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HM

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
+3.45%
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
$5.44B
AUM Growth
+$238M
Cap. Flow
-$2.38B
Cap. Flow %
-43.81%
Top 10 Hldgs %
27.96%
Holding
172
New
14
Increased
16
Reduced
12
Closed
8

Top Buys

Rank Stock Value
1
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$71.2M
2
MCF
Contango Oil & Gas Co.
MCF
+$56.6M
3
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$45.8M
4
PBR icon
Petrobras
PBR
+$38.2M
5
TSM icon
TSMC
TSM
+$30.8M

Top Sells

Rank Stock Value
1
APTV icon
Aptiv
APTV
+$50.6M
2
CXPO
Crimson Exploration Inc. New Common Stock
CXPO
+$46.7M
3
TMS
TMS INTERNATIONAL CORP CLASS A COM STK
TMS
+$24.1M
4
CHTR icon
Charter Communications
CHTR
+$23.9M
5
CMLS
Cumulus Media Inc. Class A Common Stock
CMLS
+$17.4M

Sector Composition

Rank Sector Weight
1 Financials 8.45%
2 Industrials 7.78%
3 Energy 5.57%
4 Communication Services 3.96%
5 Utilities 3.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HMHC
51
DELISTED
Houghton Mifflin Harcourt Company
HMHC
$9.48M 0.17%
+559,024
New +$9.45M
TKC icon
52
Turkcell
TKC
$4.75B
$9.29M 0.17%
696,116
+614,320
+751% +$9.29M
CCEC
53
Capital Clean Energy Carriers
CCEC
$1.36B
$8.46M 0.16%
115,357
-19,641
-15% -$1.26M
WELL.PRI
54
DELISTED
Welltower Inc.
WELL.PRI
$8.35M 0.15%
162,874
-300,000
-65% -$16.8M
PLPC icon
55
Preformed Line Products
PLPC
$2.1B
$3.93M 0.07%
53,691
-51,490
-49% -$3.76M
WH
56
DELISTED
WSP HOLDINGS LTD ADR NEW
WH
$3.85M 0.07%
1,408,800
– –
EPR.PRE icon
57
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$3.02M 0.06%
107,500
– –
AU icon
58
AngloGold Ashanti
AU
$61.3B
$2.78M 0.05%
+237,000
New +$3.23M
HDB icon
59
HDFC Bank
HDB
$121B
– –
-226,228
Closed -$1.74M
CMLS
60
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
– –
-411,823
Closed -$17.4M
ORBK
61
DELISTED
Orbotech Ltd
ORBK
– –
-804,356
Closed -$9.64M
BALT
62
DELISTED
BALTIC TRADING LIMITED COMMON STOCK
BALT
– –
-900,000
Closed -$4.4M
ABV
63
DELISTED
COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH
ABV
– –
-47,180
Closed -$1.81M
TMS
64
DELISTED
TMS INTERNATIONAL CORP CLASS A COM STK
TMS
– –
-1,382,425
Closed -$24.1M
CXPO
65
DELISTED
Crimson Exploration Inc. New Common Stock
CXPO
– –
-15,524,818
Closed -$46.7M
GG
66
DELISTED
Goldcorp Inc
GG
– –
-138,410
Closed -$3.6M
1 2
3

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Howard Marks's Q4 2013 Portfolio in Review

As of Q4 2013, Howard Marks held 172 positions worth $5.44B, up 4.6% from $5.2B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

Howard Marks withdrew a net $2.38B in Q4 2013, closing 8 positions and reducing 12 holdings. Its most notable exit was Crimson Exploration Inc. New Common Stock, an estimated $46.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.5% of assets, up from 8.3% a quarter earlier, followed by Industrials and Energy.

Against the trend, Howard Marks opened a new position in Surgical Care Affiliates, Inc. worth $77.9M.

  • Howard Marks's largest Q4 2013 buy was Surgical Care Affiliates, Inc.: 2,328,027 shares worth $77.9M.
  • Howard Marks added most to Petrobras in Q4 2013, an estimated $38.2M increase.
  • Howard Marks's biggest Q4 2013 reduction was Aptiv, cutting an estimated $50.6M.
  • Howard Marks fully exited Crimson Exploration Inc. New Common Stock in Q4 2013, selling an estimated $46.7M.
  • Howard Marks's ten largest holdings make up 28% of its $5.44B portfolio in Q4 2013.
  • Howard Marks opened 14 new positions and closed 8 in Q4 2013.
  • Howard Marks's portfolio value rose 4.6% quarter-over-quarter to $5.44B.

Based on Oaktree Capital Management's 13F filing for Q4 2013, filed 11 Feb 2014.