Prominent investor Howard Marks (Trades, Portfolio), co-chairman of global alternative investment firm Oaktree Capital Management, added six new positions to his portfolio in the third quarter, he reported Monday morning.
At the end of the third quarter, Oaktree had assets under management of $100.2 billion, and a portfolio with 63 stocks, valued at $4.32 billion. The largest positioning of the long portfolio is in real estate, at 34.7% of holdings, followed by consumer cyclical at 15.4% and financial services at 14.1%.
At the core of Oaktree’s complete investment philosophy is finding stocks where reward is likely to exceed risk and minimizing macroeconomic forecasts in favor of understanding underlying business fundamentals of individual companies.
The six stocks Marks bought in the third quarter were: Allergan PLC (AGNPRA, Financial), iShares MSCI India ETF (INDA, Financial), Blackstone Group LP (BX, Financial), Infosys Ltd. (INFY, Financial), VelocityShares Daily Inverse VIX Short Term ETN (XIV, Financial) and Fortress Investment Group LLC (FIG, Financial).
Allergan PLC (AGNPRA, Financial)
Marks purchased 72,000 shares of Allergan PLC, a 1.57% portfolio weight. The stock’s third quarter share price averaged $1,043.
Allergan PLC, formerly known as Actavis PLC, was incorporated in Ireland on May 16, 2013, with a P/E ratio of 38 and P/S ratio of 4.13. The dividend yield of Allergan PLC stocks is 4.05%. Allergan PLC had an annual average earnings growth of 3.8% over the past five years.
iShares MSCI India ETF (INDA, Financial)
Marks purchased 601,246 shares of iShares MSCI India ETF, a 0.4% portfolio weight. The position was valued at $17.2 billion.
Blackstone Group LP (BX, Financial)
Marks purchased 525,000 shares of Blackstone Group LP, a 0.38% portfolio weight. The share price averaged $36 for the quarter.
Blackstone Group LP was formed as a Delaware limited partnership on March 12, 2007. Blackstone Group LP has a market cap of $36.41 billion; its shares were traded at around $30.96 with a P/E ratio of 18.22 and P/S ratio of 3.4. The dividend yield of Blackstone Group LP stocks is 9.37%.
Infosys Ltd. (INFY, Financial)
Marks purchased 470,200 shares of Infosys Ltd., a 0.21% portfolio weight. The share price averaged $17.
Infosys Ltd. was incorporated on July 2, 1981, in Maharashtra, India, as Infosys Consultants Private Ltd. Infosys Ltd. has a market cap of $38.17 billion; its shares were traded at around $16.70 with a P/E ratio of 25.42 and P/S ratio of 5.75. The dividend yield of Infosys Ltd stocks is 2.31%. Infosys Ltd had an annual average earnings growth of 19.5% over the past 10 years. GuruFocus rated Infosys Ltd the business predictability rank of 4.5-star.
VelocityShares Daily Inverse VIX Short Term ETN (XIV, Financial)
Marks purchased 200,000 shares of VelocityShares Daily Inverse VIX Short Term ETN, a 0.11% portfolio weight. The share price averaged $37.
Fortress Investment Group LLC (FIG, Financial)
Marks purchased 635,614 shares of Fortress Investment Group, a 0.08% portfolio weight. The share price averaged $6.
Fortress Investment Group LLC was founded in 1998. It operates as a global alternative asset manager, which raises, invests and manages private equity funds and hedge funds. Fortress Investment Group LLC has a market cap of $2.48 billion; its shares were traded at around $5.61 with a P/E ratio of 25.17 and P/S ratio of 1.07. The dividend yield of Fortress Investment Group LLC stocks is 5.7%.
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