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Top Headlines

Tracking Alex Roepers' Atlantic Investment Management Portfolio - Q4 2017 Update

14m seekingalpha
Atlantic Investment Management’s 13F portfolio value decreased from $804M to $763M. The number of positions remained steady at 15. (339-0)

Wayfair's Crash Is An Opportunity

1h seekingalpha
Given that the company is still in growth mode, a single quarter's profit miss isn't the biggest concern. Wayfair is still investing in its logistics capabilities which have a long-term ramp. (182-0)

HKEX says listing reforms could be in place by late April

59m scmp
Hong Kong Exchanges and Clearing may amend its listing rules to accept companies with dual class shares and biotech companies with no revenue as early as late April, accelerating the timeline for the widely-expected listing regime change by several months, the bourse operator said on Friday. (78-0)

V.F. Corp. Is A Great Company, But Here Is A Case For Hanesbrands

2h seekingalpha
As very well explained in 40 SA articles about V.F. Corp. (NYSE:VFC) published in 2017, VFC is a well-run company that is doing many things right. They have a buyback plan in place, and they manage to grow sales revenue by a 10-year average of nearly 6.0%. VFC’s gross profit margins, return on sales, return on invested capital and return on equity have all improved in recent years. (93-0)

US tells India to cut tariffs as trade friction heats up

5h moneycontrol
US businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi's move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade. (156-0)

Is It Time To Board The Hannon Armstrong Train?

35m seekingalpha
REITs are vehicles that can be used to raise capital for infrastructure investments in “public-private partnership” transactions. (50-0)

A Positive Quarter In A Turnaround Story Leaves Pandora Playing A Nice Tune

2h seekingalpha
Management is not giving specific full year 2018 guidance, and guided to a y/y decline in Q1 2018 in advertising revenue, offset by stronger subscription revenue. (69-0)

US semiconductor firm Xcerra calls off sale to Chinese fund after hitting US regulatory wall

3h scmp
Xcerra, a US semiconductor company, has cancelled its US$580 million sale to a Chinese government-backed fund in yet another case of US regulators blocking Chinese takeovers of US tech firms amid the Trump administration’s toughened stance on such deals citing national security concerns. (88-0)

Exclusive: U.S. tells India to cut tariffs as trade friction heats up

5h in.reuters
NEW DELHI (Reuters) - U.S. businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi’s move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade. (156-0)

Airbus Super-Jumbo Sheds Financial Weight in New State Aid Deal - Bloomberg

4h bloomberg
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. (54-1)

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Top Institutional Investors

FirmManager(s)Size (USD)
Vanguard Group Inc 2,286,847,178,000
BlackRock Inc. 2,101,760,765,000
FMR LLC / Fidelity 853,061,720,000
BlackRock Fund Advisors 542,337,368,000
Capital World Investors 461,254,545,000
Capital Research Global Investors 340,756,867,000
Berkshire Hathaway IncWarren Buffett 191,242,697,000
Renaissance Technologies LLCJames Simons 90,704,979,000
Third Point LLCDan Loeb 13,855,091,000
Tiger Global Management LlcChase Coleman, Feroz Dewan 12,662,676,000
Baker Brothers Advisors LPJulian and Felix Baker 11,537,077,000
Melvin Capital Management LPGabriel Plotkin 10,545,345,000
Baupost Group LLC/MASeth Klarman 10,114,260,000
ValueAct Holdings, L.P.Jeff Ubben 9,883,194,000
Gotham Asset Management, LLCJoel Greenblatt 6,886,214,000
Pershing Square Capital Management, L.P.Bill Ackman 5,872,732,000
GreenLight Capital IncDavid Einhorn 5,502,997,000
Starboard Value LPJeffrey Smith 4,088,854,000
Hitchwood Capital Management LPJames Warby Crichton 2,666,233,000
Duquesne Family Office LLCStanley Druckenmiller 1,983,817,000
Sabby Management, LLCHal David Mintz 1,098,052,000
Pine River Capital Management L.P.Brian Taylor and James Clark 236,883,000
Bodenholm Capital AB 206,108,000
Scion Asset Management, LLCDr. Michael Burry 35,387,000

New Activist Filings

2018‑02‑23 SC 13D BSTG / Biostage Liu Jinhui 368,318 12.9
2018‑02‑22 SC 13D MTGE / American Capital Mortgage Investment Agnc Investment Corp. 2,619,993 5.7
2018‑02‑22 SC 13D/A BHACU / Barington Barington Companies Advisors, LLC 130,000 5.79
2018‑02‑22 SC 13D ADHD / Alcobra Chivukula Pad 736,515 6.9
2018‑02‑22 SC 13D LAYN / Layne Christensen Co. Cetus Capital II, LLC 1,820,617 8.7
2018‑02‑22 SC 13D AQMS / Aqua Metals Philotimo Fund, LP 1,803,343 6.5
2018‑02‑22 SC 13D/A MTW / Manitowoc Co. ICAHN CARL C 1,706,276 4.85
2018‑02‑22 SC 13D CZZ / Cosan SKAGEN FUNDS
2018‑02‑22 SC 13D/A LTEA / Long Blockchain Cullen Inc Holdings Ltd. 939,357 9.0
2018‑02‑22 SC 13D/A BBW / Build-A-Bear Workshop CANNELL CAPITAL LLC 967,257 6.08
Click for full list

Stock Screens

The fundamental task in investing is finding mispricings in price v. quality. There are a lot of cheap companies in the market, but most of them are cheap for very good reasons. The trick is finding companies that are cheap but actually healthy. In 2000, Joseph Piotroski wrote a paper in which he described a mathematical model that turned data from financial reports into a simple 9-point score that described a company’s health. He showed that this score, combined with a valuation metric (he used Book-To-Market), could be used successfully to produce excess returns in an investing strategy. This stock screener finds all companies with a score greater than six (which we call “healthy enough”). In his work, he suggested taking a list like this and buying the cheapest of that list. Note that many people believe, incorrectly, that buying companies with the best score is the proper approach, but they end up overpaying for quality. Remember, the goal is to find mispricings in price and quality, not overpay for high quality.  
Companies with Return on Invested Capital (ROIC) > 15%  
Finds all companies with an activist investor filing in the last year  
Finds companies where Price to Book Value < 1.0;  
Companies with negative enterprise value generally get this way because they have a lot of cash. (Cash is subtracted when calculating EV). There is some evidence that negative enterprise value companies outperform the market, so companies matching this screen might be undervalued.  
For investors desiring income over capital appreciation, companies that pay dividends regularly are a great way to generate a steady cash flow. As in any purchase, the goal is to get most value for your dollar, and with dividends, a key metric is dividend yield. The dividend yield is the annual dividend paid divided by the current share price. Higher yields are better. This stock screen finds all securities with a dividend yield greater than 4%.  
This stock screen finds microcap companies with positive annual revenue.  
This is Benjamin Graham's Net Net Working Capital Screen  
The Net Current Asset Value (NCAV) is a conservative valuation metric popularized by Benjamin Graham. To calculate it, simply subtract the total liabilities from a company’s current assets. To calculate NCAVPS (Net Current Asset Value Per Share), divide the NCAV by the number outstanding shares. This stock screener takes Ben Graham’s more conservative approach and uses ⅔ of the NCAV.