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John Hussman Buys, Sells Most Valuable Stakes in Second Quarter

GuruFocus.com

John Hussman (Trades, Portfolio), president and principal shareholder of Hussman Strategic Advisors, devoted much of his attention in the second quarter to his existing stakes, buying or selling stock in seven of his 10 most valuable holdings.


He sold more than one-quarter of his most-valuable stake, Newmont Mining Corp (NEM), a Colorado-based gold producer. Hussman sold 300,000 shares for an average price of $25 per share. The deal had a -0.68% impact on his portfolio.

Newmont has a market cap of $8.68 billion and an enterprise value of $14.8 billion. It has a P/E of 20.0, a Price/Book of 0.8 and a Price/Sales of 1.1. Brian Rogers (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Richard Snow (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), John Buckingham (Trades, Portfolio), David Dreman (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Meridian Funds (Trades, Portfolio) have shares of Newmont in their portfolios.

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Hussman left his second-most valuable stake, Eli Lilly and Co (LLY), an Indianapolis-based pharmaceutical company, alone in the second quarter, but he sold one-third of his third-most valuable stake, Barrick Gold Corp (ABX), the world's largest gold-mining company. Hussman sold 750,000 shares of Barrick for an average price of $12.19 per share. The sale had a -0.86% impact on his portfolio.

Barrick has a market cap of $7.91 billion and an enterprise value of $21.39 billion. It has a Price/Book of 0.8 and a Price/Sales of 0.8. First Eagle Investment (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Burbank (Trades, Portfolio), John Rogers (Trades, Portfolio), John Buckingham (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Barrick in their portfolios.

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Hussman raised his fourth-most valuable stake, Broadcom Corp (BRCM), a California-based semiconductor company, by one-third, purchasing 75,000 shares for an average price of $48.68 per share. The acquisition had a 0.45% impact on his portfolio.

Broadcom has a market cap of $30.59 billion and an enterprise value of $29 billion. It has a P/E of 44.2, a Price/Book of 3.2 and a Price/Sales of 3.6. PRIMECAP Management (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Rogers (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Caxton Associates (Trades, Portfolio), George Soros (Trades, Portfolio), Richard Snow (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Broadcom in their portfolios.

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Hussman sold a small part of his fifth-most valuable stake, Cisco Systems Inc (CSCO), a San Jose, California-based technology company that designs, manufactures and sells networking equipment. Hussman sold 51,000 - less than one-tenth of his stake - for an average price of $28.68 per share. The sale had a -0.15% impact on his portfolio.

Cisco has a market cap of $142.76 billion and an enterprise value of $108.9 billion. It has a P/E of 16.3, a Price/Book of 2.4 and a Price/Sales of 3.0. Donald Yacktman (Trades, Portfolio), Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Yacktman Focused Fund (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Joel Greenblatt (Trades, Portfolio), Caxton Associates (Trades, Portfolio), James Barrow (Trades, Portfolio), Manning & Napier Advisors, Chuck Royce (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Charles Brandes (Trades, Portfolio), John Buckingham (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Bill Frels (Trades, Portfolio), Tom Gayner (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Frank Sands (Trades, Portfolio), Richard Snow (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), First Eagle Investment (Trades, Portfolio) and Ronald Muhlenkamp (Trades, Portfolio) have shares of Cisco in their portfolios.

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Hussman sold just under one-tenth of his sixth-most valuable stake, Quest Diagnostics Inc (DGX), a New Jersey-based healthcare company that provides laboratory services. Hussman sold 20,000 shares for an average price of $73.83 per share. The transaction had a -0.16% impact on his portfolio.

Quest has a market cap of $10.71 billion and an enterprise value of $14.32 billion. It has a P/E of 22.0, a Price/Book of 2.5 and a Price/Sales of 1.4. Chris Davis (Trades, Portfolio), Jim Simons (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), John Rogers (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Bernard Horn (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Murray Stahl (Trades, Portfolio) have shares of Quest in their portfolios.

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He raised his seventh-most valuable stake, Infosys Ltd (INFY), an IT services and consulting company based in India, by more than 80%. Hussman purchased 410,000 shares for an average price of $16.24 per share. The acquisition had a 0.75% impact on his portfolio.

Infosys has a market cap of $38.72 billion and an enterprise value of $34.18 billion. It has a P/E of 25.2, a Price/Book of 4.6 and a Price/Sales of 4.4. Ken Fisher (Trades, Portfolio), Stanley Druckenmiller (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Jim Simons (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Bernard Horn (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Infosys in their portfolios.

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Hussman's eighth- and ninth-most valuable stakes - Cirrus Logic Inc (CRUS) and Jack In The Box Inc (JACK), respectively - were not touched in the second quarter.

Hussman sold more than one-tenth of his 10th-most valuable stake, Medtronic PLC (MDT), an Irish medical device company. He sold 25,000 shares for an average price of $76.4 per share. The deal had a -0.21% impact on his portfolio.

Medtronic has a market cap of $110.15 billion and an enterprise value of $127.1 billion. It has a P/E of 29.2, a Price/Book of 2.1 and a Price/Sales of 4.3. James Barrow (Trades, Portfolio), Vanguard Health Care Fund (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Dodge & Cox, Jeremy Grantham (Trades, Portfolio), HOTCHKIS & WILEY, Bill Nygren (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Bill Frels (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), John Keeley (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), John Buckingham (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and Ruane Cunniff (Trades, Portfolio) have shares of Medtronic in their portfolios.

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This article first appeared on GuruFocus.