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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
+3.24%
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
$5.3B
AUM Growth
-$146M
Cap. Flow
-$2.55B
Cap. Flow %
-48.24%
Top 10 Hldgs %
30.64%
Holding
167
New
7
Increased
20
Reduced
12
Closed
11

Top Buys

Rank Stock Value
1
DMND
DIAMOND FOODS, INC.
DMND
+$125M
2
XCO
Exco Resources
XCO
+$43.1M
3
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
+$28.3M
4
AU icon
AngloGold Ashanti
AU
+$15.9M
5
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$13M

Top Sells

Rank Stock Value
1
APTV icon
Aptiv
APTV
+$128M
2
CHTR icon
Charter Communications
CHTR
+$69.3M
3
UTX.PRA
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
+$32.1M
4
LVLT
Level 3 Communications Inc
LVLT
+$25.8M
5
TCS
THE CONTAINER STORE GROUP, INC.
TCS
+$24.7M

Sector Composition

Rank Sector Weight
1 Financials 8.02%
2 Industrials 7.09%
3 Energy 7%
4 Utilities 4.68%
5 Healthcare 4.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EPR.PRE icon
51
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$3.16M 0.06%
103,500
-4,000
-4% -$119K
PRGN
52
DELISTED
PARAGON SHIPPING INC CL A NEW (MHL)
PRGN
$2.74M 0.05%
+10,526
New +$2.79M
VEON icon
53
VEON
VEON
$4.09B
$2.35M 0.04%
+10,400
New +$2.67M
LXP.PRC icon
54
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$94.9M
$740K 0.01%
+16,050
New +$740K
AMX icon
55
America Movil
AMX
$71.3B
– –
-1,018,304
Closed -$23.8M
APTV icon
56
Aptiv
APTV
$10B
– –
-2,125,000
Closed -$128M
BIDU icon
57
Baidu
BIDU
$31.6B
– –
-137,097
Closed -$24.4M
BVN icon
58
Compañía de Minas Buenaventura
BVN
$9.01B
– –
-1,185,858
Closed -$13.3M
IWM icon
59
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-430,000
Closed -$49.6M
MO icon
60
Altria Group
MO
$110B
– –
-288,000
Closed -$11.1M
PLPC icon
61
Preformed Line Products
PLPC
$2.1B
– –
-53,691
Closed -$3.93M
TKC icon
62
Turkcell
TKC
$4.75B
– –
-696,116
Closed -$9.29M
TCS
63
DELISTED
THE CONTAINER STORE GROUP, INC.
TCS
– –
-37,171
Closed -$24.7M
TCS
64
PUT
DELISTED
THE CONTAINER STORE GROUP, INC.
TCS
– –
-37,133
Closed -$24.7M
UTX.PRA
65
DELISTED
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
– –
-489,950
Closed -$32.1M
1 2
3

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Howard Marks's Q1 2014 Portfolio in Review

As of Q1 2014, Howard Marks held 167 positions worth $5.3B, down 2.7% from $5.44B the previous quarter. Its ten largest holdings account for 31% of the portfolio.

Howard Marks withdrew a net $2.55B in Q1 2014, closing 11 positions and reducing 12 holdings. Its most notable exit was Aptiv, an estimated $128M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8% of assets, down from 8.5% a quarter earlier, followed by Industrials and Energy.

Against the trend, Howard Marks opened a new position in DIAMOND FOODS, INC. worth $154M.

  • Howard Marks's largest Q1 2014 buy was DIAMOND FOODS, INC.: 4,420,859 shares worth $154M.
  • Howard Marks added most to Exco Resources in Q1 2014, an estimated $43.1M increase.
  • Howard Marks's biggest Q1 2014 reduction was Charter Communications, cutting an estimated $69.3M.
  • Howard Marks fully exited Aptiv in Q1 2014, selling an estimated $128M.
  • Howard Marks's ten largest holdings make up 31% of its $5.3B portfolio in Q1 2014.
  • Howard Marks opened 7 new positions and closed 11 in Q1 2014.
  • Howard Marks's portfolio value fell 2.7% quarter-over-quarter to $5.3B.

Based on Oaktree Capital Management's 13F filing for Q1 2014, filed 14 May 2014.