Oaktree, where value investing thought leader Howard Marks (Trades, Portfolio) is co-chairman, increased its stake last Friday in SunOpta Inc. (NASDAQ:STKL), a company where it is pushing for change as the biggest shareholder but where few other prominent value investors have been active.
Oaktree found opportunity to increase its position when a weak earnings report released March 1 precipitated a decline in the company’s stock price. Shares of SunOpta dropped 15.3% from the market’s close Feb. 28 through March 2, registering their lowest price since August at $6.10 a piece. On March 3, Oaktree bought 3 million additional shares, reflecting a 26.5% holding increase that built his ownership to 14,333,333 shares, or 16.7% of the company. Continue Reading »