In its latest 13F filing with the U.S. Securities and Exchange Commission, Canyon Capital Advisors, managed by Joshua Friedman and Mitchell Julis, reported its equity portfolio for the second quarter of 2014. The fund revealed more than 70 investments, with the market value of Canyon Capital’s portfolio totaled $2.6 billion. Over the quarter, Canyon Capital boosted its stake in Time Warner Cable Inc. (NYSE:TWC), while reduced its position in Nortek Inc. (NASDAQ:NTK). In addition, the fund initiated a new position in Ally Financial Inc (NYSE:ALLY).
Canyon Capital likes Time Warner Cable Inc. (NYSE:TWC), in which it added more shares during the second quarter. The fund disclosed owning 2.04 million shares of the company, with a reported value of $299.9 million. Previously, the fund held about 2 million shares of Time Warner Cable Inc. (NYSE:TWC), which is a provider of video, high-speed data and voice services in the United States. The company has a market cap of $41.2 billion.
Other largest shareholders of Time Warner Cable Inc. (NYSE:TWC) include Chris Hohn’s Childrens Investment Fund, which holds 5.31 million shares, and D E Shaw, led by David E. Shaw, which owns 5.19 million shares of the company.
Ally Financial Inc (NYSE:ALLY), an automotive financial services company, is the second largest holding, in which Canyon Capital holds 11.36 million shares, worth $270.5 million. In its recent 13F, Stephen Feinberg’s Cerberus Capital Management reported owning 47 million Ally Financial Inc (NYSE:ALLY) shares. For second quarter of 2014, Ally Financial Inc (NYSE: ALLY) posted net income of $323 million, or $0.54 per diluted common share, compared to a net loss of $927 million, or a loss of $2.73 per diluted common share, for the quarter last year, according to a press release.
On the third position is Nortek Inc. (NASDAQ:NTK), where Canyon Capital disclosed 1.23 million shares, worth $110.7 million. The stake represents a decrease from 1.25 million shares the fund held previously. With a market cap of $1.3 billion, Nortek Inc. (NASDAQ:NTK) is a global diversified company with leading brands and innovative air management and technology-driven products and solutions for residential and commercial applications. The company reported an increase in its net sales to $718.6 million in the second quarter 2014, from $630.7 million in the second same a year ago. Its GAAP operating loss was $32.1 million, compared with GAAP operating earnings of $40.4 million in the second quarter of 2013, according to a news release.
Other hedge funds holding stakes in Nortek Inc. (NASDAQ:NTK) include Jeffrey Gates’ Gates Capital Management, and Anchorage Advisors, run by Kevin Michael Ulrich, holding 3.08 million shares, and 1.49 million shares, respectively. Another hedge fund, Silver Point Capital, led by Edward A. Mule, revealed owning 550,000 shares of the company.
Canyon Capital Advisors is an alternative asset management firm that looks to earn risk-adjusted returns that outpace debt and equity market indices, with significantly lower volatility. Canyon Capital Advisors, which is Los-Angeles firm with offices in New York and London, was co-founded by Joshua S. Friedman and Mitchell R. Julis in 1990.
Disclosure: none
