Insight into Oaktree Capital's Latest 13F Filings
Howard Marks (Trades, Portfolio), the chairman of Oaktree Capital Management LP, has reported notable changes to his firm's investment portfolio in the first quarter of 2024. Oaktree, known for its focus on alternative investments and less efficient markets, has seen a variety of strategic adjustments under Marks' guidance, including new acquisitions, increased stakes, and significant sell-offs.
New Additions to the Portfolio
During the first quarter, Howard Marks' firm (Trades, Portfolio) expanded its portfolio by adding 13 new stocks. Noteworthy among these are:
- Indivior PLC (INDV, Financial), with 3,351,236 shares, making up 1.24% of the portfolio and valued at $71.71 million.
- Eagle Bulk Shipping Inc (EGLE, Financial), comprising 1,098,819 shares, which represent about 1.18% of the portfolio, totaling $68.64 million.
- Baidu Inc (BIDU, Financial), with 422,866 shares, accounting for 0.77% of the portfolio and valued at $44.52 million.
Key Position Increases
Oaktree also strategically increased its holdings in several companies:
- Vale SA (VALE, Financial) saw an addition of 2,116,982 shares, bringing the total to 11,516,869 shares. This adjustment increased the share count by 22.52%, impacting the portfolio by 0.44%, with a total value of $140.39 million.
- H World Group Ltd (HTHT, Financial) increased by 134,695 shares, resulting in a total of 1,225,490 shares. This represents a 12.35% increase in share count, valued at $47.43 million.
Complete Exits from Certain Holdings
In a significant portfolio reshuffle, Howard Marks' firm (Trades, Portfolio) decided to exit completely from 23 holdings in this quarter:
- Infosys Ltd (INFY, Financial) was completely sold off, with 3,453,979 shares liquidated, impacting the portfolio by -1.08%.
- FTAI Aviation Ltd (FTAI, Financial) also saw a complete sell-off of 1,167,061 shares, causing a -0.92% impact on the portfolio.
Significant Reductions in Holdings
Reductions were also a key theme of this quarter's adjustments:
- NMI Holdings Inc (NMIH, Financial) saw a reduction of 3,625,033 shares, a 77.41% decrease, impacting the portfolio by -1.83%. The stock traded at an average price of $30.18 during the quarter and has seen a 10.60% return over the past three months and 12.87% year-to-date.
- Alvotech (ALVO, Financial) was reduced by 2,551,695 shares, a 46.81% decrease, impacting the portfolio by -0.5%. The stock traded at an average price of $14.63 during the quarter and has returned -14.97% over the past three months and 16.29% year-to-date.
Portfolio Overview
As of the first quarter of 2024, Howard Marks (Trades, Portfolio)'s portfolio included 59 stocks. The top holdings were 29.79% in TORM PLC (TRMD, Financial), 10.69% in Chesapeake Energy Corp (CHK, Financial), 7.55% in Garrett Motion Inc (GTX, Financial), 5.51% in Sitio Royalties Corp (STR, Financial), and 3.24% in Runway Growth Finance Corp (RWAY, Financial). The holdings are mainly concentrated across 11 industries, reflecting a diverse investment strategy.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
