10 Best Stocks to Buy According to Howard Marks’ Oaktree Capital Management

7. AngloGold Ashanti plc (NYSE:AU)

Oaktree Capital Management’s Q4 Stake: $128.26 million

Number of Hedge Fund Holders: 31

AngloGold Ashanti plc (NYSE:AU) is a global gold mining company with operations in Africa, Australia, and the Americas. It owns and runs multiple high-quality assets, including its flagship Geita mine in Tanzania. In addition to gold, AngloGold generates silver and sulfuric acid as byproducts, which contribute to a diverse revenue stream.

AngloGold Ashanti plc (NYSE:AU) recently agreed to a majority share in Matsa Resources’ Lake Carey gold mine in Western Australia. The $70.4 million transaction adds about 949,000 ounces of gold resources and 104,000 ounces of reserves to AngloGold’s portfolio, strengthening its position in a high-potential gold area.

AngloGold Ashanti plc (NYSE:AU) announced fourth-quarter earnings and revenues that were below analyst projections. The company reported an EPS of $0.89, below the consensus forecast of $0.99, while revenues came in at $1.72 billion, a little lower than expected. Despite this, AngloGold Ashanti’s free cash flow increased significantly, reaching $942 million from $109 million the previous year. Adjusted EBITDA also rose 93% to $2.75 billion. This growth was credited the rise to operational and efficiency gains, as well as a favorable gold price.