Osterweis Capital Management LLC is an investment manager founded in 1983 to serve the portfolio management needs of foundations, high net worth individuals, and endowments. The firm has grown to over $10 billion in value of assets under its management. The third quarter SEC 13F filings of Osterweis Capital Management LLC showed that Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Magellan Midstream Partners, L.P. (NYSE:MMP), and Cinemark Holdings, Inc. (NYSE:CNK) were its top three holdings.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) was the leading investment of Osterweis Capital Management LLC, registering $125.7 million. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is a publicly traded multinational specialty pharmaceutical company that develops and commercializes prescription brands and generic brands of different drugs mainly for neurology, infectious diseases, and dermatology. The investment manager with the highest number of shares of the company was Valueact Capital with 18.9 million shares. This was followed a distant by Lone Pine Capital with 10.986 million shares. (You can see complete list of hedge funds which hold positions on Valeant Pharmaceuticals Intl Inc (NYSE:VRX) at the end of third quarter.)
Magellan Midstream Partners, L.P. (NYSE:MMP) was second in investment value with a total of $117.8 million. Magellan Midstream Partners, L.P. (NYSE:MMP) is a company that focuses mainly on storing, transporting, and distributing of highly refined petroleum products and ammonia. Some of the assets under its portfolio are petroleum product marine terminal systems, pipe line system, petroleum product terminals, and ammonia pipeline system. Magellan Midstream Partners, L.P. (NYSE:MMP) CEO offloaded 20,000 shares worth $1.76 million, going at an average of $88.01 a share. This reduces the CEO’s ownership to 122, 868 shares with an estimated value of $10.81 million.
The third largest investment of Osterweis Capital Management LLC was Cinemark Holdings, Inc. (NYSE:CNK)¸ which accounted for $115.6 million for the quarter. Is a global leader in motion picture industry, boasting of 333 theaters in 40 states in the U.S. alone. The company also has several other theaters in Latin America. The company recently announced a quarterly dividend of $0.25 per share, representing an annualized yield of 2.77%. Analysts at Morgan Stanley have recently raised their price target on the stock to $36 from the initial $34.
This article has been written by Victor Ochieng.