Capital Growth Management LP Buys Tiffany, United Rentals Inc, Gerdau SA, Sells Bank of America Corporation, Morgan Stanley, Turquoise Hill Resources

• New Purchases: TIF, URI, LLY, VFC, DHI, GEO, INVH, CVX, AMH, CXW,
• Added Positions: GGB, BBD, ITUB, CE, PBR, MGP, GLPI, SU, NCLH, SITC,
• Reduced Positions: BAC, PBF, JPM, BP, AMT, CCL, PXD, ZBRA, LULU,
• Sold Out: MS, TRQ, C, FCX, VLO, PCH, RYN, WH, BURL, ABEV,

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

1. Vale SA (VALE) - 14,058,000 shares, 10.79% of the total portfolio.
2. Itau Unibanco Holding SA (ITUB) - 9,870,000 shares, 5.61% of the total portfolio. Shares added by 62.60%
3. Bank Bradesco SA (BBD) - 14,915,000 shares, 5.46% of the total portfolio. Shares added by 66.18%
4. Petroleo Brasileiro SA Petrobras (PBR) - 8,000,000 shares, 4.99% of the total portfolio. Shares added by 28.00%
5. Gerdau SA (GGB) - 20,000,000 shares, 4.35% of the total portfolio. Shares added by 115.05%

Capital Growth Management LP initiated holding in Tiffany & Co. The purchase prices were between $120.72 and $139.5, with an estimated average price of $130.72. The stock is now traded at around $110.36. The impact to a portfolio due to this purchase was 3.07%. The holding were 460,000 shares as of 2018-09-30.

Capital Growth Management LP initiated holding in United Rentals Inc. The purchase prices were between $144.75 and $171.76, with an estimated average price of $155.63. The stock is now traded at around $126.67. The impact to a portfolio due to this purchase was 2.89%. The holding were 342,000 shares as of 2018-09-30.

Capital Growth Management LP initiated holding in Eli Lilly and Co. The purchase prices were between $85.86 and $107.31, with an estimated average price of $99.98. The stock is now traded at around $112.21. The impact to a portfolio due to this purchase was 2.25%. The holding were 405,000 shares as of 2018-09-30.

Capital Growth Management LP initiated holding in VF Corp. The purchase prices were between $81.23 and $96.29, with an estimated average price of $90.59. The stock is now traded at around $84.16. The impact to a portfolio due to this purchase was 2.17%. The holding were 450,000 shares as of 2018-09-30.

Capital Growth Management LP initiated holding in D.R. Horton Inc. The purchase prices were between $39.54 and $46.47, with an estimated average price of $43.28. The stock is now traded at around $34.40. The impact to a portfolio due to this purchase was 2.09%. The holding were 960,000 shares as of 2018-09-30.

Capital Growth Management LP initiated holding in The GEO Group Inc. The purchase prices were between $24.32 and $27.3, with an estimated average price of $25.56. The stock is now traded at around $21.94. The impact to a portfolio due to this purchase was 2.02%. The holding were 1,550,000 shares as of 2018-09-30.

Capital Growth Management LP added to a holding in Gerdau SA by 115.05%. The purchase prices were between $3.52 and $4.56, with an estimated average price of $4.04. The stock is now traded at around $4.34. The impact to a portfolio due to this purchase was 2.33%. The holding were 20,000,000 shares as of 2018-09-30.

Capital Growth Management LP added to a holding in Bank Bradesco SA by 66.18%. The purchase prices were between $6.55 and $8.63, with an estimated average price of $7.36. The stock is now traded at around $9.49. The impact to a portfolio due to this purchase was 2.17%. The holding were 14,915,000 shares as of 2018-09-30.

Capital Growth Management LP added to a holding in Itau Unibanco Holding SA by 62.60%. The purchase prices were between $9.91 and $12.69, with an estimated average price of $11.06. The stock is now traded at around $13.56. The impact to a portfolio due to this purchase was 2.16%. The holding were 9,870,000 shares as of 2018-09-30.

Capital Growth Management LP added to a holding in Celanese Corp by 900.00%. The purchase prices were between $108.57 and $118.11, with an estimated average price of $114.66. The stock is now traded at around $102.76. The impact to a portfolio due to this purchase was 2.12%. The holding were 400,000 shares as of 2018-09-30.

Capital Growth Management LP added to a holding in Petroleo Brasileiro SA Petrobras by 28.00%. The purchase prices were between $10.07 and $12.53, with an estimated average price of $11.09. The stock is now traded at around $14.94. The impact to a portfolio due to this purchase was 1.09%. The holding were 8,000,000 shares as of 2018-09-30.

Capital Growth Management LP added to a holding in MGM Growth Properties LLC by 47.44%. The purchase prices were between $28.54 and $31.1, with an estimated average price of $30.09. The stock is now traded at around $28.13. The impact to a portfolio due to this purchase was 0.56%. The holding were 1,150,000 shares as of 2018-09-30.

Capital Growth Management LP sold out a holding in Morgan Stanley. The sale prices were between $46.57 and $51.05, with an estimated average price of $48.83.

Capital Growth Management LP sold out a holding in Turquoise Hill Resources Ltd. The sale prices were between $2.12 and $2.95, with an estimated average price of $2.5.

Capital Growth Management LP sold out a holding in Citigroup Inc. The sale prices were between $66.06 and $74.79, with an estimated average price of $70.7.

Capital Growth Management LP sold out a holding in Freeport-McMoRan Inc. The sale prices were between $13.04 and $18.11, with an estimated average price of $15.11.

Capital Growth Management LP sold out a holding in Valero Energy Corp. The sale prices were between $106.09 and $121.21, with an estimated average price of $113.57.

Capital Growth Management LP sold out a holding in PotlatchDeltic Corp. The sale prices were between $40.95 and $51.05, with an estimated average price of $47.25.