Billionaire David Harding’s Cheap Picks

Value investors often begin their search for attractive stocks by looking for those which are “cheap” in terms of having low price-to-earnings multiples. We at Insider Monkey maintain a database of quarterly 13F filings from hundreds of hedge funds as part of our work developing investment strategies and can also screen picks from individual managers in search of potential value opportunities that investors might want to research further. Here are our brief thoughts on the five largest positions in billionaire David Harding’s Winton Capital Management’s portfolio in stocks with both trailing and forward P/Es of 12 or lower:

The fund increased the size of its position in Northrop Grumman (NYSE: NOC) to a little more than 600,000 shares during the first quarter of 2013. Harding and his team were also buying Raytheon (NYSE: RTN) between January and March. Similarly to Northrop Grumman, recent reports show a small fall in revenue at the company. Another contractor among Winton’s picks is Lockheed Martin (NYSE: LMT); the filing disclosed ownership of about 370,000 shares of that stock. The 13F shows Harding adding to his stake in ExxonMobil (NYSE: XOM), with a total of about 440,000 shares as of the beginning of April. Winton owned about 750,000 shares of Allstate (NYSE: ALL) according to the filing.

Source: Motlry Fool

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