GuruFocus User Manual: New Guru Pages

Transcription

1 GuruFocus User Manual: New Guru Pages September 2018 version

2 Contents: 0. Introduction a. What is a guru? b. New Guru Pages Overview 1. Key Guru Statistics 2. The Flash Chart 3. The Portfolio Composition Chart 4. Table of Stock Trades 5. Historical Holding Charts 6. Filter trades, chart view and Excel Download 7. Current Portfolio tab: select sector and portfolio date 8. Miscellaneous current portfolio tabs 9. The Sector Weightings page 10. Multiple guru tabs in one window 11. My Gurus feature and List of Gurus page 12. Guru Portfolio List 13. The Scoreboard of Gurus 14. Latest guru picks 15. Real-time picks 16. Top 10 Holdings page 17. Sector Picks page 18. The Aggregated Portfolio of Gurus 19. Consensus Picks of Gurus 20. Guru Bargains 21. Hot Picks Screener 22. Industry Trends 23. Geographic Trends 24. Exchange-traded Funds List 25. Option Holdings 26. European Shorts 27. FAQs

3 Section 0: Introduction to Gurus As the company name suggests, GuruFocus focuses on the investment actions of gurus, portfolio managers that have strong long-term performance and net assets of over $1 billion. Our main purpose is to track the portfolios of gurus and how their buys and sells create market insights. This user manual details the most important features that GuruFocus provides on gurus and insiders. The former group ranges from fund managers around the globe to Warren Buffett, one of the most famous investors in the world. The latter group consists of C-level company managers, the board of directors and other top company administrators. What is a guru? Merriam Webster defines a guru as someone with strong intellectual guide in a certain field. In the investment world, gurus usually have the following characteristics: Strong long-term performance Over $1 billion in net assets Low portfolio turnover Portfolio managers that meet the above three criteria qualify for the Guru Hall of Fame. The list includes Buffett and other famous investors like Carl Icahn, David Tepper and George Soros. Such gurus offer strong market insights and stock ideas. Introducing, new guru pages! GuruFocus is proud to announce new versions of the guru pages, probably one of the most critical sections of the website. Figure 0 illustrates a sample guru page for Berkshire Hathaway Inc. (BRK.A)(BRK.B) CEO Warren Buffett. Figure 0: New guru stock picks page

4 The color-coded numbers on Figure 0 illustrate six key features of the new stock picks page: key statistics, flash chart, portfolio composition chart, stock picks table, holding charts and the filter trades / chart view options. This user manual will detail each of the above features in separate sections. Later in the user manual, we will introduce other key features like the new sector weightings page and premium guru features like real-time picks, sector picks, the aggregated portfolio of gurus and the hot picks screener. Figures 0.1 to 0.4 previews these features with numbers. Figure 0.1: New guru current portfolio page Figure 0.2: New guru sector weightings page

5 Figure 0.3: Miscellaneous guru features, part 1 Figure 0.4: Miscellaneous guru features, part 2

6 Section 1: Key Guru Statistics Located near the top-left corner of the page, the Key Guru Statistics section lists several key statistics about the guru: the guru s investment firm / fund, last update, equity value, number of stocks (number of new stocks), quarter-over-quarter turnover, countries and top five holdings. Figure 1 shows a sample key guru statistics page for Warren Buffett. Figure 1 Click on the Guru Portfolio Report Download button to download a Gurufolio PDF file that summarizes the guru s portfolio into multiple sections, including historical performance, historical allocations, top holdings, top purchases, top sales and much more. The user manual will discuss most of these features in later sections.

7 Section 2: The Flash Chart Figure 2 shows a sample flash chart, a chart that at first glance just shows circles of various sizes and colors. Figure 2 The X-axis lists market caps while the Y-axis lists the price change from average. Green dots indicate the guru s top buys while red dots indicate the guru s top sells. Gray circles indicate the guru s top holdings: larger circles represent the guru s largest holdings. For example, the large gray circle with a green dot near (1 trillion market cap, 20% price increase) represents Apple Inc., Buffett s largest holding. Please note two things: if you select the large gray circle mentioned above, you will see a pop-up box like the one shown in Figure 2.1. Figure 2.1 Clicking on this circle will take you to Apple s summary page.

8 Section 3: The Portfolio Composition Chart The new guru pages present an alternative way to view a guru s portfolio composition: the portfolio composition chart. Figure 3 shows a sample portfolio composition chart for Bill Ackman. Figure 3 Unlike the flash chart (see Section 2), the portfolio composition chart arranges the guru s portfolio with the largest holdings on the top-left corner and the smallest holdings near the bottom-right corner. The portfolio composition chart also shows a pop-up like the one shown in Figure 2.1 when you select a specific holding as Figure 3.1 illustrates. Figure 3.1: Note the pop-up inside the bottom-left corner detailing Ackman s holding in UTX Each rectangle includes a guru s holding and its portfolio weight. Green rectangles indicate positive changes from the average price while red rectangles indicate negative changes from the average price.

9 If you click on one of the rectangles, the portfolio composition chart appears to zoom on a specific corner, allowing you to more easily see some of the guru s smaller holdings. Click on the revert button to revert the chart back to its default state. Figures 3.2 and 3.3 illustrate the zoom feature. Figure 3.2 Figure 3.3 Look closely near the bottom-right corner of the chart and you will notice a full screen icon. Click on that icon to view the portfolio composition chart in full screen, another good way to see some of the

10 guru s smaller holdings. (In fact, Figures 3.2 and 3.3 above shows a screen shot of the chart in full screen mode.) Click on the full screen button again to close full screen and return to the main page.

11 Section 4: The Stock Picks Table Figure 4 shows a sample screen shot of Buffett s stock picks table. Figure 4 As Figure 4 illustrates, we show several columns for each trade, including the ticker, company, portfolio date, action, portfolio impact and the price range. A keen observer will notice that we have changed the format of the price range column, the right-most column in Figure 4 above. Figure 4.1 replicates the price range line for Apple Figure 4.1 The page reports the company s share price range and time-weighted average share price for the quarter. Please pay attention to the blue dot, which represents the location of the average share price. Note that the average share price is not just the simple average between the low share price and the high share price ($178.15). More specifically, note that Apple s time-weighted average share price exceeds the simple average share price. This can suggest Apple traded above the simple average more frequently than the company traded below the simple average. Figure 4.2 shows a screen shot illustrating the remaining columns not shown in Figure 4: price change from average, comments and current shares. Figure 4.2

12 Section 5: Historical Holdings Charts If you click on one of the chart icons in Figure 4.2 above, the website will open a pop-up window showing a guru s historical holding history for that company. Figure 5 shows a sample chart illustrating Buffett s historical holdings in Apple. Figure 5 The green bars illustrate the number of shares a guru has at the end of each quarter while the blue line illustrates the quarterly average prices. The left Y-axis shows the prices while the right Y-axis shows the number of shares. If you select a specific quarter, a pop-up window will display the number of shares the guru had at the end of that quarter and the average share price. Figure 5.1 shows the above chart as a table; additionally, the table shows the total shares bought, total shares sold, the current share price and the approximate holding gain based on GuruFocus estimates.

13 Figure 5.1

14 Section 6: Filter trades, chart view and Excel download options By default, the website lists all of a guru s trades by date DESC (descending order). However, suppose you only care about the buys. As Figure 6 illustrates, you can filter the stock trades based on action type: all, new / add, new buys, add only, all sells, sold out and reduce. Figure 6 Click on the drop-down menu on the left and then select the desired action types: New / add: lists only the stocks where the quarter-over-quarter change in shares is positive New buys: lists only the stocks where the guru established a position in (i.e., number of shares increases from zero to some positive integer) Add only: lists only the stocks where the guru took an existing position and expanded it All sells: lists only the stocks where the quarter-over-quarter change in shares is negative Sold out: lists only the stocks where the guru sold all shares in (i.e., number of shares declines from some positive integer to zero) Reduce: lists only the stocks where the guru took an existing position and partially trimmed it Note that in Figure 6, the table setting is highlighted. If you click on the chart icon, the website will display the Peter Lynch chart for each of the holdings in a guru s portfolio. Figure 6.1 illustrates two sample charts. Figure 6.1 Finally, click on the XLS Document icon to download a guru s stock trades to Excel.

15 Section 7: Selecting a specific sector or portfolio date Figure 7 illustrates a sample current portfolio page for Buffett. Figure 7 As Figure 7 illustrates, we summarize the guru s sector weightings in a table, with the larger sectors appearing at the top. You can narrow a guru s holdings to a specific sector either by clicking on the desired sector from the table or selecting the desired sector within the select sector drop-down menu. (Please see Figure 7.1 below or the orange 7 in Figure 7 above.) Figure 7.1 Figure 7.1 also allows you to download the holdings into an Excel file and view the holdings as Peter Lynch charts. You can also view past-quarter portfolios by clicking on the portfolio date drop-down menu and selecting the desired date.

16 Section 8: Miscellaneous Current Portfolio Tabs By default, the Current Portfolio displays the guru s holdings based on the latest quarter. The page contains two sections: portfolio statistics and current holdings. The latter lists all company stocks that are in the guru s portfolio as of the latest quarterly 13F filing with the Securities and Exchange Commission. GuruFocus provides several sub-tabs underneath the Current Portfolio tabs as illustrated in Figure 8.1. (The purple 8 in Figure 7 also illustrates several of the sub-tabs.) Figure 8.1 Each sub-tab offers a different perspective on the guru s portfolio: Top Holdings: Click this tab to view the guru s top 10 holdings for each of the past quarters. Please refer to Section 16 for more information about the general top 10 holdings page.

17 Valuations: For each of the guru s holdings, this tab lists data on various price valuations: net current asset value, Peter Lynch value, Graham number, tangible book, DCF earnings, median price-sales, Yacktman forward rate of return and the Greenblatt earnings yield. Undervalued: Click this tab to view the undervalued predictable companies in the guru s portfolio. Low pe: Click this tab to view the companies with the lowest price-earnings ratios in the guru s portfolio. Top Yield: Click this tab to view the companies with the highest dividend yields in the guru s portfolio. Top Growth: Click this tab to view the companies with the highest 10-year EBITDA growth rate in the guru s portfolio. High Quality: Click this tab to view the companies with the highest GuruFocus Business Predictability Rank in the guru s portfolio. 52w Lows: Click this tab to view the companies near 52-week lows in the guru s portfolio. Insider Buys: Click this tab to view insider buys for the past three months among stocks in the guru s portfolio. You can use this tab to look for double buys. ETF: Click this tab to view exchange-traded funds in the guru s portfolio. Preferred: Click this tab to view preferred stock holdings in the guru s portfolio. International: Click this tab to view international stock holdings in the guru s portfolio. High Conviction: This tab lists the companies that the guru keeps buying over the past quarters. The guru is likely bullish on these companies in the short term and possibly long term.

18 Section 9: The Sector Weightings Page Figure 9 shows the top-half of a sample sector weightings page for Buffett s holdings in the financial services sector. Figure 9 The chart on the left illustrates the sector weightings as a pie chart. If you click on a specific section of the pie, you will see the guru s weighting history for that sector in the chart on the right. For example, Figure 9.1 shows the result of clicking on the technology sector of the pie. Figure 9.1 You can also change the sector by selecting the desired sector from the drop-down menu located near the top-right corner of the weighting history chart (the chart on the right). To view a guru s sector weighting from a past quarter, please select the desired quarter from the drop-down menu located near the top-right corner of the pie chart. Figure 9.2 shows the bottom-half of a sample sector weightings page.

19 Figure 9.2 The pie and weighting history charts in Figure 9.2 allow you to view a guru s industry weightings for the active sector. For example, if you select the financial services sector, you will see industries like banks, insurance and asset management as Figure 9.2 illustrates. You can then view the weighting history chart for a specific industry either by clicking on the desired section of the pie or by selecting the desired industry from the drop-down menu in the top-right corner of the weighting history chart. Yes, you can also change the portfolio date using the drop-down menu in the top-right corner of the industry pie chart. However, setting the portfolio date using the industry pie chart drop-down menu also sets the sector pie chart drop-down menu and vice versa.

20 Section 10: Multiple Guru Tabs Figure 10 shows a sample page illustrating the multiple guru tabs feature. Figure 10 As Figure 10 illustrates, you can search for a specific ticker, guru or company in the Ticker, Guru, Company search bar. For example, if you type in Daniel in the search bar, you will see stocks and gurus that contain Daniel in their name. Stocks appear in blue while gurus appear in orange as Figure 10.1 illustrates. Figure 10.1 If you click on a stock, you will go to that stock s summary page. However, if you click on a guru, that guru will be added to the list of tabs. Figure 10.2 shows the result of clicking on Daniel Loeb from the drop-down menu illustrated in Figure Figure 10.2

21 The website highlights the active tab in green. If you wish to close a tab, you can double click on the tab you wish to close. If you close the active tab, the tab directly to the left of it will become the new active tab.

22 Section 11: My Gurus tab and List of Gurus Page Figure 11 shows a sample screen shot of the My Gurus drop-down menu. Figure 11 You can create a personalized guru list by clicking the Personalize item on the list. You will see a popup window like the one shown in Figure Figure 11.1

23 The Personalize My Guru List pop-up window allows you to track the gurus you wish to follow. The window contains three columns: guru filters, all gurus and my guru list. You can create a new group of gurus by clicking on the green + New Group item in the header section. Please enter a group name and click on the checkmark to create the group. Figure 11.2 shows a screen shot illustrating a new, blank group. Figure 11.2 If you want to follow a specific guru, you can type the guru s name in the Guru Name search box as shown in Figure 11.2 above. You can also narrow the list of gurus to those investing in a specific country by clicking on the country drop-down menu and selecting the desired country. Finally, the three range bars allow you to filter the gurus on number of stocks, total value and quarter-over-quarter turnover. The all gurus column indicates the number of gurus meeting your filter criteria while the my guru list column indicates the number of gurus in your list. You can add gurus to your list by clicking on the blue + sign next to the desired guru. To remove a guru from your list, please click on the red X sign next to the desired guru. Click on the reset button to clear the applied filters. If you wish to delete a group of gurus, please click on the orange trash can button in the bottom-left corner of the pop-up window. A red confirm delete button then appears as a courtesy are you sure? question.

24 Section 12: List of Gurus and Guru Portfolio List pages From a guru s portfolio page, click on one of your guru lists or the predefined premium gurus and premium+ gurus list to view the List of Gurus page. Figure 12 shows a sample List of Gurus page. Figure 12 You can view the gurus from a particular list by clicking on the desired list of gurus. You can also create a new group of gurus directly on this page by clicking the green + New Group item. Please see Section 11 for instructions on creating guru lists. You can also view the gurus that begin with a particular letter by clicking on that letter. For example, click on the W to view Warren Buffett and other gurus that begin with W as Figure 12.1 illustrates. Figure 12.1 If you wish to search for a particular guru or filter the gurus by country, number of stocks, total value or turnover, please click on the Filter button in the top-right corner. For each guru, the website displays the latest portfolio update in the bottom-right corner and the membership level required to view that guru s portfolio in the top-right corner. You can also directly add a guru to one of your guru lists by clicking on the blue + button in the bottom-right corner.

25 If there are more gurus to load, the Load More counter will display m/n, where m and n are integers and m is less than n. Click on Load More to load more gurus. (Note, if m equals n, then all gurus that meet the filters have been loaded on the page.) If you wish to remove a guru from one of your saved groups, please first click on the group you wish to delete gurus from. You can then remove a guru from that group by clicking on the blue X button in the bottom-right corner for that guru. Figure 12.2 shows a sample screen shot. The guru portfolio overview page Figure 12.2 Figure 12.3 shows a sample guru portfolio overview page. Figure 12.3 For each guru, the page lists its portfolio, fund type, latest 13D/13G date, latest 13F date, number of new stocks, number of stocks, 10-year average return, quarter-over-quarter turnover and total value. You can narrow the table to your personal list of gurus, all premium gurus or all premium+ gurus. Click on the XLS Download button to download the guru portfolio data to Excel.

26 Section 13: The Scoreboard of Gurus Figure 13 shows the top section of the GuruFocus Scoreboard page. Figure 13 Figure 13 discusses how measuring guru performance according to peaks and troughs of the business cycle can yield better performance figures than just measuring guru performance over the past five or 10 years. According to Figure 13, Peak 1 occurred in 1999, Peak 2 occurred in 2007 while Peak 3 occurred in 2012 based on the annual returns of the Standard & Poor s 500 index. Likewise, the two troughs occurred in 2002 and in GuruFocus has tracked the performance of each guru from three peak-to-peak periods: , and Note how the first two periods consider the years between two consecutive peaks while the third period consider the years between Peaks 1 and 3. The website has also tracked the performance of each guru from the trough-to-trough period from You can view the guru scoreboards by clicking on the rows in Figure 13: for example, the first row shows the scoreboard based on the periods between Peaks 1 and 2 and between Peaks 2 and 3. The second row shows the scoreboard based on the periods between Peaks 1 and 3 and between the two troughs. GuruFocus also tracked the number of times each guru outperformed the market on a five-year rolling basis. Figure 13.1 illustrates the concept. Figure 13.1

27 According to Figure 13.1, the table lists the percentage of years where the guru s five-year annualized return exceeded that of the S&P 500. The rolling annualized return means that for year 2016, we consider the annualized return for the five-year period from The bottom section of the Scoreboard reports the gurus performance the traditional way. You can sort the gurus based on one of the following performance periods: Performance of the guru s top 10 holdings since latest 13-F filing, since six months or since 12 months ago Fund performance since the past year, the past five years, the past 10 years or since inception Other columns include columns from the guru portfolio overview table as described in Section 12. Figure 13.2 shows the bottom section of the Scoreboard page. Figure 13.2

28 Section 14: Latest Guru Picks page Figure 14 shows a sample latest guru picks page. Figure 14 Like the list of gurus page (discussed in Section 12), the latest picks page arranges the guru s trades as separate windows. The bottom-right corner displays the latest update while the top-right corner displays the required membership level to view that guru s portfolio. Clock faces next to a stock symbol indicate real-time picks, which are discussed in Section 15. Notice how by default, both the Buy&Add and Sell&Reduce buttons are highlighted in Figure 14 above. If you wish to view only the new buys and position boosts, please un-highlight the Sell&Reduce button. Likewise, if you wish to view only the sells and reductions, please un-highlight the Buy&Add button. You can also change the last updated setting so that the page only views the guru picks from the past day, past three days, past week, past three weeks, past month or the past three months. You can also narrow the list of guru trades to premium gurus, premium+ gurus, or those from your list of gurus. Finally, click on the XLS Download button to download the latest guru trades to Excel.

29 Section 15: Real-time Picks page Figure 15 shows a sample real-time picks page. Figure 15 Real-time picks are defined as trades in which the guru buys or sells shares in a company he or she owns at least 5% of total shares outstanding. U.S. Securities and Exchange Commission regulations require the guru to file such trades within 10 business days of the transaction. Click on the chain icon to view the corresponding Schedule 13D / 13G filing for that guru trade. If you click on the chart icon, you will see the guru s holding history chart for that company. Please see Section 5 for more information on the holding history charts. You can filter the list of real-time trades on action type by clicking on the drop-down menu to the left of the My Gurus button. Please see Section 6 for more information on the available action types. You can also narrow the list of real-time trades to those from your list of gurus. On the other hand, you can also view real-time trades from Premium+ gurus by clicking on the Plus tab. Finally, click on the XLS Download to download the real-time picks to Excel.

30 Section 16: Top 10 Holdings page Figure 16 shows a sample top 10 holdings page. Figure 16 Note the five blue bubbles next to the words Top 10 Holdings of Gurus. These five bubbles identify the stocks that appear in the top 10 holdings the most across all gurus. Click on the hamburger icon to view a page like the one shown in Figure Figure 16.1 You can either view the top 10 holdings for all premium gurus, all premium+ gurus or those from your list of gurus. Alternatively, you can search for a specific guru using the search bar. Finally, click on the Excel Download button to download the top 10 holdings data to Excel.

31 Section 17: The Sector Picks page Figure 17 shows a sample Sector Picks page. Figure 17 By default, the Sector Picks page lists all guru trades instead of an introductory page directing you to select a specific sector or market cap. Just like the latest guru picks page (see Section 14), the first two items in the row of options allow you to display just the new buys and position boosts or the sells and reductions. The Region drop-down menu allows you to look at the guru trades from a specific region. If you wish to narrow the guru trades to specific industries, please click on the Sectors drop-down menu and then select the desired industries. The number in parentheses indicates the number of active industries. You can also narrow the guru trades to a specific market cap class; additionally, you can list trades from Premium gurus, Premium+ gurus or those on your list of gurus.

32 Section 18: The Aggregated Portfolio of Gurus As Figure 18 illustrates, the top half of the aggregated portfolio of gurus page essentially replicates the personalized list of gurus feature discussed in Section 11. Figure 18 By default, the aggregated portfolio considers the 174 premium gurus. You can view the aggregated portfolio of a list of gurus by selecting the desired list underneath the My Gurus drop-down menu. You can also view the aggregated portfolio of all premium+ gurus (if you wish!) by clicking the Plus button. Additionally, you can narrow the portfolio to a specific market cap class or specific sectors by selecting the desired parameters underneath the Market Cap and Sectors drop-down menus. You can also narrow the portfolio to a specific region by selecting the desired region. These menus should function like the respective drop-down menus discussed in Section 17. Please click on the green Search button to view the aggregated portfolio based on your filter criteria. If you wish to hide the select gurus filter table, please click on the v symbol in the top-right corner underneath the green Search button. The v symbol will turn into a > symbol. Clicking on > symbol displays the filter table again. Figure 18.1 shows a sample aggregated portfolio of gurus page without the filter table.

33 Figure 18.1 For each company listed in the combined portfolio, the website lists the company, price, percent above 52-week low, percent below 52-week high, number of guru owners, number of guru buys in previous quarter, number of guru sells in previous quarter, combined weighting, price-earnings ratio, yield and market cap. GuruFocus most broadly held strategy invests in the top 25 companies based on number of guru owners while the most weighted strategy invests in the top 25 companies based on combined weightings. For the most broadly held strategy, if two companies have the same number of guru owners, the first tiebreaker is the combined weightings: higher combined weightings wins a higher rank.

34 Section 19: The Consensus Picks of Gurus page Figure 19 shows a sample Consensus Picks of Gurus page. Figure 19 The Consensus Picks of Gurus page details the stocks that have been bought or sold by multiple gurus. By default, the page shows the stocks where multiple gurus invested in over the past quarter. Please click on the sells to view the stocks where multiple gurus closed their position in over the past quarter. You can view the consensus picks from premium gurus, premium+ gurus or gurus from your personalized list. Finally, you can download the data to Excel through the XLS Download button. GuruFocus Consensus Picks model portfolio invests in the companies where multiple gurus have established positions in over the past quarter.

35 Section 20: The Guru Bargains page Figure 20 shows a sample Guru Bargains page. Figure 20 This page lists all the company stocks bought by gurus that have a price change from average of less than -10%. Such companies present good opportunities for investors since gurus are buying these companies and investors can purchase shares in these companies at a cheaper price. By default, the page sorts the companies by date, but you can easily sort the stocks by price range, current price or price change from average by clicking the respective up / down arrows. You can view the consensus picks from premium gurus, premium+ gurus or gurus from your personalized list. Finally, you can download the data to Excel through the XLS Download button. GuruFocus Guru Bargains model portfolio invests in the top 25 companies based on the Guru Bargains page.

36 Section 21: The Hot Picks Screener Figure 21 shows a sample Hot Picks screener page. Figure 21 As Figure 21 illustrates, you can either screen for hot buys or the hot sells by selecting the desired section. If you wish to screen for hot buys, please select the large section on the left. You should then see an olive-green section, indicating you have activated hot buys as Figure 21.1 illustrates. You can then set the following filters: Figure 21.1 Since (yyyy-mm-dd), bought by at least n gurus, sold by at most m gurus, owned by at least p gurus N, m and p represent integers from 1 to 10 while the date depends on the number you selected in the fourth drop-down menu (the number of months, which can be 3, 6, 9 or 12.)

37 Click on the search button in the olive-green section to screen for the hot buys. You can then limit the search to specific market caps, sectors or regions. If you wish to screen for hot sells, please select the large section on the right. You should then see an orange section, indicating you have activated hot sells as Figure 21.2 illustrates. You can then set the following filters: Figure 21.2 Since (yyyy-mm-dd), bought by at most n gurus, sold by at least m gurus, owned by at least p gurus N, m and p represent integers from 1 to 10 while the date depends on the number you selected in the fourth drop-down menu (the number of months, which can be 3, 6, 9 or 12.) Click on the search button in the orange section to screen for the hot sells. Regardless of which section you choose (buys or sells), you can filter the results by market cap, sector or region. Please see Section 17 for discussions on these drop-down menus. You can also view the consensus picks from premium gurus, premium+ gurus or gurus from your personalized list.

38 Section 22: The Industry Trends page Figure 22 shows a sample Industry Trends page. Figure 22 For each industry, we track the number of net buys, total buys and total sells, and summarize them on the Industry Trends page. By default, the page ranks the industries with the highest number of net sells at the top and the highest number of net buys at the bottom. Click on the column headings to sort the industries in ABC order, or by decreasing number of total buys or total sells. You can view the industry trends data from premium gurus, premium+ gurus or gurus from your personalized list. Finally, you can download the data to Excel through the XLS Download button.

39 Section 23: The Geographic Trends page Figure 23 shows a sample Geographic Trends page. Figure 23 The table on the right (in Figure 23) lists the countries with the highest number of guru buys. You can also sort this table by number of net buys or by number of net sells. The Search bar at the upper-right corner allows you to search guru trade data for a particular country. To list all the guru trades within a country, click on that country on the map. You will then see a table below the map listing the first 10 guru trades for that country, ranked by ticker symbol ASC. Figure 23.1 shows a sample screen shot of U.S. guru trades. Figure 23

40 For each trade, the table includes the stock ticker, the exchange, the price, the guru that made the trade, the number of shares the guru owns, the portfolio impact, the price range, the price change from average, the trade date and comments. Please see Section 4 for a discussion about the price range column. Click on the hamburger icon to display a page allowing you to select the list of gurus. You can either select the premium gurus, the premium+ gurus or the gurus from one of your personalized lists.

41 Section 24: Exchange-traded Funds in Gurus Portfolios Figure 24 shows a sample ETFs in Gurus Portfolios page. Figure 24 For each exchange-traded fund, the table lists the symbol, fund name, share price, number of guru owners, number of guru buys in the last quarter, number of guru sells in the last quarter, combined weightings and fund yield. In essence, the ETF in Gurus Portfolio page is the aggregated portfolio of gurus in regards to exchange-traded funds. Click on the Select drop-down menu to narrow the exchange-traded funds to a specific type: bear market, bond, broad market, commodity, currency, growth&value, industry, international, leverage or sector. You can view the exchange-traded fund data from premium gurus, premium+ gurus or gurus from your personalized list. Finally, you can download the data to Excel through the XLS Download button.

42 Section 25: Option Holdings in Guru Portfolios Figure 25 shows a sample Option Holdings in Guru Portfolios page. Figure 25 The page lists the calls and puts owned by gurus. A call represents the option to buy the underlying stock shares at a specific price while a put represents the option to sell the underlying stock shares at a specific price. You can view the options data from premium gurus, premium+ gurus or gurus from your personalized list. Finally, you can download the data to Excel through the XLS Download button.

43 Section 26: Hedge Fund Short Positions in Europe Figure 26 shows a sample European Shorting page. Figure 26 The European Shorting page lists the hedge funds that have net short positions in European stocks. As shown in Figure 26, the page lists the guru s net short position, transaction date, change in holdings, trade price, current price and other basic company aspects for each company listed. While the page shows 40 entries by default, you can change this number using the drop-down menu in the bottom-left corner. You can also search for a particular company using the Search bar in the upper-right corner. Additionally, you can filter the list of companies by country, market cap or sector using the three dropdown menus to the left of the green search button. You can view the European Shorting data from premium gurus, premium+ gurus or gurus from your personalized list. Finally, you can download the data to Excel through the XLS Download button.

44 Section 27: Frequently Asked Questions Which gurus can I view on the website? o All registered users of GuruFocus can view the current portfolio of the gurus on our Starter Package. The list of gurus page identifies these gurus with a blank in the topright corner for that guru. o With our Premium membership, you can view the current portfolio and past portfolios of all starter gurus and gurus marked with a P on the list of gurus page. Premium members can also view real-time picks, the aggregated portfolio of gurus, sector picks, top-10 holdings, hot picks and much more. (Note: Most of the features detailed from Section 15 onward require Premium membership. You also need Premium membership to save guru lists and download guru portfolio data to Excel.) o With our Premium+ membership, you can view the current portfolio and past portfolios of all starter gurus and gurus marked with a P or a P+ on the list of gurus page. Premium+ members have access to our more-advanced features like backtesting, unlimited usage of our Excel Add-in and much more. Where do you get your portfolio data from gurus? o Although we normally get guru portfolio information from their 13F and Schedule 13D filings with the SEC, some gurus, like Arnold Van Den Berg, their portfolios directly to us. Where can I see all the guru trades for a specific company? o You can view the guru trades for a specific company by clicking on the Guru Trades tab on a company s data page, or typing in the ticker name and selecting Guru Trades. Figure 27 shows an example screen shot. o Figure 27 Why are there yellow bars on a guru s current portfolio page? o The yellow bars indicate that the guru owns an option (call / put) for a company stock or exchange-traded fund. Please see Figure 27.1 for an example.

45 o o Figure 27.1 o You can view the list of options in gurus portfolios by clicking on Options underneath the Gurus tab. All members can access the Options tab, but only Premium members can access the ETF and European Shorting tabs. The latter also requires subscription to the Europe region to view the summary pages for the stocks listed. Do I need global membership to view International Picks? o You can view International Picks for the regions you are subscribed to. o To view a company s financial summary pages, you need to subscribe to that company s region. What is the difference between the two Consensus Picks features? o If you click on Consensus Picks, you will see a list of most active picks during the selected period. This feature is available to all members. Please see Section 19 for more information on most active picks. o Premium members can screen for consensus picks by clicking Hot Picks. Section 21 further discusses this feature. On the Current Portfolio page, you show the sector weightings for the guru s portfolio. Why do you not show the portfolio weight for cash? o As gurus do not report their cash weights in their 13F, we do not show portfolio weights for cash. Why is Peter Lynch not on the list of gurus? o Although Peter Lynch would make a great investing guru, he has retired from his Fidelity Magellan Fund as of the writing of this user manual. o However, we have several value screens implementing Peter Lynch s investing strategy, including the Peter Lynch Growth screen. Can I suggest gurus to the website? o You can suggest gurus by clicking Suggest a Guru from the list of gurus page. We always welcome your guru suggestions!