Every quarter, many money managers have to disclose what they've bought and sold, via "13-F" filings. Their latest moves can shine a bright light on smart stock picks.
Today let's look at Oaktree Capital
Those interested in learning more about Marks' investment thinking should check out his well-regarded book, The Most Important Thing. This blurb for it by Warren Buffett may heighten your interest: "When I see memos from Howard Marks in my mail, they're the first thing I open and read. I always learn something, and that goes double for his book."
Interesting developments
So what does Oaktree's latest quarterly 13-F filing tell us? Here are a few interesting details.
New holdings include Getty Realty
Among holdings in which Oaktree increased its stake were EXCO Resources
With revenue and earnings growing, on average, at double-digit annual rates over the past five years, Goldcorp has been a successful acquirer of other companies. It's also been making sizable capital investments in various mining ventures, though it has also experienced some production delays because of weather and seismic activity.
Oaktree reduced its stake in companies such as casino company Melco Crown Entertainment
Finally, Oaktree unloaded several companies, such as Comcast. Cable services may not sound exciting, but many on Wall Street like Comcast for its hefty free cash flow generation -- to the tune of $8.7 billion over the past year. Comcast does carry a lot of debt, though, recently totaling more than $34 billion, though it has come down over the past few years. Comcast has been gaining Internet-access customers, but some worry about its marketing costs.
We should never blindly copy any investor's moves, no matter how talented the investor. But it can be useful to keep an eye on what smart folks are doing, and 13-F forms can be great places to find intriguing candidates for our portfolios.
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