In its latest 13F filing, billionaire Howard Marks‘ Oaktree Capital Management disclosed its public equity portfolio as of the reporting period of March 31. Marks is known for the detailed memos he writes to his clients, dubbed “memos to Oaktree clients”, as well as the exemplary investment book he wrote titled “The Most Important Thing: Uncommon Sense for the Thoughtful Investor”, which was praised by the likes of Warren Buffett. His book discusses investment strategies and analyzes the subtleties of both opportunity and risk in investments. Marks’ Oaktree Capital reported a public equity portfolio valued at $9.48 billion in its latest 13F, more than 50% higher than the $6.04 billion it held six months prior. In this article we’ll look at four of Marks’ top holdings which have high dividend yields: Store Capital Corp (NYSE:STOR), Tribune Publishing Co (NYSE:TPUB), Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR), and Banc of California Inc (NYSE:BANC).
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Moving on to Marks’ top dividend stocks, we start with Store Capital Corp (NYSE:STOR), which currently has a yield of 4.64% based on its quarterly dividend of $0.25. Store Capital Corp is a real estate investment trust (REIT), with a market cap of $2.47 billion. The company also stands as Marks’ top holding in terms of value. As of the end of the first quarter, the fund manager held 82.15 million shares of the company, valued at $1.92 billion. During the fourth quarter of 2014, the company announced a quarterly dividend of $0.22. Shares of Store Capital Corp (NYSE:STOR)’s stock are up by 10.41% during the past 12 months. The company reported positive financial results for the first quarter of 2015, posting income from operations of $36.9 million, or $0.32 per share, beating Wall Street expectations. One of the largest shareholders of the company is Jeffrey Furber’s AEW Capital Management, which holds 1.20 million share as of the end of March.
Next up is Tribune Publishing Co (NYSE:TPUB), a $385.35-million market cap media and marketing solutions company, in which Marks’ holds a position which contains 18.77 million shares worth $1.14 billion. Tribune Publishing Co (NYSE:TPUB) pays a quarterly dividend of $0.17 for a yield of 4.75%. The dividend remained unchanged over the quarter. Tribune Publishing Co (NYSE:TPUB) reported first quarter 2015 net income of $2.52 million, versus $11.77 million in the same period last year. Revenue was $396.23 million, down from $416.52 million in the same quarter a year ago. Tribune Publishing Co (NYSE:TPUB)’s stock performance has not been impressive to say the least, dropping by 42.34% during the past 12 months, and 35.65% year-to-date, which has contributed to the high, possibly unsustainable dividend yield. Last week, Tribune Publishing Co (NYSE:TPUB) announced that it completed the acquisition of The San Diego Union-Tribune, as well as nine community weeklies and related digital properties for $85 million. Among the other investors with big positions in the company is Leon Cooperman’s Omega Advisors, which held 2.75 million shares at the end of March.
Let’s discuss Brazil-based Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR) now, which pays a quarterly dividend of $0.48 for a yield of 5.58%. During the first quarter, Oaktree Capital upped its stake in the $54.60 billion integrated oil and gas company by 14% to 7.47 million shares, valued at $44.87 million. Shares of Petroleo Brasileiro Petrobras SA (ADR)(NYSE:PBR) have also struggled mightily, falling 42.32% during the past year. However, the stock has gained 18.29% year-to-date. For the first quarter of 2015, the company posted net income of $5.33 billion, down from $5.39 billion in the same quarter last year. Another large shareholder of the company is Daniel S. Och’s OZ Management, which owns 22.32 million shares.
Lastly, we will talk about Banc of California Inc (NYSE:BANC), which pays a quarterly dividend of $0.12, for a 3.56% yield. In its 13F, Marks reported holding 3.29 million Banc of California Inc (NYSE:BANC) shares, worth $40.49 million. Banc of California Inc (NYSE:BANC) is a $477.9 million market cap bank holding company headquartered in California. The company reported first quarter 2015 net income of $11.7 million, or $0.29 per share, versus a net loss of $0.2 million, or $0.01 per share, in the year-ago quarter. Revenue was $98.0 million for the quarter, representing an increase of 62% year-over-year. The performance of the company has also been impressive, trading up 25.49% year-to-date. Forest Hill Capital, led by Mark Lee, held 1.79 million shares of Banc of California Inc (NYSE:BANC) at the end of the first quarter.
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