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Howard Marks Oaktree Capital Management

AUM $7.21B
1-Year Est. Return 45.97%
 

Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.

This Fund
S&P 500
This Quarter Est. Return
+3.45%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$5.44B
AUM Growth
+$238M
Cap. Flow
-$2.38B
Cap. Flow %
-43.81%
Top 10 Hldgs %
27.96%
Holding
172
New
14
Increased
16
Reduced
12
Closed
8

Top Buys

Rank Stock Value
1
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$71.2M
2
MCF
Contango Oil & Gas Co.
MCF
+$56.6M
3
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$45.8M
4
PBR icon
Petrobras
PBR
+$38.2M
5
TSM icon
TSMC
TSM
+$30.8M

Top Sells

Rank Stock Value
1
APTV icon
Aptiv
APTV
+$50.6M
2
CXPO
Crimson Exploration Inc. New Common Stock
CXPO
+$46.7M
3
TMS
TMS INTERNATIONAL CORP CLASS A COM STK
TMS
+$24.1M
4
CHTR icon
Charter Communications
CHTR
+$23.9M
5
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$17.4M

Sector Composition

Rank Sector Weight
1 Financials 8.45%
2 Industrials 7.78%
3 Energy 5.57%
4 Communication Services 3.96%
5 Utilities 3.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GTY
26
Getty Realty Corp
GTY
$2.05B
$26.1M 0.48%
1,440,359
– –
TCS
27
DELISTED
THE CONTAINER STORE GROUP, INC.
TCS
$24.7M 0.45%
+37,171
New +$21.9M
TCS
28
PUT
DELISTED
THE CONTAINER STORE GROUP, INC.
TCS
$24.7M 0.45%
+37,133
New +$21.8M
BIDU icon
29
Baidu
BIDU
$31.6B
$24.4M 0.45%
+137,097
New +$22.2M
AMX icon
30
America Movil
AMX
$71.3B
$23.8M 0.44%
1,018,304
+912,177
+860% +$19.9M
CX icon
31
Cemex
CX
$16B
$20.7M 0.38%
2,049,198
+1,882,161
+1,127% +$17.7M
CBD
32
DELISTED
Companhia Brasileira de Distribuicao
CBD
$20.4M 0.37%
456,413
+303,985
+199% +$14.4M
TV icon
33
Televisa
TV
$1.47B
$18.9M 0.35%
623,359
+550,659
+757% +$16.3M
BAC.PRL icon
34
Bank of America Series L
BAC.PRL
$3.95B
$16.8M 0.31%
+15,800
New +$16.9M
VIV icon
35
Telefônica Brasil
VIV
$18.3B
$16.7M 0.31%
867,758
+565,558
+187% +$11.5M
MTCN
36
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
FLG.PRU
37
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$16.1M 0.3%
322,341
-10,159
-3% -$498K
APO icon
38
Apollo Global Management
APO
$78.4B
$15.8M 0.29%
500,000
-500,000
-50% -$15.5M
TSL
39
DELISTED
Trina Solar Limited
TSL
$15.7M 0.29%
+1,151,328
New +$17.3M
EMC
40
DELISTED
EMC CORPORATION
EMC
$15.3M 0.28%
610,000
+210,000
+53% +$5.09M
NTAP icon
41
NetApp
NTAP
$37.7B
$15.2M 0.28%
370,000
– –
ABEV icon
42
Ambev
ABEV
$44.4B
$14.7M 0.27%
+2,005,765
New +$14.7M
WFC.PRL icon
43
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$13.7M 0.25%
+12,440
New +$14M
MDR
44
DELISTED
McDermott International
MDR
$13.7M 0.25%
+496,866
New +$11.6M
MBT
45
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$13.4M 0.25%
619,721
+546,868
+751% +$12M
BVN icon
46
Compañía de Minas Buenaventura
BVN
$9.01B
$13.3M 0.24%
1,185,858
+807,131
+213% +$10M
CWH.PRD
47
DELISTED
COMMONWEALTH REIT 6.50% PFD CUMV CONV SHS SER D
CWH.PRD
$12.1M 0.22%
588,084
-65,201
-10% -$1.38M
PULS
48
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
$11.1M 0.2%
3,844,658
– –
MO icon
49
Altria Group
MO
$110B
$11.1M 0.2%
288,000
– –
EPR.PRC icon
50
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
$10.9M 0.2%
534,821
-415,000
-44% -$8.7M
1
2
3

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Howard Marks's Q4 2013 Portfolio in Review

As of Q4 2013, Howard Marks held 172 positions worth $5.44B, up 4.6% from $5.2B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

Howard Marks withdrew a net $2.38B in Q4 2013, closing 8 positions and reducing 12 holdings. Its most notable exit was Crimson Exploration Inc. New Common Stock, an estimated $46.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.5% of assets, up from 8.3% a quarter earlier, followed by Industrials and Energy.

Against the trend, Howard Marks opened a new position in Surgical Care Affiliates, Inc. worth $77.9M.

  • Howard Marks's largest Q4 2013 buy was Surgical Care Affiliates, Inc.: 2,328,027 shares worth $77.9M.
  • Howard Marks added most to Petrobras in Q4 2013, an estimated $38.2M increase.
  • Howard Marks's biggest Q4 2013 reduction was Aptiv, cutting an estimated $50.6M.
  • Howard Marks fully exited Crimson Exploration Inc. New Common Stock in Q4 2013, selling an estimated $46.7M.
  • Howard Marks's ten largest holdings make up 28% of its $5.44B portfolio in Q4 2013.
  • Howard Marks opened 14 new positions and closed 8 in Q4 2013.
  • Howard Marks's portfolio value rose 4.6% quarter-over-quarter to $5.44B.

Based on Oaktree Capital Management's 13F filing for Q4 2013, filed 11 Feb 2014.