Howard Marks (Trades, Portfolio), the chairman of Oaktree Capital who calls his investing approach “entirely bottom-up,” is continuing to build a stake in private mortgage insurer NMI Holdings Inc. (NMIH) as its stock posted an almost 20% total decline year to date.
Marks increased the position more than 27% on Feb. 20 to a total of 3,422,674 shares, giving him 5.86% interest in the company. Previously, Marks started the stake with 600,300 shares in the third quarter of 2014 when the price averaged about $10 for the quarter. In the fourth quarter, he boosted it to 2,689,080 shares as the price slid to $9 on average. Continue Reading »