I like following fund managers like Marks, Klarman and Bass and have over the years found a lot of value in looking at and around the investments they make to broaden my knowledge and look for similarities that can help strengthen my ability to spot undervalued assets as well as good/bad businesses. This interest of mine has recently sent me into examining the financials of Puerto Rican banks because in Oaktree's most recent filing, the largest position in the portfolio belonged to First BanCorp Puerto Rico (NYSE:FBP). In this article, I will discuss how this investment has played out and gained, on its own, the top position in Oaktree's portfolio and why it still has more upside potential....
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