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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
+6.17%
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
$7.71B
AUM Growth
+$2.15B
Cap. Flow
-$1.62B
Cap. Flow %
-21.07%
Top 10 Hldgs %
43.36%
Holding
202
New
13
Increased
8
Reduced
14
Closed
15

Top Buys

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$1.09B
2
BABA icon
Alibaba
BABA
+$51.9M
3
SBLK icon
Star Bulk Carriers
SBLK
+$26.2M
4
VRS
Verso Corporation
VRS
+$26.2M
5
FMX icon
Fomento Económico Mexicano
FMX
+$23.1M

Top Sells

Rank Stock Value
1
AGN.PRA
Allergan plc
AGN.PRA
+$73M
2
JD icon
JD.com
JD
+$30.7M
3
BRFS
BRF SA
BRFS
+$27.3M
4
TSM icon
TSMC
TSM
+$27.1M
5
ANTX
Anthem, Inc.
ANTX
+$22.1M

Sector Composition

Rank Sector Weight
1 Consumer Staples 16.06%
2 Financials 9.94%
3 Communication Services 8.79%
4 Industrials 2.69%
5 Technology 1.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AU icon
26
AngloGold Ashanti
AU
$61.3B
$24.2M 0.31%
1,523,352
-279,707
-16% -$5.31M
FMX icon
27
Fomento Económico Mexicano
FMX
$41.1B
$23M 0.3%
+250,143
New +$23.1M
ABEV icon
28
Ambev
ABEV
$44.4B
$22.7M 0.29%
3,727,958
-910,242
-20% -$5.44M
GGB icon
29
Gerdau
GGB
$8.5B
$21.4M 0.28%
9,896,497
-2,075,679
-17% -$4.16M
CEO
30
DELISTED
CNOOC Limited
CEO
$21.2M 0.27%
167,337
+52,137
+45% +$6.4M
KMI icon
31
Kinder Morgan
KMI
$69B
$21M 0.27%
+908,699
New +$19.3M
CLR
32
PUT
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$20.8M 0.27%
400,000
– –
WPXP
33
DELISTED
WPX Energy, Inc.
WPXP
$20.3M 0.26%
330,700
– –
VRS
34
DELISTED
Verso Corporation
VRS
$20M 0.26%
+3,103,397
New +$26.2M
VSH icon
35
Vishay Intertechnology
VSH
$4.85B
$17.6M 0.23%
1,250,000
– –
HYG icon
36
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
$17.4M 0.23%
201,500
+84,000
+71% +$7.23M
VEON icon
37
VEON
VEON
$4.09B
$17M 0.22%
195,811
+128,655
+192% +$12.9M
BATRK icon
38
Atlanta Braves Holdings Series B
BATRK
$3.33B
$16.8M 0.22%
968,078
– –
TSQ icon
39
Townsquare Media
TSQ
$108M
$14.9M 0.19%
1,595,224
– –
SORL
40
PUT
DELISTED
SORL Auto Parts, Inc.
SORL
$13.6M 0.18%
+63,000
New +$155K
MCF
41
DELISTED
Contango Oil & Gas Co.
MCF
$13.3M 0.17%
1,296,813
– –
NC icon
42
NACCO Industries
NC
$309M
$11.2M 0.15%
720,017
– –
BXE
43
DELISTED
Bellatrix Exploration Ltd.
BXE
$9.97M 0.13%
+2,320,000
New +$10.2M
X
44
PUT
DELISTED
US Steel
X
$7.41M 0.1%
+393,000
New +$8.11M
VALE icon
45
Vale
VALE
$62.1B
$6.86M 0.09%
1,247,000
+700,000
+128% +$3.84M
KMI.PRA
46
DELISTED
Kinder Morgan, Inc.
KMI.PRA
$6.52M 0.08%
130,128
-179,156
-58% -$8.87M
APO icon
47
Apollo Global Management
APO
$78.4B
$6.36M 0.08%
353,842
– –
ETP
48
DELISTED
Energy Transfer Partners, L.P.
ETP
$6.17M 0.08%
+217,000
New +$6.31M
EGLE
49
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$5.55M 0.07%
112,195
– –
AGN.PRA
50
DELISTED
Allergan plc
AGN.PRA
$5.06M 0.07%
6,183
-84,500
-93% -$73M
1
2
3

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Howard Marks's Q3 2016 Portfolio in Review

As of Q3 2016, Howard Marks held 202 positions worth $7.71B, up 39% from $5.56B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $1.62B in Q3 2016, closing 15 positions and reducing 14 holdings. Its most notable exit was JD.com, an estimated $30.7M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 16% of assets, up from 0.92% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Howard Marks opened a new position in AdvancePierre Foods Holdings worth $1.19B.

  • Howard Marks's largest Q3 2016 buy was AdvancePierre Foods Holdings: 43,268,538 shares worth $1.19B.
  • Howard Marks added most to Star Bulk Carriers in Q3 2016, an estimated $26.2M increase.
  • Howard Marks's biggest Q3 2016 reduction was Allergan plc, cutting an estimated $73M.
  • Howard Marks fully exited JD.com in Q3 2016, selling an estimated $30.7M.
  • Howard Marks's ten largest holdings make up 43% of its $7.71B portfolio in Q3 2016.
  • Howard Marks opened 13 new positions and closed 15 in Q3 2016.
  • Howard Marks's portfolio value rose 39% quarter-over-quarter to $7.71B.

Based on Oaktree Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.