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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
-1.14%
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
$9.36B
AUM Growth
+$3.32B
Cap. Flow
+$627M
Cap. Flow %
6.7%
Top 10 Hldgs %
49.21%
Holding
192
New
12
Increased
20
Reduced
17
Closed
8

Top Buys

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$1.7B
2
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$1.15B
3
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$210M
4
DYN
Dynegy, Inc.
DYN
+$68.6M
5
OIBR
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
+$48.4M

Top Sells

Rank Stock Value
1
VIV icon
Telefônica Brasil
VIV
+$32M
2
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$29.9M
3
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$29.4M
4
AIG icon
American International
AIG
+$26.8M
5
NBIS
Nebius Group N.V.
NBIS
+$21.6M

Sector Composition

Rank Sector Weight
1 Real Estate 19.42%
2 Communication Services 14.36%
3 Financials 8.08%
4 Industrials 7.49%
5 Utilities 3.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GWRU
26
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
$35.8M 0.38%
308,300
+7,200
+2% +$857K
TSL
27
DELISTED
Trina Solar Limited
TSL
$34.7M 0.37%
3,751,724
+606,100
+19% +$5.96M
AMSGP
28
DELISTED
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
$33.4M 0.36%
295,904
+3,304
+1% +$355K
ALR.PRB
29
DELISTED
Alere Inc
ALR.PRB
$31.7M 0.34%
100,733
+17,365
+21% +$5.57M
BIDU icon
30
Baidu
BIDU
$31.6B
$31.6M 0.34%
+138,429
New +$31.7M
JD icon
31
JD.com
JD
$39.7B
$31.5M 0.34%
1,361,550
+232,400
+21% +$5.73M
VSH icon
32
Vishay Intertechnology
VSH
$4.85B
$30.8M 0.33%
2,175,000
-575,000
-21% -$7.89M
RKT
33
DELISTED
ROCK-TENN COMPANY CL-A
RKT
$30.7M 0.33%
502,832
-86,000
-15% -$4.66M
IRDMB
34
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$28.4M 0.3%
77,500
+780
+1% +$276K
PULS
35
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
$27.1M 0.29%
11,999,585
– –
NMIH icon
36
NMI Holdings
NMIH
$3.4B
$24.6M 0.26%
2,689,080
+2,088,780
+348% +$18.5M
GTY
37
Getty Realty Corp
GTY
$2.05B
$24.2M 0.26%
1,347,285
-93,074
-6% -$1.65M
APO icon
38
Apollo Global Management
APO
$78.4B
$23.6M 0.25%
1,000,000
– –
TSQ icon
39
Townsquare Media
TSQ
$108M
$21.1M 0.23%
1,595,224
– –
NRG icon
40
NRG Energy
NRG
$23.8B
$19.2M 0.21%
713,000
-612,000
-46% -$18.1M
CCS icon
41
Century Communities
CCS
$1.98B
$17.7M 0.19%
+1,022,980
New +$17.4M
AU icon
42
AngloGold Ashanti
AU
$61.3B
$16.4M 0.18%
1,882,744
+163,000
+9% +$1.54M
TEO icon
43
Telecom Argentina
TEO
$5.66B
$10.1M 0.11%
519,851
– –
WFC.PRL icon
44
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$9.91M 0.11%
8,158
-7,592
-48% -$9.18M
VEON icon
45
VEON
VEON
$4.09B
$7.01M 0.07%
67,156
+10,756
+19% +$1.46M
MTCN
46
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
BAC.PRL icon
47
Bank of America Series L
BAC.PRL
$3.95B
$5.82M 0.06%
5,000
-9,400
-65% -$10.9M
WPZ
48
DELISTED
WILLIAMS PARTNERS L.P. COM UTS REPTG L.P. INT
WPZ
$5.25M 0.06%
124,551
-105,954
-46% -$4.98M
ONIT
49
Onity Group
ONIT
$301M
$3.58M 0.04%
15,800
– –
PBR.A icon
50
Petrobras Class A
PBR.A
$111B
$3.49M 0.04%
+460,200
New +$5.19M
1
2
3

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Howard Marks's Q4 2014 Portfolio in Review

As of Q4 2014, Howard Marks held 192 positions worth $9.36B, up 55% from $6.04B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks deployed $627M of net new capital in Q4 2014, opening 12 new positions and adding to 20 existing holdings. Its largest new stake was STORE Capital Corporation: 82,148,645 shares worth $1.78B.

By sector, the portfolio is most concentrated in Real Estate at 19% of assets, up from 0.4% a quarter earlier, followed by Communication Services and Financials.

On the sell side, the largest reduction was MASONITE INTERNATIONAL CORP, an estimated $29.9M trimmed.

  • Howard Marks's largest Q4 2014 buy was STORE Capital Corporation: 82,148,645 shares worth $1.78B.
  • Howard Marks added most to Dynegy, Inc. in Q4 2014, an estimated $68.6M increase.
  • Howard Marks's biggest Q4 2014 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $29.9M.
  • Howard Marks fully exited Telefônica Brasil in Q4 2014, selling an estimated $32M.
  • Howard Marks's ten largest holdings make up 49% of its $9.36B portfolio in Q4 2014.
  • Howard Marks opened 12 new positions and closed 8 in Q4 2014.
  • Howard Marks's portfolio value rose 55% quarter-over-quarter to $9.36B.

Based on Oaktree Capital Management's 13F filing for Q4 2014, filed 13 Feb 2015.