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Howard Marks' Oaktree Boosts CBL & Associates Properties in 1st Quarter

Alternative investment firm releases quarterly portfolio update

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May 18, 2022
Summary
  • The firm’s top trade was a boost to its CBL & Associates Properties position.
  • It also took a new position in Sociedad Quimica Y Minera De Chile.
  • The firm reduced its stakes in Valaris, Mr. Cooper and Super Micro Computer.
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Howard Marks (Trades, Portfolio), chairman of Oaktree Capital Management, disclosed in a regulatory filing that his firm’s top five trades during the first quarter of 2022 included a boost to its holding in CBL & Associates Properties (CBL, Financial), a new holding in Sociedad Quimica Y Minera De Chile (SQM, Financial) and reductions to its stakes in Valaris Ltd. (VAL, Financial), Mr. Cooper Group Inc. (COOP, Financial) and Super Micro Computer Inc. (SMCI, Financial).

Marks founded the Los Angeles-based firm in 1995. The guru is responsible for managing the firm, ensuring the firm’s adherence to its core investment philosophy and communicating closely with clients concerning products and strategies. Oaktree is involved in less efficient markets and alternative investments, including debt, preferred stocks and convertible bonds.

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As of March, Oaktree’s $8.53 billion 13F equity portfolio contains 242 stocks, with 84 new holdings and a turnover ratio of 5%. The top four sectors in terms of weight are energy, financial services, industrials and utilities, with weights of 25.29%, 19.31%, 17.28% and 12.31%, respectively.

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Investors should be aware that the 13F filings do not give a complete picture of a firm’s holdings as the reports only include its positions in U.S. stocks and American depository receipts, but the reports can still provide valuable information. Further, the reports only reflect trades and holdings as of the most recent portfolio filing date, so they may or may not be held by the reporting firm today or even when this article was published.

CBL & Associates Properties

Oaktree purchased 2,405,402 shares of CBL & Associates Properties (

CBL, Financial), expanding the position by 111.14% and its equity portfolio by 0.93%. Shares of the stock averaged $28.88 during the first quarter.

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The Chattanooga, Tennessee-based REIT has a GF Score of 20 out of 100 based on a rank of 3 out of 10 for financial strength and profitability. However, the stock does not have enough data to compute a rank for growth, GF Value and momentum, which means the GF Score may give an incomplete picture of the stock’s potential.

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Paul Tudor Jones (Trades, Portfolio)’ Tudor Investment Corp. also has a holding in CBL & Associates Partners.

Sociedad Quimica Y Minera De Chile

The firm invested in 346,485 shares of Sociedad Quimica Y Minera De Chile (

SQM, Financial), giving the stock a 0.35% weight in the equity portfolio.

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Shares of Sociedad Quimica Y Minera De Chile averaged $63.86 during the first quarter; the stock is significantly overvalued based on Wednesday’s price-to-GF-Value ratio of 1.44.

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The Chilean commodities company has a GF Score of 76 out of 100, driven by a profitability rank of 9 out of 10, a growth rank of 8 out of 10 and a financial strength rank of 7 out of 10 despite momentum ranking just 3 out of 10 and GF Value ranking just 1 out of 10.

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Valaris

The firm sold 1,030,184 shares of Valaris (

VAL, Financial), slashing 95.37% of the position and 0.46% of its equity portfolio. Shares averaged $43.20 during the first quarter.

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The offshore drilling company has a GF Score of 19 out of 100 based on a financial strength rank of 5 out of 10 and a profitability rank of 1 out of 10. However, the stock does not have enough data to compute a rank for growth, GF Value and momentum, so the GF Score may give an incomplete picture of the stock’s potential.

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Mr. Cooper

The firm sold 550,000 shares of Mr. Cooper Companies (

COOP, Financial), curbing 36.49% of the position and 0.28% of its equity portfolio.

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Shares of Mr. Cooper averaged $45.54 during the first quarter; the stock is modestly overvalued based on Wednesday’s price-to-GF-Value ratio of 1.18.

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The Coppell, Texas-based home loan lending company has a GF Score of 60 out of 100, driven by a momentum rank of 9 out of 10 despite financial strength, profitability and GF Value ranking between 3 and 5 out of 10. Further, the GF Score may not give an accurate picture of the stock’s potential as the stock does not enough data to calculate a growth rank.

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In 2018, Mr. Cooper was formed as a rebranding of Nationstar Mortgage Holdings.

Super Micro Computer

The firm sold 433,000 shares of Super Micro Computer (

SMCI, Financial), slicing 32.98% of the position and 0.23% of its equity portfolio.

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Shares of Super Micro Computer averaged $41.41 during the first quarter; the stock is modestly overvalued based on Wednesday’s price-to-GF-Value ratio of 1.26.

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The San Jose, California-based server technology service company has a GF Score of 83 out of 100, driven by a rank of 8 out of 10 for growth and momentum and a rank of 7 out of 10 for profitability and financial strength, despite GF Value ranking just 3 out of 10.

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I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure
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