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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
-0.11%
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
$9.48B
AUM Growth
+$128M
Cap. Flow
-$2.51B
Cap. Flow %
-26.48%
Top 10 Hldgs %
49.39%
Holding
185
New
10
Increased
21
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$132M
2
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$68.5M
3
BABA icon
Alibaba
BABA
+$31.1M
4
AMX icon
America Movil
AMX
+$30.9M
5
CIG icon
CEMIG Preferred Shares
CIG
+$29.6M

Top Sells

Rank Stock Value
1
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$50.8M
2
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
+$27.1M
3
TSM icon
TSMC
TSM
+$21.8M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.7M
5
TTM
Tata Motors Limited
TTM
+$17.9M

Sector Composition

Rank Sector Weight
1 Real Estate 20.65%
2 Communication Services 14.83%
3 Financials 8.04%
4 Industrials 5.64%
5 Utilities 4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VEON icon
51
VEON
VEON
$4.09B
$8.8M 0.09%
67,156
– –
CCEC
52
Capital Clean Energy Carriers
CCEC
$1.36B
$7.6M 0.08%
114,286
+75,000
+191% +$4.75M
BAC.PRL icon
53
Bank of America Series L
BAC.PRL
$3.95B
$5.79M 0.06%
5,000
– –
WPZ
54
DELISTED
Williams Partners L.P.
WPZ
$5M 0.05%
+101,695
New +$4.96M
VRS
55
DELISTED
VERSO CORP COM STK (DE)
VRS
$4.64M 0.05%
+2,578,897
New +$6.24M
PARR icon
56
Par Pacific Holdings
PARR
$3.96B
$4.43M 0.05%
190,862
– –
MTCN
57
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
PBR.A icon
58
Petrobras Class A
PBR.A
$111B
$3.34M 0.04%
549,100
+88,900
+19% +$578K
FLG.PRU
59
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$3.15M 0.03%
61,960
– –
DSX icon
60
Diana Shipping
DSX
$337M
$2.97M 0.03%
693,422
– –
NBG
61
DELISTED
NATIONAL BANK OF GREECE SA ADR REPSTG 1 SHARE (NEW)
NBG
$2.41M 0.03%
+1,881,400
New +$2.76M
BBD icon
62
Banco Bradesco
BBD
$33.9B
$2.37M 0.03%
+542,863
New +$2.66M
TX icon
63
Ternium
TX
$10.9B
$2.19M 0.02%
121,200
– –
EPR.PRC icon
64
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
$1.72M 0.02%
71,071
-50,000
-41% -$1.23M
OIBR
65
DELISTED
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
$1.52M 0.02%
986,395
– –
MEA
66
DELISTED
METALICO INC
MEA
$1.39M 0.01%
3,766,505
-1,768,100
-32% -$938K
EPR.PRE icon
67
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$1.08M 0.01%
31,650
-30,000
-49% -$1.01M
NBIS
68
Nebius Group N.V.
NBIS
$59.6B
$993K 0.01%
65,500
– –
OIBR.C
69
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$565K 0.01%
69,290
– –
AIG icon
70
American International
AIG
$39.8B
– –
-44,100
Closed -$2.47M
TGS icon
71
Transportadora de Gas del Sur
TGS
$4.23B
– –
-568,547
Closed -$1.92M
ONIT
72
Onity Group
ONIT
$301M
– –
-15,800
Closed -$3.58M
SWH
73
DELISTED
Stanley Black & Decker, Inc.
SWH
– –
-11,367
Closed -$1.34M
PULS
74
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
– –
-11,999,585
Closed -$27.1M
CHU
75
DELISTED
China Unicom (HONG KONG) Limited
CHU
– –
-221,700
Closed -$2.98M
1 2
3
4

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Howard Marks's Q1 2015 Portfolio in Review

As of Q1 2015, Howard Marks held 185 positions worth $9.48B, up 1.4% from $9.36B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $2.51B in Q1 2015, closing 7 positions and reducing 14 holdings. Its most notable exit was PULSE ELECTRONICS CORP COM STK (PA)NEW, an estimated $27.1M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 21% of assets, up from 19% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in ACTAVIS PLC Pfd Conv Ser A (Irl) worth $66.3M.

  • Howard Marks's largest Q1 2015 buy was ACTAVIS PLC Pfd Conv Ser A (Irl): 65,500 shares worth $66.3M.
  • Howard Marks added most to Star Bulk Carriers in Q1 2015, an estimated $132M increase.
  • Howard Marks's biggest Q1 2015 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $50.8M.
  • Howard Marks fully exited PULSE ELECTRONICS CORP COM STK (PA)NEW in Q1 2015, selling an estimated $27.1M.
  • Howard Marks's ten largest holdings make up 49% of its $9.48B portfolio in Q1 2015.
  • Howard Marks opened 10 new positions and closed 7 in Q1 2015.
  • Howard Marks's portfolio value rose 1.4% quarter-over-quarter to $9.48B.

Based on Oaktree Capital Management's 13F filing for Q1 2015, filed 12 May 2015.