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 |
Ally Financial
ALLY
|
+$194M |
| 2 |
JD.com
JD
|
+$25.8M |
| 3 |
BRFS
BRF SA
BRFS
|
+$25.4M |
| 4 |
IRDMB
Iridium Communications Inc - 6.75% Series B
IRDMB
|
+$24.5M |
| 5 |
Petrobras
PBR
|
+$22.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DYN
Dynegy, Inc.
DYN
|
+$40.3M |
| 2 |
LVLT
Level 3 Communications Inc
LVLT
|
+$33.1M |
| 3 |
DOOR
MASONITE INTERNATIONAL CORP
DOOR
|
+$25.3M |
| 4 |
CBD
Companhia Brasileira de Distribuicao
CBD
|
+$24.8M |
| 5 |
Charter Communications
CHTR
|
+$24.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 10.91% |
| 2 | Energy | 7.05% |
| 3 | Industrials | 5.22% |
| 4 | Utilities | 5.07% |
| 5 | Technology | 3.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Transportadora de Gas del Sur
TGS
$4.23B
| $1.51M | 0.03% |
+568,547
| New | +$1.48M |
|
52
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$94.9M
| $1.43M | 0.02% |
29,266
+13,216
| +82% | +$626K |
|
|
WH
53
DELISTED
WSP HOLDINGS LTD ADR NEW
WH
| $1.3M | 0.02% |
1,408,800
| – | – |
|
|
54
Charter Communications
CHTR
$17.9B
| – | – |
-200,000
| Closed | -$24.6M |
|
|
CCEC
55
Capital Clean Energy Carriers
CCEC
$1.36B
| – | – |
-115,357
| Closed | -$8.84M |
|
|
CBD
56
DELISTED
Companhia Brasileira de Distribuicao
CBD
| – | – |
-567,156
| Closed | -$24.8M |
|
|
HMHC
57
DELISTED
Houghton Mifflin Harcourt Company
HMHC
| – | – |
-559,024
| Closed | -$11.4M |
|
|
ETFC
58
DELISTED
E*Trade Financial Corporation
ETFC
| – | – |
-1,000,000
| Closed | -$23M |
|
|
WELL.PRI
59
DELISTED
Welltower Inc.
WELL.PRI
| – | – |
-112,874
| Closed | -$6.27M |
|
|
LVLT
60
DELISTED
Level 3 Communications Inc
LVLT
| – | – |
-846,859
| Closed | -$33.1M |
|
|
CWH.PRD
61
DELISTED
COMMONWEALTH REIT 6.50% PFD CUMV CONV SHS SER D
CWH.PRD
| – | – |
-410,000
| Closed | -$10.3M |
|
Similar funds
Howard Marks's Q2 2014 Portfolio in Review
As of Q2 2014, Howard Marks held 157 positions worth $5.74B, up 8.4% from $5.3B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Howard Marks withdrew a net $2.14B in Q2 2014, closing 8 positions and reducing 4 holdings. Its most notable exit was Level 3 Communications Inc, an estimated $33.1M position sold in full.
By sector, the portfolio is most concentrated in Financials at 11% of assets, up from 8% a quarter earlier, followed by Energy and Industrials.
Against the trend, Howard Marks opened a new position in Ally Financial worth $191M.
- Howard Marks's largest Q2 2014 buy was Ally Financial: 7,993,230 shares worth $191M.
- Howard Marks added most to Petrobras in Q2 2014, an estimated $22.8M increase.
- Howard Marks's biggest Q2 2014 reduction was Dynegy, Inc., cutting an estimated $40.3M.
- Howard Marks fully exited Level 3 Communications Inc in Q2 2014, selling an estimated $33.1M.
- Howard Marks's ten largest holdings make up 30% of its $5.74B portfolio in Q2 2014.
- Howard Marks opened 7 new positions and closed 8 in Q2 2014.
- Howard Marks's portfolio value rose 8.4% quarter-over-quarter to $5.74B.
Based on Oaktree Capital Management's 13F filing for Q2 2014, filed 12 Aug 2014.