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News Corp.(NWSA - Get Report) is the fund's largest holding, at 10.7% of the portfolio, after it added 3.4 million shares in the second quarter. That stake now has a market value of $575 million.
The company is still in the midst of a phone-hacking scandal that includes potential criminal charges against current and former employees and its ethics and policies may come under review in other countries and could potentially impact CEO Rupert Murdoch's empire. The political backlash in the U.K. has already resulted in its dropping its bid for the British satellite broadcaster
News Corp.'s shares are up 11% this year, but down 10% over the past three months after the scandal broke. Its board recently authorized a $5 billion share repurchase program which should help support share prices.
The company is a media conglomerate with a wide range of assets: filmed entertainment; television's Fox Network; 35 TV stations; and Star, a television network in Asia. It also has cable network programming; direct-broadcast satellite television (Sky Italia); magazines and inserts, and newspapers in Australia, the U.K. and in the U.S., and it owns the book publisher HarperCollins, and its online properties including MySpace.