Oaktree Capital holdings

Investment Analysis Clubs Value Hounds
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Just perused an article on Howard Marks’ Oaktree Capital holdings
(per 12/31/22)
The fund’s Top 10 is about 62% of the fund
Top 5

  1. Torm plc (TRMD) - 18.16%
  2. Chesapeake Energy - 9.65%
  3. Garrett Motion - 7.1%
  4. Vistra Corp - 6.99%
  5. Star Bulk (SBLK) - 5.94%
    That’s two shipping entities in his top 5 holdings. Also, there is a third shipping idea, Eagle Bulk (EGLE) further down in the Top 10.
    I know Oaktree Capital has been involved with both TRMD and SBLK for a long time ( each > 10 yrs). I know the company trimmed its SBLK stake last year. But, I don’t think they will be closing out their stake any time soon - Oaktree Capital still have multiple associates on the SBLK BoD

If any of y’all follow other threads, I mentioned TRMD on another board about a month ago. Nibbled on a position then - it has since rebounded nicely.

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What’s the tradeable symbol?

$OCSL
$OAK/PL
$OAK/PB ???

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@PeregrineTrader –
There was a public Oaktree entity, Oaktree Capital, available a few years back. But, it got acquired by Brookfield. The initial post relates to the private Oaktree Capital (AFAIK, that’s less accessible to the public)

OCSL - that’s a BDC (Business Development Corp) -type entity that is sponsored by Oaktree
OAK-PB - that’s seems to be a Oaktree Preferred Shares type Fund, an income type entity.

Someone who follows Howard Marks more closely might be able to provide better details on how the general public can invest with Howard Marks/Oaktree.

Anyone?

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That TRMD chart is a solid looking chart. That would have been a good investment over the last year…doc

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@physician – here’s the link

Product tanker idea - Torm - Investing Strategies / Falling Knives - Motley Fool Community

IIRC, the Torm investment started out as a “distressed debt” situation (an Oaktree specialty), and eventually turned into an equity/debt conversion stake. Yes, mid 2022 would have been a great time to jump in.

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Thanks for writing about Oaktree. What is $TRMD’s business?

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See earlier response to physician in the thread or Torm plc (TRMD) is an oil products tanker company (clean tankers).

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Commented on Torm plc (TRMD) after they released the Q4 and FY 2022 results

Torm plc (TRMD) Q4 2022 - Industry Discussions / Shipping News - Motley Fool Community

Adding this comment regarding Slide 12-
Those rates are suggesting net margins > 60%

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That’s an excellent margin…doc

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@physician - I was being a little facetious regarding their reporting stats. As I think about it a little more and dig a little more, Torm is a company with Danish roots. But, it is now based in London, hence the plc.

I don’t know what the English corporate tax rate is currently. But, I am guessing it is lower than the Danish rate. So let’s just say, based on the data provided in the slides, Torm will have very nice operating margins and operating flexibility e.g. maybe the extra cash allows Torm to opt for a scrubber on an additional vessel (or two).