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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
-5.68%
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
$6.04B
AUM Growth
+$295M
Cap. Flow
-$1.7B
Cap. Flow %
-28.08%
Top 10 Hldgs %
32.28%
Holding
149
New
13
Increased
16
Reduced
11
Closed
4

Top Buys

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$566M
2
TPCO
Tribune Publishing Company Common Stock
TPCO
+$94.9M
3
AMSGP
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
+$31.5M
4
ITUB icon
Itaú Unibanco
ITUB
+$29.5M
5
DYN
Dynegy, Inc.
DYN
+$29.4M

Top Sells

Rank Stock Value
1
ALR.PRB
Alere Inc
ALR.PRB
+$42.1M
2
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$35.9M
3
ABEV icon
Ambev
ABEV
+$23.9M
4
AIG icon
American International
AIG
+$21M
5
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$15.8M

Sector Composition

Rank Sector Weight
1 Industrials 12.42%
2 Financials 10.04%
3 Energy 4.97%
4 Utilities 4.46%
5 Communication Services 4.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AIG icon
26
American International
AIG
$39.8B
$29.4M 0.49%
544,100
-385,000
-41% -$21M
SCAI
27
DELISTED
Surgical Care Affiliates, Inc.
SCAI
$29.4M 0.49%
1,099,090
-543,195
-33% -$15.8M
JD icon
28
JD.com
JD
$39.7B
$29.2M 0.48%
1,129,150
+140,140
+14% +$4.04M
RKT
29
DELISTED
ROCK-TENN COMPANY CL-A
RKT
$28M 0.46%
+588,832
New +$29.2M
PULS
30
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
$27.1M 0.45%
11,999,585
– –
ALR.PRB
31
DELISTED
Alere Inc
ALR.PRB
$27M 0.45%
83,368
-129,432
-61% -$42.1M
NBIS
32
Nebius Group N.V.
NBIS
$59.6B
$26.7M 0.44%
+961,100
New +$29.1M
IRDMB
33
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$26M 0.43%
76,720
– –
ITUB icon
34
Itaú Unibanco
ITUB
$82.4B
$25.8M 0.43%
+4,628,622
New +$29.5M
IBN icon
35
ICICI Bank
IBN
$107B
$25.1M 0.42%
+2,813,883
New +$26.3M
GTY
36
Getty Realty Corp
GTY
$2.05B
$24.2M 0.4%
1,440,359
– –
APO icon
37
Apollo Global Management
APO
$78.4B
$23.8M 0.4%
1,000,000
-117,500
-11% -$2.94M
NTAP icon
38
NetApp
NTAP
$37.7B
$21.1M 0.35%
490,000
– –
AU icon
39
AngloGold Ashanti
AU
$61.3B
$20.6M 0.34%
1,719,744
+374,700
+28% +$6.12M
MBT
40
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$20.3M 0.34%
1,357,248
+308,600
+29% +$5.66M
TSQ icon
41
Townsquare Media
TSQ
$108M
$19.2M 0.32%
+1,595,224
New +$17.9M
WFC.PRL icon
42
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$18.9M 0.31%
15,750
-2,500
-14% -$3.02M
EMC
43
DELISTED
EMC CORPORATION
EMC
$17.8M 0.3%
610,000
– –
BAC.PRL icon
44
Bank of America Series L
BAC.PRL
$3.95B
$16.5M 0.27%
14,400
-2,500
-15% -$2.9M
MDR
45
DELISTED
McDermott International
MDR
$12.8M 0.21%
746,866
– –
WPZ
46
DELISTED
WILLIAMS PARTNERS L.P. COM UTS REPTG L.P. INT
WPZ
$11.5M 0.19%
+230,505
New +$11.5M
FLG.PRU
47
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$11.5M 0.19%
227,585
-23,800
-9% -$1.18M
TEO icon
48
Telecom Argentina
TEO
$5.66B
$10.6M 0.17%
519,851
+9,000
+2% +$191K
VEON icon
49
VEON
VEON
$4.09B
$10.2M 0.17%
56,400
– –
MTCN
50
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
1
2
3

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Howard Marks's Q3 2014 Portfolio in Review

As of Q3 2014, Howard Marks held 149 positions worth $6.04B, up 5.1% from $5.74B the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Howard Marks withdrew a net $1.7B in Q3 2014, closing 4 positions and reducing 11 holdings. Its most notable exit was Ambev, an estimated $23.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 12% of assets, up from 5.2% a quarter earlier, followed by Financials and Energy.

Against the trend, Howard Marks opened a new position in Tribune Publishing Company Common Stock worth $94.7M.

  • Howard Marks's largest Q3 2014 buy was Tribune Publishing Company Common Stock: 4,691,371 shares worth $94.7M.
  • Howard Marks added most to Star Bulk Carriers in Q3 2014, an estimated $566M increase.
  • Howard Marks's biggest Q3 2014 reduction was Alere Inc, cutting an estimated $42.1M.
  • Howard Marks fully exited Ambev in Q3 2014, selling an estimated $23.9M.
  • Howard Marks's ten largest holdings make up 32% of its $6.04B portfolio in Q3 2014.
  • Howard Marks opened 13 new positions and closed 4 in Q3 2014.
  • Howard Marks's portfolio value rose 5.1% quarter-over-quarter to $6.04B.

Based on Oaktree Capital Management's 13F filing for Q3 2014, filed 13 Nov 2014.