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Brandes Investment Partners, the San Diego money manager that has come on hard times, appears to have thrown in the towel on newspaper stocks. Brandes, which looks for undervalued stocks, had stuck with metro dailies while other money managers had concluded that the newspaper model doesn't work anymore. According to gurufocus.com, Brandes sold out its position in Gannett, the largest newspaper chain, on September 30, at an average price of $7.21. It had been the largest Gannett shareholder with 11.25% of the shares, many of which it had purchased between $36.50 and $55.50. On June 30, Brandes sold its entire position in McClatchy at an average price of 70 cents. It had once been the largest McClatchy holder with 14.63% of the shares. McClatchy closed today at $2.55 and Gannett at $10.29.
Brandes's money under management peaked at $101.9 billion in 2005. It dropped to $40.6 billion last year, but has since rebounded to $45.4 billion.
Brandes Investment Partners, the San Diego money manager that has come on hard times, appears to have thrown in the towel on newspaper stocks. Brandes, which looks for undervalued stocks, had stuck with metro dailies while other money managers had concluded that the newspaper model doesn't work anymore. According to gurufocus.com, Brandes sold out its position in Gannett, the largest newspaper chain, on September 30, at an average price of $7.21. It had been the largest Gannett shareholder with 11.25% of the shares, many of which it had purchased between $36.50 and $55.50. On June 30, Brandes sold its entire position in McClatchy at an average price of 70 cents. It had once been the largest McClatchy holder with 14.63% of the shares. McClatchy closed today at $2.55 and Gannett at $10.29.
Brandes's money under management peaked at $101.9 billion in 2005. It dropped to $40.6 billion last year, but has since rebounded to $45.4 billion.