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

3. Shaw Communications Inc. (NYSE:SJR)

Canyon Capital’s stake value: $163 Million

Canyon Capital lifted its stake in Shaw Communications Inc. (NYSE:SJR) by 45% in the March quarter to 5.74% of the overall portfolio. In the June quarter, the hedge fund increased its hold in the company by 11%. The company is in news amid a potential merger with Rogers Communications (NYSE:RCI) by the end of this year for $15.8 billion. It operates as a connectivity company in North America and works through wireline and wireless segments. The company’s shares are under pressure over the past couple of months due to regulatory challenges. However, the market participants expect its shares to rally once regulators approve the merger with Rogers Communications. 

Event-driven hedge funds raised their stake in the company recently. As of the end of March, Shah Communications was in 23 hedge fund portfolios compared to 19 positions in the previous quarter.