Identifying Value and Great Capital Allocators on a Global Basis: an Expert Portfolio Manager Discusses His Top Picks with The Wall Street Transcript

Wall Street Transcript

67 WALL STREET, New York - February 20, 2013 - The Wall Street Transcript has just published its Investing Strategies Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Value Investing - Long-Term Investing - Longer-Term Investing - All-Cap Growth Investing - Bottom-up Investing - Global Investing - Emerging Market Growth Dynamics - High Quality Companies - Investment Strategies - Investing in Emerging Markets

Companies include: Berkshire Hathaway Inc. (BRK-A), Brookfield Asset Management In (BAM), Apple Inc. (AAPL), Markel Corp. (MKL), Wal-Mart Stores Inc. (WMT), Costco Wholesale Corporation (COST) and many more.

In the following excerpt from the Investing Strategies Report, an expert portfolio manager discusses his portfolio-construction methodology and his investment philosophy, sharing some of his top picks.

TWST: Can you share some of your best ideas or stories at the moment? I'm sure some holdings cross two out of the three funds.

Mr. Mann: We hold about 125 companies in total. We have a team of myself and three other analysts, and all of us are responsible for all three of the portfolios. Some of our largest holdings are companies that you would view as being great capital allocators, including Berkshire Hathaway (BRK-A).

In the Independence Fund, we also have Brookfield Asset Management (BAM), a Canadian asset manager that owns One Financial Center in New York. They've been really active purchasers of New York real estate after September of 2001. They have an extraordinary record of generating strong returns on capital, and we expect that they will be able to do it well into the future.

Although we are not macro investors, we do look for positive macroeconomic and even demographic trends as we evaluate companies. For example, have a significant stake in Multiplus (MPLU3.SA). It's a play on the airline industry of Brazil, which is essentially controlled by two companies, but Multiplus is not an airline itself. It is the company that manages frequent-flyer programs in Brazil. It's very asset-light. They don't own planes, but they do benefit from the Brazilian air market, which is one of the fastest-growing markets in the world. Multiplus is a really interesting story for us, and it's been a long-term holding.

Recently, we've been interested in what's going on with Apple (AAPL). It's not that...

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

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