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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
+1.74%
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
$5.74B
AUM Growth
+$444M
Cap. Flow
-$2.14B
Cap. Flow %
-37.27%
Top 10 Hldgs %
29.71%
Holding
157
New
7
Increased
24
Reduced
4
Closed
8

Top Buys

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$194M
2
JD icon
JD.com
JD
+$25.8M
3
BRFS
BRF SA
BRFS
+$25.4M
4
IRDMB
Iridium Communications Inc - 6.75% Series B
IRDMB
+$24.5M
5
PBR icon
Petrobras
PBR
+$22.8M

Top Sells

Rank Stock Value
1
DYN
Dynegy, Inc.
DYN
+$40.3M
2
LVLT
Level 3 Communications Inc
LVLT
+$33.1M
3
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$25.3M
4
CBD
Companhia Brasileira de Distribuicao
CBD
+$24.8M
5
CHTR icon
Charter Communications
CHTR
+$24.6M

Sector Composition

Rank Sector Weight
1 Financials 10.91%
2 Energy 7.05%
3 Industrials 5.22%
4 Utilities 5.07%
5 Technology 3.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PULS
26
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
$30M 0.52%
11,999,585
– –
JD icon
27
JD.com
JD
$39.7B
$28.2M 0.49%
+989,010
New +$25.8M
BRFS
28
DELISTED
BRF SA
BRFS
$27.3M 0.48%
+1,124,200
New +$25.4M
GTY
29
Getty Realty Corp
GTY
$2.05B
$27.1M 0.47%
1,440,359
– –
VIV icon
30
Telefônica Brasil
VIV
$18.3B
$26.9M 0.47%
1,310,810
+237,600
+22% +$4.91M
IRDMB
31
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$25.3M 0.44%
+76,720
New +$24.5M
ABEV icon
32
Ambev
ABEV
$44.4B
$23.9M 0.42%
3,395,805
+745,800
+28% +$5.49M
AU icon
33
AngloGold Ashanti
AU
$61.3B
$23.1M 0.4%
1,345,044
+110,000
+9% +$1.88M
WFC.PRL icon
34
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$22.2M 0.39%
18,250
+250
+1% +$302K
MBT
35
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$20.7M 0.36%
1,048,648
+229,200
+28% +$4.1M
BAC.PRL icon
36
Bank of America Series L
BAC.PRL
$3.95B
$19.8M 0.35%
16,900
+100
+0.6% +$116K
MDR
37
DELISTED
McDermott International
MDR
$18.1M 0.32%
746,866
– –
NTAP icon
38
NetApp
NTAP
$37.7B
$17.9M 0.31%
490,000
– –
EMC
39
DELISTED
EMC CORPORATION
EMC
$16.1M 0.28%
610,000
– –
MTCN
40
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
FLG.PRU
41
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$12.4M 0.22%
251,385
+4,044
+2% +$198K
TEO icon
42
Telecom Argentina
TEO
$5.66B
$12M 0.21%
510,851
+185,878
+57% +$3.83M
VEON icon
43
VEON
VEON
$4.09B
$11.8M 0.21%
56,400
+46,000
+442% +$9.68M
BX icon
44
Blackstone
BX
$108B
$11.7M 0.2%
+356,650
New +$11M
EPR.PRC icon
45
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
$9.22M 0.16%
401,321
+1,000
+0.2% +$22.2K
ONIT
46
Onity Group
ONIT
$301M
$8.79M 0.15%
15,800
– –
BTM
47
DELISTED
OI S.A. SPON ADR REPSTG 3 PFD SHS (BRA)
BTM
$8.46M 0.15%
9,863,971
+7,240,971
+276% +$6.21M
EPR.PRE icon
48
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$3.63M 0.06%
115,050
+11,550
+11% +$362K
OIBR.C
49
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$3.35M 0.06%
+6,929
New +$3.7M
PRGN
50
DELISTED
PARAGON SHIPPING INC CL A NEW (MHL)
PRGN
$2.96M 0.05%
13,158
+2,632
+25% +$580K
1
2
3

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Howard Marks's Q2 2014 Portfolio in Review

As of Q2 2014, Howard Marks held 157 positions worth $5.74B, up 8.4% from $5.3B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Howard Marks withdrew a net $2.14B in Q2 2014, closing 8 positions and reducing 4 holdings. Its most notable exit was Level 3 Communications Inc, an estimated $33.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 11% of assets, up from 8% a quarter earlier, followed by Energy and Industrials.

Against the trend, Howard Marks opened a new position in Ally Financial worth $191M.

  • Howard Marks's largest Q2 2014 buy was Ally Financial: 7,993,230 shares worth $191M.
  • Howard Marks added most to Petrobras in Q2 2014, an estimated $22.8M increase.
  • Howard Marks's biggest Q2 2014 reduction was Dynegy, Inc., cutting an estimated $40.3M.
  • Howard Marks fully exited Level 3 Communications Inc in Q2 2014, selling an estimated $33.1M.
  • Howard Marks's ten largest holdings make up 30% of its $5.74B portfolio in Q2 2014.
  • Howard Marks opened 7 new positions and closed 8 in Q2 2014.
  • Howard Marks's portfolio value rose 8.4% quarter-over-quarter to $5.74B.

Based on Oaktree Capital Management's 13F filing for Q2 2014, filed 12 Aug 2014.