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Howard Marks Update – Oaktree Capital Sells

November 10, 2013 | About:
Sally Jones

Sally Jones

49 followers
The third quarter portfolio of Oaktree Capital, led by chairman Howard Marks, lists 77 stocks, 9 of them new, and a total value at $5.2 billion. The quarter-over-quarter turnover is 9%. The portfolio is weighted with financial services at 8.6%, energy at 6% and consumer cyclical at 3.9%. Guru Howard Marks has averaged a return of 8.1% over 12 months.

Here are trade details on four of Oaktree’s major sells, as of Sept. 30, 2013, starting with First BanCorp (FBP). Guru Howard Marks holds 20.22% of shares outstanding in this regional bank that serves Puerto Rico and the Virgin Islands. In its 65th year, First BanCorp reported financial results for the third quarter of 2013, with a net income of $15.9 million, versus a net loss of $122.6 million in the same quarter a year ago. For the third quarter of 2013, the bank reported adjusted net income of $19.3 million and earnings of $0.09 per diluted share.

First BanCorp (FBP): Reduced

Impacts Portfolio: -1.27%

Current Shares: 41,843,581

Up 56% over 12 months, First BanCorp, first incorporated in Puerto Rico, has a market cap of $1.3 billion; its shares trade with a P/B ratio of 1.12. The company does not pay a dividend.

Guru Action: As of Sept. 30, 2013, Howard Marks reduced his holding by 17.44%, selling 8,840,904 shares at an average price of $7.07 per share, taking a loss of 11.6%.

The current share price is around $6.25, with a change from average down 12%.

Overall, Howard Marks bought 50,684,485 shares at an average price of $3.41, for a gain of 83%. Selling, he took a loss of 12% on 8,840,904 shares sold at an average price of $7.07 per share.

Howard Marks is one of four guru stakeholders, and there is recent insider activity.

Track historical pricing, revenue and net income:

1384115628757.png

Charter Communications Inc. (CHTR): Reduced

Impacts Portfolio: -2.7%

Current Shares: 909,683

Up 86% over 12 months, Charter Communications Inc., a cable, Internet and telephone and video company, has a market cap of $13.34 billion; its shares trade with a P/B ratio of 213.43. The company does not pay a dividend.

Guru Action: As of Sept. 30, 2013, Howard Marks reduced his holding by 53.91%, unloading 1,063,912 shares at an average price of $126.89, making a gain of 0.9%.

The current share price is around $128.06, with a change from average up 1%.

In eight quarters, Howard Marks bought 19,725,105 shares at an average price of $35.07, for a gain of 265%. Selling, he gained 61% on 18,815,422 shares sold at an average price of $70.35 per share.

Check out the numerous guru stakeholders, along with very active insider selling.

Track historical pricing, revenue and net income:

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Caesars Entertainment Corp. (CZR): Sold Out

Impacts Portfolio: -0.58%

Up 248% over 12 months, Caesars Entertainment Corp., a resorts and casino company, has a market cap of $2.48 billion. The company does not pay a dividend.

Read the GuruFocus analysis of CZR.

Guru Action: As of Sept. 30, 2013, Howard Marks sold out his holding, unloading 2,077,157 shares at an average price of $18.81, losing 3.6%.

The current share price is around $18.14, with a change from average down 4%.

Marks has traded for three quarters, with his highest gain of 122.3% when he made a new buy of 2,537,957 shares at an average price of $8.16 per share, in the third quarter of 2012. In the second quarter of 2013, he sold 460,800 shares at an average price of $14.49 per share, gaining 25.2%.

Check out the CZR holdings of more guru stakeholders, along with one insider trade in 2013.

Track historical pricing, revenue and net income:

1384116439480.png

Safeway Inc. (SWY): Sold Out

Impacts Portfolio: -0.24%

Up 98% over 12 months, Safeway Inc., a grocery store business, has a market cap of $8.15 billion; its shares trade with a P/E ratio of 18.10. The dividend yield is 2.27%.

Guru Action: As of Sept. 30, 2013, Howard Marks sold out his holding, unloading 500,000 shares at an average price of $26.61 per share, making a gain of 24.1%.

The current share price is around $33.02, with a change from average up 24%.

Across six quarters of double-digit gains, Marks made his highest gain of 71.6% selling 250,000 shares at an average price of $19.24 per share, in the third quarter of 2011.

Check out the numerous guru stakeholders, along with recent insider selling.

Track historical pricing, revenue and net income:

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Guru Howard Marks has been chairman of Oaktree Capital since its formation in 1995. The hedge fund is involved in less efficient markets and alternative investments, investing heavily in debt, preferred stocks, and convertible bonds.

Check out the complete portfolio update of Howard Marks.





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About the author:

Sally Jones
Sally Jones writes about Real Time Picks. She says, "I truly enjoy watching the Gurus in realtime and telling their story."

Rating: 3.0/5 (2 votes)

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