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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
-9.3%
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
$5.5B
AUM Growth
-$1.93B
Cap. Flow
-$2.54B
Cap. Flow %
-46.11%
Top 10 Hldgs %
40.6%
Holding
204
New
13
Increased
28
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$123M
2
INFN
Infinera Corporation Common Stock
INFN
+$105M
3
CZR
Caesars Entertainment Corporation
CZR
+$84.3M
4
ALLY icon
Ally Financial
ALLY
+$75.3M
5
BABA icon
Alibaba
BABA
+$47.1M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$219M
2
VST icon
Vistra
VST
+$131M
3
PBR.A icon
Petrobras Class A
PBR.A
+$33.7M
4
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$33M
5
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
+$32.7M

Sector Composition

Rank Sector Weight
1 Utilities 13.08%
2 Energy 11.23%
3 Financials 11.18%
4 Industrials 8.82%
5 Technology 6.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCS icon
26
Century Communities
CCS
$1.98B
$31.4M 0.57%
1,819,003
– –
STKL
27
DELISTED
SunOpta
STKL
$31.3M 0.57%
8,092,699
– –
BRFS
28
DELISTED
BRF SA
BRFS
$30.8M 0.56%
5,430,905
+313,603
+6% +$1.77M
YUMC icon
29
Yum China
YUMC
$16.9B
$30.2M 0.55%
900,168
+285,668
+46% +$9.8M
PCG icon
30
PG&E
PCG
$38.8B
$28.9M 0.52%
1,215,000
– –
AABA
31
DELISTED
Altaba Inc
AABA
$28M 0.51%
483,866
– –
CX icon
32
Cemex
CX
$16B
$27.8M 0.5%
5,759,215
+950,515
+20% +$5.07M
NEE.PRR
33
DELISTED
NextEra Energy, Inc.
NEE.PRR
$27.7M 0.5%
481,390
+12,535
+3% +$732K
SMCI icon
34
Super Micro Computer
SMCI
$24.1B
$27.6M 0.5%
20,000,000
+5,000,000
+33% +$6.9M
DCUD
35
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$25.6M 0.47%
535,500
+438,500
+452% +$21.2M
WB icon
36
Weibo
WB
$1.73B
$25.2M 0.46%
431,600
+25,000
+6% +$1.51M
CCI.PRA
37
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$24.4M 0.44%
23,187
-8,813
-28% -$9.28M
AMR icon
38
Alpha Metallurgical Resources
AMR
$2.66B
$23.4M 0.43%
+355,590
New +$23.8M
MTG icon
39
MGIC Investment
MTG
$6.34B
$23.2M 0.42%
2,220,000
+580,000
+35% +$6.79M
COOP
40
DELISTED
Mr. Cooper
COOP
$22.5M 0.41%
1,927,544
– –
VRS
41
DELISTED
Verso Corporation
VRS
$21.5M 0.39%
961,319
– –
XEC
42
DELISTED
CIMAREX ENERGY CO
XEC
$21.1M 0.38%
341,630
+200,500
+142% +$16.5M
MX icon
43
Magnachip Semiconductor
MX
$121M
$20.2M 0.37%
3,250,000
– –
SRE.PRB
44
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
$19.6M 0.36%
203,010
+36,310
+22% +$3.68M
HK
45
DELISTED
Halcon Resources Corporation
HK
$19.6M 0.36%
11,500,000
+10,230,000
+806% +$32M
CJ
46
DELISTED
C&J Energy Services, Inc.
CJ
$17.9M 0.33%
+1,325,000
New +$23.6M
NBIS
47
Nebius Group N.V.
NBIS
$59.6B
$16.4M 0.3%
+600,903
New +$17.6M
TEO icon
48
Telecom Argentina
TEO
$5.66B
$14.6M 0.27%
939,000
+226,500
+32% +$3.88M
QTS.PRB
49
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$14.5M 0.26%
153,340
+5,340
+4% +$534K
BATRK icon
50
Atlanta Braves Holdings Series B
BATRK
$3.33B
$14.2M 0.26%
570,102
– –
1
2
3 4

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Howard Marks's Q4 2018 Portfolio in Review

As of Q4 2018, Howard Marks held 204 positions worth $5.5B, down 26% from $7.43B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Howard Marks withdrew a net $2.54B in Q4 2018, closing 12 positions and reducing 20 holdings. Its most notable exit was Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A, an estimated $33M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 13% of assets, up from 13% a quarter earlier, followed by Energy and Financials.

Against the trend, Howard Marks opened a new position in Infinera Corporation Common Stock worth $83.7M.

  • Howard Marks's largest Q4 2018 buy was Infinera Corporation Common Stock: 20,975,384 shares worth $83.7M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q4 2018, an estimated $123M increase.
  • Howard Marks's biggest Q4 2018 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $219M.
  • Howard Marks fully exited Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A in Q4 2018, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 41% of its $5.5B portfolio in Q4 2018.
  • Howard Marks opened 13 new positions and closed 12 in Q4 2018.
  • Howard Marks's portfolio value fell 26% quarter-over-quarter to $5.5B.

Based on Oaktree Capital Management's 13F filing for Q4 2018, filed 15 Feb 2019.