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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
+3.24%
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
$5.3B
AUM Growth
-$146M
Cap. Flow
-$2.55B
Cap. Flow %
-48.24%
Top 10 Hldgs %
30.64%
Holding
167
New
7
Increased
20
Reduced
12
Closed
11

Top Buys

Rank Stock Value
1
DMND
DIAMOND FOODS, INC.
DMND
+$125M
2
XCO
Exco Resources
XCO
+$43.1M
3
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
+$28.3M
4
AU icon
AngloGold Ashanti
AU
+$15.9M
5
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$13M

Top Sells

Rank Stock Value
1
APTV icon
Aptiv
APTV
+$128M
2
CHTR icon
Charter Communications
CHTR
+$69.3M
3
UTX.PRA
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
+$32.1M
4
LVLT
Level 3 Communications Inc
LVLT
+$25.8M
5
TCS
THE CONTAINER STORE GROUP, INC.
TCS
+$24.7M

Sector Composition

Rank Sector Weight
1 Financials 8.02%
2 Industrials 7.09%
3 Energy 7%
4 Utilities 4.68%
5 Healthcare 4.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CBD
26
DELISTED
Companhia Brasileira de Distribuicao
CBD
$24.8M 0.47%
567,156
+110,743
+24% +$4.53M
CHTR icon
27
Charter Communications
CHTR
$17.9B
$24.6M 0.47%
200,000
-529,683
-73% -$69.3M
TSL
28
DELISTED
Trina Solar Limited
TSL
$24.2M 0.46%
1,797,124
+645,796
+56% +$9.89M
ETFC
29
DELISTED
E*Trade Financial Corporation
ETFC
$23M 0.43%
1,000,000
-861,400
-46% -$18.9M
VIV icon
30
Telefônica Brasil
VIV
$18.3B
$22.8M 0.43%
1,073,210
+205,452
+24% +$3.94M
AU icon
31
AngloGold Ashanti
AU
$61.3B
$21.1M 0.4%
1,235,044
+998,044
+421% +$15.9M
WFC.PRL icon
32
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$21.1M 0.4%
18,000
+5,560
+45% +$6.46M
APO icon
33
Apollo Global Management
APO
$78.4B
$21M 0.4%
660,000
+160,000
+32% +$5.22M
ABEV icon
34
Ambev
ABEV
$44.4B
$19.6M 0.37%
2,650,005
+644,240
+32% +$4.51M
BAC.PRL icon
35
Bank of America Series L
BAC.PRL
$3.95B
$19.2M 0.36%
16,800
+1,000
+6% +$1.13M
NTAP icon
36
NetApp
NTAP
$37.7B
$18.1M 0.34%
490,000
+120,000
+32% +$4.85M
MDR
37
DELISTED
McDermott International
MDR
$17.5M 0.33%
746,866
+250,000
+50% +$6.29M
EMC
38
DELISTED
EMC CORPORATION
EMC
$16.7M 0.32%
610,000
– –
MTCN
39
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
MBT
40
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$14.3M 0.27%
819,448
+199,727
+32% +$3.57M
FLG.PRU
41
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$12.1M 0.23%
247,341
-75,000
-23% -$3.66M
HMHC
42
DELISTED
Houghton Mifflin Harcourt Company
HMHC
$11.4M 0.21%
559,024
– –
CWH.PRD
43
DELISTED
COMMONWEALTH REIT 6.50% PFD CUMV CONV SHS SER D
CWH.PRD
$10.3M 0.19%
410,000
-178,084
-30% -$4.02M
ONIT
44
Onity Group
ONIT
$301M
$9.29M 0.18%
+15,800
New +$10.3M
CCEC
45
Capital Clean Energy Carriers
CCEC
$1.36B
$8.84M 0.17%
115,357
– –
EPR.PRC icon
46
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
$8.61M 0.16%
400,321
-134,500
-25% -$2.84M
WELL.PRI
47
DELISTED
Welltower Inc.
WELL.PRI
$6.27M 0.12%
112,874
-50,000
-31% -$2.72M
TEO icon
48
Telecom Argentina
TEO
$5.66B
$6.2M 0.12%
+324,973
New +$5.38M
WH
49
DELISTED
WSP HOLDINGS LTD ADR NEW
WH
$3.83M 0.07%
1,408,800
– –
BTM
50
DELISTED
OI S.A. SPON ADR REPSTG 3 PFD SHS (BRA)
BTM
$3.49M 0.07%
+2,623,000
New +$3.49M
1
2
3

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Howard Marks's Q1 2014 Portfolio in Review

As of Q1 2014, Howard Marks held 167 positions worth $5.3B, down 2.7% from $5.44B the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Howard Marks withdrew a net $2.55B in Q1 2014, closing 11 positions and reducing 12 holdings. Its most notable exit was Aptiv, an estimated $128M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8% of assets, down from 8.5% a quarter earlier, followed by Industrials and Energy.

Against the trend, Howard Marks opened a new position in DIAMOND FOODS, INC. worth $154M.

  • Howard Marks's largest Q1 2014 buy was DIAMOND FOODS, INC.: 4,420,859 shares worth $154M.
  • Howard Marks added most to Exco Resources in Q1 2014, an estimated $43.1M increase.
  • Howard Marks's biggest Q1 2014 reduction was Charter Communications, cutting an estimated $69.3M.
  • Howard Marks fully exited Aptiv in Q1 2014, selling an estimated $128M.
  • Howard Marks's ten largest holdings make up 31% of its $5.3B portfolio in Q1 2014.
  • Howard Marks opened 7 new positions and closed 11 in Q1 2014.
  • Howard Marks's portfolio value fell 2.7% quarter-over-quarter to $5.3B.

Based on Oaktree Capital Management's 13F filing for Q1 2014, filed 14 May 2014.