Wall Street Transcript Interview with Marshall Kaplan and Steven Howard, Managing Directors at Global Investment Solutions: Investing in Sound Fundamentals at a Reasonable Price

67 WALL STREET, New York - August 7, 2013 - The Wall Street Transcript has just published its Deep Value Investing and Other 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: Bottom-Up Stock Selection - Value Oriented Strategy - Value Investing - Deep Value - Small Cap Investing

Companies include: ConAgra Foods, Inc. (CAG), Teleflex Inc. (TFX), AnnTaylor Stores Corp. (ANN), Thermo Fisher Scientific, Inc. (TMO), Life Technologies Corporation (LIFE) and many more.

In the following excerpt from the Deep Value Investing and Other Strategies Report, expert portfolio managers discuss their portfolio-construction methodologies and investment philosophies:

TWST: Would you provide us with a few examples of stocks that you believe are really representative of your approach?

Mr. Kaplan: We recently, in the second quarter 2013, established a position in ConAgra Foods (CAG). ConAgra is a major U.S. packaged food company. It was historically a branded foods company until it acquired Ralcorp, a private-label company, in January of 2013, for about $4.75 billion.

There are a couple of exciting components to the story. First, we think there is a margin expansion opportunity here because of agricultural price deflation - 2011 and 2012 were difficult years for food manufacturers as we saw double-digit inflation rates on cost of goods sold. This drove larger price increases on the products, which, in our opinion, had a negative impact on volume growth and margins. Price inflation is now moderating significantly.

We would expect the second half of 2013 to post low-single-digit input cost increases and could actually see further price declines in 2014. We believe the cost savings will allow the company to be able to price more opportunistically. If they combine a stepped-up marketing and advertising effort across select brands, it should drive volume growth and result in higher margins.

From a valuation perspective, the stock trades on forecast earnings for 2014 - it's a May fiscal year - at about 15 times. We think the synergies resulting from the acquisition of Ralcorp could provide upside to that. Further, we see product innovation on the way, and CAG has some very strong brands, like Marie Callender's, Reddi-wip, Hunt's and PAM. We are convinced that the stock, which also carries a 3% dividend yield, is not fully appreciated by investors at current levels.

Mr. Howard: Another company where we see value is Teleflex Inc. (TFX). We recently, in the second quarter 2013, increased...

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