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FPA Capital Funds Sells CHRS, PDE, ROSE, BHI, PTEN, RDC, AVT

Holly LaFon

Holly LaFon

262 followers
FPA Capital Fund did not buy ANY stocks during the first quarter of 2011. It reduced positions in existing holdings PDE, ROSE, BHI, PTEN, RDC, and AVT, etc. It also sold out CHRS.

The fund is run by renowned value investor Robert Rodriguez. Over the past 20 years, the fund has averaged 15.1% per annum, compared with 8.72% by the S&P 500. It also outperformed all major indices in 1-year, 5-year, 10-year and 15-year periods. The fund gained 13.2% in the first quarter of this year, when the S&P500 was up 5.92%. The heavy holdings in oil industry helped.

The fund did not buy even one share of stock in the first quarter of 2011. It reduced positions in many of its holdings, and sold out Charming Shoppes Inc. (CHRS). The fund had a cash level of 30% as of March 31.

Apparently the fund manager is bringing the cash position up. Maybe they are having a buy freeze again. FPA Capital Fund had a buy freeze at the end of 2007, and avoided large losses in the market crash of 2008. Maybe Robert Rodriguez is seeing another crash coming?

Although a bottom-up value investor, Robert Rodriguez and his colleague Steven Romick have a very good sense of the macro picture. They may increase the cash positions in an overvalued market. Romick may even increase his positions as he can also short stocks in his FPA Crescent Fund. These are the details of the buys and sells.

Robert Rodriguez sold Pride International Inc., Rosetta Resources Inc., Baker Hughes Inc., Pattersonuti Energy Inc., Rowan Companies Inc., Avnet Inc., Trinity Industries Inc., Signet Jewelers Ltd., Charming Shoppes Inc., New Field Exploration Co., SM Energy Company, Cimarex Energy Co during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, FPA Capital. As of 03/31/2011, FPA Capital owns 20 stocks with a total value of $977 million. These are the details of the buys and sells.

This is the portfolio chart of Robert Rodriguez. You can click on the legend of the chart to show/hide buys, sells or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



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 56%
Industrials 26.1%
Consumer Services 8.3%
Technology 7.9%
Basic Materials 1.6%


These are the top 5 holdings of Robert Rodriguez

  1. ROWAN COMPANIES INC. (RDC) - 2,585,000 shares, 11.69% of the total portfolio. Shares reduced by 5%
  2. ENSCO PLC (ESV) - 1,870,600 shares, 11.08% of the total portfolio.
  3. Rosetta Resources Inc. (ROSE) - 1,969,613 shares, 9.59% of the total portfolio. Shares reduced by 16.81%
  4. ARROW ELECTRONICS INC. (ARW) - 2,186,700 shares, 9.38% of the total portfolio.
  5. AVNET INC. (AVT) - 2,408,300 shares, 8.41% of the total portfolio. Shares reduced by 5%


Reduced: Pride International Inc. (PDE)

Robert Rodriguez reduced to his holdings in Pride International Inc. by 62.42%. His sale prices were between $31.45 and $43.26, with an estimated average price of $37.91. The impact to his portfolio due to this sale was -3.54%. Robert Rodriguez still held 484,000 shares as of 03/31/2011.

Pride is a international provider of contract drilling and relatedservices, operating both offshore and on land. Pride International Inc. has a market cap of $7.49 billion; its shares were traded around $42.28 with a P/E ratio of 28.4 and P/S ratio of 5.1. Pride International Inc. had an annual average earnings growth of 3% over the past 10 years.

Reduced: Rosetta Resources Inc. (ROSE)

Robert Rodriguez reduced his holdings in Rosetta Resources Inc. by 16.81%. His sale prices were between $34.08 and $48.2, with an estimated average price of $40.56. The impact to his portfolio due to this sale was -1.94%. Robert Rodriguez still held 1,969,613 shares as of 03/31/2011.

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 $2.21 billion; its shares were traded at around $42.05 with a P/E ratio of 65.7 and P/S ratio of 7.2.

Reduced: Baker Hughes Inc. (BHI)

Robert Rodriguez reduced to his holdings in Baker Hughes Inc. by 26%. His sale prices were between $54.83 and $74.16, with an estimated average price of $66.07. The impact to his portfolio due to this sale was -1.36%. Robert Rodriguez still held 515,475 shares as of 03/31/2011.

Baker Hughes Inc. is engaged in the oilfield and process industries. Baker Hughes Inc. has a market cap of $30.1 billion; its shares were traded at around $69.31 with a P/E ratio of 30.8 and P/S ratio of 2. The dividend yield of Baker Hughes Inc. stocks is 0.9%. Baker Hughes Inc. had an annual average earnings growth of 11% over the past 10 years.

Reduced: Pattersonuti Energy Inc. (PTEN)

Robert Rodriguez reduced his holdings in Pattersonuti Energy Inc. by 14.5%. His sale prices were between $19.99 and $28.91, with an estimated average price of $24.62. The impact to his portfolio due to this sale was -0.84%. Robert Rodriguez still held 1,653,700 shares as of 03/31/2011.

Patterson is one of the providers of domestic land drilling services to major and independent oil and natural gas companies. Pattersonuti Energy Inc. has a market cap of $4.49 billion; its shares were traded at around $29.09 with a P/E ratio of 41.6 and P/S ratio of 3.1. The dividend yield of Pattersonuti Energy Inc. stocks is 0.7%. Pattersonuti Energy Inc. had an annual average earnings growth of 13.9% over the past 10 years.

Reduced: Rowan Companies Inc. (RDC)

Robert Rodriguez reduced his holdings in Rowan Companies Inc. by 5%. His sale prices were between $32.86 and $43.46, with an estimated average price of $38.13. The impact to his portfolio due to this sale was -0.62%. Robert Rodriguez still held 2,585,000 shares as of 03/31/2011.

Rowan Companies Inc. is a major provider of international and domestic offshore contract drilling services. Rowan Companies Inc. has a market cap of $5.15 billion; its shares were traded around $40.79 with a P/E ratio of 15.7 and P/S ratio of 2.9. Rowan Companies Inc. had an annual average earnings growth of 25.5% over the past 10 years. GuruFocus rated Rowan Companies Inc. the business predictability rank of 3.5-star.

Reduced: Avnet Inc. (AVT)

Robert Rodriguez reduced his holdings in Avnet Inc. by 5%. His sale prices were between $31.88 and $36.97, with an estimated average price of $34.45. The impact to his portfolio due to this sale was -0.44%. Robert Rodriguez still held 2,408,300 shares as of 03/31/2011.

Avnet Inc. is one of the world's largest industrial distributors of electronic components and computer products. Avnet Inc. has a market cap of $5.05 billion; its shares were traded around $33.07 with a P/E ratio of 9 and P/S ratio of 0.3.

Reduced: Trinity Industries Inc. (TRN)

Robert Rodriguez reduced his holdings in Trinity Industries Inc. by 5%. His sale prices were between $26.31 and $35.4, with an estimated average price of $29.86. The impact to his portfolio due to this sale was -0.44%. Robert Rodriguez still held 2,223,300 shares as of 03/31/2011.

Trinity Industries Inc. is engaged in the manufacture, marketing, and leasing of a wide variety of products consisting of the following business segments or groups: Railcar Group, Inland Barge Group, Parts and Services Group, Highway Construction Product Group, Concrete & Aggregate Group, Industrial Group, and others. Trinity Industries Inc. has a market cap of $2.84 billion; its shares were traded around $35.55 with a P/E ratio of 42.4 and P/S ratio of 1.3. The dividend yield of Trinity Industries Inc. stocks is 0.9%. Trinity Industries Inc. had an annual average earnings growth of 5.3% over the past 5 years.

Reduced: Signet Jewelers Ltd. (SIG)

Robert Rodriguez reduced his holdings in Signet Jewelers Ltd. by 9.01%. His sale prices were between $41.13 and $45.76, with an estimated average price of $43.35. The impact to his portfolio due to this sale was -0.39%. Robert Rodriguez still held 835,100 shares as of 03/31/2011.

Signet Group PLC operates specialist retail jewellery stores. Signet Jewelers Ltd. has a market cap of $3.79 billion; its shares were traded at around $44.16 with a P/E ratio of 16.4 and P/S ratio of 1.1.

Reduced: New Field Exploration Co. (NFX)

Robert Rodriguez reduced his holdings in New Field Exploration Co. by 4.99%. His sale prices were between $65.98 and $76.45, with an estimated average price of $71.54. The impact to his portfolio due to this sale was -0.19%. Robert Rodriguez still held 466,300 shares as of 03/31/2011.

Newfield Exploration Company explores, develops and acquires oil and natural gas properties primarily in the Gulf of Mexico. New Field Exploration Co. has a market cap of $9.43 billion; its shares were traded around $70.18 with a P/E ratio of 15.5 and P/S ratio of 5. New Field Exploration Co. had an annual average earnings growth of 5.4% over the past 10 years.

Reduced: Sm Energy Company (SM)

Robert Rodriguez reduced his holdings in Sm Energy Company by 5.01%. His sale prices were between $56.04 and $74.19, with an estimated average price of $65.37. The impact to his portfolio due to this sale was -0.14%. Robert Rodriguez still held 350,500 shares as of 03/31/2011.

SM Energy Company, formerly known as St. Mary Land & Exploration Company, is an independent energy company engaged in the exploration, exploitation, development, acquisition and production of natural gas and crude oil. Sm Energy Company has a market cap of $4.45 billion; its shares were traded around $70.08 with a P/E ratio of 50.7 and P/S ratio of 4.1. The dividend yield of Sm Energy Company stocks is 0.1%. Sm Energy Company had an annual average earnings growth of 14.9% over the past 10 years.

Reduced: Cimarex Energy Co (XEC)

Robert Rodriguez reduced his holdings in Cimarex Energy Co by 5%. His sale prices were between $88.53 and $116.72, with an estimated average price of $104.68. The impact to his portfolio due to this sale was -0.14%. Robert Rodriguez still held 224,400 shares as of 03/31/2011.

Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves, production and cash flow. Cimarex Energy Co has a market cap of $9.22 billion; its shares were traded around $107.79 with a P/E ratio of 16.6 and P/S ratio of 5.7. The dividend yield of Cimarex Energy Co stocks is 0.3%.

Sold Out: Charming Shoppes Inc. (CHRS)

Robert Rodriguez sold out his holdings in Charming Shoppes Inc.. His sale prices were between $2.96 and $4.18, with an estimated average price of $3.29.

Charming Shoppes operates women's specialty apparel stores under the names Fashion Bug, Fashion Bug Plus, Catherine's, PS. Charming Shoppes Inc. It has a market cap of $512.6 million; its shares were traded around $4.43 with and P/S ratio of 0.2.


Rating: 3.0/5 (7 votes)

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