CANYON CAPITAL ADVISORS LLC recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
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 56 stocks valued at a total of $986.00Mil. The top holdings were CBL(21.81%), BERY(13.00%), and THC(9.86%).
According to GuruFocus data, these were CANYON CAPITAL ADVISORS LLC’s top five trades of the quarter.
Change Healthcare Inc
The guru sold out of their 4,705,142-share investment in NAS:CHNG. Previously, the stock had a 8.95% weight in the equity portfolio. Shares traded for an average price of $24.78 during the quarter.
On 11/15/2022, Change Healthcare Inc traded for a price of $27.49 per share and a market cap of $9.03Bil. The stock has returned 30.16% 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 2.73, a EV-to-Ebitda ratio of 16.98 and a price-sales ratio of 2.55.
Noble Corp
The guru sold out of their 2,292,118-share investment in NYSE:NE. Previously, the stock had a 4.79% weight in the equity portfolio. Shares traded for an average price of $29.55 during the quarter.
On 11/15/2022, Noble Corp traded for a price of $35.51 per share and a market cap of $2.38Bil. The stock has returned 37.16% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 1 out of 10.
Shaw Communications Inc
CANYON CAPITAL ADVISORS LLC reduced their investment in NYSE:SJR by 1,562,700 shares. The trade had a 3.8% impact on the equity portfolio. During the quarter, the stock traded for an average price of $26.49.
On 11/15/2022, Shaw Communications Inc traded for a price of $27.05 per share and a market cap of $13.54Bil. The stock has returned -5.14% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Shaw Communications Inc has a price-earnings ratio of 20.29, a price-book ratio of 2.86, a price-earnings-to-growth (PEG) ratio of 2.94, a EV-to-Ebitda ratio of 8.97 and a price-sales ratio of 3.31.
The price-to-GF Value ratio is 1.25, earning the stock a GF Value rank of 1.
Dell Technologies Inc
CANYON CAPITAL ADVISORS LLC reduced their investment in NYSE:DELL by 416,000 shares. The trade had a 1.59% impact on the equity portfolio. During the quarter, the stock traded for an average price of $42.09.
On 11/15/2022, Dell Technologies Inc traded for a price of $42.46 per share and a market cap of $31.22Bil. The stock has returned -23.14% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 5 out of 10.
In terms of valuation, Dell Technologies Inc has a price-earnings ratio of 6.15, a price-earnings-to-growth (PEG) ratio of 0.21, a EV-to-Ebitda ratio of 5.10 and a price-sales ratio of 0.32.
The price-to-GF Value ratio is 0.92, earning the stock a GF Value rank of 6.
Encompass Health Corp
The guru sold out of their 345,123-share investment in NYSE:EHC. Previously, the stock had a 1.37% weight in the equity portfolio. Shares traded for an average price of $50.03 during the quarter.
On 11/15/2022, Encompass Health Corp traded for a price of $56.785 per share and a market cap of $5.66Bil. The stock has returned 15.79% 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 20.87, a price-book ratio of 4.66, a price-earnings-to-growth (PEG) ratio of 4.17, a EV-to-Ebitda ratio of 7.93 and a price-sales ratio of 0.95.
The price-to-GF Value ratio is 0.96, earning the stock a GF Value rank of 6.
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.
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