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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
+11.24%
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
$6.88B
AUM Growth
+$134M
Cap. Flow
-$2.43B
Cap. Flow %
-35.36%
Top 10 Hldgs %
44.74%
Holding
204
New
14
Increased
18
Reduced
9
Closed
11

Top Buys

Rank Stock Value
1
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
+$116M
2
YHOO
Yahoo Inc
YHOO
+$39.3M
3
ANTX
Anthem, Inc.
ANTX
+$32.3M
4
SBLK icon
Star Bulk Carriers
SBLK
+$30.4M
5
STKL
SunOpta
STKL
+$21.5M

Top Sells

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$333M
2
FBP icon
First Bancorp
FBP
+$73M
3
TPCO
Tribune Publishing Company Common Stock
TPCO
+$65.1M
4
AMT.PRB
American Tower Corporation
AMT.PRB
+$33.5M
5
SWNC
Southwestern Energy Company
SWNC
+$25.1M

Sector Composition

Rank Sector Weight
1 Consumer Staples 15.12%
2 Communication Services 9.66%
3 Financials 8.86%
4 Industrials 6.79%
5 Energy 3.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LVNTA
26
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$26.4M 0.38%
594,270
– –
NSM
27
DELISTED
Nationstar Mortgage Holdings
NSM
$25.4M 0.37%
1,609,891
+1,192,960
+286% +$21.1M
CEO
28
DELISTED
CNOOC Limited
CEO
$25.3M 0.37%
210,960
+27,644
+15% +$3.38M
BATRK icon
29
Atlanta Braves Holdings Series B
BATRK
$3.33B
$22.9M 0.33%
968,078
– –
GGB icon
30
Gerdau
GGB
$8.5B
$21.6M 0.31%
7,886,382
+282,548
+4% +$877K
STKL
31
DELISTED
SunOpta
STKL
$20.9M 0.3%
+3,000,000
New +$21.5M
TSQ icon
32
Townsquare Media
TSQ
$108M
$19.4M 0.28%
1,595,224
– –
XCO
33
DELISTED
Exco Resources
XCO
$19.1M 0.28%
2,051,579
– –
VSH icon
34
Vishay Intertechnology
VSH
$4.85B
$18.8M 0.27%
1,145,367
-104,633
-8% -$1.71M
VRS
35
DELISTED
Verso Corporation
VRS
$18.1M 0.26%
3,015,680
-87,717
-3% -$633K
WPXP
36
DELISTED
WPX Energy, Inc.
WPXP
$15.4M 0.22%
254,690
+168,990
+197% +$10.2M
MPACU
37
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
$15M 0.22%
+1,500,000
New +$15.1M
BXE
38
DELISTED
Bellatrix Exploration Ltd.
BXE
$14.8M 0.21%
3,750,000
– –
HYG icon
39
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
$12.3M 0.18%
+140,000
New +$12.2M
MX icon
40
Magnachip Semiconductor
MX
$121M
$12M 0.17%
+1,255,275
New +$9.88M
NTES icon
41
NetEase
NTES
$82.1B
$11.9M 0.17%
+210,400
New +$11.3M
VALE icon
42
Vale
VALE
$62.1B
$11.8M 0.17%
1,247,000
– –
STON
43
DELISTED
StoneMor Inc.
STON
$9.91M 0.14%
1,250,000
– –
MCF
44
DELISTED
Contango Oil & Gas Co.
MCF
$9.49M 0.14%
1,296,813
– –
VEON icon
45
VEON
VEON
$4.09B
$6.85M 0.1%
67,156
-118,557
-64% -$12.2M
NC icon
46
NACCO Industries
NC
$309M
$6.84M 0.1%
428,946
– –
ETP
47
DELISTED
Energy Transfer Partners, L.P.
ETP
$6.52M 0.09%
267,000
– –
EGLE
48
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$4.47M 0.07%
112,195
– –
BAC.PRL icon
49
Bank of America Series L
BAC.PRL
$3.95B
$4.18M 0.06%
+3,500
New +$4.16M
XOG
50
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$3.76M 0.05%
202,787
– –
1
2
3

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Howard Marks's Q1 2017 Portfolio in Review

As of Q1 2017, Howard Marks held 204 positions worth $6.88B, up 2% from $6.74B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Howard Marks withdrew a net $2.43B in Q1 2017, closing 11 positions and reducing 9 holdings. Its most notable exit was Tribune Publishing Company Common Stock, an estimated $65.1M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 15% of assets, down from 20% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Energy XXI Gulf Coast, Inc. Common Stock worth $117M.

  • Howard Marks's largest Q1 2017 buy was Energy XXI Gulf Coast, Inc. Common Stock: 3,910,545 shares worth $117M.
  • Howard Marks added most to Star Bulk Carriers in Q1 2017, an estimated $30.4M increase.
  • Howard Marks's biggest Q1 2017 reduction was AdvancePierre Foods Holdings, cutting an estimated $333M.
  • Howard Marks fully exited Tribune Publishing Company Common Stock in Q1 2017, selling an estimated $65.1M.
  • Howard Marks's ten largest holdings make up 45% of its $6.88B portfolio in Q1 2017.
  • Howard Marks opened 14 new positions and closed 11 in Q1 2017.
  • Howard Marks's portfolio value rose 2% quarter-over-quarter to $6.88B.

Based on Oaktree Capital Management's 13F filing for Q1 2017, filed 15 May 2017.