Insights from Oaktree Capital's Latest 13F Filing for Q3 2024

Howard Marks (Trades, Portfolio), the chairman of Oaktree Capital Management LP, has made significant adjustments to his investment portfolio in the third quarter of 2024. Oaktree, known for its focus on alternative investments and less efficient markets, primarily invests in debt, preferred stocks, and convertible bonds. Marks is renowned for his adherence to a core investment philosophy that emphasizes deep understanding of market structures and client communication.Howard Marks Adjusts Portfolio, Major Moves in TORM PLC and Talen Energy

Summary of New Buys

During the third quarter, Howard Marks (Trades, Portfolio) strategically added 10 new stocks to his portfolio. Noteworthy new acquisitions include:

Talen Energy Corp (NASDAQ:TLN), purchasing 696,676 shares, which now represent 2.24% of the portfolio, valued at approximately $124.18 million. California Resources Corp (NYSE:CRC), with 2,046,753 shares, making up about 1.94% of the portfolio, valued at roughly $107.39 million. Yum China Holdings Inc (NYSE:YUMC), acquiring 976,906 shares, accounting for 0.79% of the portfolio, with a total value of $43.98 million.

Key Position Increases

Marks also increased his stakes in 12 existing holdings, with significant boosts in:

Indivior PLC (NASDAQ:INDV), adding 5,028,807 shares, bringing the total to 9,521,980 shares. This adjustment marks a 111.92% increase in share count, impacting the portfolio by 0.89%, with a total value of $94.07 million. Liberty Global Ltd (NASDAQ:LBTYA), with an additional 2,171,621 shares, resulting in a total of 5,973,258 shares. This represents a 57.12% increase in share count, valued at $69.90 million.

Key Position Reductions

Conversely, Marks reduced positions in 11 stocks, with the most significant changes in:

TORM PLC (NASDAQ:TRMD), reducing holdings by 3,528,866 shares, a decrease of 8% in shares, impacting the portfolio by -2.4%. The stock traded at an average price of $36.67 during the quarter and has seen a return of -33.59% over the past three months and -11.63% year-to-date. Star Bulk Carriers Corp (NASDAQ:SBLK), cutting down by 2,254,220 shares, a 28.3% reduction, impacting the portfolio by -0.96%. The stock's average trading price was $22.19 during the quarter, with a return of -1.77% over the past three months and 2.64% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Howard Marks (Trades, Portfolio)'s portfolio comprises 61 stocks. The top holdings include 24.92% in TORM PLC (NASDAQ:TRMD), 10.18% in Expand Energy Corp (NASDAQ:EXE), 6.5% in Garrett Motion Inc (NASDAQ:GTX), 4.86% in Sitio Royalties Corp (NYSE:STR), and 3.06% in Infinera Corp (NASDAQ:INFN). The investments span across 11 industries, reflecting a diverse approach to sector allocation.

Story Continues

Howard Marks Adjusts Portfolio, Major Moves in TORM PLC and Talen EnergyHoward Marks Adjusts Portfolio, Major Moves in TORM PLC and Talen Energy

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

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