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Buffett’s Money Manager Picks Second-Half Winners: Chart of Day

Todd Combs, co-founder of hedge fund Castle Point Capital Management LLC, stands for a photo as he attends a hockey game at Stamford Twin Rinks in Stamford, Connecticut on Oct. 29, 2010. Combs, 39, was hired by Warren Buffett to run a
Todd Combs, co-founder of hedge fund Castle Point Capital Management LLC, stands for a photo as he attends a hockey game at Stamford Twin Rinks in Stamford, Connecticut on Oct. 29, 2010. Combs, 39, was hired by Warren Buffett to run a "significant portion" of Berkshire Hathaway Inc.'s investment portfolio as part of Buffett's succession plan. Photographer: J. Gregory Raymond/Bloomberg

Oct. 26 (Bloomberg) -- Todd Combs’s latest stock picks as a hedge-fund manager may help explain why Warren Buffett selected him yesterday to oversee a “significant portion” of Berkshire Hathaway Inc.’s investments.

Combs’s Castle Point Capital Management LLC added five financial companies to its stock holdings in the second quarter, according to data compiled by Bloomberg from regulatory filings.

The CHART OF THE DAY tracks the second-half performance of the shares through yesterday. Four of the five rose more than a gauge of financial companies in Standard & Poor’s benchmark U.S. stock indexes, including the S&P 500.

Leucadia National Corp., a holding company like Berkshire, set the pace with a 29 percent advance. CIT Group Inc. climbed 20 percent, Broadridge Financial Solutions Inc. rose 16 percent and Hartford Financial Services Group Inc. added 11 percent.

Chatham Lodging Trust, a hotel owner that went public in April, was the only one to fall short of S&P’s index. The real-estate investment trust rose 5.9 percent, trailing the industry gauge by 0.4 percentage point.

Combs’s fund also added warrants on First Financial Bancorp and PNC Financial Services Group Inc. and convertible preferred shares of Wells Fargo & Co. in the second quarter, according to Bloomberg data. First Financial’s stock gained 12 percent in the second half through yesterday and PNC’s fell 4.4 percent. Wells Fargo’s shares added 0.5 percent.

(To save a copy of the chart, click here.)

To contact the reporter on this story: David Wilson in New York at dwilson@bloomberg.net

To contact the editor responsible for this story: James Greiff at jgreiff@bloomberg.net

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