The Vilas Fund 2Q 2017 Investor Letter

The Vilas Fund just published its second quarter 2017 investor letter. The fund is currently focused on the financial services, automotive, healthcare and energy sectors.

For example, Barclays PLC:

In the Financial Services space, our average holding is trading at 0.86 times book value per share (we have excluded asset managers as they trade on earnings, not book value). This is extremely undervalued relative to history. As an example, Barclays, our largest position, is trading at 0.56 times book value. In the not too distant past, Barclays had briefly traded over 5.0 times book value and regularly traded at 3 times book value.

The fund also owns Honda Motor Co., Daimler AG, Ford, GM, Valeant Pharmaceuticals, and Walgreens Boots Alliance.

You can find the full letter here:

The Vilas Fund 2Q 2017 Investor Letter

 

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