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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
+4.44%
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
$6.7B
AUM Growth
+$582M
Cap. Flow
-$637M
Cap. Flow %
-9.51%
Top 10 Hldgs %
42.76%
Holding
209
New
10
Increased
25
Reduced
11
Closed
6

Top Buys

Rank Stock Value
1
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
+$1.16B
2
AABA
Altaba Inc
AABA
+$126M
3
VALE icon
Vale
VALE
+$77.5M
4
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$32.5M
5
NCMI icon
National CineMedia
NCMI
+$23.4M

Top Sells

Rank Stock Value
1
VALE.P
Vale S A
VALE.P
+$72.9M
2
FBP icon
First Bancorp
FBP
+$56.8M
3
AGN.PRA
Allergan plc
AGN.PRA
+$37.4M
4
AMX icon
America Movil
AMX
+$25.7M
5
CX icon
Cemex
CX
+$17.7M

Sector Composition

Rank Sector Weight
1 Utilities 15.26%
2 Communication Services 9.82%
3 Financials 9.21%
4 Technology 6.18%
5 Industrials 6.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NEE.PRR
26
DELISTED
NextEra Energy, Inc.
NEE.PRR
$32.1M 0.48%
580,525
+43,625
+8% +$2.41M
CCI.PRA
27
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$32M 0.48%
+30,000
New +$32.5M
AZUL
28
DELISTED
Azul
AZUL
$31.7M 0.47%
1,154,741
+169,100
+17% +$4.33M
ANTX
29
DELISTED
Anthem, Inc.
ANTX
$31.2M 0.47%
596,530
-13,570
-2% -$707K
AU icon
30
AngloGold Ashanti
AU
$61.3B
$30.1M 0.45%
3,237,041
+159,816
+5% +$1.55M
CEO
31
DELISTED
CNOOC Limited
CEO
$28.9M 0.43%
223,071
+10,646
+5% +$1.23M
SWP
32
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
$27.9M 0.42%
243,100
+100,000
+70% +$11M
MX icon
33
Magnachip Semiconductor
MX
$121M
$26.6M 0.4%
2,340,000
+725,000
+45% +$8.02M
AMT.PRB
34
DELISTED
American Tower Corporation
AMT.PRB
$25.7M 0.38%
210,561
-4,200
-2% -$521K
NCMI icon
35
National CineMedia
NCMI
$239M
$25.3M 0.38%
+362,500
New +$23.4M
BATRK icon
36
Atlanta Braves Holdings Series B
BATRK
$3.33B
$24.5M 0.37%
968,078
– –
DCUD
37
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$20.5M 0.31%
404,000
– –
ORIG
38
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
$18.9M 0.28%
+794,183
New +$1.16B
AGN.PRA
39
DELISTED
Allergan plc
AGN.PRA
$18.7M 0.28%
25,296
-45,000
-64% -$37.4M
CIVI
40
DELISTED
Civitas Resources
CIVI
$17.4M 0.26%
526,173
+273
+0.1% +$7.77K
LVNTA
41
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$17.3M 0.26%
300,000
– –
GGB icon
42
Gerdau
GGB
$8.5B
$17.2M 0.26%
6,306,372
-2,856,156
-31% -$8.02M
VSH icon
43
Vishay Intertechnology
VSH
$4.85B
$16.5M 0.25%
880,000
-265,367
-23% -$4.67M
TSQ icon
44
Townsquare Media
TSQ
$108M
$16M 0.24%
1,595,224
– –
MTG icon
45
MGIC Investment
MTG
$6.34B
$15.8M 0.24%
1,265,000
– –
MPACU
46
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
$15.2M 0.23%
1,500,000
– –
TCOM icon
47
Trip.com Group
TCOM
$29B
$15M 0.22%
+285,066
New +$15.5M
VRS
48
DELISTED
Verso Corporation
VRS
$14.9M 0.22%
2,921,971
– –
WPXP
49
DELISTED
WPX Energy, Inc.
WPXP
$13.3M 0.2%
+250,000
New +$12.1M
DYNC
50
DELISTED
Vistra Energy Corp.
DYNC
$13.2M 0.2%
195,500
+100,000
+105% +$6.43M
1
2
3 4

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Howard Marks's Q3 2017 Portfolio in Review

As of Q3 2017, Howard Marks held 209 positions worth $6.7B, up 9.5% from $6.12B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $637M in Q3 2017, closing 6 positions and reducing 11 holdings. Its most notable exit was Vale S A, an estimated $72.9M position sold in full.

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

Against the trend, Howard Marks opened a new position in Ocean Rig UDW Inc. Class A Common Shares worth $18.9M.

  • Howard Marks's largest Q3 2017 buy was Ocean Rig UDW Inc. Class A Common Shares: 794,183 shares worth $18.9M.
  • Howard Marks added most to Altaba Inc in Q3 2017, an estimated $126M increase.
  • Howard Marks's biggest Q3 2017 reduction was First Bancorp, cutting an estimated $56.8M.
  • Howard Marks fully exited Vale S A in Q3 2017, selling an estimated $72.9M.
  • Howard Marks's ten largest holdings make up 43% of its $6.7B portfolio in Q3 2017.
  • Howard Marks opened 10 new positions and closed 6 in Q3 2017.
  • Howard Marks's portfolio value rose 9.5% quarter-over-quarter to $6.7B.

Based on Oaktree Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.