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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
-0.11%
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
$9.48B
AUM Growth
+$128M
Cap. Flow
-$2.51B
Cap. Flow %
-26.48%
Top 10 Hldgs %
49.39%
Holding
185
New
10
Increased
21
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$132M
2
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$68.5M
3
BABA icon
Alibaba
BABA
+$31.1M
4
AMX icon
America Movil
AMX
+$30.9M
5
CIG icon
CEMIG Preferred Shares
CIG
+$29.6M

Top Sells

Rank Stock Value
1
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$50.8M
2
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
+$27.1M
3
TSM icon
TSMC
TSM
+$21.8M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.7M
5
TTM
Tata Motors Limited
TTM
+$17.9M

Sector Composition

Rank Sector Weight
1 Real Estate 20.65%
2 Communication Services 14.83%
3 Financials 8.04%
4 Industrials 5.64%
5 Utilities 4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TTM
26
DELISTED
Tata Motors Limited
TTM
$38.4M 0.41%
852,489
-379,172
-31% -$17.9M
VALE.P
27
DELISTED
Vale S A
VALE.P
$37.2M 0.39%
7,672,044
+953,372
+14% +$6.03M
ALR.PRB
28
DELISTED
Alere Inc
ALR.PRB
$36.7M 0.39%
107,733
+7,000
+7% +$2.26M
AMSGP
29
DELISTED
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
$34.6M 0.36%
278,904
-17,000
-6% -$2.03M
RKT
30
DELISTED
ROCK-TENN COMPANY CL-A
RKT
$31.8M 0.34%
493,022
-9,810
-2% -$643K
MBT
31
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$31.5M 0.33%
3,118,957
+3,085,457
+9,210% +$27.9M
VSH icon
32
Vishay Intertechnology
VSH
$4.85B
$30.1M 0.32%
2,175,000
– –
AMX icon
33
America Movil
AMX
$71.3B
$29.5M 0.31%
+1,441,686
New +$30.9M
BABA icon
34
Alibaba
BABA
$286B
$28.7M 0.3%
+345,000
New +$31.1M
MCF
35
DELISTED
Contango Oil & Gas Co.
MCF
$28.3M 0.3%
1,287,732
– –
CIG icon
36
CEMIG Preferred Shares
CIG
$5.49B
$28.3M 0.3%
+13,566,956
New +$29.6M
NMIH icon
37
NMI Holdings
NMIH
$3.4B
$27.8M 0.29%
3,716,774
+1,027,694
+38% +$8.04M
IRDMB
38
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
$27.6M 0.29%
77,500
– –
BIDU icon
39
Baidu
BIDU
$31.6B
$26.6M 0.28%
127,837
-10,592
-8% -$2.27M
CCS icon
40
Century Communities
CCS
$1.98B
$23.7M 0.25%
1,226,931
+203,951
+20% +$3.56M
GWRU
41
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
$22.2M 0.23%
183,300
-125,000
-41% -$14.9M
APO icon
42
Apollo Global Management
APO
$78.4B
$21.6M 0.23%
1,000,000
– –
TSQ icon
43
Townsquare Media
TSQ
$108M
$20.5M 0.22%
1,595,224
– –
AU icon
44
AngloGold Ashanti
AU
$61.3B
$19.4M 0.2%
2,079,297
+196,553
+10% +$2.1M
NRG icon
45
NRG Energy
NRG
$23.8B
$18M 0.19%
713,000
– –
GTY
46
Getty Realty Corp
GTY
$2.05B
$16.2M 0.17%
903,879
-443,406
-33% -$8.01M
LVNTA
47
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$12.9M 0.14%
+308,196
New +$12M
TEO icon
48
Telecom Argentina
TEO
$5.66B
$11.8M 0.12%
519,851
– –
WFC.PRL icon
49
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$11.8M 0.12%
9,658
+1,500
+18% +$1.84M
BSAC icon
50
Banco Santander Chile
BSAC
$16.6B
$8.89M 0.09%
+410,075
New +$8.31M
1
2
3 4

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Howard Marks's Q1 2015 Portfolio in Review

As of Q1 2015, Howard Marks held 185 positions worth $9.48B, up 1.4% from $9.36B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $2.51B in Q1 2015, closing 7 positions and reducing 14 holdings. Its most notable exit was PULSE ELECTRONICS CORP COM STK (PA)NEW, an estimated $27.1M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 21% of assets, up from 19% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in ACTAVIS PLC Pfd Conv Ser A (Irl) worth $66.3M.

  • Howard Marks's largest Q1 2015 buy was ACTAVIS PLC Pfd Conv Ser A (Irl): 65,500 shares worth $66.3M.
  • Howard Marks added most to Star Bulk Carriers in Q1 2015, an estimated $132M increase.
  • Howard Marks's biggest Q1 2015 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $50.8M.
  • Howard Marks fully exited PULSE ELECTRONICS CORP COM STK (PA)NEW in Q1 2015, selling an estimated $27.1M.
  • Howard Marks's ten largest holdings make up 49% of its $9.48B portfolio in Q1 2015.
  • Howard Marks opened 10 new positions and closed 7 in Q1 2015.
  • Howard Marks's portfolio value rose 1.4% quarter-over-quarter to $9.48B.

Based on Oaktree Capital Management's 13F filing for Q1 2015, filed 12 May 2015.