Eugene Profit Positions For 2012: Loading Up On Legacy Large Cap ...
In 1996, and has overall management responsibility for the firm and client portfolios. Profit Investments manages $2 billion, including large and small cap institutional accounts and mutual funds (tickers PVALX, PROFX). Eugene’s unique investment management philosophy can roughly be described as 'valuation sensitive growth investing.'Seeking Alpha (SA): How would you generally describe your investing style/philosophy?
Eugene Profit (EP): We use a bottom up fundamental investing style. Stock selection is based upon attractive valuation-sensitive growth characteristics.
SA: How much portfolio turnover can your clients expect in a turbulent year like 2011? Do you generally become more active in markets like the one we are currently experiencing, or is your method of valuation sensitive growth stock picking more or less immune to extreme market fluctuations?
EP: Our portfolio turnover is generally below 50% and this year was consistent with this historical norm. We utilize extremely volatile markets to search for mispriced securities in high quality franchises that are facing some temporary business issue. We seek to buy these stocks at discounts to their intrinsic values and have catalysts that will close the gap between the current market price and our calculated business value. But we don’t try to time the market – we always keep a long-term view in mind and may wait for months for an attractive entry point.
SA: Name one holding that exceeded your expectations in 2011, and one you had high hopes for that didn't pan out. Do you see any particular investment surprising investors over the next year?
EP: El Paso ( EP ) exceeded our expectations this year as the stock is up some 83% year-to-date. Some of the events that helped the stock this year are EP investors reacting favorably to the company’s announcement that it decided to pursue the development of its Eagle Ford shale asset without a JV partner. In addition, EP announced that they would separate the E&P segment via a tax-free spin-off. The announced break-up will drive increased investor interest in each of the two remaining entities, helping drive significant further upside. Utilization of the MLP structure (El Paso Pipeline Partners) through periodic asset dropdowns and continued positive drilling results, should serve as additional catalysts in the coming months.
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Do you generally become more active in markets like the one we are currently experiencing, or is your method of valuation sensitive growth stock picking more or less immune to extreme market fluctuations? EP: Our portfolio turnover is generally below
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