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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
-4.66%
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
$8.63B
AUM Growth
-$850M
Cap. Flow
-$3.17B
Cap. Flow %
-36.67%
Top 10 Hldgs %
44.32%
Holding
180
New
8
Increased
17
Reduced
18
Closed
9

Top Buys

Rank Stock Value
1
GNRT
Gener8 Maritime, Inc.
GNRT
+$176M
2
SBLK icon
Star Bulk Carriers
SBLK
+$106M
3
VIV icon
Telefônica Brasil
VIV
+$30.6M
4
NBIS
Nebius Group N.V.
NBIS
+$29.1M
5
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$23.8M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$258M
2
STOR
STORE Capital Corporation
STOR
+$210M
3
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$66.3M
4
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$55.3M
5
TTM
Tata Motors Limited
TTM
+$38.4M

Sector Composition

Rank Sector Weight
1 Real Estate 17.3%
2 Communication Services 12.07%
3 Financials 8.49%
4 Industrials 7.98%
5 Utilities 3.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NMIH icon
26
NMI Holdings
NMIH
$3.4B
$43M 0.5%
5,364,208
+1,647,434
+44% +$13M
BANC icon
27
Banc of California
BANC
$2.95B
$39.3M 0.46%
2,859,702
-429,245
-13% -$5.62M
JD icon
28
JD.com
JD
$39.7B
$38.7M 0.45%
1,134,102
-305,400
-21% -$10.4M
CCI.PRA
29
DELISTED
Crown Castle International Corp.
CCI.PRA
$37.9M 0.44%
368,145
– –
MBT
30
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$36.2M 0.42%
3,705,457
+586,500
+19% +$6.42M
LVNTA
31
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$34.4M 0.4%
875,000
+566,804
+184% +$23.8M
AMX icon
32
America Movil
AMX
$71.3B
$31.3M 0.36%
1,470,686
+29,000
+2% +$611K
RKT
33
DELISTED
ROCK-TENN COMPANY CL-A
RKT
$29.7M 0.34%
493,022
– –
VIV icon
34
Telefônica Brasil
VIV
$18.3B
$28.6M 0.33%
+2,055,825
New +$30.6M
CIG icon
35
CEMIG Preferred Shares
CIG
$5.49B
$26.4M 0.31%
13,595,010
+28,054
+0.2% +$66.5K
VSH icon
36
Vishay Intertechnology
VSH
$4.85B
$25.4M 0.29%
2,175,000
– –
NBIS
37
Nebius Group N.V.
NBIS
$59.6B
$25.2M 0.29%
1,657,000
+1,591,500
+2,430% +$29.1M
CCS icon
38
Century Communities
CCS
$1.98B
$24.7M 0.29%
1,226,931
– –
APO icon
39
Apollo Global Management
APO
$78.4B
$22.1M 0.26%
1,000,000
– –
TSQ icon
40
Townsquare Media
TSQ
$108M
$21.7M 0.25%
1,595,224
– –
AU icon
41
AngloGold Ashanti
AU
$61.3B
$19M 0.22%
2,125,297
+46,000
+2% +$467K
BSAC icon
42
Banco Santander Chile
BSAC
$16.6B
$17.9M 0.21%
882,768
+472,693
+115% +$10.1M
NRG icon
43
NRG Energy
NRG
$23.8B
$16.3M 0.19%
713,000
– –
MCF
44
DELISTED
Contango Oil & Gas Co.
MCF
$15.8M 0.18%
1,287,732
– –
GTY
45
Getty Realty Corp
GTY
$2.05B
$13M 0.15%
803,206
-100,673
-11% -$1.72M
YPF icon
46
YPF Sociedad Anonima ADS
YPF
$20.1B
$12.8M 0.15%
+465,365
New +$13.6M
WFC.PRL icon
47
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$10.6M 0.12%
9,058
-600
-6% -$725K
TEO icon
48
Telecom Argentina
TEO
$5.66B
$9.35M 0.11%
519,851
– –
VEON icon
49
VEON
VEON
$4.09B
$8.34M 0.1%
67,156
– –
BAC.PRL icon
50
Bank of America Series L
BAC.PRL
$3.95B
$5.56M 0.06%
5,000
– –
1
2
3 4

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Howard Marks's Q2 2015 Portfolio in Review

As of Q2 2015, Howard Marks held 180 positions worth $8.63B, down 9% from $9.48B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $3.17B in Q2 2015, closing 9 positions and reducing 18 holdings. Its most notable exit was ACTAVIS PLC Pfd Conv Ser A (Irl), an estimated $66.3M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 17% of assets, down from 21% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Gener8 Maritime, Inc. worth $178M.

  • Howard Marks's largest Q2 2015 buy was Gener8 Maritime, Inc.: 13,052,534 shares worth $178M.
  • Howard Marks added most to Star Bulk Carriers in Q2 2015, an estimated $106M increase.
  • Howard Marks's biggest Q2 2015 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $258M.
  • Howard Marks fully exited ACTAVIS PLC Pfd Conv Ser A (Irl) in Q2 2015, selling an estimated $66.3M.
  • Howard Marks's ten largest holdings make up 44% of its $8.63B portfolio in Q2 2015.
  • Howard Marks opened 8 new positions and closed 9 in Q2 2015.
  • Howard Marks's portfolio value fell 9% quarter-over-quarter to $8.63B.

Based on Oaktree Capital Management's 13F filing for Q2 2015, filed 13 Aug 2015.