HIGH DIVIDEND YIELD PORTFOLIO COMPANY HOLDINGS - St. James ...
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Committed to Value Investing
July 1, 2020
H IGH D IVIDEND Y IELD P ORTFOLIO
C OMPANY H OLDINGS
JOHN SPICCIATIE BRIAN MARK
EXECUTIVE DIRECTOR PORTFOLIO MANAGER
646-10 MAIN STREET 646-10 MAIN STREET
PORT JEFFERSON, NY 11777 PORT JEFFERSON, NY 11777
(800) 966-9343 EXT. 204 (800) 966-9343 EXT. 205
JOHN@STJAMESIA.COM BRIAN@STJAMESIA.COM
L ISTING OF C OMPANY H OLDINGS - P AGES 3 TO 4 COMPANY PROFILES - PAGES 5 TO 34
High Dividend Yield Portfolio Company Holdings
ST. JAMES INVESTMENT ADVISORS
Agnico Eagle Mines Ltd (AEM) Emerson Electric Co. (EMR)
American Express (AXP) Enbridge Corp. (ENB)
Becton, Dickinson & Co. (BDX) ExxonMobil Corp. (XOM)
Brookfield Asset Management (BAM) Fox Corporation (FOXA)
Coca-Cola Co. (KO) General Mills Inc. (GIS)
Comcast Corp. (CMCSA) Huntsman Corp. (HUN)
CVS Health Corp. (CVS) Johnson & Johnson (JNJ)
Dominion Energy Inc. (D) McDonald’s Corp. (MCD)
Duke Energy Corp. (DUK) Medtronic PLC (MDT)
Page 3
High Dividend Yield Portfolio Company Holdings
ST. JAMES INVESTMENT ADVISORS
Microsoft (MSFT) US Bancorp (USB)
Nutrien Ltd. (NTR) Walmart Inc. (WMT)
Omnicom Group Inc. (OMC) WR Berkley (WRB)
PepsiCo Inc. (PEP)
Pfizer Inc. (PFE)
Procter & Gamble Co. (PG)
Raytheon Technologies Corp. (RTX)
Royal Gold Inc. (RGLD)
Unilever PLC (UL)
Page 4
ST. JAMES INVESTMENT ADVISORS
Agnico Eagle Mines Limited (AEM) was founded in 1953 and is headquartered in Toronto, Canada
AEM engages in the exploration, development, and production of mineral properties
Agnico Eagle operates through three segments: Northern Business, Southern Business, and Exploration
AEM primarily produces and sells gold, as well as explores for silver, zinc, and copper. Agnico Eagle
operates gold mines in Canada, Mexico, and Finland, reflecting the company’s focus on lower-risk
jurisdictions
Agnico’s four cornerstone assets are all based in Canada
AEM maintains diversified operations and robust production in premier mining jurisdictions in North
America and Europe which includes key mining sites in: Canada – LaRonde, Meadowbank, Meliadine,
Goldex and Canadian Marlartic; Mexican – La India, Pinos Altas and Creston Mascota; and Finland –
Kittila. Agnico has exploration activities in the U.S., Mexico and Sweden
AEM generated annual sales of $2.28 billion in 2019 and has a market capitalization of $12.4 billion
Page 5
ST. JAMES INVESTMENT ADVISORS
American Express Company (AXP), together with its subsidiaries, is a global services company.
AXP's principal products and services are charge and credit card products, and travel-related services
offered to consumers and businesses around the world
American Express divides its business into three reportable operating segments:
– Global Consumer Services (GSCG) – offers a wide range of charge and revolving credit cards to
consumers around the world. Also includes additional services such as travel services and
installment lending
– Global Commercial Services (GSC) – offers a wide range of card and payment programs to small,
mid-size and large corporations around the world as well as consulting services, cross-border
payment solutions and expense management tools
– Global Merchant & Network Services (GMNS) – operates a global payments network that processes
and settles card transactions as well as builds and maintains relationships with merchants that
choose to accept AXP cards and purchases. It also works with third parties to acquire small and mid-
sized merchants through its "OptBlue" merchant-acquiring program
AXP generated annual sales of $30.9 billion in 2019 and has a market capitalization of $70.4 billion
Page 6
ST. JAMES INVESTMENT ADVISORS
Becton, Dickinson and Company (BDX) is a global medical technology company engaged in the
development, manufacture and sale of a broad range of medical supplies, devices, laboratory
equipment and diagnostic products used by healthcare institutions, life science researchers, clinical
laboratories, the pharmaceutical industry and the general public
Becton Dickinson operates through three operating segments:
– BD Medical – produces an array of medical technologies and devices that are used to help improve
healthcare delivery in a range of settings
– BD Life Sciences – provides products for the safe collection and transport of diagnostics specimens,
and instruments and reagent systems to detect a range of infectious diseases, healthcare-associated
infections and cancers
– BD International – offers products such as hernia and soft tissue repair, biological grafts, catheters,
drug coated balloons and cancer diagnostics
BD generated annual revenue of $17.2 billion in 2019 and has a market capitalization of $61.1 billion
Page 7
ST. JAMES INVESTMENT ADVISORS
Brookfield Asset Management (BAM) is a leading global alternative asset manager with $545 billion of
assets under management and one of the largest investors in real assets with fee-generating capital of
$290 billion at December 31, 2019
Brookfield’s Investment focus is on real estate, renewable power, infrastructure and private equity
assets
BAM operates through six business segments: asset management, real estate, private equity,
infrastructure, renewable power, and residential real estate.
Brookfield has built its business model of an asset manager and private equity investor, focusing on
segments of the market the firm believes are resilient through market cycles
BAM's revenue stream is also diversified between fees earned on managed assets and capital
appreciation and distributions from invested capital
Acquisitions remain a core element of BAM's strategy, and expect them to leverage additional
opportunities in the consolidating asset management industry
BAM generated annual revenue of $67.8 billion in 2019 and has a market capitalization of $47.5 billion
Page 8
ST. JAMES INVESTMENT ADVISORS
The Coca-Cola Company (KO) is the largest non-alcoholic beverage company in the world with over
$35 billion in revenue
Coca-Cola’s business encompasses the production and sale of soft drink and non-carbonated beverage
concentrates and syrups along with a range of still beverages, such as waters, flavored waters and
enhanced waters, juices and juice drinks, ready-to-drink teas and coffees, sports drinks, dairy and
energy drinks
Coca-Cola’s beverage products have several well-known trademarks and brands including Coca-Cola,
Diet Coke, Fanta, Sprite, Minute Maid, Powerade, Dasani and Costa, in addition to enhanced water
products such as Glaceau, Vitaminwater and Smartwater
Coca-Cola offers over 500 brand products now reaching about 28 million retail customer outlets across
more than 20 different channels through a global distribution network in more than 200 countries
Coca-Cola generated annual sales of $37.2 billion in 2019 and has a market capitalization of $205.1
billion
Page 9
ST. JAMES INVESTMENT ADVISORS
Comcast Corporation consists of three main parts. The core cable business owns networks capable of
providing television, Internet access, and phone services to roughly 59 million U.S. homes and
businesses, or nearly half of the country
About half the homes in this territory subscribe to at least one Comcast service
Comcast acquired NBCUniversal from General Electric in 2011. NBCU owns several cable networks,
including CNBC, MSNBC, and USA, the NBC broadcast network, several local NBC affiliates, Universal
Studios, and several theme parks
Sky, acquired in 2018, is the dominant television provider in the U.K. and has invested heavily in
exclusive and proprietary content to build this position
The firm is also the largest pay-television provider in Italy and has a presence in Germany and Austria
Comcast reported annual sales over $108.9 billion in 2019 and has a market capitalization of $172.5
billion
Page 10ST. JAMES INVESTMENT ADVISORS
CVS Health Corporation (CVS) is the largest pharmacy health care provider in the U.S. CVS Health has
more than 9,900 retail locations, approximately 1,100 walk-in medical clinics, a leading pharmacy
benefits manager with approximately 92 million plan members
CVS also has a dedicated senior pharmacy care business serving more than one million patients per
year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription
drug plan
CVS Health also serves an estimated 38 million people through traditional, voluntary and consumer-
directed health insurance products and related services, including rapidly expanding Medicare
Advantage offerings
CVS has spent over a decade positioning itself as a leader in healthcare services with the acquisitions
such as Caremark (2007), Omnicare (2015), and Aetna (2018) defining its strategic direction
CVS Caremark® is the nation’s largest pharmacy benefits manager, and a leader in retail clinics,
specialty pharmacy, and infusion
CVS Health has a market capitalization of $79.3 billion and generated 2019 revenue of $256.7 billion
Page 11ST. JAMES INVESTMENT ADVISORS
Dominion Energy, Inc. (D) is a producer and transporter of energy
Dominion is focused on its investment in regulated electric generation, transmission and distribution
and regulated natural gas transmission and distribution infrastructure
It operates through three segments:
– Dominion Virginia Power - includes regulated electric distribution and regulated electric transmission
– Dominion Generation - includes regulated electric fleet and merchant electric fleet
– Dominion Energy - includes gas transmission and storage, gas gathering and processing, liquefied
natural gas import and storage, and nonregulated retail energy marketing
Dominion is headquartered in Richmond, Va. serves more than 7 million customers in 18 states
energize their homes and businesses with electricity or natural gas
Dominion is committed to sustainable, reliable, affordable and safe energy and is one of the nation's
largest producers and transporters of energy with more than $100 billion of assets providing electric
generation, transmission and distribution, as well as natural gas storage, transmission, distribution and
import/export services
Dominion generated 2019 revenue of $16.5 billion and has a market capitalization of $67.2 billion
Page 12ST. JAMES INVESTMENT ADVISORS
Duke Energy (DUK) is one of the largest U.S. utilities by market capitalization in the United States, with
electric generating capacity in the Carolinas, the Midwest and Florida, as well as natural gas distribution
services in Ohio, Kentucky, Tennessee and the Carolinas
Duke operates in three major segments:
– Electric Utilities and Infrastructure – retail electric service through the generation, transmission,
distribution and sale of electricity
– Gas Utilities and Infrastructure – serves residential, commercial, industrial and power generation
providing natural gas to 1.6 million customers in five states
– Commercial Renewables – primarily acquires, builds, develops and operates a growing portfolio of
wind and solar renewable generation
– Duke’s goal is to generate cleaner energy and expanding its natural gas infrastructure to create a
smaller, more modern energy future for the people they serve
Duke Energy has a market capitalization of approximately $55.9 billion and 2019 annual revenue
approximately $25.08 billion
Page 13ST. JAMES INVESTMENT ADVISORS
Emerson Electric Co. (EMR) is a diversified global manufacturing company, that operates in more than
150 countries, providing solutions to customers by bringing technology and engineering together in the
industrial, commercial and consumer markets
Emerson Electric has two core business platforms; Automation Solutions and Commercial & Residential
Solutions
The Automation Solutions business offers customers products, software and technology, and
engineering, project management, consulting services and integrated manufacturing solutions for
precision measurement, control, monitoring, asset optimization, and safety and reliability of oil and gas
reservoirs, manufacturing operations and plants that process or treat various items
The Commercial & Residential Solutions segment provides products and services for many areas of the
climate control industry, including residential heating and cooling, commercial air conditioning, and
commercial and industrial refrigeration
Emerson has a market capitalization of $29.2 billion and generated $18.3 billion of revenue in 2019
Page 14ST. JAMES INVESTMENT ADVISORS
Enbridge Corp. (ENB) is an energy distribution and transportation company with business platforms
that include a network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution
utilities and renewable power generation in the United States and Canada
Enbridge operates crude and natural gas pipelines, including the Canadian Mainline system
Enbridge also owns and operates Canada's largest natural gas distribution company
Enbridge has five business segments: Liquids Pipelines, Gas Transmission and Midstream, Gas
Distribution, Green Power and Transmission, and Energy Services
Enbridge delivers over three million barrels of crude oil per day, and transports 62% of all U.S.-bound
Canadian crude exports
Enbridge Corp. also transports 18% of the natural gas used in the U.S.
Its regulated utilities serve approximately 3.7 million retail customers
ENB generated annual sales of $50.1 billion in 2019 and has a market capitalization of $57.5 billion
Page 15ST. JAMES INVESTMENT ADVISORS
ExxonMobil (XOM), is one of the largest publicly traded international energy companies, uses
technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an
industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum
products, and its chemical company is one of the largest in the world
ExxonMobil is engaged in the exploration, production, transportation and sale of crude oil and natural
gas, and the manufacture, transportation and sale of petroleum products
ExxonMobil also manufactures and markets commodity petrochemicals, including olefins, aromatics,
polyethylene and polypropylene plastics, and a range of specialty products
ExxonMobil's segments include Upstream, Downstream, Chemical, and Corporate and Financing
ExxonMobil has exploration and development activities in projects located in the United States,
Canada/South America, Europe, Africa, Asia and Australia/Oceania
XOM generated annual sales of $255.6 billion in 2019 and has a market capitalization of $171.3 billion
Page 16ST. JAMES INVESTMENT ADVISORS
Fox Corporation (FOXA) is a news, sports and entertainment company
Fox Corporation operates through three segments:
– Cable Network Programming consists of the production and licensing of news and sports content
distributed primarily through cable television systems, direct broadcast satellite operators,
telecommunication companies and online video distributors, primarily in the United States
– The Company’s Television segment consists of the acquisition, marketing and distribution of
broadcast network programming nationally under the FOX brand
– Corporate and Eliminations includes FOX Studios lot, which provides television and film production
services along with office space, studio operation services
FOX generated annual sales of $11.4 billion in 2019 and has a market capitalization of $15.6 billion
Page 17ST. JAMES INVESTMENT ADVISORS
General Mills, Inc. (GIS), is a manufacturer and marketer of branded consumer foods and pet food
products sold through retail stores
General Mills has four segments: U.S. Retail, International, Pet operating, and Convenience Stores and
Foodservice
General Mills offers a range of food products with a focus on categories, including ready-to-eat cereal;
convenient meals, including meal kits, ethnic meals, pizza, soup, side dish mixes, frozen breakfast and
frozen entrees; snacks, including grain, nutrition bars and frozen hot snacks; yogurt, and super-
premium ice cream
General Mill's other product categories include baking mixes & ingredients and refrigerated and frozen
dough. GIS also provides food products for dogs and cats
General Mill's major brands include Wheaties, Progresso, Lucky Charms with eight $1B brands
competing globally, namely: Cheerios, Haagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Nature
Valley, and Yoplait
GIS generated annual sales of $16.9 billion in 2019 and has a market capitalization of $35.8 billion
Page 18ST. JAMES INVESTMENT ADVISORS
Huntsman Corporation (HUN) is a manufacturer of differentiated organic chemical products and of
inorganic chemical products. Huntsman operates all of its businesses through its subsidiary,
Huntsman International LLC
Huntsman operates through four segments: Polyurethanes, Performance Products, Advanced
Materials and Textile Effects
Its Polyurethanes, Performance Products, Advanced Materials and Textile Effects segments produce
differentiated organic chemical products and its Pigments and Additives segment produces inorganic
chemical products
Huntsman's products are used in a range of applications, including those in the adhesives, aerospace,
automotive, construction products, personal care and hygiene, durable and non-durable consumer
products, digital inks, electronics, medical, packaging, paints and coatings, power generation,
refining, synthetic fiber, textile chemicals and dye industries
HUN generated annual sales of $6.8 billion in 2019 and has a market capitalization of $3.3 billion
Page 19ST. JAMES INVESTMENT ADVISORS
Johnson & Johnson (JNJ) is a holding company, which is engaged in the research and development,
manufacture and sale of a range of products in the healthcare field. Its primary focus is products
related to human health and well-being
Johnson & Johnson operates through three segments:
– The Consumer segment includes a range of products used in the baby care, oral care, skin care,
over-the-counter pharmaceutical, women's health and wound care markets
– The Pharmaceutical segment is focused on five therapeutic areas, including immunology, infectious
diseases, neuroscience, oncology, and cardiovascular and metabolic diseases
– The Medical Devices segment includes a range of products used in the orthopedic, surgery,
cardiovascular, diabetes care and vision care fields
JNJ’s research facilities are located in the United States, Belgium, Brazil, Canada, China, France,
Germany, India, Israel, Japan, the Netherlands, Singapore, Switzerland and the United Kingdom
JNJ generated annual sales of $82.1 billion in 2019 and has a market capitalization of $389.7 billion
Page 20ST. JAMES INVESTMENT ADVISORS
McDonald’s Corporation (MCD) is the world’s largest restaurant company generating revenue through
company-owned restaurants, franchise royalties and licensing agreements
While a global brand, the vast majority of McDonald’s restaurants represent a collection of small
businesses – more than 80% worldwide and nearly 90% in the U.S. – are owned and operated by
approximately 5,000 independent business owners
McDonald’s has four reportable business segments: United States, International Lead Markets, High
Growth Markets and Foundational Markets
McDonald’s is a market leader in the U.S. quick-service restaurant industry offering a uniform value-
priced menu that also provides freedom within a framework which gives latitude to its franchisees to
make regional variations concerning menu, marketing, community involvement and local business
management
McDonald’s operates and franchises nearly 38,000 restaurants in over 100 countries
MCD generated annual sales of $21.1 billion in 2019 and has a market capitalization of $132.2 billion
Page 21ST. JAMES INVESTMENT ADVISORS
Medtronic (MDT), headquartered in Dublin, Ireland, is among the world’s largest medical technology,
services and solutions companies with a portfolio that includes pacemakers, defibrillators, heart valves,
stents, insulin pumps, spinal fixation devices, neurovascular products and surgical tools
Medtronic operates in four segments: Cardiac and Vascular Group, Minimally Invasive Technologies
Group, Restorative Therapies Group and Diabetes Group
Medtronic employs more than 90,000 people worldwide serving physicians, hospitals and patients in
more than 150 countries
Medtronic has grown both organically and via targeted acquisitions to assemble an attractive portfolio
of emerging and high growth businesses focused on highly engineered medical devices that have
enabled the company to build market-leading franchises in Cardio, Surgical, Diabetes, and Spine &
Brain Therapies
Medtronic is focused on collaborating with stakeholders around the world to take healthcare Further,
Together
MDT generated annual sales of $30.5 billion in 2019 and has a market capitalization of $130.3 billion
Page 22ST. JAMES INVESTMENT ADVISORS
Microsoft Corporation (MSFT) is a technology company and the world’s largest independent software
developer
Microsoft’s business segments include Productivity and Business Processes, Intelligent Cloud and More
Personal Computing
Microsoft's products include operating systems; cross-device productivity applications; server
applications; business solution applications; desktop and server management tools; software
development tools; video games, and training and certification of computer system integrators and
developers
It also designs, manufactures, and sells devices, including personal computers (PCs), tablets, gaming
and entertainment consoles, phones, other intelligent devices, and related accessories, that integrate
with its cloud-based offerings
It offers an array of services, including cloud-based solutions that provide customers with software,
services, platforms, and content, and it provides solution support and consulting services. About 47%
of revenue is generated outside the U.S.
MSFT generated annual sales of $125.8 billion in 2019 and has a market capitalization of $1.17 trillion
Page 23ST. JAMES INVESTMENT ADVISORS
Nutrien Ltd (NTR) is Canada-based crop nutrient producer and distributer of potash, nitrogen and
phosphate products for agricultural, industrial and feed customers worldwide
Nutrien plays a critical role in feeding the future of helping growers to increase food production in a
sustainable manner
Nutrien is focused on retail, potash, nitrogen and phosphate mining and processing operations
Nutrien operates six potash mines in Saskatchewan and has a mine in New Brunswick in care-and-
maintenance mode.
Nutrien operates integrated phosphate mining and processing facilities, as well as a number of
smaller upgrading plants in the United States
Nutrien's retail operations serve growers in a number of countries to include the United States,
Canada, South Africa, Australia and South America
NTR generated annual sales of $20 billion in 2019 and has a market capitalization of $19.6 billion
Page 24ST. JAMES INVESTMENT ADVISORS
Omnicom Group Inc. (OMC) is a holding company and global leader in marketing communications.
OMC provides advertising, marketing and corporate communications services. Its portfolio provides
talent, technology and innovation to some of the world’s most iconic and successful brands
Omnicom offers a diverse, comprehensive range of marketing solutions spanning brand advertising,
customer relationship management (CRM), media planning and buying services, public relations and
numerous specialty communications services
Omnicom’s portfolio includes three global advertising agency networks: BBDO, DDB and TBWA; three
of the world’s premier providers of media services: OMD, PHD and Hearts & Science as part of
Omnicom Media Group
Omnicom also manages a global diversified group of agencies, under the DAS Group of Companies.
DAS includes over 200 brands across numerous marketing disciplines: public relations, medical and
pharmaceutical marketing, CRM, entertainment and events, shopper, branding & design, and research
Omnicom caters to various industry sectors, such as food and beverage, consumer products,
pharmaceuticals and healthcare, financial services, technology, travel and entertainment,
telecommunications and retail
OMC generated annual sales of $14.9 billion in 2019 and has a market capitalization of $11.2 billion
Page 25ST. JAMES INVESTMENT ADVISORS
PepsiCo, Inc. (PEP) is one of the world’s leading food and beverage companies. The company’s
portfolio of brands includes Pepsi-Cola, Quaker, Gatorade, Mountain Dew, 7UP, Frito-Lay, and
Tropicana
Through its operations, authorized bottlers, contract manufacturers and other third parties, PepsiCo
makes, markets, distributes and sells a wide variety of convenient beverages, foods and snacks serving
customers and consumers in more than 200 countries and territories
PepsiCo has 22 brands that generate more than $1 billion each in estimated annual retail sales
PepsiCo is organized and operates in six divisions: PepsiCo Beverages North America, Frito-Lay North
America. Quaker Foods North America, Latin America, Europe Sub-Saharan Africa, and Asia, Middle
East and North Africa
PEP generated annual sales of $67.1 billion in 2019 and has a market capitalization of $187.5 billion
Page 26ST. JAMES INVESTMENT ADVISORS
Pfizer Inc. (PFE) is a research-based global biopharmaceutical company
Pfizer is engaged in the discovery, development and manufacture of healthcare products. Its global
portfolio includes medicines and vaccines
Pfizer manages its commercial operations through two business segments:
– Pfizer Innovative Health (IH) focuses on developing and commercializing medicines and vaccines. IH
therapeutic areas include internal medicine, vaccines, oncology, inflammation and immunology, rare
diseases and consumer healthcare
– Pfizer Essential Health (EH) includes legacy brands, branded generics, generic sterile injectable
products, biosimilars and infusion systems. EH also includes a research and development
organization, as well as its contract manufacturing business
Pfizer brands include Prevnar 13, Xeljanz, Eliquis, Lipitor, Celebrex, Pristiq and Viagra
PFE generated annual sales of $51.7 billion in 2019 and has a market capitalization of $199.5 billion
Page 27ST. JAMES INVESTMENT ADVISORS
The Procter & Gamble Company (PG) with headquarters in Cincinnati, Ohio and sales in over 180
countries is focused on providing branded consumer packaged goods to the consumers across the
world
Procter & Gamble operates through five segments: Beauty, Grooming, Health Care, Fabric & Home
Care, and Baby, Feminine & Family Care
Procter & Gamble sells its products primarily through mass merchandisers, grocery stores,
membership club stores, drug stores, department stores, distributors, baby stores, specialty beauty
stores, e-commerce, high-frequency stores and pharmacies
It offers products under the brands, such as Tide, Gillette, Pampers, Bounty, Crest, Ivory, Head &
Shoulders, Scope, Oral-B, Swiffer, Tampax, Charmin, Olay, Old Spice, Safeguard, Pantene, Rejoice,
Mach3, Prestobarba, Venus, Cascade, Dawn, Febreze, and Mr. Clean
PG generated annual sales of $67.6 billion in 2019 and has a market capitalization of $300.2 billion
Page 28ST. JAMES INVESTMENT ADVISORS
Raytheon Technologies Corp. (RTX) is an aerospace and defense company that provides advanced
systems and services for commercial, military and government customers worldwide
Raytheon, formed in 2020 through the merger of Raytheon Company and United Technologies
Corporation, is headquartered in Waltham, Massachusetts
Raytheon comprises four industry-leading businesses; Collins Aerospace Systems, Pratt & Whitney,
Raytheon Intelligence & Space, and Raytheon Missiles & Defense
The Pratt & Whitney segment supplies aircraft engines for the commercial, military, business jet and
general aviation markets. This business segment also provides fleet management services and
aftermarket maintenance, repair and overhaul services
The Collins Aerospace Systems segment provides aerospace products and aftermarket service solutions
for aircraft manufacturers, airlines, regional, business and general aviation markets, military, space
and undersea operations
Its 195,000 employees enable the company to operate at the edge of known science as they imagine
and deliver solutions that push the boundaries in quantum physics, electric propulsion, directed energy,
hypersonics, avionics and cybersecurity
RTX generated annual sales of $77.0 billion in 2019 and has a market capitalization of $93.8 billion
Page 29ST. JAMES INVESTMENT ADVISORS
Royal Gold, Inc. (RGLD), together with its subsidiaries, acquires and manages precious metal streams,
royalties, and related interests.
Royal Gold focuses on acquiring stream and royalty interests or to finance projects that are in
production or in development stage in exchange for stream or royalty interests, which primarily
consists of gold, silver, copper, nickel, zinc, lead, cobalt, and molybdenum
Royal Gold operates the following segments: Acquisition& Management of Stream Interests and
Acquisition & Management of Royalty Interests
Royal Gold holds interests in nearly 200 producing, development, evaluation and exploration stage
royalties and similar interests located in some of the world’s most prolific gold regions. With this high-
quality portfolio, Royal Gold maintains upside potential through any exploration successes by the
operators and benefits when new reserves are discovered and produced
RGLD generated annual sales of $42 million in 2019 and has a market capitalization of $6.8 billion
Page 30ST. JAMES INVESTMENT ADVISORS
Unilever PLC (UL) is a leading global supplier of consumer goods across a wide range of home and
personal care products and food categories, with geographical presence in more than 190 countries
Major brands include Cif, Domestos, Rexona, Surf, Omo, Axe, Dove, Pond’s, Lux, Suave, Lifebuoy,
Sunsilk, Signal, and Vaseline
In home care, Unilever believes it is second biggest global player in the laundry products market, while
holding a strong position for household cleaning products in selected local markets
In personal care, Unilever believes it is the global leader in skin cleansing, skin care, deodorant, and
hair care products
The food business consists of two broad product areas: Foods (savoury, dressings and spreads) and
Refreshment (ice cream and beverages). Major brands include Knorr, Hellmann’s, Blue Band/Rama,
Becel/Flora, Magnum, Lipton, Breyers, Ben & Jerry’s, Cornetto, Popsicle and Heartbrand
UL generated annual sales of $51.9 billion in 2019 and has a market capitalization of $136.0 billion
Page 31ST. JAMES INVESTMENT ADVISORS
U.S. Bancorp (USB), with more than 70,000 employees and $543 billion in assets as of March 31,
2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the
United States
U.S. Bancorp's banking subsidiary, U.S. Bank National Association, is engaged in the general banking
business, principally in domestic markets. U.S. Bank National Association provides a range of products
and services to individuals, businesses, institutional organizations, governmental entities and other
financial institutions
U.S. Bank is committed to serving its millions of retail, business, wealth management, payment,
commercial and corporate, and investment management services customers across the country and
around the world
The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and
online tools that allow customers to bank how, when and where they prefer
USB generated annual sales of $22.8 billion in 2019 and has a market capitalization of $50.7 billion
Page 32ST. JAMES INVESTMENT ADVISORS
Walmart Inc. (WMT) is the largest retailer in North America and a major player internationally
Walmart's operations are divided into three divisions:
– Walmart U.S. segment includes the Company's mass merchant concept in the United States
operating under the Walmart brands, as well as digital retail
– Walmart International segment consists of the Company's operations outside of the United States,
including various retail Websites
– Sam's Club segment includes the warehouse membership clubs in the United States, as well as
samsclub.com
Each week, nearly 265 million customers and members visit approximately 11,500 stores under 56
banners in 27 countries and eCommerce websites.
Walmart employs over 2.2 million associates worldwide. Approximately 91% of the U.S. population
lives within 10 miles of a Walmart store
WMT generated annual sales of $523.9 billion in 2019 and has a market capitalization of $364.6 billion
Page 33ST. JAMES INVESTMENT ADVISORS
W. R. Berkley Corporation (WRB) is an insurance holding company and operates as a commercial lines
writer in the United States and internationally
W.R. Berkley was founded in 1967 and is headquartered in Greenwich, Connecticut
W.R. Berkley is operating through 53 operating units, of which 46 were internally developed and seven
were added through acquisitions
W.R. Berkley underwrites insurance and reinsurance on a global basis through two divisions:
– The Insurance segment consists of its commercial insurance business operations, including premises
operations, commercial automobile, property, products liability, and professional liability lines
– The reinsurance segment provides other insurance companies and self-insureds with assistance in
managing their net risk through reinsurance on a portfolio basis through treaty reinsurance or on an
individual basis through facultative reinsurance
WRB generated annual sales of $7.9 billion in 2019 and has a market capitalization of $10.2 billion
Page 34We are professional portfolio managers practicing a disciplined approach to value investing, prudently seeking attractive long-term returns while maintaining a focus on capital preservation. Our primary goal has always been to help clients avoid permanent impairment of capital, while seeking attractive returns. Our investment methodology blends a combination of fundamental analysis, discipline and patience with the goal of delivering absolute returns for our clients based on the time-proven principles of value investing. IMPORTANT DISCLAIMER Information contained herein has been obtained from sources believed reliable but is not necessarily complete, and accuracy is not guaranteed. Any securities mentioned are not to be construed as investment or trading recommendations specifically for you. You must consult your advisor for investment or trading advice. St. James Investment Advisors, and one or more of its affiliated persons, may have positions in the securities or sectors recommended in this presentation, and may therefore have a conflict of interest in making the recommendation herein. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal. Any opinions expressed in this form are the opinions or views of St. James Investment Advisors.
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