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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (52416)

9/23/2013 12:00:25 AM

From: MiamiGent

Read Replies (1) of 78732

FBP Hi Spekulatius, I readily agree- FBP as a "value stock" is debatable but the "experts" are tending to clump it into this category:

Top 10 Mutual Fund Holdings by Shares Held Name Reporting Date Total Holdings

Position Value Outstanding
Shares Owned Vanguard Small-Cap Index Fund (i) Fidelity Low-Priced Stock Fund (i) Vanguard Total Stock Market Index Fund (i) iShares Core S&P Smallcap ETF (i) iShares Russell 2000 Index Fund (i) Vanguard Small Cap Value Index Fund (i) Hennessy Small Cap Financial Fund (i) Munder Veracity Small Cap Value Fund (i) iShares S&P Smallcap 600 Value Index Fund (i) iShares Russell 2000 Value Index Fund (i)

06/30/13	2.4M	$15.1M	1.14%
04/30/13	2.0M	$12.8M	0.97%
06/30/13	1.4M	$8.7M	0.66%
07/31/13	1.3M	$8.5M	0.64%
07/31/13	1.2M	$7.8M	0.59%
06/30/13	1.2M	$7.8M	0.59%
06/30/13	1.1M	$6.8M	0.52%
06/30/13	636.8K	$4.1M	0.31%
07/31/13	591.7K	$3.8M	0.29%
07/31/13	557.5K	$3.6M	0.27%

(i) Institutional Funds

Unless I'm mis-calculating, FBP is trading below tangible book value, basis Friday's close of $6.07

Agree, Puerto Rico's economy is a mess. At least First Bancorp's exposure to Puerto Rico government obligations is rather limited- about 3.5% of its security holdings. I did not go deep enough to see whether these were "Commonwealth of Puerto Rico" (I would think safe) or municipalities (not so safe).

A couple of successful hedge funds, Oaktree Capital and TH Lee (and the US Treasury) seem to be steering the FBP boat these days.

Banks might be a good hedge to Tapering- rising rates may help margins on loans.

High risk play for sure, especially with the local economy problems you cite.

I feel the risk to reward ratio is good, however- for traders and more so investors.

Thanks for replying to my post Spekulatius and good night, all!

MG

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