Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DOOR
MASONITE INTERNATIONAL CORP
DOOR
|
+$238M |
| 2 |
Star Bulk Carriers
SBLK
|
+$28.8M |
| 3 |
WELL.PRI
Welltower Inc.
WELL.PRI
|
+$27.4M |
| 4 |
NetApp
NTAP
|
+$15.4M |
| 5 |
ETFC
E*Trade Financial Corporation
ETFC
|
+$14.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$135M |
| 2 |
First Bancorp
FBP
|
+$62.5M |
| 3 |
CZR
Caesars Entertainment Corporation
CZR
|
+$28.5M |
| 4 |
SWY
SAFEWAY INC
SWY
|
+$11.8M |
| 5 |
UTX.PRA
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
|
+$11.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 8.28% |
| 2 | Industrials | 6.42% |
| 3 | Energy | 5.01% |
| 4 | Utilities | 3.76% |
| 5 | Consumer Discretionary | 3.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Cemex
CX
$16B
| $1.6M | 0.03% |
167,037
+37,084
| +29% | +$364K |
|
52
Turkcell
TKC
$4.75B
| $1.21M | 0.02% |
81,796
+18,100
| +28% | +$263K |
|
53
Constellium
CSTM
$3.66B
| – | – |
-331,082
| Closed | -$5.35M |
|
54
Itaú Unibanco
ITUB
$82.4B
| – | – |
-308,872
| Closed | -$1.45M |
|
55
POSCO
PKX
$17.3B
| – | – |
-14,809
| Closed | -$964K |
|
56
Sociedad Química y Minera de Chile
SQM
$23.4B
| – | – |
-22,928
| Closed | -$902K |
|
|
BSMX
57
DELISTED
Banco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México
BSMX
| – | – |
-300,800
| Closed | -$4.27M |
|
|
SWY
58
DELISTED
SAFEWAY INC
SWY
| – | – |
-558,500
| Closed | -$11.8M |
|
|
FBN
59
DELISTED
FURNITURE BRANDS INT'L INC
FBN
| – | – |
-371,428
| Closed | -$1.49M |
|
|
CZR
60
DELISTED
Caesars Entertainment Corporation
CZR
| – | – |
-2,077,157
| Closed | -$28.5M |
|
|
GNK
61
DELISTED
GENCO SHIPPING & TRADING LTD
GNK
| – | – |
-1,512,532
| Closed | -$2.46M |
|
Similar funds
Howard Marks's Q3 2013 Portfolio in Review
As of Q3 2013, Howard Marks held 177 positions worth $5.2B, up 5.7% from $4.92B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Howard Marks withdrew a net $2.44B in Q3 2013, closing 9 positions and reducing 11 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $28.5M position sold in full.
By sector, the portfolio is most concentrated in Financials at 8.3% of assets, down from 10% a quarter earlier, followed by Industrials and Energy.
Against the trend, Howard Marks opened a new position in MASONITE INTERNATIONAL CORP worth $234M.
- Howard Marks's largest Q3 2013 buy was MASONITE INTERNATIONAL CORP: 4,778,334 shares worth $234M.
- Howard Marks added most to E*Trade Financial Corporation in Q3 2013, an estimated $14.7M increase.
- Howard Marks's biggest Q3 2013 reduction was Charter Communications, cutting an estimated $135M.
- Howard Marks fully exited Caesars Entertainment Corporation in Q3 2013, selling an estimated $28.5M.
- Howard Marks's ten largest holdings make up 33% of its $5.2B portfolio in Q3 2013.
- Howard Marks opened 8 new positions and closed 9 in Q3 2013.
- Howard Marks's portfolio value rose 5.7% quarter-over-quarter to $5.2B.
Based on Oaktree Capital Management's 13F filing for Q3 2013, filed 8 Nov 2013.