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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
+2.89%
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
$5.56B
AUM Growth
-$5.31M
Cap. Flow
-$2.65B
Cap. Flow %
-47.72%
Top 10 Hldgs %
29.93%
Holding
197
New
9
Increased
12
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
AMT.PRB
American Tower Corporation
AMT.PRB
+$72.1M
2
SWNC
Southwestern Energy Company
SWNC
+$38.8M
3
ABEV icon
Ambev
ABEV
+$24.9M
4
AGN.PRA
Allergan plc
AGN.PRA
+$24M
5
FTRPR
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
+$17.3M

Top Sells

Rank Stock Value
1
LNCE
Snyders-Lance, Inc.
LNCE
+$38.5M
2
PBR.A icon
Petrobras Class A
PBR.A
+$31.5M
3
KMI.PRA
Kinder Morgan, Inc.
KMI.PRA
+$21.4M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.5M
5
WPXP
WPX Energy, Inc.
WPXP
+$19.4M

Sector Composition

Rank Sector Weight
1 Communication Services 12.48%
2 Financials 11.97%
3 Technology 3.05%
4 Industrials 2.89%
5 Utilities 2.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AU icon
26
AngloGold Ashanti
AU
$61.3B
$24.7M 0.44%
1,803,059
-270,700
-13% -$4.12M
ABEV icon
27
Ambev
ABEV
$44.4B
$24M 0.43%
+4,638,200
New +$24.9M
ANTX
28
DELISTED
Anthem, Inc.
ANTX
$22.1M 0.4%
493,335
-269,665
-35% -$12.3M
CLR
29
PUT
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$18.1M 0.33%
400,000
– –
GGB icon
30
Gerdau
GGB
$8.5B
$16.9M 0.3%
11,972,176
+881,776
+8% +$1.3M
BSAC icon
31
Banco Santander Chile
BSAC
$16.6B
$16.8M 0.3%
869,282
-800
-0.1% -$15.1K
FTRPR
32
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
$16.5M 0.3%
+174,324
New +$17.3M
MCF
33
DELISTED
Contango Oil & Gas Co.
MCF
$15.9M 0.29%
1,296,813
+4,534
+0.4% +$55.3K
VSH icon
34
Vishay Intertechnology
VSH
$4.85B
$15.5M 0.28%
1,250,000
– –
WPXP
35
DELISTED
WPX Energy, Inc.
WPXP
$15.3M 0.27%
330,700
-431,200
-57% -$19.4M
KMI.PRA
36
DELISTED
Kinder Morgan, Inc.
KMI.PRA
$15.1M 0.27%
309,284
-468,816
-60% -$21.4M
CCI.PRA
37
DELISTED
Crown Castle International Corp.
CCI.PRA
$14.2M 0.26%
117,700
-186,685
-61% -$20.5M
BATRK icon
38
Atlanta Braves Holdings Series B
BATRK
$3.33B
$14.2M 0.26%
+968,078
New +$14.4M
CEO
39
DELISTED
CNOOC Limited
CEO
$13.5M 0.24%
115,200
+101,000
+711% +$12.2M
BX icon
40
Blackstone
BX
$108B
$12.9M 0.23%
525,000
– –
TSQ icon
41
Townsquare Media
TSQ
$108M
$12.6M 0.23%
1,595,224
– –
WRK
42
DELISTED
WestRock Company
WRK
$10.7M 0.19%
274,864
-30,208
-10% -$1.13M
TEO icon
43
Telecom Argentina
TEO
$5.66B
$10.2M 0.18%
558,151
+38,300
+7% +$704K
HYG icon
44
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
$9.86M 0.18%
+117,500
New +$9.76M
NC icon
45
NACCO Industries
NC
$309M
$9.21M 0.17%
720,017
+43,770
+6% +$564K
NGVT icon
46
Ingevity
NGVT
$2.42B
$8.91M 0.16%
+261,810
New +$8.18M
EGLE
47
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$6.89M 0.12%
112,195
– –
VEON icon
48
VEON
VEON
$4.09B
$6.51M 0.12%
67,156
– –
AEUA
49
DELISTED
Anadarko Petroleum Corporation
AEUA
$6M 0.11%
+163,500
New +$6.08M
APO icon
50
Apollo Global Management
APO
$78.4B
$5.36M 0.1%
353,842
– –
1
2
3

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Howard Marks's Q2 2016 Portfolio in Review

As of Q2 2016, Howard Marks held 197 positions worth $5.56B, down 0.1% from $5.57B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Howard Marks withdrew a net $2.65B in Q2 2016, closing 12 positions and reducing 20 holdings. Its most notable exit was Snyders-Lance, Inc., an estimated $38.5M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 12% of assets, up from 11% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in American Tower Corporation worth $76.7M.

  • Howard Marks's largest Q2 2016 buy was American Tower Corporation: 683,239 shares worth $76.7M.
  • Howard Marks added most to Allergan plc in Q2 2016, an estimated $24M increase.
  • Howard Marks's biggest Q2 2016 reduction was Kinder Morgan, Inc., cutting an estimated $21.4M.
  • Howard Marks fully exited Snyders-Lance, Inc. in Q2 2016, selling an estimated $38.5M.
  • Howard Marks's ten largest holdings make up 30% of its $5.56B portfolio in Q2 2016.
  • Howard Marks opened 9 new positions and closed 12 in Q2 2016.
  • Howard Marks's portfolio value fell 0.1% quarter-over-quarter to $5.56B.

Based on Oaktree Capital Management's 13F filing for Q2 2016, filed 12 Aug 2016.