FPA Capital Fund was run by the legendary value investor
Robert Rodriguez
. After building an excellent long term track record, Mr.
Rodriguez retired and handed the management to his successors
Dennis Bryan and Rikard Ekstrand. The fund has always been run
conservatively. As of June 30, it had 30% of asset in cash.
In a
recent interview
, Rodriguez said if he were still running the fund, he would have
at least 40$ of the asset in cash. He sees recession and even
bigger crisis coming as the country continues to have huge
deficit and builds national debt.
FPA Funds had good records in the macro picture.
Robert Rodriguez
was one of the few who predicted the financial crisis and the
collapse of the housing market. The fund has always been
investing heavily in oil stocks. It owns almost no financials.
FPA Capital Fund buys Devry Inc., Newfield Exploration Co.,
Interdigital, Inc., Patterson-uti Energy, Inc., sells Foot
Locker, Inc. during the 3-months ended 06/30/2012, according to
the most recent filings of his investment company, FPA Capital.
As of 06/30/2012, FPA Capital owns 20 stocks with a total value
of $798 million. These are the details of the buys and sells.
For the details of FPA Capital Fund's stock buys and sells, go to
http://www.gurufocus.com/StockBuy.php?GuruName=Robert+Rodriguez
This is the sector weightings of his portfolio:
|
Oil & Gas
|
42.4% |
|
Industrials
|
28.9% |
|
Technology
|
12.2% |
|
Consumer Services
|
9.7% |
|
Health Care
|
3.1% |
|
Financials
|
1.9% |
|
Basic Materials
|
1.7% |
These are the top 5 holdings of FPA Capital Fund
- Rowan Companies Plc Class A Ordinary Shares (
RDC
) - 2,627,200 shares, 10.6% of the total portfolio.
- Ensco Plc Class A Ordinary Shares (
ESV
) - 1,650,800 shares, 9.7% of the total portfolio.
- Avnet, Inc. (
AVT
) - 2,332,000 shares, 9.0% of the total portfolio.
- Arrow Electronics, Inc. (
ARW
) - 2,120,600 shares, 8.7% of the total portfolio.
- Western Digital Corp. (
WDC
) - 2,016,100 shares, 7.7% of the total portfolio.
Added: Devry Inc. (
DV
)
FPA Capital Fund added to its position in Devry Inc. by 1174.01%.
His purchase prices were between $26.28 and $34.56, with an
estimated average price of $29.94. The impact to his portfolio
due to this purchase was 2.4%. Its position were 682,867 shares
as of 06/30/2012. DeVry Inc. owns and operates DeVry Institutes
of Technology, DenverTechnical College, Keller Graduate School of
Management and Becker Conviser CPA Review. Devry Inc. has a
market cap of $1.91 billion; its shares were traded at around
$28.2 with a P/E ratio of 7.6 and P/S ratio of 0.9. The dividend
yield of Devry Inc. stocks is 1%. Devry Inc. had an annual
average earnings growth of 15% over the past 10 years.
Added: Newfield Exploration Co. (
NFX
)
FPA Capital Fund added to its position in Newfield Exploration
Co. by 68.48%. His purchase prices were between $25.6 and $35.73,
with an estimated average price of $31.03. The impact to his
portfolio due to this purchase was 1.63%. Its position were
1,087,200 shares as of 06/30/2012. Newfield Exploration Company
explores, develops and acquires oil and natural gas properties
primarily in the Gulf of Mexico. Newfield Exploration Co. has a
market cap of $4.05 billion; its shares were traded at around
$32.64 with a P/E ratio of 7.7 and P/S ratio of 1.6. Newfield
Exploration Co. had an annual average earnings growth of 5.5%
over the past 10 years.
Added: Interdigital, Inc. (
IDCC
)
FPA Capital Fund added to its position in Interdigital, Inc. by
77.15%. His purchase prices were between $22.54 and $35, with an
estimated average price of $28.07. The impact to his portfolio
due to this purchase was 1.48%. Its position were 920,648 shares
as of 06/30/2012. INTERDIGITAL COMMUNICATIONS develops and
markets advanced digital wireless telecommunications systems
using proprietary technologies for voice and data communications
and has developed an extensive patent portfolio related to those
technologies. Interdigital, Inc. has a market cap of $1.21
billion; its shares were traded at around $28.14 with a P/E ratio
of 16.4 and P/S ratio of 4. The dividend yield of Interdigital,
Inc. stocks is 1.5%.
Added: Patterson-uti Energy, Inc. (
PTEN
)
FPA Capital Fund added to its position in Patterson-uti Energy,
Inc. by 14.82%. His purchase prices were between $13.03 and
$17.41, with an estimated average price of $15.42. The impact to
his portfolio due to this purchase was 0.19%. Its position were
844,300 shares as of 06/30/2012. Patterson is one of the
providers of domestic land drillingservices to major &
independent oil & natural gas companies. Patterson-uti
Energy, Inc. has a market cap of $2.19 billion; its shares were
traded at around $15.18 with a P/E ratio of 6.1 and P/S ratio of
0.9. The dividend yield of Patterson-uti Energy, Inc. stocks is
1.4%. Patterson-uti Energy, Inc. had an annual average earnings
growth of 14.7% over the past 10 years.
Reduced: Foot Locker, Inc. (
FL
)
FPA Capital Fund reduced to its position in Foot Locker, Inc. by
23.9%. His sale prices were between $28.61 and $32.92, with an
estimated average price of $30.52. The impact to his portfolio
due to this sale was -0.93%. FPA Capital Fund still held 857,200
shares as of 06/30/2012. Foot Locker, Inc. is a global retailer
operating primarily mall-based stores in North America, Europe,
Asia and Australia. Foot Locker, Inc. has a market cap of $5.01
billion; its shares were traded at around $33.75 with a P/E ratio
of 16.1 and P/S ratio of 0.9. The dividend yield of Foot Locker,
Inc. stocks is 2.2%.
Here is the complete portfolio of Robert Rodriguez. Also check
out the Undervalued Stocks, Top Growth Companies, and High Yield
stocks of FPA Capital Fund.About GuruFocus: GuruFocus.com tracks
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