market folly

Howard Marks' investment firm Oaktree Capital has filed a slew of amended 13G's with the SEC detailing some of their recent portfolio changes.


Masonite (DOOR)

Their first 13G discloses a 17.9% ownership stake in Masonite (DOOR) with over 5.35 million shares.  This is an increase of over half a million shares since their last disclosure at the end of the third quarter.  The filing was required due to activity on December 31st.

Per Google Finance, Masonite is "designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling, and the non-residential building construction markets. The Company principally operates in North America; Europe, Asia and Latin America, and Africa. The Company markets and sells its products to remodeling contractors, builders, homeowners, retailers, dealers, lumberyards, commercial and general contractors and architects through wholesale and retail distribution channels. Its portfolio of brands includes Masonite, Marshfield, Premdor, Mohawk, Megantic, Algoma, Baillargeon, Birchwood Best and Lemieux."


Capital Product Partners (CPLP)

Oaktree's second filing shows their ownership stake in Capital Products Partners (CPLP) is now 6.9% with over 5 million shares.  This is an increase of over 4.1 million shares since their last disclosure at the end of the third quarter.  The filing notes the activity was on December 31st.

Per Google Finance, Capital Product Partners is "an international tanker company. The Company is engaged the seaborne transportation services of crude oil and refined petroleum products, edible oils and soft chemicals, by chartering its vessels under medium to long-term time and bareboat charters."


NewPage Holdings

Last, the firm also disclosed a 19.4% ownership stake in NewPage with over 1.3 million shares.  The filing was made due to activity on December 31st.  We highlighted Oaktree's original NewPage disclosure back in October.

Per Google Finance, NewPage Group is: "After struggling through several financially challenging years for the coated paper making industry, NewPage would like to do just that, turn over a new page. Through subsidiary NewPage Corp., the company is one of the largest makers of coated and specialty paper in North America. From mills in the Eastern and Midwestern US, NewPage churns out about 3.5 million tons of paper annually. Its papers are often used to produce annual reports, magazines, and catalogs. Customers include xpedx, Advance Magazine Publishers (dba Condé Nast), McGraw-Hill, Time Inc., and Avery Dennison. NewPage Corp. filed for Chapter 11 bankruptcy in late 2011." 

For more from this investment firm, head to Howard Marks' letter on the role of luck in investing.