In June we discussed David Fried’s Diversified Buybacks model and went over some of his top holdings within the model. This week Fried made some changes to Diversified Buybacks by buying many new positions.
One of the positions Fired purchased this week was Aspen Insurance Holdings Ltd (NYSE: AHL). According to their website, AHL is a specialty insurance company and reinsurer. They offer property and casualty insurance internationally and property and casualty reinsurance. AHL has a low price to earnings ratio when it is compared to others in the sector and their earnings per share grew in 2009 as did their number of outstanding shares. Also experiencing growth in 2009 was their shareholder equity and net revenues.
Fried also added RenaissanceRe Holdings Ltd (NYSE: RNR) to his model. RNR provides insurance and reinsurance for natural and man-made disasters globally. The company has a low price to earnings ratio and their earnings per share increased significantly in 2009. Their earned premiums decreased in 2009 and were lower in 2007 and 2008 than they were in 2006. But their net revenues increased in 2009.
The last new addition we’ll discuss today is Total SA (NYSE: TOT). TOT is an oil and gas company that operates internationally and has three different business segments; one for oil and gas exploration and other energy sources, one for trading, shipping and refining oil and petroleum products and other fuels, and one for base and specialty chemicals. TOT had its lowest net revenues and net income in 4 years during 2009 as well as its lowest earnings per share. But their second quarter 2010 earnings beat the expectations of analysts and their second quarter revenue in 2010 beat their 2009 second quarter revenue.
