Oaktree Capital Management reported that its equity portfolio has a market value of approximately $9.35 billion in the fourth quarter of 2014 based on its 13f filing with the Securities and Exchange Commission.
Howard Marks is the chairman of Oaktree Capital, global asset management firm that specializes in credit and distressed asset investing The firm has $90.83 billion total assets under management (AUM), which include corporate debt, convertible securities, distressed debt, control investing, real estate and listed equities, according to its website.
Oaktree Capital new stockholdings
During the fourth quarter, Oaktree Capital acquired stockholdings in across 49 companies. Some of its major new stock positions include Store Capita, Tribune Media Company and Eagle Bulk Shipping.
Oaktree Capital purchased 82,148,645 shares of Store Capital, an internally managed net-lease real-estate investment trust (REIT). Its stake in the REIT has a market value of more than $1.77 billion, which accounts 18.97% and the largest stockholding in its equity portfolio.
Analysts at Stifel Nicolaus recently issued a Buy rating for the shares of Store Capital with a price target of $23.50 per share. Over the past 52-weeks, the stock traded between $19.25 and $23.67 per share. Store Capital closed $22.40 per share, down by 1.19% on Friday, February 13. The company gained more than 14% in stock value over the past year.
Oaktree Capital’s second largest stockholding is Tribune Media Company. The firm acquired 18,765,485 Class A shares of the company. Its stake has a market value of approximately $1.12 billion.
In August, last year, Tribune Co. changed its name to Tribune Media Company after completing the spin-off of its publishing business.
Tribune Media Company previously traded is Class A common stock at the OTC Bulletin Board under the ticker “TRBAA.” The company listed its stock at the New York Stock Exchange (NYSE) under the symbol “TRCO” on December 2.
The stock closed $58.49 per share on February 13, 2015. Over the past 52-weeks, the stock traded between $53.82 and $87.50 per share. The company lost more than 24% of its stock value over the past year. Analysts at Zacks Equity Research issued a Neutral rating for the stock.
Oaktree Capital bought 14,297,424 shares of Eagle Bulk Shipping for approximately $209.74 million. The firm’s stake represents nearly 42% of the outstanding shares of the company.
Eagle Bulk Shipping is the largest owner of Handymax dry bulk vessel in the United States. Last October, the company announced the successful completion of its court-approved financial restructuring, emerging with a strong balance sheed and enhanced liquidity.
The shares of Eagle Bulk Shipping traded between $9.36 and $17.49 per share over the past 52-weeks. The stock closed $9.99 per share on February 14. The company lost more than 36% of its stock value over the past year.
Oaktree Capital’s investments on corporate debts (PRN)
During the fourth quarter, Oaktree Capital made significant investments on corporate debt. The firm’s largest PRN holdings include Nvidia Corporation, NXP Semiconductors and Liberty Media Corporation.
Oaktree Capital acquired 98,363,000 shares of Nvidia Corporation for approximately $112.39 million. The firm also bought 91,900,000 shares of NXP Semiconductors for approximately $94.40 million. It purchased also bought 87,740,000 Class A shares of Liberty Media Corporation for $84.02 million
Oaktree invested in energy-related securities
During the fourth quarter, Oaktree Capital invested $400 million in energy-related securities. Marks previously stated at Goldman Sachs Financial Services Conference that he sees opportunities in energy given the sudden decline of the sector.
“Sure. Well, you would certainly think that if your product falls in price by 40%, there are a lot of levered businesses that aren’t going to service their debt. And in fact, of course, prices of energy-related debt have fallen — in some cases, substantially — and we’ve been investing,” said Marks.