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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
+2.17%
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
$6.74B
AUM Growth
-$968M
Cap. Flow
-$3.9B
Cap. Flow %
-57.86%
Top 10 Hldgs %
41.78%
Holding
204
New
11
Increased
11
Reduced
17
Closed
10

Top Buys

Rank Stock Value
1
AMX icon
America Movil
AMX
+$29.2M
2
STON
StoneMor Inc.
STON
+$17.6M
3
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
+$16.8M
4
TSM icon
TSMC
TSM
+$10.5M
5
BANC icon
Banc of California
BANC
+$8.72M

Top Sells

Rank Stock Value
1
BANR icon
Banner Corp
BANR
+$108M
2
FBP icon
First Bancorp
FBP
+$60.9M
3
AMT.PRB
American Tower Corporation
AMT.PRB
+$34.2M
4
MTG icon
MGIC Investment
MTG
+$29.2M
5
KMI icon
Kinder Morgan
KMI
+$21M

Sector Composition

Rank Sector Weight
1 Consumer Staples 19.57%
2 Communication Services 10.11%
3 Financials 9.9%
4 Industrials 3.18%
5 Technology 2.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ABEV icon
26
Ambev
ABEV
$44.4B
$22.3M 0.33%
4,543,763
+815,805
+22% +$4.4M
VRS
27
DELISTED
Verso Corporation
VRS
$22M 0.33%
3,103,397
– –
LVNTA
28
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$21.9M 0.33%
594,270
-396,180
-40% -$15.6M
CLR
29
PUT
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$20.6M 0.31%
400,000
– –
VSH icon
30
Vishay Intertechnology
VSH
$4.85B
$20.3M 0.3%
1,250,000
– –
BATRK icon
31
Atlanta Braves Holdings Series B
BATRK
$3.33B
$19.9M 0.3%
968,078
– –
GGB icon
32
Gerdau
GGB
$8.5B
$18.9M 0.28%
7,603,834
-2,292,663
-23% -$6.25M
BXE
33
DELISTED
Bellatrix Exploration Ltd.
BXE
$17.9M 0.27%
3,750,000
+1,430,000
+62% +$6.25M
VEON icon
34
VEON
VEON
$4.09B
$17.9M 0.27%
185,713
-10,098
-5% -$873K
TSL
35
DELISTED
Trina Solar Limited
TSL
$16.8M 0.25%
1,808,320
-642,525
-26% -$6.44M
TSQ icon
36
Townsquare Media
TSQ
$108M
$16.6M 0.25%
1,595,224
– –
LEXEA
37
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$15.7M 0.23%
+396,180
New +$16.8M
MCF
38
DELISTED
Contango Oil & Gas Co.
MCF
$12.1M 0.18%
1,296,813
– –
STON
39
DELISTED
StoneMor Inc.
STON
$11.1M 0.17%
+1,250,000
New +$17.6M
BANC icon
40
Banc of California
BANC
$2.95B
$9.86M 0.15%
+568,000
New +$8.72M
VALE icon
41
Vale
VALE
$62.1B
$9.5M 0.14%
1,247,000
– –
NC icon
42
NACCO Industries
NC
$309M
$8.87M 0.13%
428,946
-291,071
-40% -$5.55M
FMX icon
43
Fomento Económico Mexicano
FMX
$41.1B
$8.38M 0.12%
110,056
-140,087
-56% -$12M
NSM
44
DELISTED
Nationstar Mortgage Holdings
NSM
$7.53M 0.11%
+416,931
New +$6.87M
ETP
45
DELISTED
Energy Transfer Partners, L.P.
ETP
$6.41M 0.1%
267,000
+50,000
+23% +$1.26M
WPXP
46
DELISTED
WPX Energy, Inc.
WPXP
$5.63M 0.08%
85,700
-245,000
-74% -$14.9M
X
47
PUT
DELISTED
US Steel
X
$4.62M 0.07%
140,000
-253,000
-64% -$6.76M
EGLE
48
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$4.59M 0.07%
112,195
– –
XOG
49
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$4.06M 0.06%
+202,787
New +$4.31M
SD icon
50
SandRidge Energy
SD
$532M
$3.18M 0.05%
+135,000
New +$3.17M
1
2
3

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Howard Marks's Q4 2016 Portfolio in Review

As of Q4 2016, Howard Marks held 204 positions worth $6.74B, down 13% from $7.71B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $3.9B in Q4 2016, closing 10 positions and reducing 17 holdings. Its most notable exit was Banner Corp, an estimated $108M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 20% of assets, up from 16% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in America Movil worth $30.3M.

  • Howard Marks's largest Q4 2016 buy was America Movil: 2,412,671 shares worth $30.3M.
  • Howard Marks added most to TSMC in Q4 2016, an estimated $10.5M increase.
  • Howard Marks's biggest Q4 2016 reduction was First Bancorp, cutting an estimated $60.9M.
  • Howard Marks fully exited Banner Corp in Q4 2016, selling an estimated $108M.
  • Howard Marks's ten largest holdings make up 42% of its $6.74B portfolio in Q4 2016.
  • Howard Marks opened 11 new positions and closed 10 in Q4 2016.
  • Howard Marks's portfolio value fell 13% quarter-over-quarter to $6.74B.

Based on Oaktree Capital Management's 13F filing for Q4 2016, filed 13 Feb 2017.