Amdocs (NYSE:DOX) ( DOX) has already generated about $1.5 billion profit, on paper, for veteran shareholder Walsh, Carson, Anderson & Stowe which is methodically increasing its stake.

The New York-based fund, run by Amdocs chairman Bruce K. Anderson, has increased its holdings in the U.S.-Israeli software billing firm to 9.2%, compared with 7.2% at the end of July.

WCAS holds the shares through four funds, it advised the SEC in 13D documentation submitted to the Securities and Exchange Commission last week.

From July 29 to August 6, the fund acquired 4.1 million Amdocs shares on the open market at an average price of $7.8. The value of the shares thus acquired is $32.4 million.

At year-end 2001 WCAS held 3.9% of Amdocs' shares, meaning that it has invested since then about $86 million in the company.

On paper, since 1997 Amdocs has generated about $1.5 billion profit for WCAS more than Amdocs' founder Morris Kahn can boast.

WCAS invested about $90 million in Amdocs in 1997, before the company went public, ultimately bringing it about 35% of the company's shares. In 1998 its holding was diluted to 18.7%. Since then it gradually sold off shares, reducing its holding to 3.9%. But Amdocs' slide on the market to a low of $7 evidently proved a temptation they couldn't resist.

WCAS' partners also personally hold Amdocs shares bought at about $7.8 each. Anderson holds 1.6 million shares (0.8%), Patrick J. Welsh has 0.4%, Russell L. Carson holds directly and indirectly 0.3% and other managers have 1.2% of the company's shares.

Another major shareholder is SBC Communications, with 16.3% of the Israeli software company. Yet despite that and WCAS' about-face back into Amdocs, the biggest shareholder remains Southeastern Asset Management of Tennessee, which has recently purchased 37.1 million shares, comprising 16.7% of Amdocs' shares. It has no representation on Amdocs' board.

Analysts expect Amdocs to report $1.6 billion revenues for 2002, and to net $1.1 per share excluding one-time charges. For the second quarter Amdocs reported a proforma net of $44 million, translating into a net loss of $26.8 million.