Date updated:03-22-2008
As manager of the $574 million Nuveen Tradewinds Value Opportunities Fund (ticker: NVOAX), Iben scours the market for companies and industries where the consensus view looks wrong -- then jumps in with both feet.

-
KGC
Kinross Gold Cp - $18.36
- +3.55%
- $17.55
Iben has been snapping up shares of Kinross Gold (KGC), Anglogold Ashanti (AU) and the relatively obscure Lihir Gold (LIHR).

-
AU
Anglogold Ashanti - $27.31
- +4.64%
- $26.59
Iben has been snapping up shares of Kinross Gold (KGC), Anglogold Ashanti (AU) and the relatively obscure Lihir Gold (LIHR).

-
LIHR
Lihir Gold - $19.88
- +0.96%
- $19.29
Traded in Australia, the company is based in Papua New Guinea, where, Iben says, "they own what we think will be one of the biggest gold mines in the world. We think we're paying the equivalent of $450 per ounce of gold for their reserves."

-
NTT
Nippon Telephone - $25.89
- -2.23%
- $25.83
Nippon Telegraph & Telephone (NTT), Japan's largest telecommunications company. "You have this dominant telecom provider from the second-largest economy on earth -- and it's got a market cap of only $67 billion!" exclaims Iben. He isn't rattled by the fact that NTT now has rivals and margins are slimming: "There's great value left in the franchise."

-
EBAY
Ebay Inc. - $15.18
- +2.78%
- $14.94
Online auctioneer eBay (EBAY), a "best-of-breed" growth company that trades at half its highs and offers a low P/E ratio, is a new addition.

-
AMGN
Amgen Inc. - $58.34
- -2.20%
- $60.00
Tradewinds' top holdings also include Amgen (AMGN), a biotech giant whose stock price has fallen so much that "you don't need that much more growth to see the potential for an increase in value."

-
ALU
Alcatel Lucent - $2.29
- 0.00%
- $2.26
He's also picked up another battered telecom, Alcatel-Lucent (ALU.France). So far, Tradewinds has lost money on that position. "But we took the chicken way in, buying the convertible stock [a 7.75% preferred-share issue], and so we've lost only a third of our money instead of two-thirds -- and we're getting a hefty yield of 13% now!" Iben isn't ready to walk away yet. "Sometimes the turnaround happens quickly; sometimes we have to wait longer for the market to recognize the stronger fundamentals."

-
TSN
Tyson Foods Inc C - $8.84
- +0.57%
- $8.99
But Iben has bet on another part of the agricultural sector: food processors Tyson Foods (TSN) and Smithfield Foods (SFD). "These are strong franchises that provide protein for the world and have been big beneficiaries of global growth. As global [gross domestic product] rises, so does demand for protein. And they are cheap."
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A. agree with mike, if you are new to
investing the market the best think you
can do right now is watch. The market
is not cheap in any way right now other
than the comparsion of where it just was
over a year ago. The market and economy
are going to a lot longer than what most
people think to become stable let alone
recover.
A. small trading before thrusday
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