Mitch Julis Ira Sohn coverage brought to you by ValueWalk.
Mitch Julis is Co-Founder, Co-Chairman and Co-CEO of Canyon Partners, LLC, a leading global alternative asset management firm headquartered in Los Angeles, California. Canyon manages approximately $20 billion in assets, specializing in credit-oriented investments. The Canyon Value Hedge fund is up 6.3% through the first quarter of 2013. Mitch Julis has been finding bargains in European debt.
Most recently the fund purchased a sizeable stake in the senior secured debt of a large, undisclosed real estate conglomerate domiciled in Spain. Canyon notes that the debt embeds an appreciable “peripheral discount” and an attractive option on stabilization of the Spanish real estate market, but also robust downside protection by virtue of a significant claim on prime core-European commercial real estate (the value of this claim currently covers our cost basis by approximately 120%). The firm’s longstanding familiarity with the issuer’s balance sheet and ability to act quickly and in meaningful size (in an invitation only bidding process) allowed them to source this investment.
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Mitch Julis Ira Sohn Conference Live
2:48 PM EST: Mitch Julis of Canyon Partners likes Clear Channel Outdoor Holdings, Inc. (NYSE:CCO).
2:50 Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) soars 4 percent on Julis mention.
2: 50: Julis says there is significant difference between Apple Inc (NASDAQ:AAPL) debt and equity. Capital structure is important, referring to Apple Inc. (NASDAQ:AAPL) and Google Inc. (NASDAQ: GOOG).
2:54 If you don’t do macro, macro will do you, says Julis.
2: 59: Julis says that from QE now we have gone to outright monetary financing.
3:01: Warren Buffett has designed Berkshire Hathaway Inc. (NYSE:BRK.A) to benefit him with its capital structure.
3:03: Presentation ended.