James Telfser, partner and portfolio manager at Aventine Investment Counsel, discusses his top picks: Premium Brands, Exchange Income, and Agilent Technologies.We have been long-term shareholders of Premium Brands, a specialty food and distribution company, and continue to believe its management team is one of the top capital allocators in the country.
It has completed ~16 acquisitions since 2012 with a total value of north of $1 billion. Exchange Income recently surprised analysts with a significant earnings beat and increased guidance as recent acquisitions and strong operating performance combined to drive strong results. We believe that at current levels investors are undervaluing the earnings power and free cash flow conversion of Exchange Income.
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