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FPA Capital Fund Buys Western Digital Corp., Sells Rosetta Resources Inc., Charming Shoppes Inc.

July 19, 2010 | About:
insider

After building a enviable 20-year track record with FPA Capital Fund, Robert Rodriguez is taking a sabbatical. The fund is run by his associates. As usual, the fund has low turnovers. This is the Q2 portfolio update of the fund.

FPA Capital adds to Western Digital Corp., reduces Rosetta Resources Inc., Charming Shoppes Inc. during the 3-months ended 06/30/2010, according to the most recent filings of his investment company, FPA Capital. Robert Rodriguez owns 21 stocks with a total value of $658 million. The fund also owns more than $330 million of the cash and short term investments.

The fund does show one new position: Baker Hughes (BHI), which came from the acquisition of BJ Services. The fund is heavily invested in oil & gas companies, as Robert Rodriguez is bullish with energy stocks.

This is the fund’s performance as of June 30:

12 Months 5 Years 10 Years
Before Tax +14.92% +0.44% +8.35%
After Tax on Distribution +14.87% -0.96% +6.57%
After Tax on Distribution

[b]Sale
of Fund Shares
+12.65% +0.08% +6.60%
The maximum sales charge of 5.25% and all applicable expenses, such as advisory fees,

These are the details of the buys and sells.

For the details of Robert Rodriguez's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Robert+Rodriguez

This is the sector weightings of his portfolio:

Oil & Gas 30.1%
Industrials 13.7%
Technology 5.4%
Consumer Services 5.2%
Financials 4.8%
Basic Materials 2.1%


These are the top 5 holdings of Robert Rodriguez

  1. ENSCO International Inc. (ESV) - 1,870,600 shares, 11.16% of the total portfolio.
  2. Avnet Inc. (AVT) - 2,535,100 shares, 9.29% of the total portfolio.
  3. Rowan Companies Inc. (RDC) - 2,721,000 shares, 9.07% of the total portfolio.
  4. Rosetta Resources Inc. (ROSE) - 2,760,400 shares, 8.31% of the total portfolio. Shares reduced by 18.05%
  5. Arrow Electronics Inc. (ARW) - 2,186,700 shares, 7.43% of the total portfolio.


Added: Western Digital Corp. (WDC)

Robert Rodriguez added to his holdings in Western Digital Corp. by 71.04%. His purchase prices were between $30.67 and $44.71, with an estimated average price of $37.59. The impact to his portfolio due to this purchase was 2.23%. His holdings were 1,169,600 shares as of 06/30/2010.

Western Digital Corp. designs, develops, manufactures and markets a broad line of hard drives featuring leading-edge technology. Western Digital Corp. has a market cap of $7.21 billion; its shares were traded at around $31.45 with a P/E ratio of 5.65 and P/S ratio of 0.97. Western Digital Corp. had an annual average earning growth of 36% over the past 5 years.

Reduced: Charming Shoppes Inc. (CHRS)

Robert Rodriguez reduced to his holdings in Charming Shoppes Inc. by 84.94%. His sale prices were between $3.67 and $6.3, with an estimated average price of $5. The impact to his portfolio due to this sale was -0.48%. Robert Rodriguez still held 1,002,200 shares as of 06/30/2010.

Charming Shoppes operates women's specialty apparel stores under the names Fashion Bug, Fashion Bug Plus, Catherine's, PS. Charming Shoppes Inc. has a market cap of $455.35 million; its shares were traded at around $3.93 with and P/S ratio of 0.22.

Reduced: Rosetta Resources Inc. (ROSE)

Robert Rodriguez reduced to his holdings in Rosetta Resources Inc. by 18.05%. His sale prices were between $19.74 and $26.21, with an estimated average price of $23.34. The impact to his portfolio due to this sale was -1.5%. Robert Rodriguez still held 2,760,400 shares as of 06/30/2010.

Rosetta Resources Inc. is an independent oil and gas company engaged in the acquisition, exploration, development and production of primarily natural gas properties in North America. Rosetta Resources Inc. has a market cap of $1.13 billion; its shares were traded at around $21.51 with a P/E ratio of 39.83 and P/S ratio of 3.84.


Rating: 2.0/5 (5 votes)

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