Even the definition of value is squishy. Most FAANG holders on Bloomberg’s value-fund leader board, including Oakmark, Thornburg and the $11.4 billion Davis New York Venture Fund, are classified as large-cap blend by Morningstar.
Nygren is aware that many question his approach, as he’s heard from investors and financial advisers over the years. People should force him to defend his picks, he said.
“We are value investors and only buy companies selling at a large discount,” Nygren said. “Owning these stocks is consistent with our philosophy and we are delighted to go through that exercise with our shareholders.”
This article was provided by Bloomberg News.