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Kimball Brooker, First Eagle Overseas Fund: I like a manager like this
Every fund has a strategy that they adhere to and I suppose that an owner of the fund can always say this resonates with me, my goals and my objectives. I prefer to hold my own cash to deploy into promising opportunities, be they funds, stocks, preferred shares, whatever is working. I can see a fund holding some cash for opportunities, redemptions and so on but I believe that 20% is just out of line, at least with my goals and objectives. Don't get me started on gold. I'm okay with your satisfaction but it doesn't work for me and probably explains why I don't hold a lot of mutual funds.
Related to cash holdings in a M F David Glancey Portfolio Manager PVSAX PYSAX Q &A You have often said that you hold a significant amount of cash in the portfolios to act as “dry powder” if you should see buying opportunities. The cash position has come down in recent quarters. What was the cash position in the fourth quarter, and how did it impact performance or provide opportunities? At the end of the third quarter, we had lower cash allocations compared with the second quarter. By the end of the fourth quarter, the cash position had risen slightly in both portfolios. Cash positions in the portfolios, however, tend to fluctuate day to day. A lower cash position was not reflective of a shift in strategy. I use cash to act quickly and opportunistically. I do not necessarily use it to be defensive, although there are times when it can have a stabilizing effect. https://www.putnam.com/literature/pdf/II911.pdf
P S edit Feb 25 2014, 16:33 ET Listed as over 5% holding in both Putnan funds as of 01/31/2014.Beware.
JAZZ Jazz -8% AH. CFO resigns. 2014 sales guidance above consensus.
Along with its Q4 results, Jazz Pharma (JAZZ) announces CFO Kathryn Falberg is resigning, effective March 9, to "pursue other interests." Corporate development SVP Matthew Young is replacing Falberg. Jazz expects 2014 revenue of $1.1B-$1.16B and EPS of $8-$8.25 vs. a consensus of $1.08B and $8.07. Xyrem net sales are expected to total $755M-775M, and Erwinaze/Erwinase net sales $185M-$200M. Xyrem net sales +45% Y/Y in Q4 to $164.2M, Erwinaze/Erwinase net sales +26% to $43.5M. Opex +25% to $75.5M. Q4 results, PR.
Comments
Regards,
Ted
David Glancey Portfolio Manager PVSAX PYSAX
Q &A
You have often said that you hold a significant
amount of cash in the portfolios to act as
“dry powder” if you should see buying
opportunities. The cash position has come
down in recent quarters. What was the
cash position in the fourth quarter, and
how did it impact performance or provide
opportunities?
At the end of the third quarter, we had lower cash allocations
compared with the second quarter. By the end
of the fourth quarter, the cash position had risen slightly
in both portfolios. Cash positions in the portfolios,
however, tend to fluctuate day to day. A lower cash position
was not reflective of a shift in strategy. I use cash to
act quickly and opportunistically. I do not necessarily
use it to be defensive, although there are times when it
can have a stabilizing effect.
https://www.putnam.com/literature/pdf/II911.pdf
Also; Putnam's David Glancy named Boston Capital mutual fund manager of the year. (PDF) 12/31/13
http://files.parsintl.com/eprints/80013.pdf
P S edit Feb 25 2014, 16:33 ET
Listed as over 5% holding in both Putnan funds as of 01/31/2014.Beware.
JAZZ
Jazz -8% AH. CFO resigns. 2014 sales guidance above consensus.
Along with its Q4 results, Jazz Pharma (JAZZ) announces CFO Kathryn Falberg is resigning, effective March 9, to "pursue other interests." Corporate development SVP Matthew Young is replacing Falberg.
Jazz expects 2014 revenue of $1.1B-$1.16B and EPS of $8-$8.25 vs. a consensus of $1.08B and $8.07. Xyrem net sales are expected to total $755M-775M, and Erwinaze/Erwinase net sales $185M-$200M.
Xyrem net sales +45% Y/Y in Q4 to $164.2M, Erwinaze/Erwinase net sales +26% to $43.5M. Opex +25% to $75.5M.
Q4 results, PR.