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Last Post: 6/24/2016 1:58:31 PM - Followers: 12 - Board type: Free - Posts Today: 0
Barron's(9/19) Barron's Online:

17 Sep 00:06

By John Kimelman
In an August 2004 interview with Barron's Online Bill Fries was asked about
the economic wild card that scared him the most. His answer: "the potential
impact of runaway oil prices." Since then, crude has risen more than 40%. But
luckily for shareholders in his Thornburg International Value Fund (ticker:
TGVAX), Fries has kept a big weighting in energy stocks. Since launching the
fund in 1998, Fries has beaten the average large-cap foreign stock fund every
calendar year,according to Morningstar, which named him International Stock
Fund manager of the year in 2003. This year, through Thursday, the fund was up
10%, versus 7.35% for its bogey, the Morgan Stanley Europe AustralAsia Far East
Index. Recently, we talked with Fries, who also runs the domestic Thornburg
Value Fund (TVAFX), about his investments abroad.

Barron's Online: BP (BP) is the biggest position in your International Value
Fund. [See table.] Why BP, as opposed to another large integrated energy
Fries: They have a very well-diversified portfolio of production properties.

They acquired Amoco and Arco in the U.S. Those were two stocks that I knew
pretty well, having been an energy analyst years ago. Arco has very good West
Coast refining and Amoco has some of the largest natural-gas reserves among the
major integrated oil companies in the U.S. So, it is a combination of [having]
good properties on the production side and recognizing the opportunities and
the essential dependency on places like Russia, doing joint ventures there,
which, of course does have some risk.

BP is up 26% in the past year. Is it still a good value?
I think it is, in part because of the incremental profit level. You still
have the opportunity for increasing production and increasing reserves, and I
don't think they've changed dramatically. But one thing that has changed
dramatically is the higher price of oil, giving the company much more cash flow
to reinvest. And that is going to give BP a better opportunity to increase oil
reserves over time.

Of your top four holdings, two are in energy and two are in health care. What
does that tell us?
Those are two areas that are core to any society today. The demand for
energy, whether it be for transportation or power generation, has increased as
standards of living improve. There is not going to be less demand. If you look
at a place like China, it's clear that the dream of owning your own car seems
to prevail in emerging markets just as it does here. So, I think the pricing
will be pretty firm. As for health care, the technology is improving to both
find cures for illnesses and help people cope with conditions that come from
our modern society -- like diabetes. Probably 15% of our gross domestic
product now is related to health care.

Speaking of health care, why do you like drug maker Sanofi-Aventis (SNY) so
Well, there [aren't] too many companies that are as broadly based [as] they
are. This company is the product of three companies that were put together, so
there is still plenty of room here for cost savings. They have at least one
product coming that could be pretty substantial. It's called Acomplia and it's
designed for weight loss. This drug is not a sure thing, because it hasn't yet
been through Phase III trials. But they are finding that people who have been
taking this drug [not only] end up losing weight, but also [get some]
beneficial effects on conditions like diabetes and high blood pressure.

When could this drug be commercially available?
Maybe within the next two years -- there is still more testing to be done.

Still, investors are paying a normal price for a company with a potential
blockbuster drug that could really move the stock price needle should it [get]
approved [by the FDA]. Acomplia could be a multibillion-dollar-a-year product.

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SNY News: Mymetics Starts Research Project with Sanofi for Influenza Vaccines 12/01/2016 05:00:00 AM
SNY News: Sanofi Receives FDA Approval of Soliqua™ 100/33 for the Treatment of Adults with Type 2 Diabetes 11/21/2016 07:19:00 PM
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SNY News: New Survey Finds Men in the U.S. Want to Take Charge of Their Own Health and Wellness 11/17/2016 04:01:00 PM
SNY News: Regeneron and Sanofi Present Results from Phase 3 MONARCH Study of Investigational Sarilumab at American College of Rheumatol... 11/16/2016 08:00:00 AM
#69   Sanofi Adds Costa Rica To Dengvaxia Approval List venturecapp 06/24/16 01:58:31 PM
#68   Sanofi Announces Positive Phase 3 Results for Investigational T695 06/12/16 08:12:07 PM
#67   FDA Accepts Sanofi New Drug Application for Once-Daily PENNYMACHINE 02/22/16 08:41:48 AM
#66   SNY 10 MINUTES TREND1 11/12/15 09:53:11 PM
#65   Prescription Products ABOUT 34 TREND1 11/09/15 01:39:01 PM
#64   Today : Friday 6 November 2015 TREND1 11/06/15 01:45:12 PM
#63   Sanofi will organize a Meet Management Seminar at TREND1 11/05/15 06:56:10 PM
#62   Sanofi and Hanmi Announce License Agreement To Develop TREND1 11/05/15 11:17:33 AM
#61   The current CEO of SNY has to drop TREND1 11/03/15 02:39:05 PM
#60   The Clock Is Ticking for MannKind TREND1 11/03/15 01:02:06 PM
#59   I estimate that SNY can reduce losses in TREND1 10/31/15 03:42:28 PM
#58   ******Under the current partnership terms, Sanofi can drop TREND1 10/29/15 04:05:30 PM
#57   *****Mannkind's (MNKD) flopping inhaled insulin Afrezza is contributing TREND1 10/29/15 03:32:22 PM
#56   SNY will discuss diabetes on NOV 6, 2015 TREND1 10/29/15 02:41:28 PM
#55   To view the original version on PR Newswire, visit: TREND1 10/29/15 01:29:00 PM
#54   Sanofi's Q3 bombshell: Diabetes sales drop, and will TREND1 10/29/15 01:02:29 PM
#53 TREND1 10/29/15 11:30:26 AM
#52   Sanofi Grew Sales and Business EPS in Q3 2015 TREND1 10/29/15 11:27:09 AM
#51   Sanofi US Issues Voluntary Nationwide Recall of Auvi-Q® TREND1 10/28/15 04:46:28 PM
#50   Sanofi Reports Positive Top-Line Results in Second Pivotal TREND1 09/19/15 12:03:08 AM
#49   Sanofi Announces New Corporate Structure TREND1 07/29/15 07:26:30 PM
#48   Sanofi Announces that First LixiLan Phase III Study TREND1 07/29/15 07:15:03 PM
#47   Sanofi SA 2Q 2015 -- Forecast TREND1 07/29/15 06:56:54 PM
#46   SNY 30 D W M PF TREND1 07/29/15 06:30:05 PM
#45   $PPCH NEW CANCER DRUG WORKING WITH SNY boss101 06/19/15 12:36:58 PM
#44   Bulls Say TREND1 04/30/15 02:08:04 PM
#43   SNY PF SEE BREAK OUT TO UP SIDE TREND1 04/15/15 01:06:49 PM
#42   SNY D TREND1 02/22/15 01:01:24 PM
#41   MS drug has the potential to change lives (12/15/14) Enterprising Investor 12/15/14 10:51:55 PM
#40   Genzyme’s Lemtrada Approved by the FDA (11/14/14) Enterprising Investor 11/15/14 06:41:02 PM
#39   Quote:SNY/NVO/LLY—More on the competitive landscape in diabetes: TREND1 11/05/14 07:41:31 PM
#38   SNY D ABOUT TO HAVE A DEATH CROSS TREND1 11/04/14 04:23:21 PM
#37   The plans that show Lantus rotting due to faxedreceipts 11/02/14 01:08:35 PM
#36   SNY D LAST PP0(50,200,1) < 0 WAS 2011 TREND1 10/30/14 05:18:51 PM
#35   …we will see a boom in price when DewDiligence 10/29/14 07:54:17 PM
#34   Any discussion on the past few days? Jonas3 10/29/14 07:51:01 PM
#33   At Four Years, Treatment Effect Maintained in More Enterprising Investor 09/11/14 02:31:49 AM
#32   Genzyme’s Lemtrada Approved in Argentina for Treatment of Enterprising Investor 07/01/14 10:21:28 PM
#31   How is that related to SNY? faxedreceipts 06/12/14 09:48:26 PM
#29   Andy, you really need to take your meds, faxedreceipts 06/08/14 10:20:34 PM
#28   No we don't. Implant has the only TSA Andy3077 06/08/14 09:53:20 PM
#27   If only IMSC could make 1/10th money SNY faxedreceipts 06/08/14 07:47:05 PM
#26   I feel it will do a lot better Andy3077 06/08/14 06:04:26 PM
#25   Patent cliff subsiding. Future earnings growth? faxedreceipts 06/08/14 02:23:57 PM
#24   Genzyme Receives Complete Response Letter from FDA on [SMART MONEY] 12/30/13 06:27:45 AM
#23   FDA Grants Priority Review for Genzyme’s Cerdelga™ (eliglustat), [SMART MONEY] 12/11/13 07:44:19 AM
#22   Sanofi Pasteur's Fluzone High-Dose Vaccine Significantly More Effective KarinCA 08/26/13 04:22:52 PM
#21   American-Diabetes-Association-Annual-Meeting Updates ECole 07/18/13 05:54:39 AM
#20   Thank you Dew Diligence. Scrapiron 01/25/13 06:54:31 PM
#19   SNY’s 4Q12 results will be announced on Feb DewDiligence 01/25/13 04:33:05 PM