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HM

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
+1.95%
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
$5.57B
AUM Growth
-$2.01B
Cap. Flow
-$4.65B
Cap. Flow %
-83.53%
Top 10 Hldgs %
28.46%
Holding
199
New
10
Increased
9
Reduced
7
Closed
7

Top Buys

Rank Stock Value
1
LNCE
Snyders-Lance, Inc.
LNCE
+$39.2M
2
ANTX
Anthem, Inc.
ANTX
+$34.4M
3
KMI.PRA
Kinder Morgan, Inc.
KMI.PRA
+$33.4M
4
WPXP
WPX Energy, Inc.
WPXP
+$21.3M
5
ALLY icon
Ally Financial
ALLY
+$17.2M

Top Sells

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$1.63B
2
DMND
DIAMOND FOODS, INC.
DMND
+$170M
3
AIQ
Alliance Healthcare Services
AIQ
+$74.2M
4
ALR.PRB
Alere Inc
ALR.PRB
+$47.3M
5
AGN.PRA
Allergan plc
AGN.PRA
+$30.6M

Sector Composition

Rank Sector Weight
1 Financials 11.45%
2 Communication Services 11.43%
3 Industrials 3.34%
4 Technology 2.89%
5 Utilities 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WPXP
26
DELISTED
WPX Energy, Inc.
WPXP
$28M 0.5%
+761,900
New +$21.3M
CCS icon
27
Century Communities
CCS
$1.98B
$25.1M 0.45%
1,469,003
+115,000
+8% +$1.75M
VALE.P
28
DELISTED
Vale S A
VALE.P
$23.1M 0.42%
9,071,485
– –
VIV icon
29
Telefônica Brasil
VIV
$18.3B
$18.3M 0.33%
2,024,726
– –
TSQ icon
30
Townsquare Media
TSQ
$108M
$17.9M 0.32%
1,595,224
– –
QQQ icon
31
PUT
Invesco QQQ Trust
QQQ
$486B
$16.9M 0.3%
+155,000
New +$16.1M
IWM icon
32
PUT
iShares Russell 2000 ETF
IWM
$81.9B
$16.6M 0.3%
+150,000
New +$15.5M
YHOO
33
DELISTED
Yahoo Inc
YHOO
$15.6M 0.28%
+423,626
New +$13.3M
BSAC icon
34
Banco Santander Chile
BSAC
$16.6B
$15.3M 0.28%
870,082
– –
VSH icon
35
Vishay Intertechnology
VSH
$4.85B
$15.3M 0.27%
1,250,000
-260,000
-17% -$2.99M
MCF
36
DELISTED
Contango Oil & Gas Co.
MCF
$15.2M 0.27%
1,292,279
+4,547
+0.4% +$31.5K
BX icon
37
Blackstone
BX
$108B
$14.7M 0.26%
525,000
– –
AU icon
38
AngloGold Ashanti
AU
$61.3B
$14.7M 0.26%
2,073,759
– –
YPF icon
39
YPF Sociedad Anonima ADS
YPF
$20.1B
$12.4M 0.22%
786,136
– –
CLR
40
PUT
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$12.1M 0.22%
+400,000
New +$9.04M
FIG
41
DELISTED
Fortress Investment Group Llc
FIG
$11.6M 0.21%
2,425,000
– –
WRK
42
DELISTED
WestRock Company
WRK
$10.7M 0.19%
305,072
– –
GGB icon
43
Gerdau
GGB
$8.5B
$10.6M 0.19%
11,090,400
– –
TEO icon
44
Telecom Argentina
TEO
$5.66B
$9.3M 0.17%
519,851
– –
NC icon
45
NACCO Industries
NC
$309M
$8.87M 0.16%
+676,247
New +$7.5M
VEON icon
46
VEON
VEON
$4.09B
$7.15M 0.13%
67,156
– –
APO icon
47
Apollo Global Management
APO
$78.4B
$6.06M 0.11%
353,842
– –
EGLE
48
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$5.66M 0.1%
112,195
– –
BANC icon
49
Banc of California
BANC
$2.95B
$5.01M 0.09%
286,594
-1,012,550
-78% -$15.3M
EPR.PRE icon
50
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$4.8M 0.09%
137,227
+122,570
+836% +$3.95M
1
2
3

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Howard Marks's Q1 2016 Portfolio in Review

As of Q1 2016, Howard Marks held 199 positions worth $5.57B, down 27% from $7.57B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

Howard Marks withdrew a net $4.65B in Q1 2016, closing 7 positions and reducing 7 holdings. Its most notable exit was STORE Capital Corporation, an estimated $1.63B position sold in full.

By sector, the portfolio is most concentrated in Financials at 11% of assets, up from 8.9% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, Howard Marks opened a new position in Snyders-Lance, Inc. worth $38.5M.

  • Howard Marks's largest Q1 2016 buy was Snyders-Lance, Inc.: 1,223,965 shares worth $38.5M.
  • Howard Marks added most to Ally Financial in Q1 2016, an estimated $17.2M increase.
  • Howard Marks's biggest Q1 2016 reduction was Alere Inc, cutting an estimated $47.3M.
  • Howard Marks fully exited STORE Capital Corporation in Q1 2016, selling an estimated $1.63B.
  • Howard Marks's ten largest holdings make up 28% of its $5.57B portfolio in Q1 2016.
  • Howard Marks opened 10 new positions and closed 7 in Q1 2016.
  • Howard Marks's portfolio value fell 27% quarter-over-quarter to $5.57B.

Based on Oaktree Capital Management's 13F filing for Q1 2016, filed 16 May 2016.