A Look At Howard Marks' Diversified Q2 Portfolio: Store Capital Corp, Tribune Media, Tata Motors & More

Howard Marks’ Oaktree Capital Management disclosed, on Thursday, its long equity positions as of June 30, 2015. So, let’s take a look at the portfolio and top moves disclosed it the fund’s latest 13F.

Over the second quarter of the year, the firm bought 24 news stocks, added to 59 of its preexisting positions, trimmed another 54, and sold out of 26. Following these transactions, its equity portfolio’s value fell to $8.63 billion, from $9.48 billion in the previous quarter.

Allocation was quite diversified, although consumer discretionary and information technology stocks received the most money – 17 percent and 15 percent of the total portfolio, respectively.

Despite an 11 percent reduction in Oaktree’s wage, small-cap REIT Store Capital Corp STOR continued to be king. The largest stake in the funds portfolio comprised 72,436,144 shares (or $1.45 billion in stock), accounting for more than 16.8 percent of the equity portfolio’s total value.

With 65.3 percent ownership, Marks is, by far, the largest institutional investor in the company, trailed by FMR LLC, which, after almost doubling its exposure, declared holding 8,367,748 shares of the company, representing 7.5 percent of the total shares outstanding.

The company occupying the second place in Marks’ list, Tribune Media Co TRCO, also maintained its spot over the quarter, even though the fund cut its position by 24 percent. After getting rid of 4,620,037 shares of the company, the fund disclosed ownership of 14,145,447 shares, representing almost 15 percent of the outstanding stock.

Another fund that seems quite bullish on Tribune Media is Harris Associates, which almost doubled its exposure over the quarter, taking it to 5,460,305 shares, worth more than $291 million.

On the bearish side, there’s Tata Motors Limited (ADR) TTM, which saw Oaktree sell all of its 852,489 shares over the second quarter, as the stock lost 22.57 percent over the period.

Also disposing this stock was FMR, which sold 1,649,865 shares of the quarter, taking its holdings to 309,269 shares. On the other hand, Ken Fisher’s Fisher Asset Management purchased 1,231,849shares of Tata Motors over the period, last disclosing ownership of 8,177,327 shares, or 1.27 percent of the company.

Other interesting new stakes include Gener8 Maritime Inc GNRT and Allergan PLC AGN, of which the fund purchased 13,052,534 shares and 71,000 shares, respectively, over the quarter.