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I'll tell you what.
Do you like Europe and I think it is really interesting because all the bad news coming out in Europe unemployment -- point percent Spain.
The Euro -- -- -- gonna fall apart and you're saying then and now.
Go again why why why do -- this why the strategy.
Well you know despite all the macro economic turmoil.
At Oppenheimer Funds we pride ourselves on pride ourselves on being micro economists -- -- take a step back and look at Europe as a collection of companies.
It looks pretty good I -- you've got a lot of really wonderful global brands.
That have we've developed over a hundred year period in Europe that are still very.
Global brands but what's interesting here is that still 25% -- what you have -- your -- we were just looking at it.
Has US exposure and you're stuck -- -- -- it on the United States be doing it but an international mix of company -- the that's right if you look at the headlines of our portfolio would serve 80% domicile here.
Which -- sometimes provokes a sharp intake of breath but -- is a little bit is they had US exposure exactly -- we've got you know that 80% headline figure the lies the fact that we have.
Great diversified exposure around the world you light your top polling -- You're toppling -- British Telecom this is interesting British Telecom but you say it's because it almost it's almost like the regulations in Europe that kind of benefit a British tell.
Yet it's -- kind of an.
Unsung restructuring story in Europe and they've looked at there Telecom regulation they've realized that broadband penetration isn't where they want to be.
But essentially taking the pricing controls off of some of the incumbents for the build out of fiber networks are next what they called next generation access -- you got companies like BT.
Other incumbents in Europe that are may be very very significantly benefited.
You mentioned yet Virgin Media is another -- went are right so -- we're looking at the three that the three companies the alike and the -- with carnival.
This is nothing has survived mean we should say I mean despite all the bad news headlines and ships falling over and turning over.
Every -- -- carnival and you're saying stay with.
Well you know the turnover on the fund is 15% so it implies a seven year holding period so.
Carnival is something it's a multi year story.
First of all you've got a great demographic tail wind carnival and cruising in general people love their Christmas it's a great value proposition for the consumer -- So you've got that going for you in the long term secondly you've obviously had some.
Unfortunate and embarrassing incidents that have occurred for the company -- But investors who are buying in today are buying on the premise that that sort of thing can change -- that the company can improve from here.
And lastly from a valuation standpoint if you look at the replacement value of their assets.
The stock is trading below replacement -- so having those from those long term standpoint and from the valuation.
We think it's still.
The other their closest competitors -- Caribbean but they still have a bigger commit to -- the pie -- you will.
Karl also does a company -- -- this another plan he had his Australian companies called James Hardy.
And they make the siding for homes but that -- is being sold here in the United States.
Yet so 80% of their sales come from the US.
We've seen great stats come out to.
Regarding the housing recovery here in the US.
It's taking share from vinyl which is the other material.
That is used inciting predominantly here is they have a fiber cement product that is safe but we think is a superior product and we'll take more share over time.
And then you've got a company that has a very high market share in that product very good distribution.
In this country and and the housing market poignancy behind that as well.
This isn't over arching theme here -- -- -- when you're mentioning housing you're looking at.
Like you know broadband penetration in Europe.
You're talking about you know companies like carnival that are at the consumer -- mean.
You're you're you're really -- making an overall bullish -- on the economy her from what I'm hearing from what you're your break -- easier fun.
-- but if not more important to us is we have to find those companies from a bottoms up perspective that have high market share like carnival like James Hardy.
We're going to exploit that in the face of hopefully over a recovery concerned.
And we should mention that all of these are stocks that we could buy individually.
-- US markets ADRs.
But again important to -- funded so it's got a basket like what you're doing exactly okay well you know Robert -- -- Overseas.
International emerging markets the theme keeps coming up -- the returns are certainly than their -- of the benchmark as well.
Which you're nowhere -- performance in the last year.
But a -- made us a stronger over the last three years against your benchmark can actually outperform oceans -- -- right got to put the kudos out there for you -- of the -- -- thank you for having me.
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