Renowned distressed debt investor Howard Marks’ firm Oaktree Capital just reported their first-quarter portfolio. Oaktree specializes in debt investing, but they do invest in common stocks and preferred stocks. As of 03/31/2011, Oaktree Capital owns 50 stocks with a total value of $4 billion. These are the details of the buys and sells.
According to their website, “Oaktree provides investment management within a limited number of specialized niche markets where we believe the potential for reward outweighs the risk entailed… Because we do not believe in the predictive ability required to correctly time markets, we keep portfolios fully invested whenever attractively priced assets can be bought. Concern about the market climate may cause us to tilt toward more defensive investments, increase selectivity or act more deliberately, but we never move to raise cash. Clients hire us to invest in specific market niches, and we must never fail to do our job. Holding investments that decline in price is unpleasant, but missing out on returns because we failed to buy what we were hired to buy is inexcusable.”
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.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Howard Marks
Jakks Pacific, Inc. is a multi-line, multi-brand toy company that designs, develops, produces and markets toys and related products. Jakks Pacific Inc. has a market cap of $540.1 million; its shares were traded at around $20 with a P/E ratio of 15.3 and P/S ratio of 0.7.
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 $69.21 billion; its shares were traded at around $25.02 with a P/E ratio of 18.5 and P/S ratio of 1.8. The dividend yield of Comcast Corp. stocks is 1.8%. 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.
EXCO Resources, Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploitation of onshore North American oil and natural gas properties. Exco Resources Inc. has a market cap of $4.35 billion; its shares were traded at around $20.36 with a P/E ratio of 39.1 and P/S ratio of 8.5. The dividend yield of Exco Resources Inc. stocks is 0.8%.
CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. New has a market cap of $8.46 billion; its shares were traded at around $42.2 with a P/E ratio of 20.4 and P/S ratio of 1.3.
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 $13.43 billion; its shares were traded at around $11.36 with a P/E ratio of 15.4 and P/S ratio of 3. The dividend yield of Activision Blizzard Inc. stocks is 1.5%.
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 $2.75 billion; its shares were traded at around $16.62 with a P/E ratio of 9 and P/S ratio of 1.
GenOn Energy, Inc, formerly known as RRI Energy Inc, is engaged in providing energy, capacity, ancillary and other energy services to wholesale customers in power generation markets in the United States. Genon Energy Inc. has a market cap of $2.82 billion; its shares were traded at around $3.66 with and P/S ratio of 1.2.
Safeway, Inc. is a food and drug retailer in North America. Safeway Inc. has a market cap of $9.28 billion; its shares were traded at around $25.2 with a P/E ratio of 15.4 and P/S ratio of 0.2. The dividend yield of Safeway Inc. stocks is 1.9%. Safeway Inc. had an annual average earnings growth of 1.5% over the past 5 years.
Level 3 Communications is an international communications and information services company. Level 3 Communications Inc. has a market cap of $3.08 billion; its shares were traded at around $1.84 with and P/S ratio of 0.9.
Au Optronics is a world-manufacturer of large-size thin film transistor liquid crystal display panels, which are currently the most widely used flat panel display technology. Au Optonics Corp has a market cap of $6.61 billion; its shares were traded at around $7.49 with and P/S ratio of 0.4.
China Medical Technologies, Inc. is a China-based medical device company that develops, manufactures and markets products using HIFU for the treatment of solid cancers and benign tumors in China. China Medical Technologies Inc. Ads has a market cap of $369.2 million; its shares were traded at around $11.44 with a P/E ratio of 9.3 and P/S ratio of 3.5. China Medical Technologies Inc. Ads had an annual average earnings growth of 9.2% over the past 5 years.
LyondellBasell Industries AF S.C.A is a manufactures chemicals and derivatives. Lyondellbasell Ind Nv Ord Shs Cl A has a market cap of $22.12 billion; its shares were traded at around $38.95 with and P/S ratio of 0.5. The dividend yield of Lyondellbasell Ind Nv Ord Shs Cl A stocks is 0.3%.
GT SOLAR INTERNATIONAL, INC. is a global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon. Gt Solar International Inc. has a market cap of $1.43 billion; its shares were traded at around $11.48 with a P/E ratio of 10.6 and P/S ratio of 2.6.
According to their website, “Oaktree provides investment management within a limited number of specialized niche markets where we believe the potential for reward outweighs the risk entailed… Because we do not believe in the predictive ability required to correctly time markets, we keep portfolios fully invested whenever attractively priced assets can be bought. Concern about the market climate may cause us to tilt toward more defensive investments, increase selectivity or act more deliberately, but we never move to raise cash. Clients hire us to invest in specific market niches, and we must never fail to do our job. Holding investments that decline in price is unpleasant, but missing out on returns because we failed to buy what we were hired to buy is inexcusable.”
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.
- New Purchases: XCO, CIT, MLU, APA.PD, SWU, C.PH, ATVI, VSH, OCR.PB, GEN, SNV.PT, SWY, UIS.PA, LVLT, AUO, CWH.PD, CMED,
- Added Positions: EPR.PC, JAKK, CMCSA, EPR.PE,
- Reduced Positions: LYB, NYB.PU,
- Sold Out: SOLR,
This is the sector weightings of his portfolio:
| Oil & Gas | 18.7% |
| Financials | 10.9% |
| Consumer Services | 8.5% |
| Health Care | 2.8% |
| Consumer Goods | 2.2% |
| Industrials | 1.2% |
| Basic Materials | 0.9% |
| Telecommunications | 0.9% |
| Technology | 0.5% |
These are the top 5 holdings of Howard Marks
- Charter Communications Inc. (CHTR) - 19,725,105 shares, 25.09% of the total portfolio.
- EXCO RESOURCES INC. (XCO) - 34,778,946 shares, 18.05% of the total portfolio. Shares added by 10000%
- CIT GROUP INC. NEW (CIT) - 8,715,434 shares, 9.32% of the total portfolio. Shares added by 10000%
- LYONDELLBASELL IND NV ORD SHS CL A (LYB) - 9,356,751 shares, 9.3% of the total portfolio. Shares reduced by 28.2%
- GENERAL MOTORS COMPANY Preferred (GM.PB) - 2,600,800 shares, 3.15% of the total portfolio. Shares reduced by 7.97%
Added: Entertainment Properties Trust Preferred (EPR.PC)
Howard Marks added to his holdings in Entertainment Properties Trust by 124.03%. His purchase prices were between $19.15 and $20.56, with an estimated average price of $19.88. The impact to his portfolio due to this purchase was 0.35%. His holdings were 1,264,400 shares as of 03/31/2011.Added: Jakks Pacific Inc. (JAKK)
Howard Marks added to his holdings in Jakks Pacific Inc. by 77.71%. His purchase prices were between $16.73 and $19.17, with an estimated average price of $18.09. The impact to his portfolio due to this purchase was 0.25%. His holdings were 1,163,970 shares as of 03/31/2011.Jakks Pacific, Inc. is a multi-line, multi-brand toy company that designs, develops, produces and markets toys and related products. Jakks Pacific Inc. has a market cap of $540.1 million; its shares were traded at around $20 with a P/E ratio of 15.3 and P/S ratio of 0.7.
Added: Comcast Corp. (CMCSA, Financial)
Howard Marks added to his holdings in Comcast Corp. by 11.51%. His purchase prices were between $21.97 and $25.77, with an estimated average price of $23.93. The impact to his portfolio due to this purchase was 0.17%. His holdings were 2,664,500 shares as of 03/31/2011.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 $69.21 billion; its shares were traded at around $25.02 with a P/E ratio of 18.5 and P/S ratio of 1.8. The dividend yield of Comcast Corp. stocks is 1.8%. 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.
Added: Entertainment Properties Trust Preferred (EPR.PE)
Howard Marks added to his holdings in Entertainment Properties Trust by 23.5%. His purchase prices were between $27.36 and $28.6, with an estimated average price of $27.88. The impact to his portfolio due to this purchase was 0.03%. His holdings were 211,800 shares as of 03/31/2011.New Purchase: Exco Resources Inc. (XCO, Financial)
Howard Marks initiated holdings in Exco Resources Inc.. His purchase prices were between $18.98 and $20.65, with an estimated average price of $20.04. The impact to his portfolio due to this purchase was 18.05%. His holdings were 34,778,946 shares as of 03/31/2011.EXCO Resources, Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploitation of onshore North American oil and natural gas properties. Exco Resources Inc. has a market cap of $4.35 billion; its shares were traded at around $20.36 with a P/E ratio of 39.1 and P/S ratio of 8.5. The dividend yield of Exco Resources Inc. stocks is 0.8%.
New Purchase: Cit Group Inc. New (CIT, Financial)
Howard Marks initiated holdings in Cit Group Inc. New. His purchase prices were between $41.82 and $49.01, with an estimated average price of $45.21. The impact to his portfolio due to this purchase was 9.32%. His holdings were 8,715,434 shares as of 03/31/2011.CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. New has a market cap of $8.46 billion; its shares were traded at around $42.2 with a P/E ratio of 20.4 and P/S ratio of 1.3.
New Purchase: Metlife Inc. (MLU, Financial)
Howard Marks initiated holdings in Metlife Inc.. His purchase prices were between $80.85 and $87, with an estimated average price of $84.66. The impact to his portfolio due to this purchase was 1.92%. His holdings were 900,000 shares as of 03/31/2011.New Purchase: Apache Corp. (APA.PD)
Howard Marks initiated holdings in Apache Corp.. His purchase prices were between $63.19 and $70.51, with an estimated average price of $66.7. The impact to his portfolio due to this purchase was 1.83%. His holdings were 1,025,000 shares as of 03/31/2011.New Purchase: Stanley Black & Decker Covertible Preferred Units (SWU, Financial)
Howard Marks initiated holdings in Stanley Black & Decker Covertible Preferred Units. His purchase prices were between $106.96 and $125.5, with an estimated average price of $114.99. The impact to his portfolio due to this purchase was 1.36%. His holdings were 447,500 shares as of 03/31/2011.New Purchase: Citigroup Inc. Preferred (C.PH)
Howard Marks initiated holdings in Citigroup Inc.. His purchase prices were between $125.95 and $145.7, with an estimated average price of $135.15. The impact to his portfolio due to this purchase was 1.24%. His holdings were 390,000 shares as of 03/31/2011.New Purchase: Activision Blizzard Inc. (ATVI, Financial)
Howard Marks initiated holdings in Activision Blizzard Inc.. His purchase prices were between $10.45 and $12.53, with an estimated average price of $11.32. The impact to his portfolio due to this purchase was 1.2%. His holdings were 30,892,000 shares as of 03/31/2011.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 $13.43 billion; its shares were traded at around $11.36 with a P/E ratio of 15.4 and P/S ratio of 3. The dividend yield of Activision Blizzard Inc. stocks is 1.5%.
New Purchase: Vishay Intertechnology Inc. (VSH)
Howard Marks initiated holdings in Vishay Intertechnology Inc.. His purchase prices were between $14.68 and $18.94, with an estimated average price of $16.93. The impact to his portfolio due to this purchase was 0.67%. His holdings were 1,500,000 shares as of 03/31/2011.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 $2.75 billion; its shares were traded at around $16.62 with a P/E ratio of 9 and P/S ratio of 1.
New Purchase: Ominicare Cap Tr Ii Ser B 4.00% Trust Pfd. (OCR.PB)
Howard Marks initiated holdings in Ominicare Cap Tr Ii Ser B 4.00% Trust Pfd.. His purchase prices were between $37.79 and $45.84, with an estimated average price of $41.86. The impact to his portfolio due to this purchase was 0.66%. His holdings were 575,000 shares as of 03/31/2011.New Purchase: Genon Energy Inc. (GEN)
Howard Marks initiated holdings in Genon Energy Inc.. His purchase prices were between $3.68 and $4.29, with an estimated average price of $3.97. The impact to his portfolio due to this purchase was 0.57%. His holdings were 6,000,000 shares as of 03/31/2011.GenOn Energy, Inc, formerly known as RRI Energy Inc, is engaged in providing energy, capacity, ancillary and other energy services to wholesale customers in power generation markets in the United States. Genon Energy Inc. has a market cap of $2.82 billion; its shares were traded at around $3.66 with and P/S ratio of 1.2.
New Purchase: Synovus Financial Corp Preferred (SNV.PT)
Howard Marks initiated holdings in Synovus Financial Corp. His purchase prices were between $23.11 and $26.65, with an estimated average price of $24.83. The impact to his portfolio due to this purchase was 0.57%. His holdings were 989,500 shares as of 03/31/2011.New Purchase: Safeway Inc. (SWY)
Howard Marks initiated holdings in Safeway Inc.. His purchase prices were between $20.5 and $23.56, with an estimated average price of $21.71. The impact to his portfolio due to this purchase was 0.56%. His holdings were 950,000 shares as of 03/31/2011.Safeway, Inc. is a food and drug retailer in North America. Safeway Inc. has a market cap of $9.28 billion; its shares were traded at around $25.2 with a P/E ratio of 15.4 and P/S ratio of 0.2. The dividend yield of Safeway Inc. stocks is 1.9%. Safeway Inc. had an annual average earnings growth of 1.5% over the past 5 years.
New Purchase: Unisys Corp. Preferred (UIS.PA)
Howard Marks initiated holdings in Unisys Corp.. His purchase prices were between $87.61 and $92.6, with an estimated average price of $90.09. The impact to his portfolio due to this purchase was 0.53%. His holdings were 235,000 shares as of 03/31/2011.New Purchase: Level 3 Communications Inc. (LVLT)
Howard Marks initiated holdings in Level 3 Communications Inc.. His purchase prices were between $0.98 and $1.47, with an estimated average price of $1.28. The impact to his portfolio due to this purchase was 0.37%. His holdings were 10,000,000 shares as of 03/31/2011.Level 3 Communications is an international communications and information services company. Level 3 Communications Inc. has a market cap of $3.08 billion; its shares were traded at around $1.84 with and P/S ratio of 0.9.
New Purchase: Au Optonics Corp (AUO)
Howard Marks initiated holdings in Au Optonics Corp. His purchase prices were between $8.17 and $10.44, with an estimated average price of $9.35. The impact to his portfolio due to this purchase was 0.19%. His holdings were 720,600 shares as of 03/31/2011.Au Optronics is a world-manufacturer of large-size thin film transistor liquid crystal display panels, which are currently the most widely used flat panel display technology. Au Optonics Corp has a market cap of $6.61 billion; its shares were traded at around $7.49 with and P/S ratio of 0.4.
New Purchase: Commonwealth Reit Preferred (CWH.PD)
Howard Marks initiated holdings in Commonwealth Reit. His purchase prices were between $21.3 and $22.3, with an estimated average price of $21.82. The impact to his portfolio due to this purchase was 0.19%. His holdings were 343,200 shares as of 03/31/2011.New Purchase: China Medical Technologies Inc. Ads (CMED)
Howard Marks initiated holdings in China Medical Technologies Inc. Ads. His purchase prices were between $11.15 and $13.44, with an estimated average price of $12.31. The impact to his portfolio due to this purchase was 0.13%. His holdings were 458,700 shares as of 03/31/2011.China Medical Technologies, Inc. is a China-based medical device company that develops, manufactures and markets products using HIFU for the treatment of solid cancers and benign tumors in China. China Medical Technologies Inc. Ads has a market cap of $369.2 million; its shares were traded at around $11.44 with a P/E ratio of 9.3 and P/S ratio of 3.5. China Medical Technologies Inc. Ads had an annual average earnings growth of 9.2% over the past 5 years.
Reduced: Lyondellbasell Ind Nv Ord Shs Cl A (LYB)
Howard Marks reduced to his holdings in Lyondellbasell Ind Nv Ord Shs Cl A by 28.2%. His sale prices were between $34.4 and $40.9, with an estimated average price of $37.37. The impact to his portfolio due to this sale was -3.65%. Howard Marks still held 9,356,751 shares as of 03/31/2011.LyondellBasell Industries AF S.C.A is a manufactures chemicals and derivatives. Lyondellbasell Ind Nv Ord Shs Cl A has a market cap of $22.12 billion; its shares were traded at around $38.95 with and P/S ratio of 0.5. The dividend yield of Lyondellbasell Ind Nv Ord Shs Cl A stocks is 0.3%.
Sold Out: Gt Solar International Inc. (SOLR)
Howard Marks sold out his holdings in Gt Solar International Inc.. His sale prices were between $9.12 and $11.68, with an estimated average price of $10.74.GT SOLAR INTERNATIONAL, INC. is a global provider of specialized manufacturing equipment and services essential for the production of photovoltaic wafers, cells and modules and polysilicon. Gt Solar International Inc. has a market cap of $1.43 billion; its shares were traded at around $11.48 with a P/E ratio of 10.6 and P/S ratio of 2.6.
