Latest Transactions of Howard Marks Q4 2024

Highlights

Biggest Buys

1. Sunrise Communications Group (SNRE) Marks initiated a new position in Sunrise Communications, purchasing 1,440,836 shares at an average price of $46 per share. Sunrise Communications is a leading telecommunications provider in Switzerland offering mobile, internet, TV, and landline services. This strategic acquisition suggests Marks sees value in the European telecommunications sector despite ongoing market consolidation and competitive pressures.

2. Liberty Global Ltd Class A (LBTYA) Marks increased his stake in Liberty Global by 1,230,932 shares, representing a 20.61% increase in his position, at an average purchase price of $12 per share. Liberty Global is an international television and broadband company operating across Europe. This expanded investment indicates confidence in the company's digital infrastructure assets and potential for growth in the evolving media landscape.

3. Barrick Gold Corp. (GOLD) Marks established a new position in Barrick Gold, purchasing 1,015,063 shares at an average price of $18 per share. Barrick Gold is one of the world's largest gold mining companies with operations across North America, South America, Australia, and Africa. This move into precious metals may reflect a hedging strategy against economic uncertainty or anticipated inflation.

Biggest Sells

1. Talen Energy Corp. (TLN) Marks sold 300,052 shares of Talen Energy, reducing his position by 43.07%, at an average selling price of $195 per share. Talen Energy is an independent power producer with a portfolio of power generation assets. This significant reduction may indicate profit-taking after strong performance or concerns about future prospects in the energy sector.

2. Itaú Unibanco Holding S.A. (ITUB) Marks completely divested his position in Itaú Unibanco, selling all 9,076,407 shares at an average price of $5 per share. Itaú Unibanco is one of Brazil's largest private sector banks offering a wide range of financial services. This complete exit from the position suggests a strategic shift away from Brazilian banking exposure.

3. Banco Bradesco (BBD) Marks sold his entire position of 14,114,711 shares in Banco Bradesco at an average price of $2.26 per share. Banco Bradesco is another major Brazilian banking and financial services company. This move, along with the Itaú Unibanco sale, represents a complete withdrawal from Brazilian banking investments.

These transactions highlight Howard Marks' strategic portfolio adjustments in Q4 2024, with increased investments in communications and precious metals sectors while completely exiting Brazilian banking positions and reducing exposure to the energy sector. These moves align with Marks' value-oriented investment philosophy and may reflect his outlook on global economic conditions heading into 2025.

All Transactions

The information is provided for educational purposes only and does not constitute financial advice or recommendation and should not be considered as such. Do your own research.