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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
+8.77%
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
$5.31B
AUM Growth
+$207M
Cap. Flow
-$1.15B
Cap. Flow %
-21.65%
Top 10 Hldgs %
55.23%
Holding
207
New
5
Increased
18
Reduced
17
Closed
14

Top Buys

Rank Stock Value
1
BBD icon
Banco Bradesco
BBD
+$48.1M
2
BABA icon
Alibaba
BABA
+$30.4M
3
TSM icon
TSMC
TSM
+$8.36M
4
ITUB icon
Itaú Unibanco
ITUB
+$5.64M
5
AVGOP
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock, Series A
AVGOP
+$5.62M

Top Sells

Rank Stock Value
1
CMBT
CMB.TECH NV
CMBT
+$69.9M
2
INFY icon
Infosys
INFY
+$40.8M
3
IBN icon
ICICI Bank
IBN
+$34.7M
4
PBR icon
Petrobras
PBR
+$31M
5
VRS
Verso Corporation
VRS
+$18.5M

Sector Composition

Rank Sector Weight
1 Energy 17.11%
2 Financials 14.93%
3 Industrials 12.15%
4 Utilities 11.84%
5 Technology 8.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
COOP
26
DELISTED
Mr. Cooper
COOP
$24.1M 0.45%
1,927,544
– –
CIVI
27
DELISTED
Civitas Resources
CIVI
$23.5M 0.44%
1,006,726
-276,726
-22% -$5.48M
XEC
28
DELISTED
CIMAREX ENERGY CO
XEC
$21.8M 0.41%
415,735
– –
TEO icon
29
Telecom Argentina
TEO
$5.66B
$20.8M 0.39%
1,830,500
+520,000
+40% +$5.21M
STKL
30
DELISTED
SunOpta
STKL
$20.2M 0.38%
8,092,699
– –
AFYA icon
31
Afya
AFYA
$1.27B
$19.9M 0.37%
732,913
+35,359
+5% +$953K
VIST icon
32
Vista Energy
VIST
$7.7B
$19.8M 0.37%
2,528,000
+648,000
+34% +$3.97M
TSQ icon
33
Townsquare Media
TSQ
$108M
$15.9M 0.3%
1,595,224
– –
YPF icon
34
YPF Sociedad Anonima ADS
YPF
$20.1B
$15.7M 0.3%
1,356,600
-85,503
-6% -$829K
YETI icon
35
Yeti Holdings
YETI
$3.19B
$14.5M 0.27%
417,866
-119,763
-22% -$3.77M
HUYA
36
Huya Inc
HUYA
$498M
$13.5M 0.25%
751,125
+39,100
+5% +$827K
TGS icon
37
Transportadora de Gas del Sur
TGS
$4.23B
$13.4M 0.25%
1,874,729
+620,236
+49% +$4.31M
PAM icon
38
Pampa Energía
PAM
$4.26B
$12.4M 0.23%
754,000
+161,000
+27% +$2.44M
VRS
39
DELISTED
Verso Corporation
VRS
$12.2M 0.23%
675,000
-1,151,319
-63% -$18.5M
IHRT icon
40
iHeartMedia
IHRT
$432M
$12.1M 0.23%
715,247
– –
GLIBA
41
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$10.6M 0.2%
150,000
– –
BELFB
42
Bel Fuse Inc Class B
BELFB
$3.69B
$9.48M 0.18%
462,679
– –
TV icon
43
Televisa
TV
$1.47B
$9.39M 0.18%
801,000
+235,000
+42% +$2.6M
AVGOP
44
DELISTED
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock, Series A
AVGOP
$5.89M 0.11%
+5,000
New +$5.62M
CCO icon
45
Clear Channel Outdoor Holdings
CCO
$1.21B
$4.81M 0.09%
1,681,898
– –
VEON icon
46
VEON
VEON
$4.09B
$4.25M 0.08%
67,156
– –
OAC.WS
47
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$3.82M 0.07%
4,016,667
– –
ROCC
48
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
$3.76M 0.07%
124,000
-124,979
-50% -$3.33M
OCSI
49
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.21M 0.06%
392,000
– –
CCI.PRA
50
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$3.08M 0.06%
2,402
– –
1
2
3 4

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Howard Marks's Q4 2019 Portfolio in Review

As of Q4 2019, Howard Marks held 207 positions worth $5.31B, up 4.1% from $5.1B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.15B in Q4 2019, closing 14 positions and reducing 17 holdings. Its most notable exit was CMB.TECH NV, an estimated $69.9M 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 Industrials.

Against the trend, Howard Marks opened a new position in Banco Bradesco worth $51.6M.

  • Howard Marks's largest Q4 2019 buy was Banco Bradesco: 7,676,019 shares worth $51.6M.
  • Howard Marks added most to TSMC in Q4 2019, an estimated $8.36M increase.
  • Howard Marks's biggest Q4 2019 reduction was ICICI Bank, cutting an estimated $34.7M.
  • Howard Marks fully exited CMB.TECH NV in Q4 2019, selling an estimated $69.9M.
  • Howard Marks's ten largest holdings make up 55% of its $5.31B portfolio in Q4 2019.
  • Howard Marks opened 5 new positions and closed 14 in Q4 2019.
  • Howard Marks's portfolio value rose 4.1% quarter-over-quarter to $5.31B.

Based on Oaktree Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.