Howard Marks acquired 11.5 Million Vale S.A. shares worth $150 Million. That's 2.62% of their equity portfolio (8th largest holding). The first Vale S.A. trade was made in Q1 2010. Since then Howard Marks bought shares 21 more times and sold shares on sixteen occasions. The stake costed the investor $148 Million, netting the investor a gain of 1.0% so far.