Canyon Capital Advisors disclosed on Feb. 25 that it held 9,315,000 shares of the packaging firm, about 7% of the tradable stock. That stake accounts for the purchase of 1,595,189 shares from Jan. 10 to Feb. 21 at prices of $42.09 to $48.38. On Feb. 23, Canyon wrote that it appreciated management’s “efforts to consistently grow margins and cash flow in the course of integrating new businesses.” Canyon feels it is time for Berry to “optimize its portfolio” by selling noncore assets. Canyon also urges Berry to do more to “get in front of ESG trends and correct market misperceptions about the sustainability of its products.” Canyon continued, “ESG ratings should be a high priority…but [Berry ] appears to be behind the rest of the market in this respect.”