Billionaire Howard Marks’ Top 10 Stock Picks

5. AngloGold Ashanti plc (NYSE:AU)

Oaktree Capital Management’s Stake Value: $150.66 million

Number of Hedge Fund Holders: 21

AngloGold Ashanti plc (NYSE:AU) is a gold mining company that explores gold and produces silver and sulphuric acid as by-products. It was one of the best-performing stocks in the Oaktree Capital Management portfolio, rallying 30% in 2024. The rally came as the company benefited from a spike in gold prices that found support above the $2600 an ounce level.

AngloGold Ashanti plc (NYSE:AU) had an impressive third quarter as its managed operations produced the most gold in 2024 and a notable 339% increase in adjusted EBITDA over the previous year. The increase was due to improved production from managed operations, effective cost control, and higher gold prices, which rose 28% year over year to $2,449/oz. Managed operations produced about 1.56% more gold year over year.

The company has sought to strengthen its position in the gold mining business with the acquisition of Egypt-focused smaller rival Centamin in a $2.5 billion stock and cash deal. Centamin’s main asset is the Sukari gold mine, Egypt’s largest and one of the largest producing mines in the world. Following the acquisition, AngloGold Ashanti plc (NYSE:AU) is on course to become the fourth largest gold producer in the world by volume, as Sukari has the potential to produce up to 450,000 gold ounces per year.