Josh Friedman’s Canyon Capital Portfolio: Top 5 Stock Picks

4. Tenet Healthcare Corporation (NYSE:THC)

Canyon Capital’s stake value: $99 Million

Canyon Capital first initiated a position in Tenet Healthcare Corporation (NYSE:THC) early in 2021 and added to its existing stake in the following quarters of the year. As of the end of March, Tenet was ranked fourth in the list of Canyon Capital’s top 10 stock picks. The company appears in a solid position to generate healthy returns for shareholders. Its second-quarter earnings per share of $1.50 beat a consensus of $0.83 and the company expects full-year net revenue in the range of $19.4 billion.

The number of long hedge fund positions increased in the company in the past three straight quarters. As of the end of March, Tenet was in 57 hedge fund portfolios compared to 52 in the previous quarter. Larry Robbins Glenview Capital was the leading stakeholder in the company.