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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
+5.97%
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
$6.38B
AUM Growth
-$317M
Cap. Flow
-$2.26B
Cap. Flow %
-35.36%
Top 10 Hldgs %
39.76%
Holding
213
New
7
Increased
22
Reduced
22
Closed
10

Top Buys

Rank Stock Value
1
INFY icon
Infosys
INFY
+$43.1M
2
TV icon
Televisa
TV
+$31.7M
3
STKL
SunOpta
STKL
+$30.9M
4
RYAM icon
Rayonier Advanced Materials
RYAM
+$26.2M
5
TCOM icon
Trip.com Group
TCOM
+$17.6M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$289M
2
AABA
Altaba Inc
AABA
+$143M
3
BABA icon
Alibaba
BABA
+$34.2M
4
TSM icon
TSMC
TSM
+$19.5M
5
AGN.PRA
Allergan plc
AGN.PRA
+$18.7M

Sector Composition

Rank Sector Weight
1 Utilities 16%
2 Financials 10.75%
3 Industrials 7.64%
4 Communication Services 6.17%
5 Technology 4.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WFC.PRL icon
26
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$42M 0.66%
32,077
+1,418
+5% +$1.88M
ABEV icon
27
Ambev
ABEV
$44.4B
$35.6M 0.56%
5,508,041
+41,256
+0.8% +$264K
NSM
28
DELISTED
Nationstar Mortgage Holdings
NSM
$35.3M 0.55%
1,909,645
+100,354
+6% +$1.83M
AU icon
29
AngloGold Ashanti
AU
$61.3B
$34.3M 0.54%
3,370,322
+133,281
+4% +$1.28M
RYAM icon
30
Rayonier Advanced Materials
RYAM
$586M
$31.9M 0.5%
+1,557,493
New +$26.2M
CEO
31
DELISTED
CNOOC Limited
CEO
$31.7M 0.5%
220,967
-2,104
-0.9% -$285K
NEE.PRR
32
DELISTED
NextEra Energy, Inc.
NEE.PRR
$30.6M 0.48%
543,715
-36,810
-6% -$2.08M
CX icon
33
Cemex
CX
$16B
$29.9M 0.47%
3,990,115
-1,464,531
-27% -$11.6M
MX icon
34
Magnachip Semiconductor
MX
$121M
$29.9M 0.47%
3,000,000
+660,000
+28% +$7.44M
TCOM icon
35
Trip.com Group
TCOM
$29B
$28.8M 0.45%
653,202
+368,136
+129% +$17.6M
TV icon
36
Televisa
TV
$1.47B
$28.6M 0.45%
+1,529,453
New +$31.7M
AZUL
37
DELISTED
Azul
AZUL
$27.8M 0.44%
1,168,341
+13,600
+1% +$347K
SWP
38
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
$27.7M 0.43%
225,715
-17,385
-7% -$2.08M
NCMI icon
39
National CineMedia
NCMI
$239M
$24.9M 0.39%
362,500
– –
AMT.PRB
40
DELISTED
American Tower Corporation
AMT.PRB
$24.8M 0.39%
197,196
-13,365
-6% -$1.68M
STON
41
DELISTED
StoneMor Inc.
STON
$24.6M 0.39%
3,750,000
+2,225,000
+146% +$14.9M
EGC
42
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$22.4M 0.35%
3,910,545
– –
ORIG
43
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
$21.3M 0.33%
794,183
– –
DCUD
44
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$19.7M 0.31%
381,800
-22,200
-5% -$1.15M
SMH icon
45
PUT
VanEck Semiconductor ETF
SMH
$68.6B
$19.3M 0.3%
+394,000
New +$19.6M
DYNC
46
DELISTED
Vistra Energy Corp.
DYNC
$19.2M 0.3%
242,400
+46,900
+24% +$3.53M
FRGI
47
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
$18.1M 0.28%
950,000
+673,286
+243% +$12.1M
MPACU
48
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
$15.1M 0.24%
1,500,000
– –
WPXP
49
DELISTED
WPX Energy, Inc.
WPXP
$14.7M 0.23%
238,100
-11,900
-5% -$651K
BATRK icon
50
Atlanta Braves Holdings Series B
BATRK
$3.33B
$13.6M 0.21%
613,717
-354,361
-37% -$8.3M
1
2
3 4

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Howard Marks's Q4 2017 Portfolio in Review

As of Q4 2017, Howard Marks held 213 positions worth $6.38B, down 4.7% from $6.7B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Howard Marks withdrew a net $2.26B in Q4 2017, closing 10 positions and reducing 22 holdings. Its most notable exit was Allergan plc, an estimated $18.7M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 16% of assets, up from 15% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Televisa worth $28.6M.

  • Howard Marks's largest Q4 2017 buy was Televisa: 1,529,453 shares worth $28.6M.
  • Howard Marks added most to Infosys in Q4 2017, an estimated $43.1M increase.
  • Howard Marks's biggest Q4 2017 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $289M.
  • Howard Marks fully exited Allergan plc in Q4 2017, selling an estimated $18.7M.
  • Howard Marks's ten largest holdings make up 40% of its $6.38B portfolio in Q4 2017.
  • Howard Marks opened 7 new positions and closed 10 in Q4 2017.
  • Howard Marks's portfolio value fell 4.7% quarter-over-quarter to $6.38B.

Based on Oaktree Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.