Investing With Peter I. Higgins: Dreyfus MidCap Value Fund
By CAROLE GOULD
New York Times, February 4, 2001
nytimes.com
Many managers of value mutual funds will not touch technology stocks with a 10- foot pole. Peter I. Higgins, who runs the $400 million Dreyfus MidCap Value fund, is an exception. His fund has a 30 percent-plus stake in technology.
Those stocks were bargains, he said. "A lot has been made of the fact that there's no value in technology," Mr. Higgins added from his Boston office, overlooking City Hall. "I strongly disagree."
...
Mr. Higgins bought shares in Informix, a database management software company, at an average price of $9.18. Five years ago, the shares sold for $37, he said, but tumbled after a 2000 merger with Ardent Software. "It was a very poorly executed merger," he said.
A new chief executive, Peter Gyenes, the former chief of Ardent, took over in late 2000; he plans to spin off the fast-growing e-commerce business, among other steps to improve profitability, Mr. Higgins said. He expects earnings of $1.10 a share by 2002 and a stock price of $20 by year-end; it is now at $6.88. |
