5 Stocks Canyon Capital Advisors Can’t Live Without

1. CBL & Associates Properties, Inc. (NYSE:CBL)

Value of Canyon Capital Advisors’ 13F Position: $276 million

Number of Hedge Fund Shareholders: 19

Topping the list of stocks that Canyon Capital can’t live without is CBL & Associates Properties, Inc. (NYSE:CBL). The fund has a sizable ownership stake in the shopping center REIT, owning nearly 8.4 million shares, or about 42% of its common stock. The fund’s former Partner and Senior Portfolio Manager Jonathan Heller currently serves as the company’s Chairman of the Board.

CBL & Associates Properties, Inc. (NYSE:CBL) has taken strong strides to improve its financial flexibility and cash flow generation following its emergence from chapter 11 bankruptcy in late 2021, so much so that the company recently announced a $0.25 per share quarterly dividend. CBL had a $335 million cash position as of March 31, up from $260 million in cash and cash equivalents on its balance sheet on November 1, 2021, and had reduced its debt by $200 million.

CBL & Associates Properties, Inc. (NYSE:CBL) grew same-center sales per square foot by 13% in the fourth quarter, while its portfolio occupancy rose to 89.3%, up by 90 basis point quarter-over-quarter. Outlet center occupancy was particularly strong during the quarter, rising to 93.6%, up from 89.1% a year earlier. CBL pulled in $349.8 million in adjusted FFO in 2021, compared to just $140.8 million in 2020.

For more on the latest trades made by some of the biggest hedge fund managers in the world, check out 10 Dividend Stocks with Over 10% Yield and 10 Defensive Stocks in Billionaire Ray Dalio’s Latest Portfolio.

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