EXCO Resources Inc (XCO), Dynegy Inc. (DYN), First Bancorp (FBP): Billionaire Howard Marks Loves These Stocks

A former employee of TCW Group, Howard Marks helped found Oaktree Capital Management in 1995. At TCW Group, Marks oversaw distressed debt, high yield bonds and convertible securities investments, an area he has further specialized since starting Oaktree Capital. The fund focuses on distressed debt and corporate debt, as well as real estate and listed equities. The fund’s current equity portfolio has an estimated market value of $5.74 billion, up 8.3% compared to the first quarter of 2014. It comprises a wide range of sectors, the most prominent being energy, technology and health care industries. Howard Marks also has a taste for financial stocks, which account for 17.5% of the fund’s equity portfolio. He has a net worth of approximately $1.8 billion, as estimated by Forbes.

OAKTREE CAPITAL MANAGEMENT

EXCO Resources Inc (NYSE:XCO) continues to be Howard Marks’ favorite stock, Oaktree Capital’s stake in the company having suffered no change during the second quarter. In its latest 13F filing, the fund has reported ownership of 45.1 million EXCO Resources Inc (NYSE:XCO) shares valued at roughly $266 million. Wilbur Ross is also keeping an eye on EXCO Resources Inc (NYSE:XCO), with his fund, Invesco Private Capital (WL Ross), reportedly holding 51.1 million shares valued at approximately $301 million.

Oaktree Capital is still heavily invested in Dynegy Inc. (NYSE:DYN), but Marks has decided to reduce the fund’s stake in the company by 16%. As a result, they now have control over 6.94 million shares of Dynegy Inc. (NYSE:DYN), a position that is valued at $241 million. Marc Lasry has also been busy reducing his fund’s stake in the company: down 20% during the second quarter. Avenue Capital now holds 4.21 million shares of Dynegy Inc. (NYSE:DYN), an investment worth $146 million.

Marks is holding tight to his investment in First Bancorp (NYSE:FBP), which continues to be the fund’s third biggest equity position, accounting for roughly 4% of its portfolio. Oaktree Capital owns 41.8 million shares worth in excess of $227 million, as reported in its latest 13F filing. Ken Griffin thinks First Bancorp (NYSE:FBP) still has room to grow and has increased his fund’s holding of the stock by 5% during the quarter. Citadel Investment Group’s current stake amasses 5.06 million First Bancorp (NYSE:FBP) shares valued at roughly $27.5 million.

Disclosure: none.

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