximum de sociétés sous-évaluées.

Disposant d'une bonne culture d'entreprise et d'une bonne situation financière.

Animées par des dirigeants compétents, honnêtes, impliqués au capital et que nous connaissons depuis des années.

Nous investissons, de façon contrariante, dans ces entreprises à des moments de leur histoire où leurs résultats ont déçu les marchés financiers, si nos analyses, validées par l'avis d'experts indépendants du secteur d'activité, nous donnent la conviction que leurs fondamentaux sont restés sains.

 

Cette approche permet d'acquérir les titres de très bonnes sociétés à des niveaux de valorisations attractifs dans une optique de moyen terme.

 

If you read something like this, you know they get it. At first sight I like the Spanish one as well. Many thanks!

 

 

Btw, I feel like I totally hijacked this topic. Sorry Moore! Maybe we can get good stock ideas from the funds listed here?

[FFHWatcher]

a quick look at Chou Europe's reports shows that he is not happy with the performance and has decided to waive his management fees until Jan 1, 2014.  Just over 2 years with no management fees.  But then again, a lot investment managers do this when they have poor performance.

 

If you accept that he is a good investment manager, it could work out well.  Remember, Chou also has a 2% early withdrawal fee should you redeem your investment within the first 24 months.  The 2% is reinvested in the fund and split among the remaining unitholders.  Again, not that uncommon within the mutual fund industry.

[Packer16]

At the 3rd Ave Value conference, Sam Zell questioned the investment in European real estate given its lack of growth and heavy handed regulation.  It will be interesting to see if Europe will follow Japan

 

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