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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
+2.9%
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
$7.15B
AUM Growth
+$848M
Cap. Flow
-$1B
Cap. Flow %
-14%
Top 10 Hldgs %
49.43%
Holding
218
New
13
Increased
23
Reduced
13
Closed
15

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$623M
2
CMBT
CMB.TECH NV
CMBT
+$83.3M
3
SMH icon
VanEck Semiconductor ETF
SMH
+$73.1M
4
PBR.A icon
Petrobras Class A
PBR.A
+$25.3M
5
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$23M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$92.9M
2
VST icon
Vistra
VST
+$89.3M
3
GNRT
Gener8 Maritime, Inc.
GNRT
+$73.8M
4
DYN
Dynegy, Inc.
DYN
+$64.1M
5
VICI icon
VICI Properties
VICI
+$55.9M

Sector Composition

Rank Sector Weight
1 Utilities 15.04%
2 Financials 7.71%
3 Technology 6.9%
4 Industrials 5.99%
5 Communication Services 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AU icon
26
AngloGold Ashanti
AU
$61.3B
$30.2M 0.42%
3,673,300
+288,335
+9% +$2.52M
AZUL
27
DELISTED
Azul
AZUL
$28.7M 0.4%
1,754,774
+685,100
+64% +$17.2M
STON
28
DELISTED
StoneMor Inc.
STON
$27M 0.38%
4,477,857
+133,223
+3% +$806K
TCOM icon
29
Trip.com Group
TCOM
$29B
$25.5M 0.36%
534,800
-145,593
-21% -$6.58M
SRE.PRA
30
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
$23.2M 0.32%
225,000
+170,000
+309% +$17.2M
NEE.PRR
31
DELISTED
NextEra Energy, Inc.
NEE.PRR
$22.3M 0.31%
390,415
+50,000
+15% +$2.84M
PCG icon
32
PG&E
PCG
$38.8B
$21.3M 0.3%
+500,000
New +$21.7M
DYNC
33
DELISTED
Vistra Energy Corp.
DYNC
$20.5M 0.29%
216,950
– –
BRFS
34
DELISTED
BRF SA
BRFS
$20.3M 0.28%
4,335,648
+738,391
+21% +$4.63M
NOG icon
35
Northern Oil and Gas
NOG
$2.91B
$18.4M 0.26%
+583,967
New +$13.1M
MTG icon
36
MGIC Investment
MTG
$6.34B
$17.6M 0.25%
1,640,000
+1,440,000
+720% +$15.7M
HES.PRA
37
DELISTED
Hess Corporation
HES.PRA
$17.5M 0.25%
232,800
+55,000
+31% +$3.74M
RYAM icon
38
Rayonier Advanced Materials
RYAM
$586M
$17.1M 0.24%
1,000,000
-50,000
-5% -$962K
MPACU
39
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
$15.8M 0.22%
1,500,000
– –
BATRK icon
40
Atlanta Braves Holdings Series B
BATRK
$3.33B
$14.7M 0.21%
570,102
– –
NEE.PRQ
41
DELISTED
NextEra Energy, Inc.
NEE.PRQ
$14.4M 0.2%
193,500
+75,000
+63% +$5.39M
XEC
42
DELISTED
CIMAREX ENERGY CO
XEC
$14.4M 0.2%
+141,130
New +$13.4M
CX icon
43
Cemex
CX
$16B
$14.2M 0.2%
+2,169,140
New +$13.7M
CIVI
44
DELISTED
Civitas Resources
CIVI
$13.6M 0.19%
358,456
+118,732
+50% +$3.81M
NCMI icon
45
National CineMedia
NCMI
$239M
$10.9M 0.15%
130,000
-152,026
-54% -$10.3M
BAC.PRL icon
46
Bank of America Series L
BAC.PRL
$3.95B
$10.8M 0.15%
8,600
+4,000
+87% +$5.08M
TSQ icon
47
Townsquare Media
TSQ
$108M
$10.3M 0.14%
1,595,224
– –
WFC.PRL icon
48
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$8.4M 0.12%
6,677
-14,500
-68% -$18.4M
GLIBA
49
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$6.76M 0.09%
150,000
– –
NBR.PRA
50
DELISTED
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
$5.07M 0.07%
+110,000
New +$5.4M
1
2
3 4

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Howard Marks's Q2 2018 Portfolio in Review

As of Q2 2018, Howard Marks held 218 positions worth $7.15B, up 13% from $6.3B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $1B in Q2 2018, closing 15 positions and reducing 13 holdings. Its most notable exit was Alibaba, an estimated $92.9M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 15% of assets, down from 17% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in State Street SPDR S&P 500 ETF Trust worth $626M.

  • Howard Marks's largest Q2 2018 buy was State Street SPDR S&P 500 ETF Trust: 2,306,500 shares worth $626M.
  • Howard Marks added most to Petrobras Class A in Q2 2018, an estimated $25.3M increase.
  • Howard Marks's biggest Q2 2018 reduction was Vistra, cutting an estimated $89.3M.
  • Howard Marks fully exited Alibaba in Q2 2018, selling an estimated $92.9M.
  • Howard Marks's ten largest holdings make up 49% of its $7.15B portfolio in Q2 2018.
  • Howard Marks opened 13 new positions and closed 15 in Q2 2018.
  • Howard Marks's portfolio value rose 13% quarter-over-quarter to $7.15B.

Based on Oaktree Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.