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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
+2.91%
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
$6.3B
AUM Growth
-$76.5M
Cap. Flow
-$2.22B
Cap. Flow %
-35.21%
Top 10 Hldgs %
43.87%
Holding
213
New
7
Increased
15
Reduced
28
Closed
8

Top Buys

Rank Stock Value
1
AABA
Altaba Inc
AABA
+$220M
2
VICI icon
VICI Properties
VICI
+$133M
3
PBR.A icon
Petrobras Class A
PBR.A
+$12.4M
4
INFY icon
Infosys
INFY
+$12M
5
HES.PRA
Hess Corporation
HES.PRA
+$10.4M

Top Sells

Rank Stock Value
1
VALE icon
Vale
VALE
+$78.7M
2
FBP icon
First Bancorp
FBP
+$47.6M
3
DYN
Dynegy, Inc.
DYN
+$45.9M
4
VST icon
Vistra
VST
+$35.6M
5
ANTX
Anthem, Inc.
ANTX
+$32.4M

Sector Composition

Rank Sector Weight
1 Utilities 17.02%
2 Financials 9.16%
3 Technology 8.33%
4 Industrials 7.87%
5 Communication Services 5.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AU icon
26
AngloGold Ashanti
AU
$61.3B
$32.1M 0.51%
3,384,965
+14,643
+0.4% +$149K
CCI.PRA
27
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$31.9M 0.51%
28,509
-13,500
-32% -$14.8M
TCOM icon
28
Trip.com Group
TCOM
$29B
$31.7M 0.5%
680,393
+27,191
+4% +$1.28M
MX icon
29
Magnachip Semiconductor
MX
$121M
$28.8M 0.46%
3,000,000
– –
ORIG
30
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
$27.8M 0.44%
1,100,000
+305,817
+39% +$8.03M
WFC.PRL icon
31
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$27.3M 0.43%
21,177
-10,900
-34% -$14M
STON
32
DELISTED
StoneMor Inc.
STON
$27M 0.43%
4,344,634
+594,634
+16% +$3.52M
BRFS
33
DELISTED
BRF SA
BRFS
$24.9M 0.39%
3,597,257
-380,517
-10% -$3.68M
FRGI
34
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
$24.5M 0.39%
1,325,000
+375,000
+39% +$7.04M
RYAM icon
35
Rayonier Advanced Materials
RYAM
$586M
$22.5M 0.36%
1,050,000
-507,493
-33% -$9.93M
SMH icon
36
PUT
VanEck Semiconductor ETF
SMH
$68.6B
$20.9M 0.33%
400,000
+6,000
+2% +$316K
NEE.PRR
37
DELISTED
NextEra Energy, Inc.
NEE.PRR
$19.6M 0.31%
340,415
-203,300
-37% -$11.4M
DYNC
38
DELISTED
Vistra Energy Corp.
DYNC
$18.8M 0.3%
216,950
-25,450
-10% -$2.1M
MPACU
39
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
$15.4M 0.24%
1,500,000
– –
EGC
40
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$15M 0.24%
3,910,545
– –
NCMI icon
41
National CineMedia
NCMI
$239M
$14.6M 0.23%
282,026
-80,474
-22% -$5.31M
WPXP
42
DELISTED
WPX Energy, Inc.
WPXP
$13M 0.21%
207,700
-30,400
-13% -$1.89M
BATRK icon
43
Atlanta Braves Holdings Series B
BATRK
$3.33B
$13M 0.21%
570,102
-43,615
-7% -$1.01M
TSQ icon
44
Townsquare Media
TSQ
$108M
$12.6M 0.2%
1,595,224
– –
SWP
45
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
$11.6M 0.18%
100,417
-125,298
-56% -$14.9M
ANTX
46
DELISTED
Anthem, Inc.
ANTX
$10.7M 0.17%
200,000
-564,930
-74% -$32.4M
HES.PRA
47
DELISTED
Hess Corporation
HES.PRA
$10.6M 0.17%
+177,800
New +$10.4M
NEE.PRQ
48
DELISTED
NextEra Energy, Inc.
NEE.PRQ
$8.64M 0.14%
118,500
-63,000
-35% -$4.35M
VSH icon
49
Vishay Intertechnology
VSH
$4.85B
$8.46M 0.13%
455,000
– –
GLIBA
50
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$7.93M 0.13%
+150,000
New +$7.86M
1
2
3 4

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Howard Marks's Q1 2018 Portfolio in Review

As of Q1 2018, Howard Marks held 213 positions worth $6.3B, down 1.2% from $6.38B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $2.22B in Q1 2018, closing 8 positions and reducing 28 holdings. Its most notable exit was First Bancorp, an estimated $47.6M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 16% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in VICI Properties worth $124M.

  • Howard Marks's largest Q1 2018 buy was VICI Properties: 6,781,234 shares worth $124M.
  • Howard Marks added most to Altaba Inc in Q1 2018, an estimated $220M increase.
  • Howard Marks's biggest Q1 2018 reduction was Vale, cutting an estimated $78.7M.
  • Howard Marks fully exited First Bancorp in Q1 2018, selling an estimated $47.6M.
  • Howard Marks's ten largest holdings make up 44% of its $6.3B portfolio in Q1 2018.
  • Howard Marks opened 7 new positions and closed 8 in Q1 2018.
  • Howard Marks's portfolio value fell 1.2% quarter-over-quarter to $6.3B.

Based on Oaktree Capital Management's 13F filing for Q1 2018, filed 15 May 2018.