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how are the marks is not only a great investor running oak tree Capital Management but he is also an incredible teacher he writes a number of memos a year in which he comments on current events but mainly explains his investment strategy and goals you can read them or listen to them in a form of a podcast and I couldn't recommend it more just listen to them and you will never look at investing the same way again okay so today we are going to look at his portfolio and we will analyze the history of his biggest Investments and that way we may learn a bit about his way of investing he manages in his U.S portfolio over 7.2 billion dollars and he owns over 170 stocks so of course we will not cover all of them but instead we will take a closer look at the top 10 Investments and they are storm chest pick energy Vista core star bulk carriers CTO royalties Runway growth Finance Corporation infinera Corporation Eagle bulk shipping Alpha pack synopta and other 161 Investments okay so first up is sunopta incorporated it makes up 2.19 of his portfolio and last quarter he did not make any changes to this position it is a multinational food and Mineral Company it's plant-based beverages include soy milk almond milk and oat milk and the company produces these beverages for retailers as well as branded food companies Howard marks bought his first shares of this company at the beginning of 2017 when the price was around seven dollars and he doubled his investment a year later at around the same price and many years later in q1 2021 when the price was around 14 he more than doubled his investment again and since then we don't see any changes to this position so it seems that he really believes that this is a great company even at higher prices but right now he's probably a little bit in the red next up is Alpha pack it makes up 2.26 of his portfolio and last quarter he added 101 percent to this position this company operates as a specialty be of pharmaceutical company the company focuses on development and manufacturing of high quality pure similar medicines this is a fairly new investment for Marx he bought his first shares in Q2 2022 for around eight dollars and last quarter he doubled that with a price closer to twelve dollars so it is such a new investment that we really can't make any conclusions at this point we will just have to wait and see how this story will unfold next we have Eagle bulk shipping it makes up 2.36 of his portfolio and last quarter he did not make any changes to this it is a us-based ship owner and operator engaged in a global transportation of dry bulk Commodities this is an interesting one because we see a change in the perception he bought this stock in Q4 2014 and that quarter ended with a price of around 102 dollars and two years later it was at around three dollars but he did not take the losses he waited and eventually the stock went up to around fifty dollars and then he sold almost 90 percent of his investment but then in Q4 2018 the price was close to 30 dollars and he changed his mind and invested in it again this time on a much bigger scale and since then he made small Corrections here or there but he basically is holding it even though the price is closer to fifty dollars next up is infinera it makes up 2.68 percent of his portfolio and last quarter he did not make any changes to this position the company sells hardware and software networking options for internet content providers cable operators government and Enterprise Networks he bought his first shares of this company in Q4 2018 for around four dollars and since then he only made one change to this position he added to it in q1 2020 when the price was around five dollars right now we are closer to eight dollars so this is a very nice investment so far next position in his portfolio is Runway growth Finance Corporation it makes up 3.5 percent of his portfolio and last quarter he did not make any changes to this position it is a closed end investment fund it is focused on providing flexible Capital Solutions to companies seeking an alternative to raising Equity Marx bought his first shares in Q4 2021 for around 12 and he added a little bit in the next quarter and since then we don't see any movement here the price did not change a lot since then so we can't really say was it a good investment or not but what is interesting is that exactly when he bought the shares the company started its dividend program so every quarter he is getting a dividend and it is a very big one the dividend yield is currently at 12.5 percent so maybe that was a reason for investing okay next up is CTO royalties Corporation it makes up 4.01 of his portfolio and last quarter he did not make any changes to this position the company acquires owns and manages oil and gas mineral and royalty interests operated by exploration and production companies so basically they have a share in the profits from extracting oil and gas it is also a very new investment for Marx he bought it in Q4 2022 and also here he gets a very nice dividend the yield is 9.6 at the current time the now let's take a look at star bulk carriers it makes up 7.55 of his portfolio and last quarter he did not make any changes to this position star bulk carriers Corporation is a grease based global Shipping Company it owns and operates a fleet of dry bulk carrier vessels this is a much older investment he bought his first shares in Q3 2013 for around 10 and when the price went down to almost three dollars he really made this investment a significant one he hold it for around a year and when the price was again around three dollars he sold so he most probably didn't lose money on this investment but for some reason decided to move the money somewhere else and since then he basically hold it with some small movements here and there and when the price got to over twenty dollars he sold some of his shares probably making a small profit and since then he's just taking the dividends and also here they are exceptionally big with 20.8 dividend yield at the current time his third biggest investment is vistra it makes up 7.65 of his portfolio and last quarter he reduced this position by 8.55 this company is the largest competitive power generator in the United States its portfolio includes natural gas nuclear solar and battery energy storage facilities Marx bought his first shares in Q2 2017 for around 16 when the price got to around 20 he started to sell and most probably got to a point where he got his money back and he still owns a substantial amount of shares his second biggest investment is just big energy it makes up 8.95 of his portfolio and last quarter he reduced this position but only by 0.58 it is an American oil and gas exploration and production company he bought it in q1 2021 for around 43 dollars since then the price went up quite nicely and he is slowly selling the stock almost every quarter and his biggest position is Storm it makes up 22.7 of his portfolio and last quarter he did not make any changes to this position it is yet another shipping company that owns and operates product tankers the company's ships carry refined oil products such as gasoline chat fuel nafda and diesel oil he bought his first shares in Q2 2018 for around seven dollars and the price did not change much for many years but he did not only keep the stock but actually slowly made it even a bigger investment and in the last year the price just took off and it is currently around 25 dollars per share and also this company is paying currently a very nice dividend with a dividend yield of 25.1 percent so this is the U.S stock portfolio run by Howard marks the thing that really stood out for me is the fact that he owns a lot of shipping companies so companies that work in the background and make the world go around as well as a number of energy and oil companies so another essential sector for the world economy it also seems that he likes companies that can pay him a nice dividend even if it's not a regular one but rather dependent on the results of the company and the companies don't have to be well-known household names but he wants them to be essential for a certain sector and what is probably even more important is that they don't have to be the best companies because Howard Marx believes that if the price is right even a weak business can be a great investment he gives an example of a person coming up to you and asking do you want to buy my car what is the first thing you would ask how much because even if the car is in bad condition if you get it for one dollar it will still be a great investment and if you like this video then maybe you should take a look at Seth clarman's portfolio by clicking here or if you prefer to learn a bit about Thomas Russo and his portfolio then click here thanks for watching and see you in the next one
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