]David Herro Examines Glencore’s Fundamentals

]David Herro Examines Glencore’s Fundamentals

David Herro, chief investment officer of international equity at Harris Associates, explains why the strong fundamentals of Intesa Sanpaolo SpA represent a buying opportunity. He speaks with Bloomberg’s David Westin on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

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Dov Gertzulin's DG Capital is having a strong year. According to a copy of the hedge fund's letter to investors of its DG Value Partners Class C strategy, the fund is up 36.4% of the year to the end of June, after a performance of 12.8% in the second quarter. The Class C strategy is Read More

Harris Associates’ David Herro Examines Glencore’s Fundamentals

David Herro, chief investment officer of international equity at Harris Associates, examines Glencore’s fundamentals. He speaks with Bloomberg’s Alix Steel on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)

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Q2 hedge fund letters, conference, scoops etc


David quickly Glencore you got some lawsuits over there you have to make military rescue a subpoena. Do you own weakness.

You do. You do have some of these again broader issues but when you look at the fundamentals of Glencore what's happening with the exception of copper you've had really strong commodity prices and a lot of their key areas of output coal zinc nickeletc. have been doing while they're trading operation continues to do well and more importantly remember the fears of three years ago of Glencore was the balance sheet. The balance sheet is extremely strong. Today you see just in the double digits of net debt and 7 or 8 billion ofD.A so a very strong balance sheet good commodity prices a good trading operation we think we'll get through these legal issues. We think of Glencore as an extremely attractive stock at these prices.

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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