Billionaire Howard Marks’ 10 Stock Picks with Huge Upside Potential

8. AngloGold Ashanti plc (NYSE:AU)

Oaktree Capital Management’s Stake: $328 Million

Analyst Upside Potential: 42%

AngloGold Ashanti plc (NYSE:AU) has featured in the 13F portfolio of Oaktree Capital Management since the third quarter of 2023. Back then, this position comprised over 5.4 million shares. The fund added to this stake by 8%, 2%, and 6% in the coming quarters, growing the holding to over 6.3 million shares. Thereafter, it started shedding the shares. Filings for the fourth quarter of 2025 show that the fund owned 3.8 million shares in the company, down more than 8% compared to filings for the third quarter of 2025. The firm operates as a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products, including silver and sulphuric acid. The flagship property includes the 100% owned Geita mine located in the Lake Victoria goldfields of the Geita region in northwestern Tanzania.

Elite investors have been rewarding AngloGold Ashanti plc (NYSE:AU) for its rapid deleveraging. In its February 2026 and April 2026 financial updates, AngloGold revealed a massive balance sheet shift. The company moved from $567 million in net debt at the end of 2024 to a $879 million net cash position by early 2026. Total liquidity now sits at $4.4 billion, including $2.9 billion in cash and equivalents. Institutional accumulation surged following a record-breaking 2025 performance that set the stage for 2026 growth. AngloGold delivered a record $6.3 billion in adjusted EBITDA in 2025, a year-over-year increase of 129%.