Bank of America Corp (BAC), Wells Fargo & Co (WFC) And Fauquier Bankshares, Inc. (FBSS): Avenir Corp’s Prominent Finance Picks


Avenir Corp disclosed in 1Q2015 regulatory filings that its equity portfolio increased to $1.38 billion from $1.32 billion at the end of 4Q2014. The fund was very active in 1Q, reforming its portfolio mix in various ways.

Avenir Corp initiated a fresh stake in one stock and discarded one other stock during the latest reported quarter. In other moves, the fund added holding in 16 stocks and reduced stake in a whopping 26 stocks.

At the end of the day, the fund had its largest equity interest in terms of sectors in Consumer Discretionary, making up 31% of total portfolio. Avenir Corp is also active in Finance, Utilities, IT and Energy sectors.

Here is a brief look at Avenir’s most prominent finance stocks at the end of 1Q and how the fund played them.

Avenir reported owning 1.73 million shares in Bank of America Corp (NYSE:BAC) at the end of 1Q. The fund increased its holding the stock from nearly 1.64 million shares reported at the end of 4Q. While the number of shares owned in Bank of America increased between 1Q2015 and 4Q2014, the financial value of the investment declined to $26.7 million at the end of 1Q from more than $29 million at the end of 4Q.

Avenir remains active in Wells Fargo & Co (NYSE:WFC), but the fund lowered its exposure to the bank in 1Q. The fund owned 238,245 shares Wells Fargo at the end of the quarter, a stake lower than 242,089 shares held at the end of 4Q. Not only did the stockholding in Wells Fargo decrease, but dollar value of the investment also fell to $12.96 million from $13.27 million.

The fund reported owning 16,000 shares in Fauquier Bankshares, Inc. (NASDAQ:FBSS) at the end of 1Q, same as at the end of 4Q2014. While Avenir neither increased nor decreased its stake in Fauquier Bankshares in between 1Q2015 and 4Q2014, the dollar value of the investment plunged to $267,000 from $295,000.

In other developments, Avenir lost love for Capital One Financial Corp. (NYSE:COF) and deleted it from its portfolio, but added Axion Power International, Inc. (NASDAQ:AXPW) to replace it.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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