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Oaktree Capital Buys LYB, SID, GGB, BUD, GM, HMIN, EDU, TTM, Sells XCO, CIT, MOLX, GS

February 18, 2011
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gurufocus

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We have added Howard Marks, Chairman of Oaktree Capital into our List of Gurus. As of 12/31/2010, Oaktree Capital owns 34 stocks with a total value of $2.3 billion. These are the details of the buys and sells.

Oaktree Capital is specialized in distressed debt investing. Equity is just a small part of their portfolio. The firm is one of the most respected investment managers in debt investment. The memos by Howard Marks are must read for investors. This is the link to the latest memo titled "All That Glitters".

This is his view on gold, excerpted from his memo:

“… there’s no analytical way, in my opinion, to value an asset that doesn’t produce cash flow … and especially one that doesn’t at least have the prospect of doing so… In fact, that’s true of all non-income-producting assets; they’re only worth what buyers wll pay for them.”

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:

Consumer Services 45.8%
Health Care 4.4%
Financials 3%
Basic Materials 1.6%
Consumer Goods 1.4%
Industrials 1.1%
Oil & Gas 1.1%
Telecommunications 0.9%
Technology 0.6%


These are the top 5 holdings of Howard Marks

  1. Charter Communications Inc. (CHTR) - 19,725,105 shares, 33.45% of the total portfolio.
  2. LYONDELLBASELL IND NV ORD SHS CL A (LYB) - 13,032,434 shares, 19.52% of the total portfolio. Shares added by 10000%
  3. GENERAL MOTORS COMPANY (GM.PB) - 2,826,000 shares, 6.66% of the total portfolio. Shares added by 10000%
  4. TIME WARNER CABLE INC. (TWC) - 1,754,932 shares, 5.05% of the total portfolio.
  5. ALLIANCE HEALTHCARE SERVICES INC. (AIQ) - 23,782,451 shares, 4.39% of the total portfolio. Shares added by 3.89%


Added: Washington Post Co. (WPO)

Howard Marks added to his holdings in Washington Post Co. by 100%. His purchase prices were between $370.06 and $440.92, with an estimated average price of $398.71. The impact to his portfolio due to this purchase was 0.96%. His holdings were 100,000 shares as of 12/31/2010.

Added: Fifth Third Bancorp Dep Shr Srs G Pfd (FITBP)

Howard Marks added to his holdings in Fifth Third Bancorp Dep Shr Srs G Pfd by 44.12%. His purchase prices were between $128.9 and $149.74, with an estimated average price of $137.07. The impact to his portfolio due to this purchase was 0.81%. His holdings were 409,940 shares as of 12/31/2010.

Added: Warner Music Group Corp. (WMG)

Howard Marks added to his holdings in Warner Music Group Corp. by 35.17%. His purchase prices were between $4.6 and $5.86, with an estimated average price of $5.27. The impact to his portfolio due to this purchase was 0.66%. His holdings were 10,408,077 shares as of 12/31/2010.

Added: Alliance Healthcare Services Inc. (AIQ)

Howard Marks added to his holdings in Alliance Healthcare Services Inc. by 3.89%. His purchase prices were between $3.5 and $4.89, with an estimated average price of $4.13. The impact to his portfolio due to this purchase was 0.16%. His holdings were 23,782,451 shares as of 12/31/2010.

Added: Fibria Celulose S.a. (FBR)

Howard Marks added to his holdings in Fibria Celulose S.a. by 77.96%. His purchase prices were between $15.21 and $19.19, with an estimated average price of $16.84. The impact to his portfolio due to this purchase was 0.13%. His holdings were 429,600 shares as of 12/31/2010.

Added: China Mobile Ltd. (CHL)

Howard Marks added to his holdings in China Mobile Ltd. by 38.25%. His purchase prices were between $49.06 and $53.71, with an estimated average price of $51.2. The impact to his portfolio due to this purchase was 0.12%. His holdings were 206,400 shares as of 12/31/2010.

New Purchase: Lyondellbasell Ind Nv Ord Shs Cl A (LYB)

Howard Marks initiated holdings in Lyondellbasell Ind Nv Ord Shs Cl A. His purchase prices were between $26 and $33.76, with an estimated average price of $29.39. The impact to his portfolio due to this purchase was 19.52%. His holdings were 13,032,434 shares as of 12/31/2010.

New Purchase: General Motors Company (GM.PB)

Howard Marks initiated holdings in General Motors Company. His purchase prices were between $49.96 and $54.14, with an estimated average price of $51.07. The impact to his portfolio due to this purchase was 6.66%. His holdings were 2,826,000 shares as of 12/31/2010.

New Purchase: Companhia Siderurgica Nacional S.a. (SID)

Howard Marks initiated holdings in Companhia Siderurgica Nacional S.a.. His purchase prices were between $15.65 and $18.21, with an estimated average price of $16.82. The impact to his portfolio due to this purchase was 0.57%. His holdings were 784,400 shares as of 12/31/2010.

New Purchase: Gerdau S.a. (GGB)

Howard Marks initiated holdings in Gerdau S.a.. His purchase prices were between $11.62 and $14, with an estimated average price of $13.09. The impact to his portfolio due to this purchase was 0.49%. His holdings were 811,000 shares as of 12/31/2010.

New Purchase: Anheuserbusch Inbev Sa/nv (BUD)

Howard Marks initiated holdings in Anheuserbusch Inbev Sa/nv. His purchase prices were between $54.94 and $63.88, with an estimated average price of $59.69. The impact to his portfolio due to this purchase was 0.47%. His holdings were 189,700 shares as of 12/31/2010.

New Purchase: General Motors Company (GM)

Howard Marks initiated holdings in General Motors Company. His purchase prices were between $33.25 and $36.82, with an estimated average price of $34.32. The impact to his portfolio due to this purchase was 0.4%. His holdings were 250,000 shares as of 12/31/2010.

New Purchase: Home Inns & Hotels Management Inc. (HMIN)

Howard Marks initiated holdings in Home Inns & Hotels Management Inc.. His purchase prices were between $39.67 and $53.66, with an estimated average price of $47.28. The impact to his portfolio due to this purchase was 0.36%. His holdings were 203,094 shares as of 12/31/2010.

New Purchase: New Oriental Education And Technology Group Inc. (EDU)

Howard Marks initiated holdings in New Oriental Education And Technology Group Inc.. His purchase prices were between $89.02 and $110.78, with an estimated average price of $102.5. The impact to his portfolio due to this purchase was 0.18%. His holdings were 38,800 shares as of 12/31/2010.

New Purchase: Tata Motors Ltd. (TTM)

Howard Marks initiated holdings in Tata Motors Ltd.. His purchase prices were between $25.61 and $36, with an estimated average price of $29.64. The impact to his portfolio due to this purchase was 0.16%. His holdings were 128,000 shares as of 12/31/2010.

Reduced: Gt Solar International Inc. (SOLR)

Howard Marks reduced to his holdings in Gt Solar International Inc. by 89.15%. His sale prices were between $6.69 and $9.46, with an estimated average price of $8.38. The impact to his portfolio due to this sale was -18.08%. Howard Marks still held 5,550,785 shares as of 12/31/2010.

Reduced: Taiwan Semiconductor Manufacturing (TSM)

Howard Marks reduced to his holdings in Taiwan Semiconductor Manufacturing by 75%. His sale prices were between $10.2 and $12.69, with an estimated average price of $11.19. The impact to his portfolio due to this sale was -0.63%. Howard Marks still held 390,500 shares as of 12/31/2010.

Sold Out: Exco Resources Inc. (XCO)

Howard Marks sold out his holdings in Exco Resources Inc.. His sale prices were between $13.88 and $19.51, with an estimated average price of $17.5.

Sold Out: Cit Group Inc. New (CIT)

Howard Marks sold out his holdings in Cit Group Inc. New. His sale prices were between $39.46 and $47.05, with an estimated average price of $42.29.

Sold Out: Ford Motor Cap Trust Ii 6.5 Pfd S (F.PS)

Howard Marks sold out his holdings in Ford Motor Cap Trust Ii 6.5 Pfd S. His sale prices were between $48.9 and $52.82, with an estimated average price of $50.98.

Sold Out: Citigroup Inc. (C.PH)

Howard Marks sold out his holdings in Citigroup Inc.. His sale prices were between $118.65 and $138, with an estimated average price of $127.88.

Sold Out: Ppl Corp. (PPL.PU)

Howard Marks sold out his holdings in Ppl Corp.. His sale prices were between $53.8999 and $58.25, with an estimated average price of $55.78.

Sold Out: Alere Inc. (ALR.PB)

Howard Marks sold out his holdings in Alere Inc.. His sale prices were between $207.58 and $278, with an estimated average price of $225.69.

Sold Out: Molex Inc. (MOLX)

Howard Marks sold out his holdings in Molex Inc.. His sale prices were between $20.18 and $23.02, with an estimated average price of $21.67.

Sold Out: Keycorp (KEY.PG)

Howard Marks sold out his holdings in Keycorp. His sale prices were between $102.8 and $109.48, with an estimated average price of $106.45.

Sold Out: Owens Corning (OC)

Howard Marks sold out his holdings in Owens Corning. His sale prices were between $25.59 and $31.53, with an estimated average price of $28.11.

Sold Out: Hartford Finl Svcs Grp Inc. 7.25% Mandatory Conve (HIG.PA)

Howard Marks sold out his holdings in Hartford Finl Svcs Grp Inc. 7.25% Mandatory Conve. His sale prices were between $23.13 and $26.04, with an estimated average price of $24.67.

Sold Out: The Goldman Sachs Group Inc. (GS)

Howard Marks sold out his holdings in The Goldman Sachs Group Inc.. His sale prices were between $146.57 and $171.07, with an estimated average price of $161.71.

Sold Out: Aspen Insurance Holdings Ltd. 5.625% Per (AHL.P)

Howard Marks sold out his holdings in Aspen Insurance Holdings Ltd. 5.625% Per. His sale prices were between $53.6 and $57.5, with an estimated average price of $55.51.

Sold Out: Crown Holdings Inc. (CCK)

Howard Marks sold out his holdings in Crown Holdings Inc.. His sale prices were between $28.51 and $33.85, with an estimated average price of $31.62.

Sold Out: Vale S.a. (VALE)

Howard Marks sold out his holdings in Vale S.a.. His sale prices were between $31.47 and $34.65, with an estimated average price of $32.96.

Sold Out: Posco (PKX)

Howard Marks sold out his holdings in Posco. His sale prices were between $95.34 and $120.47, with an estimated average price of $106.18.

Sold Out: Tenaris S. A. (TS)

Howard Marks sold out his holdings in Tenaris S. A.. His sale prices were between $37.99 and $49.09, with an estimated average price of $44.03.

Sold Out: Itau Unibanco Banco Multiplo S.a. (ITUB)

Howard Marks sold out his holdings in Itau Unibanco Banco Multiplo S.a.. His sale prices were between $22.49 and $26.26, with an estimated average price of $24.38.

Sold Out: Pt Telekomunikasi Indonesia (TLK)

Howard Marks sold out his holdings in Pt Telekomunikasi Indonesia. His sale prices were between $34.29 and $43.75, with an estimated average price of $37.85.

Sold Out: Au Optonics Corp (AUO)

Howard Marks sold out his holdings in Au Optonics Corp. His sale prices were between $9.46 and $10.48, with an estimated average price of $10.04.

Sold Out: Lg. Display Co. Ltd. (LPL)

Howard Marks sold out his holdings in Lg. Display Co. Ltd.. His sale prices were between $16.37 and $18.54, with an estimated average price of $17.62.

Sold Out: Melco Crown Entertainment Ltd. (MPEL)

Howard Marks sold out his holdings in Melco Crown Entertainment Ltd.. His sale prices were between $5.3675 and $6.855, with an estimated average price of $6.03.

Sold Out: Pt Indosat Tbk (IIT)

Howard Marks sold out his holdings in Pt Indosat Tbk. His sale prices were between $28.01 and $35.58, with an estimated average price of $31.76.

Sold Out: China Medical Technologies Inc. Ads (CMED)

Howard Marks sold out his holdings in China Medical Technologies Inc. Ads. His sale prices were between $10.85 and $13.86, with an estimated average price of $11.94.

Sold Out: Shanda Games Ltd. (GAME)

Howard Marks sold out his holdings in Shanda Games Ltd.. His sale prices were between $5.6 and $6.9, with an estimated average price of $6.22.

Sold Out: Mobile Telesystems Ojsc (MBT)

Howard Marks sold out his holdings in Mobile Telesystems Ojsc. His sale prices were between $19.81 and $23.33, with an estimated average price of $21.56.

About the author:

gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

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