In its latest 13F report, Beach Point Capital Management, which is managed by Carl Goldsmith and Scott Klein, revealed its top three stock picks. The fund’s best three stocks are Time Warner Cable Inc (NYSE:TWC), Anadarko Petroleum Corporation (NYSE:APC) and General Motors Company (NYSE:GM). The latest filing also revealed that the fund’s equity portfolio value decreased to about $389 million from nearly $511 million in the previous report. It is worth noting that Beach Point Capital Management specializes in high-yield bonds. Corporate loans, distressed debt but also owns some stocks.
The fund reduced its position in Time Warner Cable Inc (NYSE:TWC) but still had the stock as its largest equity position at the end of the third quarter of 2014. Beach Point Capital Management owned 537,113 shares in the media company in the latest filing, down from 560,552 shares held in the previous filing. Its new position in Time Warner Cable Inc (NYSE:TWC) was valued slightly above $77 million in the latest report.
Several insiders have sold shares in Time Warner Cable Inc (NYSE:TWC) this year but no insider buying since 2011. The latest insider selling happened last week though EVP, Gail Mackinnon. The executive sold 5,377 shares.
Beach Point Capital Management’s second largest equity position at the end of the third quarter of 2014 was in Anadarko Petroleum Corporation (NYSE:APC). It owned 383,568 shares worth nearly $39 million in the independent exploration and production company. The fund slightly increased its equity exposure to Anadarko Petroleum Corporation (NYSE:APC) during the latest quarter because it had 382,417 shares in the company the previous report.
Long Oar Global Investors, managed by Colin Hall and James Davidson, owned 99,000 shares in Anadarko Petroleum Corporation (NYSE:APC) at the end of the second quarter of 2014.
Ending the top three largest positions in the portfolio of Beach Point Capital Management at the end of the third quarter of 2014 was General Motors Company (NYSE:GM). The fund’s holding in the stock was nearly 1.2 million shares, valued above $37 million. It increased the stake in the automaker from about 1.1 million shares in the second quarter of 2014.
Hayman Advisors, managed by Kyle Bass held nearly 6 million shares in General Motors Company (NYSE:GM) at the close of the second quarter of 2014.
Suggested Articles:
