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Bargain-hunting Davis Ups Bet On Battered Bond Insurer MBIA
Submitted on 12/26/2007
Davis Selected Advisers said in a filing with the Securities and Exchange Commission that it holds 6.4 million shares of MBIA (MBI) . On Sept. 30, Davis held 481,021 shares, according to FactSet Research Systems. Shares of MBIA jumped more than 9% to $21.99 in afternoon trading. The skippers at Davis Advisors have wracked up stellar long-term performance records as value-minded investors. Their portfolios tend to emphasize financials at a money-management firm founded by Davis' father, Shelby M.C. Davis, former head of research at Bank of New York.
With heavy overweighting to the sector, diversified portfolios run by Christopher Davis and Feinberg are taking a beating this year. For example, the Davis New York Venture Fund (NYVTX) had gained 6.3% in 2007 heading into Wednesday. That was about 1.2 percentage points less than the S&P 500, and ranked it in the bottom half of the large-cap-blend category, according to Morningstar Inc.
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