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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
+1.95%
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
$5.57B
AUM Growth
-$2.01B
Cap. Flow
-$4.65B
Cap. Flow %
-83.53%
Top 10 Hldgs %
28.46%
Holding
199
New
10
Increased
9
Reduced
7
Closed
7

Top Buys

Rank Stock Value
1
LNCE
Snyders-Lance, Inc.
LNCE
+$39.2M
2
ANTX
Anthem, Inc.
ANTX
+$34.4M
3
KMI.PRA
Kinder Morgan, Inc.
KMI.PRA
+$33.4M
4
WPXP
WPX Energy, Inc.
WPXP
+$21.3M
5
ALLY icon
Ally Financial
ALLY
+$17.2M

Top Sells

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$1.63B
2
DMND
DIAMOND FOODS, INC.
DMND
+$170M
3
AIQ
Alliance Healthcare Services
AIQ
+$74.2M
4
ALR.PRB
Alere Inc
ALR.PRB
+$47.3M
5
AGN.PRA
Allergan plc
AGN.PRA
+$30.6M

Sector Composition

Rank Sector Weight
1 Financials 11.45%
2 Communication Services 11.43%
3 Industrials 3.34%
4 Technology 2.89%
5 Utilities 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INFY icon
51
Infosys
INFY
$48.4B
$3.67M 0.07%
438,400
– –
PARR icon
52
Par Pacific Holdings
PARR
$3.96B
$3.58M 0.06%
190,862
– –
ALR.PRB
53
DELISTED
Alere Inc
ALR.PRB
$3.31M 0.06%
8,856
-133,877
-94% -$47.3M
CCEC
54
Capital Clean Energy Carriers
CCEC
$1.36B
$2.59M 0.05%
117,033
– –
MBT
55
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.41M 0.04%
298,500
– –
CEO
56
DELISTED
CNOOC Limited
CEO
$1.48M 0.03%
14,200
– –
BBL
57
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
$1.4M 0.03%
61,900
– –
TX icon
58
Ternium
TX
$10.9B
$1.29M 0.02%
103,500
– –
AVTA
59
DELISTED
Avantax, Inc. Common Stock
AVTA
$1.26M 0.02%
+245,000
New +$1.72M
VALE icon
60
Vale
VALE
$62.1B
$1.05M 0.02%
320,300
– –
NBIS
61
Nebius Group N.V.
NBIS
$59.6B
$1M 0.02%
131,100
+65,600
+100% +$897K
KANG
62
DELISTED
iKang Healthcare Group, Inc.
KANG
$983K 0.02%
48,100
– –
INDA icon
63
iShares MSCI India ETF
INDA
$6.61B
$798K 0.01%
29,000
– –
OIBR.C
64
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$357K 0.01%
251,001
-3
-0% -$7
BAC.PRL icon
65
Bank of America Series L
BAC.PRL
$3.95B
– –
-7,000
Closed -$7.65M
WFC.PRL icon
66
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
– –
-7,602
Closed -$8.81M
STOR
67
DELISTED
STORE Capital Corporation
STOR
– –
-70,336,144
Closed -$1.63B
ARE.PRD
68
DELISTED
Alexandria Real Estate Equities Inc 7.00% Series D Preferred Stock
ARE.PRD
– –
-113,691
Closed -$3.13M
SWNC
69
DELISTED
Southwestern Energy Company
SWNC
– –
-80,000
Closed -$1.49M
DMND
70
DELISTED
DIAMOND FOODS, INC.
DMND
– –
-4,420,859
Closed -$170M
AIQ
71
DELISTED
Alliance Healthcare Services
AIQ
– –
-4,756,491
Closed -$74.2M
1 2
3

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Howard Marks's Q1 2016 Portfolio in Review

As of Q1 2016, Howard Marks held 199 positions worth $5.57B, down 27% from $7.57B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

Howard Marks withdrew a net $4.65B in Q1 2016, closing 7 positions and reducing 7 holdings. Its most notable exit was STORE Capital Corporation, an estimated $1.63B position sold in full.

By sector, the portfolio is most concentrated in Financials at 11% of assets, up from 8.9% a quarter earlier, followed by Communication Services and Industrials.

Against the trend, Howard Marks opened a new position in Snyders-Lance, Inc. worth $38.5M.

  • Howard Marks's largest Q1 2016 buy was Snyders-Lance, Inc.: 1,223,965 shares worth $38.5M.
  • Howard Marks added most to Ally Financial in Q1 2016, an estimated $17.2M increase.
  • Howard Marks's biggest Q1 2016 reduction was Alere Inc, cutting an estimated $47.3M.
  • Howard Marks fully exited STORE Capital Corporation in Q1 2016, selling an estimated $1.63B.
  • Howard Marks's ten largest holdings make up 28% of its $5.57B portfolio in Q1 2016.
  • Howard Marks opened 10 new positions and closed 7 in Q1 2016.
  • Howard Marks's portfolio value fell 27% quarter-over-quarter to $5.57B.

Based on Oaktree Capital Management's 13F filing for Q1 2016, filed 16 May 2016.