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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
-5.68%
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
$6.04B
AUM Growth
+$295M
Cap. Flow
-$1.7B
Cap. Flow %
-28.08%
Top 10 Hldgs %
32.28%
Holding
149
New
13
Increased
16
Reduced
11
Closed
4

Top Buys

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$566M
2
TPCO
Tribune Publishing Company Common Stock
TPCO
+$94.9M
3
AMSGP
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
+$31.5M
4
ITUB icon
Itaú Unibanco
ITUB
+$29.5M
5
DYN
Dynegy, Inc.
DYN
+$29.4M

Top Sells

Rank Stock Value
1
ALR.PRB
Alere Inc
ALR.PRB
+$42.1M
2
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$35.9M
3
ABEV icon
Ambev
ABEV
+$23.9M
4
AIG icon
American International
AIG
+$21M
5
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$15.8M

Sector Composition

Rank Sector Weight
1 Industrials 12.42%
2 Financials 10.04%
3 Energy 4.97%
4 Utilities 4.46%
5 Communication Services 4.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BTM
51
DELISTED
OI S.A. SPON ADR REPSTG 3 PFD SHS (BRA)
BTM
$6.91M 0.11%
9,863,971
– –
ONIT
52
Onity Group
ONIT
$301M
$6.21M 0.1%
15,800
– –
EPR.PRC icon
53
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
$6.09M 0.1%
276,321
-125,000
-31% -$2.87M
NMIH icon
54
NMI Holdings
NMIH
$3.4B
$5.19M 0.09%
+600,300
New +$5.86M
DSX icon
55
Diana Shipping
DSX
$337M
$4.33M 0.07%
+693,422
New +$4.93M
PARR icon
56
Par Pacific Holdings
PARR
$3.96B
$3.22M 0.05%
+190,862
New +$3.37M
CCEC
57
Capital Clean Energy Carriers
CCEC
$1.36B
$2.75M 0.05%
+39,286
New +$2.97M
OIBR.C
58
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$2.56M 0.04%
6,929
– –
EPR.PRE icon
59
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$1.9M 0.03%
62,250
-52,800
-46% -$1.65M
TGS icon
60
Transportadora de Gas del Sur
TGS
$4.23B
$1.82M 0.03%
568,547
– –
QUAD icon
61
Quad
QUAD
$532M
$864K 0.01%
+44,931
New +$973K
WH
62
DELISTED
WSP HOLDINGS LTD ADR NEW
WH
$423K 0.01%
1,408,800
– –
ABEV icon
63
Ambev
ABEV
$44.4B
– –
-3,395,805
Closed -$23.9M
BX icon
64
Blackstone
BX
$108B
– –
-356,650
Closed -$11.7M
LXP.PRC icon
65
LXP Industrial Trust 6.5% Series C Preferred Stock
LXP.PRC
$94.9M
– –
-29,266
Closed -$1.43M
PRGN
66
DELISTED
PARAGON SHIPPING INC CL A NEW (MHL)
PRGN
– –
-13,158
Closed -$2.96M
1 2
3

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Howard Marks's Q3 2014 Portfolio in Review

As of Q3 2014, Howard Marks held 149 positions worth $6.04B, up 5.1% from $5.74B the previous quarter. Its ten largest holdings account for 32% of the portfolio.

Howard Marks withdrew a net $1.7B in Q3 2014, closing 4 positions and reducing 11 holdings. Its most notable exit was Ambev, an estimated $23.9M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 12% of assets, up from 5.2% a quarter earlier, followed by Financials and Energy.

Against the trend, Howard Marks opened a new position in Tribune Publishing Company Common Stock worth $94.7M.

  • Howard Marks's largest Q3 2014 buy was Tribune Publishing Company Common Stock: 4,691,371 shares worth $94.7M.
  • Howard Marks added most to Star Bulk Carriers in Q3 2014, an estimated $566M increase.
  • Howard Marks's biggest Q3 2014 reduction was Alere Inc, cutting an estimated $42.1M.
  • Howard Marks fully exited Ambev in Q3 2014, selling an estimated $23.9M.
  • Howard Marks's ten largest holdings make up 32% of its $6.04B portfolio in Q3 2014.
  • Howard Marks opened 13 new positions and closed 4 in Q3 2014.
  • Howard Marks's portfolio value rose 5.1% quarter-over-quarter to $6.04B.

Based on Oaktree Capital Management's 13F filing for Q3 2014, filed 13 Nov 2014.