CORDA Investment Management, LLC, a Houston, TX based portfolio management and consultancy firm has disclosed their stock holdings in this year’s first quarter 13F report. At the top of the list is Intel Corporation (NASDAQ:INTC) with more than 600,000 shares. Bonner C. Barnes, Chief Investment Officer, and his team have also increased their stake in Vodafone Group Plc (ADR) (NASDAQ:VOD), underlying the company’s trust in technology stocks. Let us go through the top 5 positions of CORDA Investment Management. You can also read more about the holdings of other hedge funds and benefit from our premium offers.
Why should you pay attention?
Our selection of the top five positions in RWC’s portfolio is crucial, because studies have shown that average investors can benefit from tracking a hedge fund’s sentiment. According to our research, those who follow the funds we track can outperform the market by 18 percentage points a year.
Intel continues to top the list
Intel Corporation (NASDAQ:INTC) has kept its leadership in the top 5 stock picks of CORDA Investment. Barnes and his team have added more than 75,000 shares to their stake in the technology giant during the first quarter of 2013. Intel Corporation (NASDAQ:INTC) has a trailing Price to Earnings ratio of 12.02, which is half the average P/E ratio of the industry.
The forward P/E ratio of 11.85 suggests that market participants expect little change from the current trend of the Intel stock. The tech giant is also paying a dividend of $0.90. Deutsche Bank has recently announced that it views Intel Corporation (NASDAQ:INTC)’s position in the tablet market as strong, and that the stock continues to be a Buy with a price target of $26, as reported by Barron’s.
Image above courtesy of Intel Corporation (NASDAQ:INTC)
A reduction
CORDA’s investment team has reduced their exposure to Penn West Petroleum Ltd (USA) (NYSE:PWE), by selling shares in excess of 7,500 units. The stock, however, continues to be the second largest holding of the fund. The oil exploration and production company has a beta of 1.52, signaling it as a riskier investment than market-average, and pays a dividend of $1.06.
A little faith
Another position Bonner C. Barnes added to is Valley National Bancorp (NYSE:VLY). More than 38,000 shares were added to take CORDA’s total stake in the New Jersey bank to 518,748 shares. Although Valley National Bancorp (NYSE:VLY) has recently reported a decrease in revenues and earnings per share compared to the first quarter of 2012, the company has rarely recorded ROE figures in the single digits. The company’s current trailing Price to Earnings ratio is at 12.61, while the forward P/E for the 2014 fiscal year is 14.68.
The best of the rest
CORDA has also increased their share in Vodafone Group Plc (ADR) (NASDAQ:VOD) by 11% to more than 500,000 shares. The addition of shares of the mobile technology provider could signal the intention of Barnes to bring more stability to his team’s equity portfolio, as Vodafone Group Plc (ADR) (NASDAQ:VOD) is trading at a forward P/E ratio of 11.92, pays a dividend of $1.53, and has a beta of 0.78. Furthermore, the company has a Levered Free Cash Flow of $11.71 billion.
One stock CORDA have been reducing their exposure to is Enerplus Corp (USA) (NYSE:ERF). The investment team has slightly reduced their share in the oil and natural gas explorer, taking it to 503,809 shares. Enerplus Corp (USA) (NYSE:ERF) has reduced their dividend in 2012, but the company is trading at a forward P/E of 20.36, which is not extremely expensive when looking at industry norms. Enerplus will announce their financial results for the first quarter of 2013 on May 10th. The market expects earnings of $0.12 per share.
Bottom line
Summing up, CORDA has a balanced equity portfolio with considerable shares in big, constantly performing companies as well as exposure to small regional companies that show great potential. Energy stocks also bring stability to the firm’s holdings, although the companies are only regional players.
Disclosure: none
