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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
-1.14%
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
$9.36B
AUM Growth
+$3.32B
Cap. Flow
+$627M
Cap. Flow %
6.7%
Top 10 Hldgs %
49.21%
Holding
192
New
12
Increased
20
Reduced
17
Closed
8

Top Buys

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$1.7B
2
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$1.15B
3
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$210M
4
DYN
Dynegy, Inc.
DYN
+$68.6M
5
OIBR
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
+$48.4M

Top Sells

Rank Stock Value
1
VIV icon
Telefônica Brasil
VIV
+$32M
2
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$29.9M
3
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$29.4M
4
AIG icon
American International
AIG
+$26.8M
5
NBIS
Nebius Group N.V.
NBIS
+$21.6M

Sector Composition

Rank Sector Weight
1 Real Estate 19.42%
2 Communication Services 14.36%
3 Financials 8.08%
4 Industrials 7.49%
5 Utilities 3.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DSX icon
51
Diana Shipping
DSX
$337M
$3.25M 0.03%
693,422
– –
OIBR
52
DELISTED
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
$3.15M 0.03%
+986,395
New +$48.4M
PARR icon
53
Par Pacific Holdings
PARR
$3.96B
$3.1M 0.03%
190,862
– –
FLG.PRU
54
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$3.09M 0.03%
61,960
-165,625
-73% -$8.21M
CHU
55
DELISTED
China Unicom (HONG KONG) Limited
CHU
$2.98M 0.03%
+221,700
New +$3.2M
EPR.PRC icon
56
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
$2.83M 0.03%
121,071
-155,250
-56% -$3.59M
AIG icon
57
American International
AIG
$39.8B
$2.47M 0.03%
44,100
-500,000
-92% -$26.8M
CCEC
58
Capital Clean Energy Carriers
CCEC
$1.36B
$2.2M 0.02%
39,286
– –
TX icon
59
Ternium
TX
$10.9B
$2.14M 0.02%
+121,200
New +$2.44M
EPR.PRE icon
60
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$1.94M 0.02%
61,650
-600
-1% -$18.5K
TGS icon
61
Transportadora de Gas del Sur
TGS
$4.23B
$1.92M 0.02%
568,547
– –
MEA
62
DELISTED
METALICO INC
MEA
$1.88M 0.02%
+5,534,605
New +$3.06M
SWH
63
DELISTED
Stanley Black & Decker, Inc.
SWH
$1.34M 0.01%
+11,367
New +$1.31M
NBIS
64
Nebius Group N.V.
NBIS
$59.6B
$1.18M 0.01%
65,500
-895,600
-93% -$21.6M
OIBR.C
65
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$1.16M 0.01%
69,290
+62,361
+900% +$15.9M
MBT
66
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$240K ﹤0.01%
33,500
-1,323,748
-98% -$15.9M
NTAP icon
67
NetApp
NTAP
$37.7B
– –
-490,000
Closed -$21.1M
QUAD icon
68
Quad
QUAD
$532M
– –
-44,931
Closed -$864K
VIV icon
69
Telefônica Brasil
VIV
$18.3B
– –
-1,626,810
Closed -$32M
MDR
70
DELISTED
McDermott International
MDR
– –
-746,866
Closed -$12.8M
SCAI
71
DELISTED
Surgical Care Affiliates, Inc.
SCAI
– –
-1,099,090
Closed -$29.4M
EMC
72
DELISTED
EMC CORPORATION
EMC
– –
-610,000
Closed -$17.8M
WH
73
DELISTED
WSP HOLDINGS LTD ADR NEW
WH
– –
-1,408,800
Closed -$423K
BTM
74
DELISTED
OI S.A. SPON ADR REPSTG 3 PFD SHS (BRA)
BTM
– –
-9,863,971
Closed -$6.91M
1 2
3

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Howard Marks's Q4 2014 Portfolio in Review

As of Q4 2014, Howard Marks held 192 positions worth $9.36B, up 55% from $6.04B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks deployed $627M of net new capital in Q4 2014, opening 12 new positions and adding to 20 existing holdings. Its largest new stake was STORE Capital Corporation: 82,148,645 shares worth $1.78B.

By sector, the portfolio is most concentrated in Real Estate at 19% of assets, up from 0.4% a quarter earlier, followed by Communication Services and Financials.

On the sell side, the largest reduction was MASONITE INTERNATIONAL CORP, an estimated $29.9M trimmed.

  • Howard Marks's largest Q4 2014 buy was STORE Capital Corporation: 82,148,645 shares worth $1.78B.
  • Howard Marks added most to Dynegy, Inc. in Q4 2014, an estimated $68.6M increase.
  • Howard Marks's biggest Q4 2014 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $29.9M.
  • Howard Marks fully exited Telefônica Brasil in Q4 2014, selling an estimated $32M.
  • Howard Marks's ten largest holdings make up 49% of its $9.36B portfolio in Q4 2014.
  • Howard Marks opened 12 new positions and closed 8 in Q4 2014.
  • Howard Marks's portfolio value rose 55% quarter-over-quarter to $9.36B.

Based on Oaktree Capital Management's 13F filing for Q4 2014, filed 13 Feb 2015.