Steven Romick (Trades, Portfolio)’s FPA Crescent Fund manages a $6.91 billion portfolio composed of 48 stocks. It sold shares of the following stocks during the second quarter of 2020.
Raytheon
The firm closed its position in Raytheon Technologies Corp. (RTX). The trade had an impact of -2.51% on the portfolio.
The diversified aerospace and defense company has a market cap of $94.24 billion and an enterprise value of $137.21 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 10.16% and return on assets of 2.96% are outperforming 53% of companies in the aerospace and defense industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.17 is below the industry median of 0.49.
The largest guru shareholder of the company is Dodge & Cox with 1.26% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 0.58% and Ken Fisher (Trades, Portfolio) with 0.32%.
DuPont
The firm exited its DuPont de Nemours Inc. (DD) stake. The portfolio was impacted by -1.70%.
The global specialty chemicals company has a market cap of $40 billion and an enterprise value of $56.95 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity of -1.25% and return on assets of -0.68% are underperforming 81% of companies in the chemicals industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 0.1 is below the industry median of 0.64.
The largest guru shareholder of the company is Lee Ainslie (Trades, Portfolio)’s Maverick Capital with 1.39% of outstanding shares, followed by T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.82% and Mason Hawkins (Trades, Portfolio)’ Southeastern Asset Management with 0.67%.
JD.com
The fund's JD.com Inc. (JD) position was closed. The portfolio was impacted by -1.55%.
The e-commerce company has a market cap of $96.62 billion and an enterprise value of $91.57 billion.
GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity of 7.77% and return on assets of 2.39% are outperforming 57% of companies in the retail, cyclical industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 2.12 is above the industry median of 0.44.
Some notable gurus shareholders are Chase Coleman (Trades, Portfolio)’s Tiger Global Management with 3.45% of outstanding shares, Andreas Halvorsen (Trades, Portfolio)’s Viking Global Investors with 1.28% and Dodge & Cox with 0.88%.
Analog Devices
The firm reduced its position in Analog Devices Inc. (ADI) by 23.35%, impacting the portfolio by -0.97%.
The chipmaker has a market cap of $43.08 billion and an enterprise value of $47.88 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 9.49% and return on assets of 5.17% are outperforming 65% of companies in the semiconductors industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 0.14 is below the industry median of 1.46 .
Some notable gurus shareholders are PRIMECAP Management (Trades, Portfolio) with 1.19% of outstanding shares, First Eagle Investment (Trades, Portfolio) with 1.07% and First Pacific Advisors (Trades, Portfolio) with 1.06%.
The Royal Bank of Scotland
The investment firm exited its holding in The Royal Bank of Scotland Group PLC (LSE:RBS). The trade had an impact of -0.92% on the portfolio.
Toyota
The investment firm exited its holding in Toyota Industries Corp. (TSE:6201). The trade had an impact of -0.84% on the portfolio.
Broadcom
The investment firm cut its holding in Broadcom Inc. (AVGO) by 18.88%. The trade had an impact of -0.83% on the portfolio.
The company has a market cap of $125 billion and an enterprise value of $162 billion.
GuruFocus gives the company a profitability and growth rating of 9 out of 10. The return on equity of 9.96% and return on assets of 3.39% are outperforming 55% of companies in the semiconductors industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.2 is below the industry median of 1.46.
Other notable shareholders include Barrow, Hanley, Mewhinney & Strauss with 0.45% of outstanding shares, First Pacific Advisors (Trades, Portfolio) with 0.40% and Romick with 0.24%.
Bank Of America
The firm trimmed its holding in Bank Of America Corp. (BAC) by 36.93%. The trade had an impact of -0.76% on the portfolio.
The financial institution has a market cap of $201 billion and an enterprise value of $248 billion.
GuruFocus gives the company a profitability and growth rating of 4 out of 10. The return on equity of 7.06% and return on assets of 0.8% are outperforming 51% of other companies in the banks industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 1.06 is below the industry median of 1.13.
Notable shareholders include Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway with 10.66% of outstanding shares, Dodge & Cox with 1.56% and PRIMECAP Management (Trades, Portfolio) with 0.47%.
Microsoft
The firm cut its holding in Microsoft Corp. (MSFT) by 23.39%. The trade had an impact of -0.70% on the portfolio.
The licenser and developer of enterprise and domestic software has a market cap of $1.54 trillion and an enterprise value of $1.47 trillion.
GuruFocus gives the company a profitability and growth rating of 9 out of 10. The return on equity of 43.82% and return on assets of 16.56% are outperforming 93% of other companies in the software industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 1.86 is below the industry median of 2.24.
Notable shareholders include PRIMECAP Management (Trades, Portfolio) with 0.34% of outstanding shares, Fisher with 0.28% and Dodge & Cox with 0.26%.
Disclosure: I do not own any stocks mentioned.
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