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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
+2.89%
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
$5.56B
AUM Growth
-$5.31M
Cap. Flow
-$2.65B
Cap. Flow %
-47.72%
Top 10 Hldgs %
29.93%
Holding
197
New
9
Increased
12
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
AMT.PRB
American Tower Corporation
AMT.PRB
+$72.1M
2
SWNC
Southwestern Energy Company
SWNC
+$38.8M
3
ABEV icon
Ambev
ABEV
+$24.9M
4
AGN.PRA
Allergan plc
AGN.PRA
+$24M
5
FTRPR
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
+$17.3M

Top Sells

Rank Stock Value
1
LNCE
Snyders-Lance, Inc.
LNCE
+$38.5M
2
PBR.A icon
Petrobras Class A
PBR.A
+$31.5M
3
KMI.PRA
Kinder Morgan, Inc.
KMI.PRA
+$21.4M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.5M
5
WPXP
WPX Energy, Inc.
WPXP
+$19.4M

Sector Composition

Rank Sector Weight
1 Communication Services 12.48%
2 Financials 11.97%
3 Technology 3.05%
4 Industrials 2.89%
5 Utilities 2.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INFY icon
51
Infosys
INFY
$48.4B
$4.1M 0.07%
431,200
-7,200
-2% -$67.4K
TERP
52
DELISTED
TerraForm Power, Inc
TERP
$3.98M 0.07%
+365,000
New +$3.38M
AVTA
53
DELISTED
Avantax, Inc. Common Stock
AVTA
$3.37M 0.06%
325,000
+80,000
+33% +$629K
PARR icon
54
Par Pacific Holdings
PARR
$3.96B
$2.93M 0.05%
190,862
– –
VALE icon
55
Vale
VALE
$62.1B
$2.77M 0.05%
547,000
+226,700
+71% +$1.06M
MBT
56
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.47M 0.04%
298,500
– –
CCEC
57
Capital Clean Energy Carriers
CCEC
$1.36B
$2.44M 0.04%
117,033
– –
EPR.PRE icon
58
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$2.06M 0.04%
55,000
-82,227
-60% -$2.86M
NBIS
59
Nebius Group N.V.
NBIS
$59.6B
$1.43M 0.03%
65,500
-65,600
-50% -$1.28M
OIBR.C
60
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$765K 0.01%
251,001
– –
INDA icon
61
iShares MSCI India ETF
INDA
$6.61B
$702K 0.01%
25,900
-3,100
-11% -$84.4K
BANC icon
62
Banc of California
BANC
$2.95B
– –
-286,594
Closed -$5.01M
IWM icon
63
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-150,000
Closed -$16.6M
PBR.A icon
64
Petrobras Class A
PBR.A
$111B
– –
-9,258,683
Closed -$31.5M
QQQ icon
65
PUT
Invesco QQQ Trust
QQQ
$486B
– –
-155,000
Closed -$16.9M
TX icon
66
Ternium
TX
$10.9B
– –
-103,500
Closed -$1.29M
YPF icon
67
YPF Sociedad Anonima ADS
YPF
$20.1B
– –
-786,136
Closed -$12.4M
KANG
68
DELISTED
iKang Healthcare Group, Inc.
KANG
– –
-48,100
Closed -$983K
LNCE
69
DELISTED
Snyders-Lance, Inc.
LNCE
– –
-1,223,965
Closed -$38.5M
FIG
70
DELISTED
Fortress Investment Group Llc
FIG
– –
-2,425,000
Closed -$11.6M
ALR.PRB
71
DELISTED
Alere Inc
ALR.PRB
– –
-8,856
Closed -$3.31M
YHOO
72
DELISTED
Yahoo Inc
YHOO
– –
-423,626
Closed -$15.6M
BBL
73
DELISTED
BHP Group Plc American Depositary Shares (Each representing two Ordinary Shares)
BBL
– –
-61,900
Closed -$1.4M
1 2
3

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Howard Marks's Q2 2016 Portfolio in Review

As of Q2 2016, Howard Marks held 197 positions worth $5.56B, down 0.1% from $5.57B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Howard Marks withdrew a net $2.65B in Q2 2016, closing 12 positions and reducing 20 holdings. Its most notable exit was Snyders-Lance, Inc., an estimated $38.5M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 12% of assets, up from 11% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in American Tower Corporation worth $76.7M.

  • Howard Marks's largest Q2 2016 buy was American Tower Corporation: 683,239 shares worth $76.7M.
  • Howard Marks added most to Allergan plc in Q2 2016, an estimated $24M increase.
  • Howard Marks's biggest Q2 2016 reduction was Kinder Morgan, Inc., cutting an estimated $21.4M.
  • Howard Marks fully exited Snyders-Lance, Inc. in Q2 2016, selling an estimated $38.5M.
  • Howard Marks's ten largest holdings make up 30% of its $5.56B portfolio in Q2 2016.
  • Howard Marks opened 9 new positions and closed 12 in Q2 2016.
  • Howard Marks's portfolio value fell 0.1% quarter-over-quarter to $5.56B.

Based on Oaktree Capital Management's 13F filing for Q2 2016, filed 12 Aug 2016.