Fannie Mae-No Politics (FNMA)

[Robert from yahoo bd]

https://www.cnbc.com/2024/02/07/billionaire-bill-ackman-to-open-a-nyse-listed-fund-for-regular-investors.html

"The Adviser’s focus on deeply undervalued investments is due to its belief that a well-priced purchase is often one of the most important determinants of the success of an investment. In addition, the Adviser believes that the acquisition of a portfolio of investments, when acquired at a large discount to intrinsic value, provides a margin of safety that can mitigate the likelihood of an overall permanent loss of the Fund’s capital. The Adviser intends to make investments on behalf of the Fund in a manner consistent with the investment strategy it has historically employed. See “Investment Objective and Policies.”"

https://www.sec.gov/Archives/edgar/data/2002660/000119312524026301/d623781dn2.htm

"Consistent with the Adviser’s core investment principles and business strategy, it expects to identify high-quality companies that have a number of the characteristics enumerated below. The Adviser will use these criteria and guidelines in evaluating investments, but may make investments in companies that do not meet all of these criteria.



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Simple, predictable, and free-cash-flow-generative. The Adviser will generally seek to invest in companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that it expects will generate strong, sustainable growth in cash flows over the long term.



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Formidable barriers to entry. The Adviser will generally seek companies that have long-term sustainable competitive advantages, significant barriers to entry, or “wide moats” around their business, and low risks of disruption due to competition, innovation or new entrants.



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Limited exposure to extrinsic factors. The Adviser will generally seek investments that are not materially affected by macroeconomic factors, commodity prices, regulatory risks, interest rate volatility and/or cyclical risk.



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Strong balance sheet. The Adviser will generally seek investments in companies that are conservatively financed relative to their free-cash-flow generation.



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Minimal capital markets dependency. The Adviser will generally seek investments in companies that are not highly reliant on the capital markets to operate and grow their businesses.



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Large capitalization. The Adviser will generally seek investments in companies with large enterprise values and significant long-term growth potential.



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Attractive valuation. The Adviser will generally seek investments in companies at an attractive valuation relative to its view of the company’s long-term intrinsic value.



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Exceptional management and governance. The Adviser will generally seek investments in companies that have trustworthy, talented, experienced, and highly competent management teams.

The Adviser’s focus on deeply undervalued investments is due to its belief that a well-priced purchase is often one of the most important determinants of the success of an investment. In addition, the Adviser believes that the acquisition of a portfolio of investments, when acquired at a large discount to intrinsic value, provides a margin of safety that can mitigate the likelihood of an overall permanent loss of the Fund’s capital. The Adviser intends to make investments on behalf of the Fund in a manner consistent with the investment strategy it has historically employed."