ACE Limited (NYSE:ACE) occupies the third spot in Bryn Mawr’s equity portfolio, with the position containing 97,500 shares valued at $10.87 million. ACE Limited (NYSE:ACE) is yet another company whose stock suffered through a poor first quarter, losing 2.95% and the decline wasn’t offset even after the company managed to beat earnings estimates for the first quarter. While earnings of the insurance company were down slightly on the year at $2.08 per share, versus $2.16, the stronger U.S dollar was largely to blame. Among other investors, Robert Raiff’s Raiff Partners had nearly 5% exposure to ACE Limited (NYSE:ACE) alone at the end of 2014 and will hope for positive catalysts in the future. Moreover, while many funds would be in dire straits from negative returns from each of their top three holdings, these positions account for a little more than 5% of Bryn Mawr’s highly diversified equity portfolio, limiting the damage.
Delphi Automotive PLC (NYSE:DLPH) is the first of Bryn Mawr’s top holdings whose stock gained ground and returned 10% during the first quarter. Bryn Mawr’s position contains 133,600 shares of the company and has a value of $10.65 million. The automotive parts supplier’s first quarter earnings showed a revenue that came in well below estimates, but Delphi Automotive PLC (NYSE:DLPH) beat earnings estimates with EPS of $1.21, versus a consensus estimate of $1.17. With a nearly 11% exposure to Delphi Automotive PLC (NYSE:DLPH), John W. Moon’s Moon Capital is surely pleased with its 2015 returns thus far.
Lastly, we come to Bryn Mawr’s position in Armstrong World Industries Inc. (NYSE:AWI), a supplier of both building and flooring products based in Lancaster, Pennsylvania. Bryn Mawr’s position consisted of 180,120 shares with a value of $10.35 million, up by 134,600 shares on the quarter. Armstrong World Industries Inc. (NYSE:AWI)’s stock advanced by 9% since the beginning of the year, though shares took a dive of more than 4% on April 30 following the release of financial results, which fell short of analysts’ expectations. Armstrong World was another company impacted by a stronger dollar, with CEO Matthew Espe attributing about half of the 6.5% year-over-year sales loss on foreign exchange rates. Armstrong World Industries Inc. (NYSE:AWI) announced in February that it would split its flooring and ceiling businesses into separate public companies, an announcement which accounted for much of the stock’s success in 2015. That move was pushed by activist investor Jeffrey Ubben of ValueAct Capital, the firm’s largest shareholder in our database with 9.20 million shares.
Disclosure: None
