Distressed-Debt Specialist Howard Marks Adds Yahoo! Inc. (YHOO), Other Equities to His Portfolio, Ditches Top Holding

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NACCO Industries Inc. (NYSE:NC)

 – Number of shares owned by Oaktree Capital (as of March 31): 154,500

 – Value of Oaktree Capital’s holding (as of March 31): $8.87 Million

Oaktree Capital Management purchased a new stake of 154,500 shares of NACCO Industries Inc. (NYSE:NC) in the first quarter, which were worth $8.87 million at the end of the period. NACCO Industries is a holding company whose principal subsidiaries include: The North American Corporation and affiliated coal companies, which mine coal for use in power generation, as well as provide certain value-added mining services; Hamilton Beach Brands Inc., a designer, marketer and distributor of small electric household and specialty housewares appliances; and the Kitchen Collection LLC, a specialty retailer of kitchenware. The holding company’s revenue for the first quarter dropped to $173.42 million, from $193.73 million recorded for the first quarter of 2015. The top-line results for the first quarter were lower year-over-year at each of the three subsidiaries, especially at the NACoal and HBB subsidiaries. NACCO Industries has nonetheless seen its shares advance by 20% since the beginning of 2016. Renaissance Technologies owns 45,100 shares of NACCO Industries Inc. (NYSE:NC) as of the end of the first quarter.

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Blucora Inc. (NASDAQ:BCOR)

 – Number of shares owned by Oaktree Capital (as of March 31): 245,000

 – Value of Oaktree Capital’s holding (as of March 31): $1.26 Million

The Los Angeles-based asset manager also added a 245,000-share stake in Blucora Inc. (NASDAQ:BCOR) to its pool of holdings during the first three months of 2016., with the stake valued at $1.26 million on March 31. Blucora, which operates a Wealth Management business and an online Tax Preparation business, has seen its market value gain 31% in the past three months. The company also operates an internet Search and Content business and an E-Commerce business, which are planned to be divested this year. In October, Blucora embarked on a strategic transformation journey by focusing on the technology-enabled financial solutions market. Precisely, the transformation is set to create a technology-enabled financial solutions company comprised of TaxAct, a digital tax preparation solution, and HD Vest, a business that provides wealth management solutions for financial advisors, which was acquired in December for $613.7 million. During the first quarter of 2016, Blucora named John S. Clendening as President and Chief Executive Officer, with the task of spearheading the ongoing strategic transformation previously announced by the company. Blucora anticipates revenue of $452.0 million-to-$465.5 million for 2016. Steven Boyd’s Armistice Capital had 1.91 million shares of Blucora Inc. (NASDAQ:BCOR) in its portfolio at the end of March.

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Oaktree Unloads Massive Store Capital Corp (NYSE:STOR) Position

The $97 billion investment firm co-founded by Howard Marks sold out of its entire 70.34 million-share stake in Store Capital Corp (NYSE:STOR) during the March quarter, which had constituted 21.5% of the fund’s portfolio at the end of December. Store Capital operates as a real estate investment trust (REIT) that invests in single-tenant operational real estate properties. The REIT’s investment portfolio reached $4.3 billion at the end of March, consisting of investments in nearly 1,400 property locations with a base rent of roughly $29.7 million per month. Just recently, analysts at BMO Capital Markets raised their price target on the REIT to $30 from $28 and reiterated their ‘Outperform’ rating on the stock, citing its strong business plan execution. The price target increase was also related to the REIT’s increased acquisition guidance for 2016, to $900 million from $750 million. Shares of Store Capital are 7% in the green year-to-date. Israel Englander’s Millennium Management acquired a new stake of 2.65 million shares of Store Capital Corp (NYSE:STOR) during the first quarter.

Disclosure: None

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