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Dig Into UTX, Liberty Global and Encana Says Davis Global Manager

10/13/15 4:56 PM EDT
United Technologies (UTX) shares have fallen over 18% this year partly due to global weakness in its Otis Elevator subsidiary. Danton Goei, portfolio manager for the Davis Global Fund (DGFAX), said the market has been overstating the impact of Otis on its parent company. 'In China they have about 15% of their business over there that is being impacted by the slowdown in growth, but long term it’s a great business,' said Goei. 'And for Otis only about 7% of their profits are in China.' The Davis Global Fund is up 2.2% year-to-date, according to fund-tracker Morningstar. Goei is also bullish on Encana (ECA), which is down over 41% year-to-date. The oil driller has been plagued by low energy prices and recently announced it is selling assets in Colorado to shore up its balance sheet. In Goei’s view, the price of the commodity has likely bottomed out and the company’s CEO Doug Suttles is a great allocator of capital. 'Great properties, very low cost producers, decades worth of production and a very low multiple so we think it is very attractive,' said Goei. Goei is positive on Liberty Global (LBTYK), which has seen its shares fall over 12% so far this year despite the telecom giant’s popularity among the hedge fund crowd. Liberty Global owns cable systems across Europe mainly in the U.K., Germany, Holland and Belgium.
Stocks in this video: DGFAXUTXECALBTYK
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