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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
+1.32%
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
$7.57B
AUM Growth
-$53.3M
Cap. Flow
-$2.86B
Cap. Flow %
-37.75%
Top 10 Hldgs %
42.02%
Holding
201
New
9
Increased
10
Reduced
19
Closed
9

Top Buys

Rank Stock Value
1
BANR icon
Banner Corp
BANR
+$128M
2
TSM icon
TSMC
TSM
+$43.1M
3
AGN.PRA
Allergan plc
AGN.PRA
+$22M
4
GGB icon
Gerdau
GGB
+$12.8M
5
FIG
Fortress Investment Group Llc
FIG
+$9.95M

Top Sells

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$46.9M
2
TV icon
Televisa
TV
+$37.7M
3
INDA icon
iShares MSCI India ETF
INDA
+$16M
4
NRG icon
NRG Energy
NRG
+$10.6M
5
BANC icon
Banc of California
BANC
+$9.73M

Sector Composition

Rank Sector Weight
1 Real Estate 21.86%
2 Financials 8.9%
3 Communication Services 7.61%
4 Industrials 3.33%
5 Technology 2.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBN icon
26
ICICI Bank
IBN
$107B
$32.5M 0.43%
4,559,364
-402,348
-8% -$3.03M
PBR.A icon
27
Petrobras Class A
PBR.A
$111B
$31.5M 0.42%
9,258,683
+997,983
+12% +$3.97M
CCS icon
28
Century Communities
CCS
$1.98B
$24M 0.32%
1,354,003
+127,072
+10% +$2.4M
VALE.P
29
DELISTED
Vale S A
VALE.P
$23.1M 0.31%
9,071,485
-1,148,444
-11% -$3.72M
TSQ icon
30
Townsquare Media
TSQ
$108M
$19.1M 0.25%
1,595,224
– –
BANC icon
31
Banc of California
BANC
$2.95B
$19M 0.25%
1,299,144
-705,060
-35% -$9.73M
VIV icon
32
Telefônica Brasil
VIV
$18.3B
$18.3M 0.24%
2,024,726
-160,612
-7% -$1.59M
VSH icon
33
Vishay Intertechnology
VSH
$4.85B
$18.2M 0.24%
1,510,000
-665,000
-31% -$7.51M
BX icon
34
Blackstone
BX
$108B
$15.4M 0.2%
525,000
-9,975
-2% -$318K
BSAC icon
35
Banco Santander Chile
BSAC
$16.6B
$15.3M 0.2%
870,082
-71,222
-8% -$1.33M
AU icon
36
AngloGold Ashanti
AU
$61.3B
$14.7M 0.19%
2,073,759
-174,972
-8% -$1.33M
WRK
37
DELISTED
WestRock Company
WRK
$12.5M 0.17%
305,072
– –
YPF icon
38
YPF Sociedad Anonima ADS
YPF
$20.1B
$12.4M 0.16%
786,136
-71,964
-8% -$1.32M
FIG
39
DELISTED
Fortress Investment Group Llc
FIG
$12.3M 0.16%
2,425,000
+1,799,386
+288% +$9.95M
GGB icon
40
Gerdau
GGB
$8.5B
$10.6M 0.14%
+11,090,400
New +$12.8M
WFC.PRL icon
41
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$8.81M 0.12%
7,602
-1,456
-16% -$1.71M
TEO icon
42
Telecom Argentina
TEO
$5.66B
$8.35M 0.11%
519,851
– –
MCF
43
DELISTED
Contango Oil & Gas Co.
MCF
$8.26M 0.11%
1,287,732
– –
BAC.PRL icon
44
Bank of America Series L
BAC.PRL
$3.95B
$7.65M 0.1%
7,000
+2,000
+40% +$2.21M
VEON icon
45
VEON
VEON
$4.09B
$5.51M 0.07%
67,156
– –
APO icon
46
Apollo Global Management
APO
$78.4B
$5.37M 0.07%
+353,842
New +$6.05M
CCEC
47
Capital Clean Energy Carriers
CCEC
$1.36B
$4.52M 0.06%
117,033
+29,281
+33% +$1.3M
PARR icon
48
Par Pacific Holdings
PARR
$3.96B
$4.49M 0.06%
190,862
– –
INFY icon
49
Infosys
INFY
$48.4B
$3.67M 0.05%
438,400
-502,000
-53% -$4.35M
ARE.PRD
50
DELISTED
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
$3.13M 0.04%
+113,691
New +$3.11M
1
2
3

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Howard Marks's Q4 2015 Portfolio in Review

As of Q4 2015, Howard Marks held 201 positions worth $7.57B, down 0.7% from $7.63B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $2.86B in Q4 2015, closing 9 positions and reducing 19 holdings. Its most notable exit was Televisa, an estimated $37.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 22% of assets, up from 20% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Howard Marks opened a new position in Banner Corp worth $119M.

  • Howard Marks's largest Q4 2015 buy was Banner Corp: 2,598,988 shares worth $119M.
  • Howard Marks added most to TSMC in Q4 2015, an estimated $43.1M increase.
  • Howard Marks's biggest Q4 2015 reduction was STORE Capital Corporation, cutting an estimated $46.9M.
  • Howard Marks fully exited Televisa in Q4 2015, selling an estimated $37.7M.
  • Howard Marks's ten largest holdings make up 42% of its $7.57B portfolio in Q4 2015.
  • Howard Marks opened 9 new positions and closed 9 in Q4 2015.
  • Howard Marks's portfolio value fell 0.7% quarter-over-quarter to $7.57B.

Based on Oaktree Capital Management's 13F filing for Q4 2015, filed 12 Feb 2016.