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Opportunistic Investor
Presenting Morningstar Opportunistic Investor
Morningstar Opportunistic Investor seeks to uncover investment opportunities in no-moat stocks, deep cyclicals, arbitrage opportunities, spin-offs, bankruptcy reorganizations, and other special situations. We typically look for upside potential that is many times the downside risk, and prefer stocks with identifiable catalysts to unlock value. We will mindfully adjust our portfolio to maintain the highest possible risk-reward ratio.

The Opportunistic Investor Perspective
Morningstar Opportunistic Investor will cast a wide net and dig deep to find hidden gems. We may choose companies with misvalued or hidden assets, with operating characteristics misunderstood by the market, or in highly competitive fields. Many may not even be great companies. Yet they will all have something in common—the potential rewards will always be many times greater than the risk we take. Case Study | Shaw Group SGR As of December 2008, this engineering and construction company's stock price is off 80% from its highs. It has $1 billion in debt and diminished earnings potential thanks to a global capital spending slowdown.

But what if I told you that this company took on that debt partnering with Toshiba to buy Westinghouse, a supplier of nuclear reactors? What's more, Shaw has an option to sell its stake for 97% of the purchase price, and it has no other debt (but $900 million in cash). Suddenly, SGR looks much more appealing.

Now you're seeing things the Morningstar Opportunistic Investor way.

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About the Editors

Justin Perucki is a senior stock analyst and equities strategist. His responsibilities include the oversight and coverage of North American based oil and gas companies. He holds an undergraduate degree in finance from Miami University and received a master's degree in business administration from the University of Chicago's Booth School of Business in December 2008. He also holds the Chartered Financial Analyst (CFA) designation.

Mike Tian is an equity analyst and equities strategist for Morningstar, responsible for covering a variety of energy, infrastructure, and basic materials companies. Tian holds a bachelor's degree in finance from the University of Illinois at Urbana-Champaign. He passed Level II of the Chartered Financial Analyst (CFA) program in June 2008.

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