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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
+23.64%
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
$4.5B
AUM Growth
+$947M
Cap. Flow
-$350M
Cap. Flow %
-7.78%
Top 10 Hldgs %
53.93%
Holding
206
New
9
Increased
25
Reduced
7
Closed
17

Top Buys

Rank Stock Value
1
PCG icon
PG&E
PCG
+$245M
2
ITUB icon
Itaú Unibanco
ITUB
+$26.5M
3
TMHC
Taylor Morrison
TMHC
+$25.3M
4
TRMD icon
TORM
TRMD
+$23.1M
5
CX icon
Cemex
CX
+$20.5M

Top Sells

Rank Stock Value
1
PBR.A icon
Petrobras Class A
PBR.A
+$33M
2
CEO
CNOOC Limited
CEO
+$30.3M
3
BABA icon
Alibaba
BABA
+$22.5M
4
SRLP
SPRAGUE RESOURCES LP
SRLP
+$17.7M
5
CZR icon
Caesars Entertainment
CZR
+$15.2M

Sector Composition

Rank Sector Weight
1 Utilities 16.95%
2 Financials 12.74%
3 Technology 11.47%
4 Energy 11.41%
5 Consumer Discretionary 9.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MX icon
26
Magnachip Semiconductor
MX
$121M
$30.3M 0.67%
2,939,537
– –
BATL icon
27
Battalion Oil
BATL
$77.9M
$28.6M 0.63%
3,009,912
– –
BBD icon
28
Banco Bradesco
BBD
$33.9B
$28.3M 0.63%
8,996,418
+832,393
+10% +$2.53M
MTG icon
29
MGIC Investment
MTG
$6.34B
$24.7M 0.55%
3,020,000
– –
COOP
30
DELISTED
Mr. Cooper
COOP
$24M 0.53%
1,927,544
– –
TEO icon
31
Telecom Argentina
TEO
$5.66B
$20.2M 0.45%
2,260,500
+300,000
+15% +$2.5M
AZUL
32
DELISTED
Azul
AZUL
$18.9M 0.42%
1,693,938
+362,300
+27% +$3.49M
CZR icon
33
Caesars Entertainment
CZR
$6.06B
$18M 0.4%
450,000
-550,000
-55% -$15.2M
KC
34
Kingsoft Cloud Holdings
KC
$3.33B
$17.9M 0.4%
+568,756
New +$13M
SQM icon
35
Sociedad Química y Minera de Chile
SQM
$23.4B
$15.7M 0.35%
604,020
+130,300
+28% +$3.13M
XEC
36
DELISTED
CIMAREX ENERGY CO
XEC
$11.4M 0.25%
415,735
– –
TGS icon
37
Transportadora de Gas del Sur
TGS
$4.23B
$11.2M 0.25%
1,994,729
+20,000
+1% +$102K
TV icon
38
Televisa
TV
$1.47B
$11.2M 0.25%
2,138,000
+310,000
+17% +$1.72M
GLIBA
39
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$10.7M 0.24%
150,000
– –
VVR icon
40
Invesco Senior Income Trust
VVR
$454M
$10.3M 0.23%
2,969,177
+535,377
+22% +$1.82M
VIST icon
41
Vista Energy
VIST
$7.7B
$9.55M 0.21%
3,133,000
– –
PAM icon
42
Pampa Energía
PAM
$4.26B
$8.91M 0.2%
849,000
– –
JQC icon
43
Nuveen Credit Strategies Income Fund
JQC
$702M
$8.06M 0.18%
+1,380,972
New +$8.15M
GTH
44
DELISTED
Genetron Holdings Limited ADS
GTH
$7.89M 0.18%
+217,814
New +$8.83M
JFR icon
45
Nuveen Floating Rate Income Fund
JFR
$1.21B
$7.38M 0.16%
934,302
+354,302
+61% +$2.73M
TSQ icon
46
Townsquare Media
TSQ
$108M
$7.13M 0.16%
1,595,224
– –
IHRT icon
47
iHeartMedia
IHRT
$432M
$5.97M 0.13%
715,247
– –
FRA icon
48
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
$5.89M 0.13%
527,327
+267,327
+103% +$2.92M
OAC.WS
49
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$5.3M 0.12%
4,016,667
– –
BAC.PRL icon
50
Bank of America Series L
BAC.PRL
$3.95B
$5.11M 0.11%
+3,808
New +$5.15M
1
2
3 4

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Howard Marks's Q2 2020 Portfolio in Review

As of Q2 2020, Howard Marks held 206 positions worth $4.5B, up 27% from $3.56B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Howard Marks withdrew a net $350M in Q2 2020, closing 17 positions and reducing 7 holdings. Its most notable exit was Petrobras Class A, an estimated $33M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 14% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in PG&E worth $200M.

  • Howard Marks's largest Q2 2020 buy was PG&E: 22,500,000 shares worth $200M.
  • Howard Marks added most to Itaú Unibanco in Q2 2020, an estimated $26.5M increase.
  • Howard Marks's biggest Q2 2020 reduction was Alibaba, cutting an estimated $22.5M.
  • Howard Marks fully exited Petrobras Class A in Q2 2020, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 54% of its $4.5B portfolio in Q2 2020.
  • Howard Marks opened 9 new positions and closed 17 in Q2 2020.
  • Howard Marks's portfolio value rose 27% quarter-over-quarter to $4.5B.

Based on Oaktree Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.