Date updated:07-22-2008
All selections are US-listed.
I chose some for value and defensible market positions, like the airport operators in Mexico.
I chose some as a hedge against rising energy prices, such as Cameco and Petrobras.
I chose telcos and utilites in South America, with an emphasis on high operating leverage (you just can't stop EM electrification and the phones, even when the chips are down in the States).
A few consultancies are benefiting from government contract accumulation and restructuring assignments.
7/22/08 - Commodity exposure is limited. I believe oil will trend downward toward $100 through 2H08 and coal will follow. I also believe this is the last year of iron ore price increases, although I don't believe it will plummet in the '09 price renegotiation.
I plan to add some exposure to discounted mortgages and real estate assets, although finding this in listed equities is difficult to do from a diligence perspective unless the company has been formed recently to acquire assets.

-
ASR
Grupo Aeroportuar - $35.81
- -5.76%
- $36.65
Airport development and operation in Southeastern Mexico. Zero debt. EBITDA margins >50%, continuing margin improvement. Recent capex to modernize Cancun airport, add automated baggage screening system at all airports.

-
PAC
Grupo Aeroportuar - $18.13
- -6.45%
- $19.37
Airport development and operation on Pacific coast of Mexico. Zero debt. EBITDA margins >50%, continuing margin improvement.

-
TEF
Telefonica Sa - $53.48
- -10.52%
- $56.23
Diversified telecommunications company operating in Spain, Europe and Latin America ROE > 40%. Improving YoY margins. Double digit revenue growth.

-
ICFI
Icf International - $18.24
- +1.00%
- $17.77
2,000 professional consultants to government. Federal government clients have included the HHS, DOD, EPA, DHS, DOT, DOJ, HUD, and DOE. 24% 5-year Revenue CAGR. 32% 5-year EBITDA CAGR. ROE >30%.

-
PZE
Petrobras Energia - $6.64
- -19.22%
- $8.10
Brazilian oil and gas exploration and production, refining and distribution, petrochemicals, and gas and energy. It conducts operations in Argentina, Bolivia, Brazil, Colombia, Ecuador, Mexico, Peru and Venezuela.

-
TNE
Tele Norte Lest - $11.45
- -14.62%
- $12.58
Brazilian telecom company. ROE improvement YoY. Leverage < 1.5x.

-
FCN
Fti Consulting In - $57.18
- -6.05%
- $60.39
Restructuring-focused consultancy. 33% 2-year EBITDA CAGR. 37% 2-year Revenue CAGR.

-
CCJ
Cameco Cp - $13.56
- -9.60%
- $14.86
Uranium mining and refining. 5-yr EBITDA & Revenue CAGR >18%.
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This list consists of stocks with upcoming splits. It will be updated every 2 weeks. more
This portfolio consists of NYSE stocks that are trading for less than $5 per share and are profitable. more








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