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David Einhorn Buys 1,679,750 Shares of Howard Marks’ Oaktree Capital after IPO
Posted by: guruhl (IP Logged)
Date: May 1, 2012 11:19AM
David Einhorn, founder and president of hedge fund Greenlight Capital, bought 1,679,750 shares of Oaktree Capital Group (OAK) on April 20 when the price was about $39 per share, according to GuruFocus Real Time Picks.
Oaktree Capital Group is the private equity firm of Einhorn’s fellow noted money manager and market prognosticator, Howard Marks, which focuses on alternative markets and had $75 billion in assets under management at the end of 2011. It just held its IPO on April 11, pricing 8.8 million shares at $43 each and raising about $380 million. It originally planned to sell 11.3 million shares at $43 to $46 each. The offering was 6% of shares outstanding, which valued the company at $6.5 billion. Since Oaktree’s IPO, the stock price has declined 6.45%.
Oaktree describes itself as “experts in credit and contrarian, value-oriented investing.” The firm doubled its assets under management from Dec. 31, 2006 through June 30, 2011, and has achieved an aggregated gross internal rate of return of 20.2%.
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Guru Discussed: David Einhorn: Current Portfolio, Stock Picks
Howard Marks: Current Portfolio, Stock Picks
Stocks Discussed: OAK,