Company Analysis

Genworth long thesis

Genworth (GNW) is a severely beaten down insurance company that is similar to our highly successful Hartford Group (HIG) investment.  It is trading for under 25% of net book value.  We have analyzed and stressed net book value, including a thorough understanding of the liabilities and reserves, and determined that, at worst, the stock is worth 40% of net book value, or ~60% above the current stock price.  We conservatively value the company at $16, or ~180% above the August 5, 2015 close of day price.

As with Hartford Group, investing in Genworth’s complexity requires  research, understanding, and, above all, patience, something of which the market is constantly in short supply.

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