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FPA Capital Fund Exits Avnet, Cision

Fund's largest sales of the 4th quarter

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Tiziano Frateschi
Jan 17, 2020
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The 

FPA Capital Fund (Trades, Portfolio) sold shares of the following stocks during the fourth quarter.

Avnet

The fund sold out of Avnet Inc. (

AVT, Financial). The portfolio was impacted by -3.19%.

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The company, which distributes electronic components, software and hardware for data center infrastructure, has a market cap of $4.27 billion and an enterprise value of $5.73 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 3.13% and return on assets of 1.48% are outperforming 58% of companies in the hardware industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.31 is below the industry median of 1.19.

The largest guru shareholder of the company is

Richard Pzena (Trades, Portfolio) with 7.02% of outstanding shares, followed by Hotchkis & Wiley with 2.54%, Diamond Hill Capital (Trades, Portfolio) with 1.05% and Jim Simons (Trades, Portfolio)’ Renaissance Technologies with 0.76%.

Cision

The Cision Ltd. (

CISN, Financial) position was closed, impacting the portfolio by -2.96%.

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The media communication technology and analytics company has a market cap of $1.48 billion and an enterprise value of $2.74 billion.

The return on equity of -1.21% and return on assets of -0.24% are underperforming 63% of companies in the software industry. The cash-debt ratio of 0.07 is far below the industry median of 2.19.

The largest guru shareholder of the company is

Ron Baron (Trades, Portfolio) with 4.04% of outstanding shares, followed by Alan Fournier (Trades, Portfolio) with 1.01%, First Pacific Advisors (Trades, Portfolio) with 0.36%, Paul Singer (Trades, Portfolio) with 0.11% and Joel Greenblatt (Trades, Portfolio) with 0.10%.

Frank's International

The fund exited the Frank's International NV. (

FI, Financial) holding, impacting the portfolio by -1.92%.

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The oilfield services company has a market cap of $924.56 million and an enterprise value of $766.98 million.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of -8.21% and return on assets of -7.06% are underperforming 67% of companies in the oil and gas industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 5.78 is far above the industry median of 0.34.

The largest guru shareholder of the company is Hotchkis & Wiley with 8.25% of outstanding shares, followed by First Pacific Advisors with 0.25% and Barrow, Hanley, Mewhinney & Strauss with 0.17%.

Ryder System

The fund sold out of its Ryder System Inc. (

R, Financial) position. The trade had an impact of -1.92% on the portfolio.

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The transportation and supply chain management company has a market cap of $2.98 billion and an enterprise value of $10.73 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 4.81% and return on assets of 0.94% are outperforming 65% of companies in the business services industry. Its financial strength is rated 3 out of 10 with a cash-debt ratio of 0.01.

The company's largest guru shareholders include Pzena with 4.99% of outstanding shares, Simons' firm with 0.11%, First Pacific Advisors with 0.10% and

Steven Cohen (Trades, Portfolio) with 0.06%.

Magellan Health

FPA exited its Magellan Health Inc. (

MGLN, Financial) position. The portfolio was impacted by -1.70%.

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The company, which supplies health care management services, has a market cap of $1.90 billion and an enterprise value of $1.88 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 0.56% and return on assets of 0.24% are underperforming 90% of companies in the health care plans industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 1.02 is slightly above the industry median of 1.0.

The largest guru shareholder of the company is Simons’ firm with 2.59% of outstanding shares, followed by

Richard Snow (Trades, Portfolio) with 1.94%, First Pacific Advisors with 0.16% and Greenblatt with 0.05%.

MKS Instruments

The firm trimmed its position in MKS Instruments Inc. (

MKSI, Financial) by 45.74%. The portfolio was impacted by -1.64%.

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The manufacturer of instruments, subsystems and process control solutions has a market cap of $6.16 billion and an enterprise value of $6.64 billion.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 8.89% and return on assets of 5.52% are outperforming 63% of companies in the hardware industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.5 is below the industry median of 1.19.

The largest guru shareholder of the company is

Chuck Royce (Trades, Portfolio) with 2.17% of outstanding shares, followed by Fisher with 1.52% and Cohen with 0.95%.

Arrow Electronics

The fund reduced its position in Arrow Electronics Inc. (

ARW, Financial) by 33.72%. The portfolio was impacted by -1.60%.

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The company, which provides semiconductors, electronic components and data center infrastructure hardware, has a market cap of $6.85 billion and an enterprise value of $9.94 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of -1.68% and return on assets of -0.51% are underperforming 70% of companies in the hardware industry. Its financial strength is rated 5 out of 10 with a cash-debt ratio of 0.08.

The company's largest guru shareholders include Pzena with 0.35%, First Pacific Advisors with 0.11% and the FPA Capital Fund with 0.06%.

Disclosure: I do not own any stocks mentioned.

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