CANYON CAPITAL ADVISORS LLC recently filed their 13F report for the second quarter of 2022, which ended on 2022-06-30.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Canyon Capital Advisors LLC is an investment management firm based out of Los Angeles, California. The company was originally established in 1990 by cofounders Mitchell Ralph Julis and Joshua Stephan Friedman, both of whom are still with the company today acting as its co-CEOs and co-Chairmen. Canyon Capital Advisors has grown from its inception to now have additional offices in New York and London. The company now operates with 143 employees and manages over $20 billion in total assets under management spread across 27 accounts, all of which are discretionary. Both of the company’s total number of accounts and total assets under management have been increasing in recent years with its total assets under management growing significantly from under $10 billion back in 2010 to over twice that amount today. Canyon Capital Advisors has a value oriented and event drive investment methodology, focusing on locating market inefficiencies in the financial asset values due to the constantly evolving nature of the global capital market. The company invests most heavily in the consumer discretionary sector, which alone makes up over a third of its total asset allocations, and also invests in the health care, finance, energy, information technology, and real estate sectors, among others to a lesser degree, in order of decreasing allocation. Canyon Capital Advisors’s top 10 holdings together make up just over half of its total holdings and the company had a high turnover rate of approximately 49.3% in the last quarter. The company mainly caters to pooled investment vehicles, which alone makes up over three quarters of its entire client base, and also provides services to corporations and other businesses to a lesser degree. Canyon Capital Advisors is employee owned and was ranked 20th in the 2011’s 50 largest U.S. Hedge Fund Managers according to the Hedge Fund Journal.
As of the latest 13F report, the guru’s equity portfolio contained 61 stocks valued at a total of $1.21Bil. The top holdings were CBL(16.26%), SJR(13.48%), and BERY(12.41%).
According to GuruFocus data, these were CANYON CAPITAL ADVISORS LLC’s top five trades of the quarter.
VMware Inc
The guru sold out of their 571,355-share investment in NYSE:VMW. Previously, the stock had a 3.25% weight in the equity portfolio. Shares traded for an average price of $113.56 during the quarter.
On 08/16/2022, VMware Inc traded for a price of $122.69 per share and a market cap of $51.58Bil. The stock has returned -22.21% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, VMware Inc has a price-earnings ratio of 31.63, a price-earnings-to-growth (PEG) ratio of 2.73, a EV-to-Ebitda ratio of 18.24 and a price-sales ratio of 3.98.
The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 10.
Change Healthcare Inc
During the quarter, CANYON CAPITAL ADVISORS LLC bought 1,574,521 shares of NAS:CHNG for a total holding of 4,705,142. The trade had a 3% impact on the equity portfolio. During the quarter, the stock traded for an average price of $23.32.
On 08/16/2022, Change Healthcare Inc traded for a price of $24.865 per share and a market cap of $8.16Bil. The stock has returned 16.14% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Change Healthcare Inc has a price-book ratio of 2.46, a EV-to-Ebitda ratio of 15.87 and a price-sales ratio of 2.30.
Bausch Health Companies Inc
The guru sold out of their 2,600,353-share investment in NYSE:BHC. Previously, the stock had a 2.97% weight in the equity portfolio. Shares traded for an average price of $14.12 during the quarter.
On 08/16/2022, Bausch Health Companies Inc traded for a price of $6.315 per share and a market cap of $2.28Bil. The stock has returned -77.33% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Bausch Health Companies Inc has a price-earnings ratio of 54.02, a EV-to-Ebitda ratio of 8.02 and a price-sales ratio of 0.27.
The price-to-GF Value ratio is 0.28, earning the stock a GF Value rank of 2.
Encompass Health Corp
CANYON CAPITAL ADVISORS LLC reduced their investment in NYSE:EHC by 816,467 shares. The trade had a 2.9% impact on the equity portfolio. During the quarter, the stock traded for an average price of $51.36.
On 08/16/2022, Encompass Health Corp traded for a price of $53.475 per share and a market cap of $5.33Bil. The stock has returned -13.06% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Encompass Health Corp has a price-earnings ratio of 16.33, a price-book ratio of 2.65, a price-earnings-to-growth (PEG) ratio of 3.47, a EV-to-Ebitda ratio of 8.75 and a price-sales ratio of 1.02.
The price-to-GF Value ratio is 0.89, earning the stock a GF Value rank of 7.
Activision Blizzard Inc
The guru sold out of their 625,000-share investment in NAS:ATVI. Previously, the stock had a 2.5% weight in the equity portfolio. Shares traded for an average price of $77.83 during the quarter.
On 08/16/2022, Activision Blizzard Inc traded for a price of $80.73 per share and a market cap of $63.20Bil. The stock has returned -3.09% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 9 out of 10.
In terms of valuation, Activision Blizzard Inc has a price-earnings ratio of 33.67, a price-book ratio of 3.46, a price-earnings-to-growth (PEG) ratio of 5.71, a EV-to-Ebitda ratio of 21.13 and a price-sales ratio of 8.28.
The price-to-GF Value ratio is 1.11, earning the stock a GF Value rank of 5.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
