Forester Moves Into AutoZone, Exxon
Recent new holding AutoZone could have tailwinds in a soft economy, while Exxon offers energy exposure with less volatility, says the Forester Value manager.
Stipp: We have seen a lot of volatility throughout the late summer, and now into the fall. What has that meant for the activity of you at the portfolio level? Have you been more active than you normally have been, just because we're seeing potentially what could be some mispricings in there. The market can't seem to figure out what the value of these companies are, it's up and down by a percent or more on any given day?
Forester: Sure. It's hard to catch those because they are so fast, but we have made some changes. We've moved out of some of the more volatile names, if you will. One addition that we made this last quarter was AutoZone. And what I like about that is, if things get softer, people tend to move towards used parts or do their own work on their car, that sort of thing. So that's a tailwind for [AutoZone]; that helps them.
Jason Stipp does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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