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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
-7.99%
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
$7.63B
AUM Growth
-$1.01B
Cap. Flow
-$3.3B
Cap. Flow %
-43.29%
Top 10 Hldgs %
43.2%
Holding
188
New
8
Increased
16
Reduced
11
Closed
14

Top Buys

Rank Stock Value
1
AGN.PRA
Allergan plc
AGN.PRA
+$75.1M
2
PBR.A icon
Petrobras Class A
PBR.A
+$43.1M
3
BX icon
Blackstone
BX
+$19.3M
4
INDA icon
iShares MSCI India ETF
INDA
+$17.7M
5
WRK
WestRock Company
WRK
+$16.3M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$74.2M
2
PBR icon
Petrobras
PBR
+$68.4M
3
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$58.1M
4
TSM icon
TSMC
TSM
+$41.9M
5
AMX icon
America Movil
AMX
+$31.3M

Sector Composition

Rank Sector Weight
1 Real Estate 19.94%
2 Communication Services 8.27%
3 Financials 7.76%
4 Industrials 6.24%
5 Utilities 2.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VALE.P
26
DELISTED
Vale S A
VALE.P
$34.2M 0.45%
10,219,929
+664,185
+7% +$2.75M
XCO
27
DELISTED
Exco Resources
XCO
$33.9M 0.44%
3,011,579
– –
PBR.A icon
28
Petrobras Class A
PBR.A
$111B
$30.4M 0.4%
8,260,700
+7,975,900
+2,801% +$43.1M
BANC icon
29
Banc of California
BANC
$2.95B
$24.6M 0.32%
2,004,204
-855,498
-30% -$10.9M
CCS icon
30
Century Communities
CCS
$1.98B
$24.4M 0.32%
1,226,931
– –
VSH icon
31
Vishay Intertechnology
VSH
$4.85B
$21.1M 0.28%
2,175,000
– –
VIV icon
32
Telefônica Brasil
VIV
$18.3B
$20M 0.26%
2,185,338
+129,513
+6% +$1.52M
AU icon
33
AngloGold Ashanti
AU
$61.3B
$18.4M 0.24%
2,248,731
+123,434
+6% +$914K
IWM icon
34
PUT
iShares Russell 2000 ETF
IWM
$81.9B
$17.7M 0.23%
+162,500
New +$19.3M
INDA icon
35
iShares MSCI India ETF
INDA
$6.61B
$17.2M 0.23%
+601,246
New +$17.7M
BSAC icon
36
Banco Santander Chile
BSAC
$16.6B
$17.2M 0.22%
941,304
+58,536
+7% +$1.14M
BX icon
37
Blackstone
BX
$108B
$16.6M 0.22%
+534,975
New +$19.3M
TSQ icon
38
Townsquare Media
TSQ
$108M
$15.6M 0.2%
1,595,224
– –
WRK
39
DELISTED
WestRock Company
WRK
$14.1M 0.19%
+305,072
New +$16.3M
YPF icon
40
YPF Sociedad Anonima ADS
YPF
$20.1B
$13.1M 0.17%
858,100
+392,735
+84% +$8.79M
WFC.PRL icon
41
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$10.6M 0.14%
9,058
– –
NRG icon
42
NRG Energy
NRG
$23.8B
$10.6M 0.14%
713,000
– –
MCF
43
DELISTED
Contango Oil & Gas Co.
MCF
$9.79M 0.13%
1,287,732
– –
INFY icon
44
Infosys
INFY
$48.4B
$8.98M 0.12%
+940,400
New +$8.04M
TEO icon
45
Telecom Argentina
TEO
$5.66B
$7.57M 0.1%
519,851
– –
VEON icon
46
VEON
VEON
$4.09B
$6.91M 0.09%
67,156
– –
BAC.PRL icon
47
Bank of America Series L
BAC.PRL
$3.95B
$5.47M 0.07%
5,000
– –
XIV
48
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
$4.87M 0.06%
+200,000
New +$7.43M
PARR icon
49
Par Pacific Holdings
PARR
$3.96B
$3.98M 0.05%
190,862
– –
CCEC
50
Capital Clean Energy Carriers
CCEC
$1.36B
$3.78M 0.05%
87,752
+60,714
+225% +$3.08M
1
2
3 4

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Howard Marks's Q3 2015 Portfolio in Review

As of Q3 2015, Howard Marks held 188 positions worth $7.63B, down 12% from $8.63B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $3.3B in Q3 2015, closing 14 positions and reducing 11 holdings. Its most notable exit was Allergan plc, an estimated $74.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 20% of assets, up from 17% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Allergan plc worth $67.9M.

  • Howard Marks's largest Q3 2015 buy was Allergan plc: 72,000 shares worth $67.9M.
  • Howard Marks added most to Petrobras Class A in Q3 2015, an estimated $43.1M increase.
  • Howard Marks's biggest Q3 2015 reduction was TSMC, cutting an estimated $41.9M.
  • Howard Marks fully exited Allergan plc in Q3 2015, selling an estimated $74.2M.
  • Howard Marks's ten largest holdings make up 43% of its $7.63B portfolio in Q3 2015.
  • Howard Marks opened 8 new positions and closed 14 in Q3 2015.
  • Howard Marks's portfolio value fell 12% quarter-over-quarter to $7.63B.

Based on Oaktree Capital Management's 13F filing for Q3 2015, filed 13 Nov 2015.