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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
-7.99%
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
$7.63B
AUM Growth
-$1.01B
Cap. Flow
-$3.3B
Cap. Flow %
-43.29%
Top 10 Hldgs %
43.2%
Holding
188
New
8
Increased
16
Reduced
11
Closed
14

Top Buys

Rank Stock Value
1
AGN.PRA
Allergan plc
AGN.PRA
+$75.1M
2
PBR.A icon
Petrobras Class A
PBR.A
+$43.1M
3
BX icon
Blackstone
BX
+$19.3M
4
INDA icon
iShares MSCI India ETF
INDA
+$17.7M
5
WRK
WestRock Company
WRK
+$16.3M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$74.2M
2
PBR icon
Petrobras
PBR
+$68.4M
3
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$58.1M
4
TSM icon
TSMC
TSM
+$41.9M
5
AMX icon
America Movil
AMX
+$31.3M

Sector Composition

Rank Sector Weight
1 Real Estate 19.94%
2 Communication Services 8.27%
3 Financials 7.76%
4 Industrials 6.24%
5 Utilities 2.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FIG
51
DELISTED
Fortress Investment Group Llc
FIG
$3.47M 0.05%
+625,614
New +$3.95M
GOGL
52
DELISTED
Golden Ocean Group
GOGL
$2.46M 0.03%
200,000
-30,000
-13% -$513K
MTCN
53
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
– –
0
– –
MBT
54
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.15M 0.03%
298,500
-3,406,957
-92% -$26.6M
PGND
55
DELISTED
PRESS GANEY HOLDINGS INC COM STK (DE)
PGND
$1.42M 0.02%
47,987
-185
-0.4% -$5.63K
TX icon
56
Ternium
TX
$10.9B
$1.27M 0.02%
103,500
– –
EEM icon
57
iShares MSCI Emerging Markets ETF
EEM
$30.7B
$1.25M 0.02%
38,000
– –
KANG
58
DELISTED
iKang Healthcare Group, Inc.
KANG
$712K 0.01%
48,100
– –
NBIS
59
Nebius Group N.V.
NBIS
$59.6B
$703K 0.01%
65,500
-1,591,500
-96% -$20.8M
OIBR
60
DELISTED
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
$667K 0.01%
986,395
– –
VRS
61
DELISTED
VERSO CORP COM STK (DE)
VRS
$286K ﹤0.01%
2,378,485
-200,412
-8% -$81.1K
OIBR.C
62
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$236K ﹤0.01%
69,290
– –
AMX icon
63
America Movil
AMX
$71.3B
– –
-1,470,686
Closed -$31.3M
APO icon
64
Apollo Global Management
APO
$78.4B
– –
-1,000,000
Closed -$22.1M
BBD icon
65
Banco Bradesco
BBD
$33.9B
– –
-519,478
Closed -$2.24M
CIG icon
66
CEMIG Preferred Shares
CIG
$5.49B
– –
-13,595,010
Closed -$26.4M
DSX icon
67
Diana Shipping
DSX
$337M
– –
-693,422
Closed -$3.42M
GTY
68
Getty Realty Corp
GTY
$2.05B
– –
-803,206
Closed -$13M
PBR icon
69
Petrobras
PBR
$123B
– –
-7,558,156
Closed -$68.4M
FLG.PRU
70
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
– –
-61,960
Closed -$3.17M
DOOR
71
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
– –
-828,658
Closed -$58.1M
AGN
72
DELISTED
Allergan plc
AGN
– –
-71,000
Closed -$74.2M
AMSGP
73
DELISTED
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
– –
-4,954
Closed -$692K
MEA
74
DELISTED
METALICO INC
MEA
– –
-3,766,505
Closed -$1.92M
RKT
75
DELISTED
ROCK-TENN COMPANY CL-A
RKT
– –
-493,022
Closed -$29.7M
1 2
3
4

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Howard Marks's Q3 2015 Portfolio in Review

As of Q3 2015, Howard Marks held 188 positions worth $7.63B, down 12% from $8.63B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $3.3B in Q3 2015, closing 14 positions and reducing 11 holdings. Its most notable exit was Allergan plc, an estimated $74.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 20% of assets, up from 17% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Allergan plc worth $67.9M.

  • Howard Marks's largest Q3 2015 buy was Allergan plc: 72,000 shares worth $67.9M.
  • Howard Marks added most to Petrobras Class A in Q3 2015, an estimated $43.1M increase.
  • Howard Marks's biggest Q3 2015 reduction was TSMC, cutting an estimated $41.9M.
  • Howard Marks fully exited Allergan plc in Q3 2015, selling an estimated $74.2M.
  • Howard Marks's ten largest holdings make up 43% of its $7.63B portfolio in Q3 2015.
  • Howard Marks opened 8 new positions and closed 14 in Q3 2015.
  • Howard Marks's portfolio value fell 12% quarter-over-quarter to $7.63B.

Based on Oaktree Capital Management's 13F filing for Q3 2015, filed 13 Nov 2015.