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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
+10.53%
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
$5.27B
AUM Growth
-$234M
Cap. Flow
-$1.52B
Cap. Flow %
-28.84%
Top 10 Hldgs %
43.74%
Holding
222
New
9
Increased
21
Reduced
22
Closed
12

Top Buys

Rank Stock Value
1
BRY
Berry Corp
BRY
+$88.8M
2
CZR
Caesars Entertainment Corporation
CZR
+$45.5M
3
ITUB icon
Itaú Unibanco
ITUB
+$10.3M
4
SBLK icon
Star Bulk Carriers
SBLK
+$9.83M
5
IBN icon
ICICI Bank
IBN
+$9.42M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$154M
2
VALE icon
Vale
VALE
+$39.8M
3
TSM icon
TSMC
TSM
+$36.2M
4
VICI icon
VICI Properties
VICI
+$28.8M
5
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$20.2M

Sector Composition

Rank Sector Weight
1 Energy 14.32%
2 Financials 13.87%
3 Utilities 12.3%
4 Industrials 7.82%
5 Technology 6.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRFS
26
DELISTED
BRF SA
BRFS
$34.8M 0.66%
5,971,024
+540,119
+10% +$3.24M
YUMC icon
27
Yum China
YUMC
$16.9B
$33.4M 0.64%
744,536
-155,632
-17% -$6.13M
VICI icon
28
VICI Properties
VICI
$29.2B
$32.8M 0.62%
1,500,000
-1,361,319
-48% -$28.8M
WB icon
29
Weibo
WB
$1.73B
$32.8M 0.62%
528,618
+97,018
+22% +$6.02M
CX icon
30
Cemex
CX
$16B
$29.4M 0.56%
6,331,930
+572,715
+10% +$2.87M
MTG icon
31
MGIC Investment
MTG
$6.34B
$29.3M 0.56%
2,220,000
– –
XEC
32
DELISTED
CIMAREX ENERGY CO
XEC
$29.1M 0.55%
415,735
+74,105
+22% +$5.33M
STKL
33
DELISTED
SunOpta
STKL
$28M 0.53%
8,092,699
– –
MX icon
34
Magnachip Semiconductor
MX
$121M
$24.1M 0.46%
3,250,000
– –
NBIS
35
Nebius Group N.V.
NBIS
$59.6B
$22.7M 0.43%
660,649
+59,746
+10% +$1.98M
PCG icon
36
PG&E
PCG
$38.8B
$21.6M 0.41%
1,215,000
– –
VRS
37
DELISTED
Verso Corporation
VRS
$20.6M 0.39%
961,319
– –
YETI icon
38
Yeti Holdings
YETI
$3.19B
$19.2M 0.36%
633,938
– –
COOP
39
DELISTED
Mr. Cooper
COOP
$18.5M 0.35%
1,927,544
– –
LRCX icon
40
PUT
Lam Research
LRCX
$393B
$17.9M 0.34%
+1,000,000
New +$16.7M
STON
41
DELISTED
StoneMor Inc.
STON
$16.9M 0.32%
4,477,857
– –
HK
42
DELISTED
Halcon Resources Corporation
HK
$15.5M 0.29%
11,500,000
– –
TEO icon
43
Telecom Argentina
TEO
$5.66B
$15.2M 0.29%
1,044,000
+105,000
+11% +$1.64M
BDXA
44
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$13.7M 0.26%
221,210
-3,610
-2% -$219K
PAM icon
45
Pampa Energía
PAM
$4.26B
$12.2M 0.23%
441,500
+103,000
+30% +$3.45M
AMR icon
46
Alpha Metallurgical Resources
AMR
$2.66B
$11.6M 0.22%
199,560
-156,030
-44% -$9.56M
CCI.PRA
47
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$11.3M 0.21%
9,506
-13,681
-59% -$15.2M
NEE.PRR
48
DELISTED
NextEra Energy, Inc.
NEE.PRR
$10.9M 0.21%
176,390
-305,000
-63% -$18.3M
SRE.PRB
49
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
$9.36M 0.18%
88,190
-114,820
-57% -$11.8M
TSQ icon
50
Townsquare Media
TSQ
$108M
$9.12M 0.17%
1,595,224
– –
1
2
3 4

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Howard Marks's Q1 2019 Portfolio in Review

As of Q1 2019, Howard Marks held 222 positions worth $5.27B, down 4.3% from $5.5B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $1.52B in Q1 2019, closing 12 positions and reducing 22 holdings. Its most notable exit was Vale, an estimated $39.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 14% of assets, up from 11% a quarter earlier, followed by Financials and Utilities.

Against the trend, Howard Marks opened a new position in Berry Corp worth $90.1M.

  • Howard Marks's largest Q1 2019 buy was Berry Corp: 7,806,717 shares worth $90.1M.
  • Howard Marks added most to Caesars Entertainment Corporation in Q1 2019, an estimated $45.5M increase.
  • Howard Marks's biggest Q1 2019 reduction was Vistra, cutting an estimated $154M.
  • Howard Marks fully exited Vale in Q1 2019, selling an estimated $39.8M.
  • Howard Marks's ten largest holdings make up 44% of its $5.27B portfolio in Q1 2019.
  • Howard Marks opened 9 new positions and closed 12 in Q1 2019.
  • Howard Marks's portfolio value fell 4.3% quarter-over-quarter to $5.27B.

Based on Oaktree Capital Management's 13F filing for Q1 2019, filed 14 May 2019.