Rowan Companies, Inc. (NYSE:RDC)
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The Company is a provider of international and domestic contract drilling services. It also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.
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FPA Capital Fund is holding more than 30% in cash, just as what he did before the 2001-2002 internet bubble and 2008-2009 financial crisis. Such a macro fundamental driven market call has served the fund well. Fund manager Robert Rodriguez continues to favor energy stocks as he believes that the world is running out of oil and gas reserves. In this sector, he likes oil & gas drilling stocks. This is Rodriguez's top holding.