Howard Marks’ Oaktree Top Holdings: First Bancorp, EXCO, Omnicare

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The latest 13F Filing by Howard Marks’ Oaktree Capital Management shows the total value of investments as of the end of the fourth quarter of 2013 rose marginally to $5.44B compared to $5.2B at the end of the third quarter.

Read ValueWalk’s resource page on Howard Marks, the Founder and Chairman of Oaktree Capital Management here.

Marks is famous for his memos to Oaktree clients which provide unique insight into his thinking and philosophy. Read his latest memo here.

Oaktree: Top ten holdings as of the end of the fourth quarter

Masonite International Corp (NYSE:DOOR) was the top holding at 4.94% of total portfolio value.

Other significant holdings were:

First Bancorp (NYSE:FBP) (4.76%)

EXCO Resources Inc (NYSE:XCO) (3.59%)

Dynegy Inc (OTCMKTS:DYNIQ) (3.26%)

Delphi Automotive PLC (NYSE:DLPH) (2.35%)

Alliance HealthCare Services, Inc. (NASDAQ:AIQ) (2.16%)

MGIC Investment Corp. (NYSE:MTG) (1.86%)

Charter Communications, Inc. (NASDAQ:CHTR) ((1.83%)

Hornbeck Offshore Services, Inc. (NYSE:HOS) (1.61%)

Omnicare, Inc. (NYSE:OCR) (1.60%)

New investments

Oaktree made significant new investments in Surgical Care Affiliates Inc (NASDAQ:SCAI) (1.43% of portfolio), a company which operates surgical facilities, including ambulatory surgery centers, surgical hospitals, and hospital surgery departments. Oaktree also opened exposure in Contango Oil & Gas Company (NYSEMKT:MCF) (1.12%), an independent natural gas and oil company with operations in the Gulf of Mexico, and in Crown Castle International Corp.(NYSE:CCI) (0.84%), a company which owns, operates and leases shared wireless infrastructure, including towers and other structures.

Additions to existing positions

The fund increased its exposure in Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) to 0.79% of portfolio value, in Taiwan Semiconductor Mfg. Co. Ltd. (ADR)(NYSE:TSM) to 0.69% and in Vale S.A. PFD to 1.60%.


Oaktree completely divested its holdings in radio station operator Cumulus Media Inc (NASDAQ:CMLS), Orbotech Ltd. (NASDAQ:ORBK), which is engaged in the design and manufacture of solutions for the electronics supply chain industry, and in TMS International Corp. (NYSE:TMS) a provider of outsourced industrial services to steel mills in North America.

Positions reduced

The fund trimmed its exposure to Charter Communications, Inc. (NASDAQ:CHTR), Delphi Automotive PLC (NYSE:DLPH) and HEALTH CARE REIT INC Preferred Stock 6.5% PFD SERIES.

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