Oaktree Capital holdings: Some developments

Investment Analysis Clubs Value Hounds
1

Back in Feb 2023, I posted some thoughts based on Oaktree Capital Management holdings. That thread can be found by scrolling up to earlier posts on this board, or here: Oaktree Capital holdings - Investment Analysis Clubs / Value Hounds - Motley Fool Community

Per that thread, the Top 5 holdings were

  1. Torm plc (TRMD)
  2. Chesapeake Energy (CHK)
  3. Garrett Motion (GTX)
  4. Vistra Energy (VST)
  5. Star Bulk Carriers (SBLK)

A more recent 13F/13D G filing has the Top 10 holdings as

  1. Torm plc (TRMD)
  2. Chesapeake Energy (CHK)
  3. Star Bulk Carriers (SBLK)
  4. Vistra Energy (VST)
  5. Sitio Royalties (STR)
  6. Garrett Motion (GTX)
  7. Runway Growth Finance (RWAY)
  8. SunOpta (STKL)
  9. NMI Holdings (NMIH)
  10. Ally Financial (ALLY)

In the initial article, another shipping idea was mentioned as being further down in the Oaktree Top 10 - Eagle Bulk (EGLE). Oaktree has monetized on that stake by selling shares back to the company at a premium.
Annouced earlier today (09/22), a Star Bulk (SBLK) transaction in a similar vein - company buying 10M shares from Oaktree Capital at a higher pre-arranged price.
Star Bulk Announces the Repurchase of 10 Million of Its Common Shares (yahoo.com)

Going forward, that will likely impact SBLK’s position in Oaktree Capital’s Top 10 holdings.

On a separate note, in 2023, I have trimmed, rebuilt, and just this week, almost completely exited SBLK. My reasoning is different from Oaktree Capital. Traditionally, Q3 has been a stronger quarter for dry bulk shipping. This year, not so much. At least, “not so much” quarter-to-date. Also, Jan thru Aug 2023, was spent building up a TRMD position. But, in Sept 2023, much of the TRMD position, has been monetized (I don’t Have Oaktree Capital’s clout to name my price :slight_smile: ). Still like the business - just a little bit uneasy about Q3 2023 from a Macro perspective.

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