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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
-4.66%
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
$8.63B
AUM Growth
-$850M
Cap. Flow
-$3.17B
Cap. Flow %
-36.67%
Top 10 Hldgs %
44.32%
Holding
180
New
8
Increased
17
Reduced
18
Closed
9

Top Buys

Rank Stock Value
1
GNRT
Gener8 Maritime, Inc.
GNRT
+$176M
2
SBLK icon
Star Bulk Carriers
SBLK
+$106M
3
VIV icon
Telefônica Brasil
VIV
+$30.6M
4
NBIS
Nebius Group N.V.
NBIS
+$29.1M
5
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$23.8M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$258M
2
STOR
STORE Capital Corporation
STOR
+$210M
3
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$66.3M
4
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$55.3M
5
TTM
Tata Motors Limited
TTM
+$38.4M

Sector Composition

Rank Sector Weight
1 Real Estate 17.3%
2 Communication Services 12.07%
3 Financials 8.49%
4 Industrials 7.98%
5 Utilities 3.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOGL
51
DELISTED
Golden Ocean Group
GOGL
$4.43M 0.05%
+230,000
New +$5.29M
MTCN
52
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
PARR icon
53
Par Pacific Holdings
PARR
$3.96B
$3.57M 0.04%
190,862
– –
DSX icon
54
Diana Shipping
DSX
$337M
$3.42M 0.04%
693,422
– –
FLG.PRU
55
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$3.17M 0.04%
61,960
– –
PBR.A icon
56
Petrobras Class A
PBR.A
$111B
$2.32M 0.03%
284,800
-264,300
-48% -$2.21M
BBD icon
57
Banco Bradesco
BBD
$33.9B
$2.24M 0.03%
519,478
-23,385
-4% -$108K
MEA
58
DELISTED
METALICO INC
MEA
$1.92M 0.02%
3,766,505
– –
OIBR
59
DELISTED
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
$1.89M 0.02%
986,395
– –
NBG
60
DELISTED
NATIONAL BANK OF GREECE SA ADR REPSTG 1 SHARE (NEW)
NBG
$1.85M 0.02%
1,764,500
-116,900
-6% -$151K
TX icon
61
Ternium
TX
$10.9B
$1.79M 0.02%
103,500
-17,700
-15% -$349K
VRS
62
DELISTED
VERSO CORP COM STK (DE)
VRS
$1.7M 0.02%
2,578,897
– –
EEM icon
63
iShares MSCI Emerging Markets ETF
EEM
$30.7B
$1.51M 0.02%
+38,000
New +$1.59M
CCEC
64
Capital Clean Energy Carriers
CCEC
$1.36B
$1.48M 0.02%
27,038
-87,248
-76% -$5.49M
PGND
65
DELISTED
PRESS GANEY HOLDINGS INC COM STK (DE)
PGND
$1.31M 0.02%
+48,172
New +$1.31M
KANG
66
DELISTED
iKang Healthcare Group, Inc.
KANG
$930K 0.01%
+48,100
New +$884K
AMSGP
67
DELISTED
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
$692K 0.01%
4,954
-273,950
-98% -$36.4M
OIBR.C
68
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$683K 0.01%
69,290
– –
BABA icon
69
Alibaba
BABA
$286B
– –
-345,000
Closed -$28.7M
BIDU icon
70
Baidu
BIDU
$31.6B
– –
-127,837
Closed -$26.6M
EPR.PRC icon
71
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$146M
– –
-71,071
Closed -$1.72M
EPR.PRE icon
72
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
– –
-31,650
Closed -$1.08M
TTM
73
DELISTED
Tata Motors Limited
TTM
– –
-852,489
Closed -$38.4M
IRDMB
74
DELISTED
Iridium Communications Inc - 6.75% Series B
IRDMB
– –
-77,500
Closed -$27.6M
GWRU
75
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
– –
-183,300
Closed -$22.2M
1 2
3
4

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Howard Marks's Q2 2015 Portfolio in Review

As of Q2 2015, Howard Marks held 180 positions worth $8.63B, down 9% from $9.48B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $3.17B in Q2 2015, closing 9 positions and reducing 18 holdings. Its most notable exit was ACTAVIS PLC Pfd Conv Ser A (Irl), an estimated $66.3M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 17% of assets, down from 21% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Gener8 Maritime, Inc. worth $178M.

  • Howard Marks's largest Q2 2015 buy was Gener8 Maritime, Inc.: 13,052,534 shares worth $178M.
  • Howard Marks added most to Star Bulk Carriers in Q2 2015, an estimated $106M increase.
  • Howard Marks's biggest Q2 2015 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $258M.
  • Howard Marks fully exited ACTAVIS PLC Pfd Conv Ser A (Irl) in Q2 2015, selling an estimated $66.3M.
  • Howard Marks's ten largest holdings make up 44% of its $8.63B portfolio in Q2 2015.
  • Howard Marks opened 8 new positions and closed 9 in Q2 2015.
  • Howard Marks's portfolio value fell 9% quarter-over-quarter to $8.63B.

Based on Oaktree Capital Management's 13F filing for Q2 2015, filed 13 Aug 2015.