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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
+1.88%
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
$6.12B
AUM Growth
-$760M
Cap. Flow
-$2.79B
Cap. Flow %
-45.6%
Top 10 Hldgs %
42.08%
Holding
209
New
20
Increased
16
Reduced
10
Closed
12

Top Buys

Rank Stock Value
1
VST icon
Vistra
VST
+$795M
2
AGN.PRA
Allergan plc
AGN.PRA
+$58.9M
3
AABA
Altaba Inc
AABA
+$57.8M
4
PBR.A icon
Petrobras Class A
PBR.A
+$46.6M
5
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$44.2M

Top Sells

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$989M
2
YHOO
Yahoo Inc
YHOO
+$40.8M
3
MTG icon
MGIC Investment
MTG
+$35.5M
4
VIV icon
Telefônica Brasil
VIV
+$32.6M
5
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$15.4M

Sector Composition

Rank Sector Weight
1 Utilities 14.95%
2 Communication Services 10.7%
3 Financials 10.37%
4 Industrials 6.87%
5 Technology 3.84%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AU icon
26
AngloGold Ashanti
AU
$61.3B
$29.9M 0.49%
3,077,225
+331,125
+12% +$3.78M
BRFS
27
DELISTED
BRF SA
BRFS
$29.3M 0.48%
+2,488,561
New +$31.8M
NEE.PRR
28
DELISTED
NextEra Energy, Inc.
NEE.PRR
$29M 0.47%
+536,900
New +$28.4M
ABEV icon
29
Ambev
ABEV
$44.4B
$28.5M 0.47%
5,195,776
+38,476
+0.7% +$219K
AMT.PRB
30
DELISTED
American Tower Corporation
AMT.PRB
$26M 0.43%
+214,761
New +$25.3M
AMX icon
31
America Movil
AMX
$71.3B
$25.7M 0.42%
1,612,339
-889,550
-36% -$13.8M
CEO
32
DELISTED
CNOOC Limited
CEO
$23.2M 0.38%
212,425
+1,465
+0.7% +$168K
BATRK icon
33
Atlanta Braves Holdings Series B
BATRK
$3.33B
$23.2M 0.38%
968,078
– –
GGB icon
34
Gerdau
GGB
$8.5B
$22.2M 0.36%
9,162,528
+1,276,146
+16% +$3.02M
AZUL
35
DELISTED
Azul
AZUL
$20.8M 0.34%
+985,641
New +$22M
DCUD
36
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$20.3M 0.33%
+404,000
New +$20.5M
VSH icon
37
Vishay Intertechnology
VSH
$4.85B
$19M 0.31%
1,145,367
– –
CIVI
38
DELISTED
Civitas Resources
CIVI
$16.7M 0.27%
+525,900
New +$28.8M
CIT
39
DELISTED
CIT Group Inc.
CIT
$16.6M 0.27%
+340,600
New +$15.7M
TSQ icon
40
Townsquare Media
TSQ
$108M
$16.3M 0.27%
1,595,224
– –
MX icon
41
Magnachip Semiconductor
MX
$121M
$15.8M 0.26%
1,615,000
+359,725
+29% +$3.22M
SWP
42
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
$15.7M 0.26%
+143,100
New +$15.2M
LVNTA
43
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$15.7M 0.26%
300,000
-294,270
-50% -$15.4M
MPACU
44
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
$15M 0.25%
1,500,000
– –
MTG icon
45
MGIC Investment
MTG
$6.34B
$14.2M 0.23%
1,265,000
-3,302,000
-72% -$35.5M
VRS
46
DELISTED
Verso Corporation
VRS
$13.7M 0.22%
2,921,971
-93,709
-3% -$445K
STON
47
DELISTED
StoneMor Inc.
STON
$11.8M 0.19%
1,250,000
– –
VALE icon
48
Vale
VALE
$62.1B
$11.7M 0.19%
1,337,000
+90,000
+7% +$765K
BXE
49
DELISTED
Bellatrix Exploration Ltd.
BXE
$10.7M 0.17%
3,750,000
– –
UPL
50
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$8.93M 0.15%
+823,044
New +$9.29M
1
2
3 4

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Howard Marks's Q2 2017 Portfolio in Review

As of Q2 2017, Howard Marks held 209 positions worth $6.12B, down 11% from $6.88B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $2.79B in Q2 2017, closing 12 positions and reducing 10 holdings. Its most notable exit was AdvancePierre Foods Holdings, an estimated $989M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 15% of assets, up from 0.96% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Vistra worth $845M.

  • Howard Marks's largest Q2 2017 buy was Vistra: 50,320,153 shares worth $845M.
  • Howard Marks added most to Vale S A in Q2 2017, an estimated $30.7M increase.
  • Howard Marks's biggest Q2 2017 reduction was MGIC Investment, cutting an estimated $35.5M.
  • Howard Marks fully exited AdvancePierre Foods Holdings in Q2 2017, selling an estimated $989M.
  • Howard Marks's ten largest holdings make up 42% of its $6.12B portfolio in Q2 2017.
  • Howard Marks opened 20 new positions and closed 12 in Q2 2017.
  • Howard Marks's portfolio value fell 11% quarter-over-quarter to $6.12B.

Based on Oaktree Capital Management's 13F filing for Q2 2017, filed 14 Aug 2017.