Capital Product Partners L.P. (CPLP): Oaktree Capital Management Ups Stake To 5.7%

Page 1 of 2

Oaktree Capital Management, managed by Howard Marks, has raised its exposure to Capital Product Partners L.P. (NASDAQ:CPLP). A new filing with the U.S. Securities and Exchange Commission showed that Oaktree Capital holds 6.09 million common units representing limited partnership interests of Capital Product Partners L.P. (NASDAQ:CPLP), equal to 5.7% of the company. The stake is passive by nature. Oaktree Capital Management reported owning 275,000 shares of the company in its latest 13F. In February 2014, the fund disclosed ownership of around 5.04 million shares of Capital Product Partners L.P. (NASDAQ:CPLP).


Howard Marks in 1995 co-founded Oaktree Capital Management, which is located in Los Angeles, California. The fund focuses primarily on alternative investments, as well as maintains an emphasis on distressed debt, corporate debt and convertible securities. It looks for companies that are less known by major investors and other funds, and are generally considered contrarian investments. Oaktree Capital manages roughly $78 billion in investment capital for various pension funds, foundations and endowments. Prior to founding and taking on a leading role in Oaktree Capital Management, Mr. Marks was employed by TCW Group, where he worked for 10 years. He was responsible for investments in areas such as distressed debt and high yield bonds. Oaktree Capital Management’s equity portfolio is valued at around $6 billion. As of the end of September 30, 2014, the fund held largest positions in Star Bulk Carriers Corp. (NASDAQ:SBLK), Dynegy Inc. (NYSE:DYN), and First Bancorp (NYSE:FBP).

Last week, Oaktree Capital Management revealed a new position in Century Communities, Inc (NYSE:CCS), which first went public last summer. In a new filing with the SEC, the fund reported owning 1.28 million shares of the company, the passive stake represents 5.9% of the class. In addition, Oaktree Capital Management disclosed a new position in Banc of California Inc (NYSE:BANC) at the end of January. The fund revealed owning 3.2 million shares of Banc of California Inc (NYSE:BANC), representing 9.9% of the company’s outstanding stock. Oaktree Capital Management seems to be a big fan of Star Bulk Carriers Corp (NASDAQ:SBLK), in which the fund boosted its stake by more than 30.9 million shares, or 60%. Last month, in a filing with the SEC, Oaktree Capital Management reported holding 82.1 million common shares of Star Bulk Carriers Corp (NASDAQ:SBLK), representing 51.9% of the company’s outstanding stock.

Page 1 of 2