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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
+1.32%
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
$7.57B
AUM Growth
-$53.3M
Cap. Flow
-$2.86B
Cap. Flow %
-37.75%
Top 10 Hldgs %
42.02%
Holding
201
New
9
Increased
10
Reduced
19
Closed
9

Top Buys

Rank Stock Value
1
BANR icon
Banner Corp
BANR
+$128M
2
TSM icon
TSMC
TSM
+$43.1M
3
AGN.PRA
Allergan plc
AGN.PRA
+$22M
4
GGB icon
Gerdau
GGB
+$12.8M
5
FIG
Fortress Investment Group Llc
FIG
+$9.95M

Top Sells

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$46.9M
2
TV icon
Televisa
TV
+$37.7M
3
INDA icon
iShares MSCI India ETF
INDA
+$16M
4
NRG icon
NRG Energy
NRG
+$10.6M
5
BANC icon
Banc of California
BANC
+$9.73M

Sector Composition

Rank Sector Weight
1 Real Estate 21.86%
2 Financials 8.9%
3 Communication Services 7.61%
4 Industrials 3.33%
5 Technology 2.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MBT
51
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$1.84M 0.02%
298,500
– –
SWNC
52
DELISTED
Southwestern Energy Company
SWNC
$1.49M 0.02%
+80,000
New +$2.03M
CEO
53
DELISTED
CNOOC Limited
CEO
$1.48M 0.02%
+14,200
New +$1.57M
BBL
54
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
$1.4M 0.02%
+61,900
New +$1.75M
TX icon
55
Ternium
TX
$10.9B
$1.29M 0.02%
103,500
– –
VALE icon
56
Vale
VALE
$62.1B
$1.05M 0.01%
+320,300
New +$1.28M
NBIS
57
Nebius Group N.V.
NBIS
$59.6B
$1.03M 0.01%
65,500
– –
KANG
58
DELISTED
iKang Healthcare Group, Inc.
KANG
$983K 0.01%
48,100
– –
INDA icon
59
iShares MSCI India ETF
INDA
$6.61B
$798K 0.01%
29,000
-572,246
-95% -$16M
OIBR.C
60
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$765K 0.01%
251,004
+181,714
+262% +$726K
EPR.PRE icon
61
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$458K 0.01%
+14,657
New +$458K
EEM icon
62
iShares MSCI Emerging Markets ETF
EEM
$30.7B
– –
-38,000
Closed -$1.25M
GOGL
63
DELISTED
Golden Ocean Group
GOGL
– –
-200,000
Closed -$2.46M
IWM icon
64
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-162,500
Closed -$17.7M
NRG icon
65
NRG Energy
NRG
$23.8B
– –
-713,000
Closed -$10.6M
TV icon
66
Televisa
TV
$1.47B
– –
-1,449,550
Closed -$37.7M
PGND
67
DELISTED
PRESS GANEY HOLDINGS INC COM STK (DE)
PGND
– –
-47,987
Closed -$1.42M
OIBR
68
DELISTED
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
– –
-986,395
Closed -$667K
VRS
69
DELISTED
VERSO CORP COM STK (DE)
VRS
– –
-2,378,485
Closed -$286K
XIV
70
DELISTED
VelocityShares Daily Inverse VIX Short Term ETN
XIV
– –
-200,000
Closed -$4.87M
1 2
3

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Howard Marks's Q4 2015 Portfolio in Review

As of Q4 2015, Howard Marks held 201 positions worth $7.57B, down 0.7% from $7.63B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $2.86B in Q4 2015, closing 9 positions and reducing 19 holdings. Its most notable exit was Televisa, an estimated $37.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 22% of assets, up from 20% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Howard Marks opened a new position in Banner Corp worth $119M.

  • Howard Marks's largest Q4 2015 buy was Banner Corp: 2,598,988 shares worth $119M.
  • Howard Marks added most to TSMC in Q4 2015, an estimated $43.1M increase.
  • Howard Marks's biggest Q4 2015 reduction was STORE Capital Corporation, cutting an estimated $46.9M.
  • Howard Marks fully exited Televisa in Q4 2015, selling an estimated $37.7M.
  • Howard Marks's ten largest holdings make up 42% of its $7.57B portfolio in Q4 2015.
  • Howard Marks opened 9 new positions and closed 9 in Q4 2015.
  • Howard Marks's portfolio value fell 0.7% quarter-over-quarter to $7.57B.

Based on Oaktree Capital Management's 13F filing for Q4 2015, filed 12 Feb 2016.