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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
+3.47%
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
$5.1B
AUM Growth
-$233M
Cap. Flow
-$1.25B
Cap. Flow %
-24.48%
Top 10 Hldgs %
52.72%
Holding
210
New
11
Increased
19
Reduced
16
Closed
8

Top Buys

Rank Stock Value
1
YPF icon
YPF Sociedad Anonima ADS
YPF
+$18.6M
2
AFYA icon
Afya
AFYA
+$18M
3
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$11.9M
4
VIST icon
Vista Energy
VIST
+$11.8M
5
IHRT icon
iHeartMedia
IHRT
+$10.2M

Top Sells

Rank Stock Value
1
WB icon
Weibo
WB
+$23.2M
2
VST icon
Vistra
VST
+$20.8M
3
AZUL
Azul
AZUL
+$18M
4
AU icon
AngloGold Ashanti
AU
+$11.9M
5
CIVI
Civitas Resources
CIVI
+$6.74M

Sector Composition

Rank Sector Weight
1 Energy 16.59%
2 Financials 14.64%
3 Utilities 14.5%
4 Industrials 10.98%
5 Technology 7.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CX icon
26
Cemex
CX
$16B
$29.8M 0.58%
7,611,460
+428,129
+6% +$1.57M
LRCX icon
27
PUT
Lam Research
LRCX
$393B
$28.9M 0.57%
1,250,000
+250,000
+25% +$5.25M
CIVI
28
DELISTED
Civitas Resources
CIVI
$28.7M 0.56%
1,283,452
-302,931
-19% -$6.74M
MTG icon
29
MGIC Investment
MTG
$6.34B
$27.9M 0.55%
2,220,000
– –
VRS
30
DELISTED
Verso Corporation
VRS
$22.6M 0.44%
1,826,319
+495,000
+37% +$6.77M
COOP
31
DELISTED
Mr. Cooper
COOP
$20.5M 0.4%
1,927,544
– –
XEC
32
DELISTED
CIMAREX ENERGY CO
XEC
$19.9M 0.39%
415,735
– –
AFYA icon
33
Afya
AFYA
$1.27B
$17.9M 0.35%
+697,554
New +$18M
NBIS
34
Nebius Group N.V.
NBIS
$59.6B
$17.1M 0.34%
488,857
-94,163
-16% -$3.55M
HUYA
35
Huya Inc
HUYA
$498M
$16.8M 0.33%
712,025
+171,925
+32% +$4.06M
YETI icon
36
Yeti Holdings
YETI
$3.19B
$15.1M 0.3%
537,629
– –
STKL
37
DELISTED
SunOpta
STKL
$14.6M 0.29%
8,092,699
– –
YPF icon
38
YPF Sociedad Anonima ADS
YPF
$20.1B
$13.3M 0.26%
+1,442,103
New +$18.6M
TEO icon
39
Telecom Argentina
TEO
$5.66B
$13.1M 0.26%
1,310,500
+112,500
+9% +$1.48M
TSQ icon
40
Townsquare Media
TSQ
$108M
$11.2M 0.22%
1,595,224
– –
IHRT icon
41
iHeartMedia
IHRT
$432M
$10.7M 0.21%
+715,247
New +$10.2M
PAM icon
42
Pampa Energía
PAM
$4.26B
$10.3M 0.2%
593,000
+65,000
+12% +$1.54M
TGS icon
43
Transportadora de Gas del Sur
TGS
$4.23B
$10.3M 0.2%
1,254,493
+171,351
+16% +$1.89M
VIST icon
44
Vista Energy
VIST
$7.7B
$9.72M 0.19%
+1,880,000
New +$11.8M
GLIBA
45
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$9.31M 0.18%
150,000
– –
PCG icon
46
PG&E
PCG
$38.8B
$8.15M 0.16%
815,000
-400,000
-33% -$6.05M
ROCC
47
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
$7.24M 0.14%
248,979
– –
BELFB
48
Bel Fuse Inc Class B
BELFB
$3.69B
$6.95M 0.14%
462,679
+287,619
+164% +$3.98M
TV icon
49
Televisa
TV
$1.47B
$5.54M 0.11%
566,000
+181,000
+47% +$1.64M
STON
50
DELISTED
StoneMor Inc.
STON
$4.97M 0.1%
4,477,857
– –
1
2
3 4

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Howard Marks's Q3 2019 Portfolio in Review

As of Q3 2019, Howard Marks held 210 positions worth $5.1B, down 4.4% from $5.33B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $1.25B in Q3 2019, closing 8 positions and reducing 16 holdings. Its most notable exit was Weibo, an estimated $23.2M position sold in full.

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

Against the trend, Howard Marks opened a new position in YPF Sociedad Anonima ADS worth $13.3M.

  • Howard Marks's largest Q3 2019 buy was YPF Sociedad Anonima ADS: 1,442,103 shares worth $13.3M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q3 2019, an estimated $11.9M increase.
  • Howard Marks's biggest Q3 2019 reduction was Vistra, cutting an estimated $20.8M.
  • Howard Marks fully exited Weibo in Q3 2019, selling an estimated $23.2M.
  • Howard Marks's ten largest holdings make up 53% of its $5.1B portfolio in Q3 2019.
  • Howard Marks opened 11 new positions and closed 8 in Q3 2019.
  • Howard Marks's portfolio value fell 4.4% quarter-over-quarter to $5.1B.

Based on Oaktree Capital Management's 13F filing for Q3 2019, filed 13 Nov 2019.