Oaktree Capital Management Slightly Reduces Position in LSE-listed Stock Spirits Group

Oaktree Capital Management, led by Howard Marks, disclosed slightly reducing its position in its former fully-owned company Stock Spirits Group  PLC (LON:STCK). According to a filing, Oaktree currently holds 73.7 million shares of the company, down from 76.7 million held earlier. The position entitles the fund to ownership of 36.8% of Stock Spirits voting rights.

The Stock Spirits Group went public at the end of October. Since then Howard Marks’ fund has reduced its holding, but still remains the largest shareholder of the company. Since the IPO, which was priced at about 220 pence per share, the stock of the company has gained around 5%. The Stock Spirits Group is engaged in the production and distribution of strong alcoholic beverages in Europe, owning some premium brands such as Stock 84 brandy, and Fernet Stock bitter among others. In its interim report for the third quarter, Stock listed a 6% volume growth over the year, as well as an increase in the market share in Poland and Czech Republic.

Recently Stock Spirits Group signed an agreement with Diageo PLC, under the terms of which, Stock will be responsible for distribution of Diageo’s brands on the territory of the Czech Republic. The agreement will be implemented in January 2014, the company said in a statement. Among the brands for which Stock will become the exclusive distributor are Johnny Walker, Smirnoff vodka, Baileys Irish Cream and several others.

In the equity portfolio of Oaktree Capital Management, listed in the its’s latest 13F filing, Howard Marks’ fund reported its largest holding in EXCO Resources Inc (NYSE:XCO). The position amasses 36.8 million shares, worth $247.9 million. Also, Oaktree reported holding 41.8 million shares of First Bancorp (NYSE:FBP), and 4.8 million shares of Masonite International Corp (NYSE:DOOR). The value of the positions amounts to $237.7 million, and $233.8 million respectively.

Disclosure: none

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