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Oaktree Capital Portfolio Update: Buys CIT, CMCSA, VSH, RIO, CMLS
Posted by: gurufocus (IP Logged)
Date: October 20, 2011 10:32AM

Howard Marks of Oaktree Capital is probably one of the great thinkers of our time. His memos are must-reads for investors who want to understand more about what are the most important things in investing. Oaktree mostly invests in debt securities. But it does run a small equity portfolio, too. As of 09/30/2011, Oaktree Capital owns 165 stocks with a total value of $5.2 billion. These are the details of the buys and sells.

This is the portfolio chart of Howard Marks. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Howard Marks's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Howard+Marks

This is the sector weightings of his portfolio:

Not Assigned 29.6%
Oil & Gas 7.3%
Financials 6%
Consumer Services 3.4%
Industrials 1.1%
Basic Materials 0.8%
Consumer Goods 0.6%
Health Care 0.5%
Telecom 0.4%


These are the top 5 holdings of Howard Marks

  1. Charter Communications Inc. (CHTR) - 19,725,105 shares, 17.7074% of the total portfolio.
  2. EXCO Resources (XCO) - 34,778,946 shares, 7.1455% of the total portfolio.
  3. Spirit Airlines Inc. (SAVE) - 22,455,227 shares, 5.3796% of the total portfolio.
  4. CIT Group Inc. (CIT) - 8,905,434 shares, 5.1835% of the total portfolio. Shares added by 10000%
  5. General Motors Co. Mand. Conv. Jr. Pfd. Series B (GM.PB) - 2,285,800 shares, 1.5368% of the total portfolio. Shares added by 0.88%


New Purchase: Cit Group Inc. (CIT)

Howard Marks initiated holdings in Cit Group Inc.. His purchase prices were between $30.55 and $44.17, with an estimated average price of $35.98. The impact to his portfolio due to this purchase was 5.18%. His holdings were 8,905,434 shares as of 09/30/2011.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $6.9 billion; its shares were traded at around $34.39 with a P/E ratio of 30.7 and P/S ratio of 1.1.

New Purchase: Comcast Corp. (CMCSA)

Howard Marks initiated holdings in Comcast Corp.. His purchase prices were between $19.78 and $25.97, with an estimated average price of $22.55. The impact to his portfolio due to this purchase was 0.76%. His holdings were 1,889,500 shares as of 09/30/2011.

Comcast Corp., among the world's communication companies, provides basic cable, digital cable and high speed internet services that connect people to what's important in their lives. Comcast Corp. has a market cap of $64.71 billion; its shares were traded at around $23.54 with a P/E ratio of 16.4 and P/S ratio of 1.7. The dividend yield of Comcast Corp. stocks is 1.9%. Comcast Corp. had an annual average earnings growth of 21.4% over the past 10 years. GuruFocus rated Comcast Corp. the business predictability rank of 2-star.

New Purchase: Vishay Intertechnology Inc. (VSH)

Howard Marks initiated holdings in Vishay Intertechnology Inc.. His purchase prices were between $8.77 and $16.2, with an estimated average price of $12.1. The impact to his portfolio due to this purchase was 0.44%. His holdings were 2,750,000 shares as of 09/30/2011.

Vishay Intertechnology, Inc. is a international manufacturer and supplier of discrete passive electronic components and discrete active electronic components, particularly resistors, capacitors, inductors, diodes and transistors. Vishay Intertechnology Inc. has a market cap of $1.58 billion; its shares were traded at around $10.02 with a P/E ratio of 5.2 and P/S ratio of 0.6.

New Purchase: Rio Tinto Plc Ads (RIO)

Howard Marks initiated holdings in Rio Tinto Plc Ads. His purchase prices were between $46.07 and $73.63, with an estimated average price of $61.75. The impact to his portfolio due to this purchase was 0.25%. His holdings were 301,700 shares as of 09/30/2011.

Rio Tinto PLC is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium, dioxide feedstock, diamonds, talc and zircon. Rio Tinto Plc Ads has a market cap of $75.98 billion; its shares were traded at around $50.94 with and P/S ratio of 1.3. The dividend yield of Rio Tinto Plc Ads stocks is 2.3%.

New Purchase: Cumulus Media Inc. (CMLS)

Howard Marks initiated holdings in Cumulus Media Inc.. His purchase prices were between $2.33 and $3.6, with an estimated average price of $2.99. The impact to his portfolio due to this purchase was 0.22%. His holdings were 3,985,983 shares as of 09/30/2011.

Cumulus Media, Inc. is a radio broadcasting company focused on acquiring, operating and developing radio stations in mid-size radio markets in the United States. Cumulus Media Inc. has a market cap of $137.5 million; its shares were traded at around $2.62 with a P/E ratio of 4 and P/S ratio of 0.5. Cumulus Media Inc. had an annual average earnings growth of 5.9% over the past 10 years.

New Purchase: SemGroup Corp. Cl A (SEMG)

Howard Marks initiated holdings in Semgroup Corp. Cl A. His purchase prices were between $18 and $24.95, with an estimated average price of $22.24. The impact to his portfolio due to this purchase was 0.21%. His holdings were 541,414 shares as of 09/30/2011.

SemGroup Corp provides gathering, transportation, storage, distribution, blending, marketing and other midstream services to producers, refiners of petroleum products and others market participants located in Midwest and Rocky Mountain regions of the United States of America. Semgroup Corp. Cl A has a market cap of $927.2 million; its shares were traded at around $22.32 with and P/S ratio of 0.5.

New Purchase: USG Corp. (USG)

Howard Marks initiated holdings in Usg Corp.. His purchase prices were between $6.97 and $14.41, with an estimated average price of $10.02. The impact to his portfolio due to this purchase was 0.21%. His holdings were 1,600,000 shares as of 09/30/2011.

USG Corp., through its subsidiaries, is a manufacturer and distributor of building materials producing a wide range of products for use in new residential, new nonresidential and repair and remodel construction, as well as products used in certain industrial processes. Usg Corp. has a market cap of $873.9 million; its shares were traded at around $8.3 with and P/S ratio of 0.3.

New Purchase: Level 3 Communications Inc. (LVLT)

Howard Marks initiated holdings in Level 3 Communications Inc.. His purchase prices were between $1.44 and $2.62, with an estimated average price of $1.94. The impact to his portfolio due to this purchase was 0.2%. His holdings were 7,000,000 shares as of 09/30/2011.

Level 3 Communications is an international communications and information services company. Level 3 Communications Inc. has a market cap of $2.76 billion; its shares were traded at around $1.55 with and P/S ratio of 0.8.

New Purchase: Southern Copper Corp. (SCCO)

Howard Marks initiated holdings in Southern Copper Corp.. His purchase prices were between $25.65 and $36.59, with an estimated average price of $32.01. The impact to his portfolio due to this purchase was 0.11%. His holdings were 225,713 shares as of 09/30/2011.

Southern Peru Copper Corp. objective is to increase stockholder value through earnings and cash flow growth in varied market conditions. Southern Copper Corp. has a market cap of $23.92 billion; its shares were traded at around $28.29 with a P/E ratio of 15.5 and P/S ratio of 4.6. The dividend yield of Southern Copper Corp. stocks is 8.7%. Southern Copper Corp. had an annual average earnings growth of 29.8% over the past 10 years.

Added: Eagle Bulk Shipping Inc. (EGLE)

Howard Marks added to his holdings in Eagle Bulk Shipping Inc. by 809.38%. His purchase prices were between $1.64 and $2.72, with an estimated average price of $2.08. The impact to his portfolio due to this purchase was 0.17%. His holdings were 6,175,000 shares as of 09/30/2011.

Eagle Bulk Shipping is the largest U.S. based owner of Handymax dry bulk vessels. Eagle Bulk Shipping Inc. has a market cap of $92.8 million; its shares were traded at around $1.48 with a P/E ratio of 21.1 and P/S ratio of 0.4. Eagle Bulk Shipping Inc. had an annual average earnings growth of 11.5% over the past 5 years.

Added: Melco Crown Entertainment Ltd. (MPEL)

Howard Marks added to his holdings in Melco Crown Entertainment Ltd. by 72.68%. His purchase prices were between $9.01 and $15.97, with an estimated average price of $12.92. The impact to his portfolio due to this purchase was 0.08%. His holdings were 1,155,941 shares as of 09/30/2011.

MELCO CROWN ENTERTAINMENT is an owner and developer of casino gaming and entertainment resort facilities that are focused on the rapidly expanding gaming market found in Macau. Melco Crown Entertainment Ltd. has a market cap of $5.29 billion; its shares were traded at around $9.93 with a P/E ratio of 43.1 and P/S ratio of 2.

Added: Petroleo Brasileiiro Sa Petrobras (PBR)

Howard Marks added to his holdings in Petroleo Brasileiiro Sa Petrobras by 24.72%. His purchase prices were between $23.07 and $34.75, with an estimated average price of $29.29. The impact to his portfolio due to this purchase was 0.02%. His holdings were 290,354 shares as of 09/30/2011.

PETROBRAS-ADR C is an integrated company operating in exploration, production, refining, retailing and transportation of petroleum and its byproducts at home and abroad. Petroleo Brasileiiro Sa Petrobras has a market cap of $90.09 billion; its shares were traded at around $24.21 with a P/E ratio of 5.8 and P/S ratio of 0.7. The dividend yield of Petroleo Brasileiiro Sa Petrobras stocks is 0.6%. Petroleo Brasileiiro Sa Petrobras had an annual average earnings growth of 20.2% over the past 10 years.

Reduced: Time Warner Cable Inc. (TWC)

Howard Marks reduced to his holdings in Time Warner Cable Inc. by 29.66%. His sale prices were between $60.85 and $79.99, with an estimated average price of $68.96. The impact to his portfolio due to this sale was -1.27%. Howard Marks still held 1,163,999 shares as of 09/30/2011.

Time Warner Cable Inc. is the second-largest cable operator in the U. Time Warner Cable Inc. has a market cap of $22.43 billion; its shares were traded at around $68.99 with a P/E ratio of 16.7 and P/S ratio of 1.2. The dividend yield of Time Warner Cable Inc. stocks is 2.8%.

Reduced: Washington Post Co. Cl B (WPO)

Howard Marks reduced to his holdings in Washington Post Co. Cl B by 35.29%. His sale prices were between $313 and $427.45, with an estimated average price of $367.62. The impact to his portfolio due to this sale was -0.42%. Howard Marks still held 55,000 shares as of 09/30/2011.

The Washington Post Company's principal business activities consist of newspaper publishing (principally The Washington Post), television broadcasting (through the ownership and operation of six network-affiliated stations), the ownership and operation of cable televisionsystems, magazine publishing (principally Newsweek magazine), and (through its Kaplan subsidiary) the provision of educational and career development services. Washington Post Co. Cl B has a market cap of $2.75 billion; its shares were traded at around $346.54 with a P/E ratio of 10.9 and P/S ratio of 0.6. The dividend yield of Washington Post Co. Cl B stocks is 2.7%. Washington Post Co. Cl B had an annual average earnings growth of 4.4% over the past 10 years. GuruFocus rated Washington Post Co. Cl B the business predictability rank of 2-star.

Reduced: Vale Sa (VALE)

Howard Marks reduced to his holdings in Vale Sa by 96.97%. His sale prices were between $23.63 and $33.55, with an estimated average price of $28.84. The impact to his portfolio due to this sale was -0.38%. Howard Marks still held 11,197 shares as of 09/30/2011.

VALE RIO DO-ADR is a mining company that specializes in the mining of iron ore and pellets, manganese, alloys, gold, copper, potassium, and kaolin. Vale Sa has a market cap of $76.03 billion; its shares were traded at around $23.69 with a P/E ratio of 5.2 and P/S ratio of 1.7. Vale Sa had an annual average earnings growth of 31.9% over the past 10 years.

Reduced: Companhia Siderurgica Nacional Ads (SID)

Howard Marks reduced to his holdings in Companhia Siderurgica Nacional Ads by 51.92%. His sale prices were between $8.02 and $12.62, with an estimated average price of $9.96. The impact to his portfolio due to this sale was -0.14%. Howard Marks still held 303,441 shares as of 09/30/2011.

CIA SIDERUR-ADR, through the combining of its own mines, steel mill, railroads, ports and service and distribution centers within the scope of its operations, makes them the largest integrated steel-making complex in Latin America. Companhia Siderurgica Nacional Ads has a market cap of $12.16 billion; its shares were traded at around $8.34 with a P/E ratio of 7.4 and P/S ratio of 2. The dividend yield of Companhia Siderurgica Nacional Ads stocks is 7.6%. Companhia Siderurgica Nacional Ads had an annual average earnings growth of 31.2% over the past 10 years. GuruFocus rated Companhia Siderurgica Nacional Ads the business predictability rank of 2.5-star.

Reduced: Compania De Minas Buenaventura S.a. Ads (BVN)

Howard Marks reduced to his holdings in Compania De Minas Buenaventura S.a. Ads by 23.04%. His sale prices were between $36.43 and $48, with an estimated average price of $42.52. The impact to his portfolio due to this sale was -0.06%. Howard Marks still held 162,851 shares as of 09/30/2011.

COMPA??A DE MINAS BUENAVENTURA is a mining company producing precious metals and holding mining rights in Peru. Compania De Minas Buenaventura S.a. Ads has a market cap of $10.2 billion; its shares were traded at around $40.1 with a P/E ratio of 12.5 and P/S ratio of 9.3. The dividend yield of Compania De Minas Buenaventura S.a. Ads stocks is 1.2%. Compania De Minas Buenaventura S.a. Ads had an annual average earnings growth of 34.1% over the past 10 years. GuruFocus rated Compania De Minas Buenaventura S.a. Ads the business predictability rank of 3.5-star.

Sold Out: Activision Blizzard Inc. (ATVI)

Howard Marks sold out his holdings in Activision Blizzard Inc.. His sale prices were between $10.43 and $12.18, with an estimated average price of $11.66.

ACTIVISION BLIZZARD, INC. is a worldwide pure-play online and console game publisher with market positions across all categories of the rapidly growing interactive entertainment software industry. Activision Blizzard Inc. has a market cap of $14.73 billion; its shares were traded at around $12.89 with a P/E ratio of 16.4 and P/S ratio of 3.3. The dividend yield of Activision Blizzard Inc. stocks is 1.3%.

Sold Out: American International Group Inc. (AIG)

Howard Marks sold out his holdings in American International Group Inc.. His sale prices were between $21.61 and $30.21, with an estimated average price of $25.73.

American International Group, Inc., world leaders in insurance and financial services, is the international insurance organization with operations in more than one hundred thirty countries and jurisdictions. American International Group Inc. has a market cap of $44.49 billion; its shares were traded at around $23.44 with and P/S ratio of 0.6.

Sold Out: Furniture Brands International Inc. (FBN)

Howard Marks sold out his holdings in Furniture Brands International Inc.. His sale prices were between $2.01 and $4.45, with an estimated average price of $3.15.

Furniture Brands International, Inc. is one of the largest manufacturers of residential furniture in the United States. Furniture Brands International Inc. has a market cap of $111 million; its shares were traded at around $2 with and P/S ratio of 0.1.

Sold Out: Cognizant Technology Solutions Corp. (CTSH)

Howard Marks sold out his holdings in Cognizant Technology Solutions Corp.. His sale prices were between $55.01 and $77.62, with an estimated average price of $66.73.

Cognizant Technology Solutions delivers high-quality, cost-effective, full life cycle solutions to complex software development and maintenance problems that companies face as they transition to e-business. Cognizant Technology Solutions Corp. has a market cap of $21.35 billion; its shares were traded at around $70.31 with a P/E ratio of 26.4 and P/S ratio of 4.6. Cognizant Technology Solutions Corp. had an annual average earnings growth of 39.7% over the past 10 years. GuruFocus rated Cognizant Technology Solutions Corp. the business predictability rank of 5-star.




Guru Discussed: Howard Marks: Current Portfolio, Stock Picks
Stocks Discussed: CIT, CMCSA, VSH, RIO, CMLS, SEMG, USG, LVLT, SCCO,
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