67 WALL STREET, New York - May 28, 2014 - The Wall Street Transcript has just published its Investing Strategies Report. This special feature contains expert industry commentary through in-depth interviews with highly experienced, professional Money Managers. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Secular Growth Themes - Small Cap Investing - All-Cap Investing - Bottom-Up Stock Selection - Quality of Business - Growth at a Reasonable Price - Long/Short Strategy - Investment Risk/Return
Companies include: Synaptics Inc. (SYNA), Illumina Inc. (ILMN), Quest Diagnostics Inc. (DGX), Alexion Pharmaceuticals, Inc. (ALXN), Royal Caribbean Cruises Ltd. (RCL), O'Reilly Automotive Inc. (ORLY), CIGNA Corp. (CI) and many others.
In the following excerpt from the Investing Strategies Report, a highly experienced portfolio manager discusses her investing methodology and top stock picks for investors:
TWST: Can you please begin with a snapshot of Teton Advisors and an overview of Teton Mid-Cap Equity?
Ms. Wehner: Teton Advisors is a multistrategy investment management boutique. We have about $2.2 billion in assets under management. Internally, we manage micro-cap, small-cap and mid-cap equity strategies. We offer both mutual funds and separately managed accounts. And throughout each of these mandates, we deploy a fundamental, bottom-up, research-driven investment philosophy.
The company was founded in 1994 and became a publicly traded company in 2009 when it was spun off of Mario Gabelli's GAMCO Investors. Regarding Teton Mid-Cap specifically, in October of 2012, my team and I joined Teton from GE Asset Management to launch the midcap effort. We also introduced our midcap mutual fund in June of 2013. We manage separate accounts and currently have a little more than $500 million in assets under management.
Within midcap, we focus on companies with market caps of between $1 and $20 billion, and we focus on high-quality companies trading at reasonable valuations. Our strategy can best be described as growth at a reasonable price.
TWST: Can you share some of your own career highlights and that of your key management investment team?
Ms. Wehner: I've been in the investment business for 29 years. I started my career managing money primarily for high net worth individuals and small corporations. At that time I focused more on large-cap stocks. About 10 years into my career, I switched gears to focus on managing institutional assets. And as I moved through my career, I also moved down the market cap spectrum, as I found midcap stocks more exciting investments. That focus brought me to General Electric Asset Management, where I spent 11 years managing the midcap portfolio and heading up the overall midcap effort. In 2012, as I mentioned earlier, my team and I left GE and joined Teton.
A little bit about the team: My team came together while we were at GE. Charlie Stuart who is my Co-Portfolio Manager has 18 years of investment experience, and he's been with me for 12 years, and Mark Gorodinsky, who has 17 years of experience joined Charlie and me in 2007 and is our Senior Analyst. Both Charlie's and Mark's previous positions included a focus on smaller-cap names.
Charlie's ideology, if you will, leans toward growth, and in fact, he managed the Mid-Cap Growth portfolio at GE. Mark tends to have more of a value bias in his stock selection. So I think together our experience and our philosophies complement each other, allowing us to come at the investment process from different directions and help us in selecting high-quality growth companies trading at attractive valuations.
TWST: Please give us a closer look at your guiding strategies and what your process is like for finding the best opportunities in the midcap space.
Ms. Wehner: Our investment philosophy is based on the premise that over time, earnings growth translates into stock price appreciation...
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.