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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
+6.17%
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
$7.71B
AUM Growth
+$2.15B
Cap. Flow
-$1.62B
Cap. Flow %
-21.07%
Top 10 Hldgs %
43.36%
Holding
202
New
13
Increased
8
Reduced
14
Closed
15

Top Buys

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$1.09B
2
BABA icon
Alibaba
BABA
+$51.9M
3
SBLK icon
Star Bulk Carriers
SBLK
+$26.2M
4
VRS
Verso Corporation
VRS
+$26.2M
5
FMX icon
Fomento Económico Mexicano
FMX
+$23.1M

Top Sells

Rank Stock Value
1
AGN.PRA
Allergan plc
AGN.PRA
+$73M
2
JD icon
JD.com
JD
+$30.7M
3
BRFS
BRF SA
BRFS
+$27.3M
4
TSM icon
TSMC
TSM
+$27.1M
5
ANTX
Anthem, Inc.
ANTX
+$22.1M

Sector Composition

Rank Sector Weight
1 Consumer Staples 16.06%
2 Financials 9.94%
3 Communication Services 8.79%
4 Industrials 2.69%
5 Technology 1.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CAT icon
51
PUT
Caterpillar
CAT
$381B
$3.63M 0.05%
+41,200
New +$3.37M
CCEC
52
Capital Clean Energy Carriers
CCEC
$1.36B
$2.67M 0.03%
117,033
– –
PARR icon
53
Par Pacific Holdings
PARR
$3.96B
$2.5M 0.03%
190,862
– –
MBT
54
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.28M 0.03%
298,500
– –
MLCO icon
55
Melco Resorts & Entertainment
MLCO
$2.09B
$2.13M 0.03%
+132,423
New +$1.86M
EPR.PRE icon
56
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
$2.05M 0.03%
55,000
– –
BIDU icon
57
Baidu
BIDU
$31.6B
$1.5M 0.02%
+8,214
New +$1.42M
OIBR.C
58
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$1.43M 0.02%
251,001
– –
NBIS
59
Nebius Group N.V.
NBIS
$59.6B
$1.38M 0.02%
65,500
– –
BRFS
60
DELISTED
BRF SA
BRFS
– –
-1,922,699
Closed -$27.3M
BSAC icon
61
Banco Santander Chile
BSAC
$16.6B
– –
-869,282
Closed -$16.8M
BX icon
62
Blackstone
BX
$108B
– –
-525,000
Closed -$12.9M
INDA icon
63
iShares MSCI India ETF
INDA
$6.61B
– –
-25,900
Closed -$702K
INFY icon
64
Infosys
INFY
$48.4B
– –
-431,200
Closed -$4.1M
JD icon
65
JD.com
JD
$39.7B
– –
-1,156,960
Closed -$30.7M
NGVT icon
66
Ingevity
NGVT
$2.42B
– –
-261,810
Closed -$8.91M
TEO icon
67
Telecom Argentina
TEO
$5.66B
– –
-558,151
Closed -$10.2M
WRK
68
DELISTED
WestRock Company
WRK
– –
-274,864
Closed -$10.7M
AVTA
69
DELISTED
Avantax, Inc. Common Stock
AVTA
– –
-325,000
Closed -$3.37M
FTRPR
70
DELISTED
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
– –
-174,324
Closed -$16.5M
AEUA
71
DELISTED
Anadarko Petroleum Corporation
AEUA
– –
-163,500
Closed -$6M
ANTX
72
DELISTED
Anthem, Inc.
ANTX
– –
-493,335
Closed -$22.1M
TERP
73
DELISTED
TerraForm Power, Inc
TERP
– –
-365,000
Closed -$3.98M
CCI.PRA
74
DELISTED
Crown Castle International Corp.
CCI.PRA
– –
-117,700
Closed -$14.2M
1 2
3

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Howard Marks's Q3 2016 Portfolio in Review

As of Q3 2016, Howard Marks held 202 positions worth $7.71B, up 39% from $5.56B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $1.62B in Q3 2016, closing 15 positions and reducing 14 holdings. Its most notable exit was JD.com, an estimated $30.7M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 16% of assets, up from 0.92% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Howard Marks opened a new position in AdvancePierre Foods Holdings worth $1.19B.

  • Howard Marks's largest Q3 2016 buy was AdvancePierre Foods Holdings: 43,268,538 shares worth $1.19B.
  • Howard Marks added most to Star Bulk Carriers in Q3 2016, an estimated $26.2M increase.
  • Howard Marks's biggest Q3 2016 reduction was Allergan plc, cutting an estimated $73M.
  • Howard Marks fully exited JD.com in Q3 2016, selling an estimated $30.7M.
  • Howard Marks's ten largest holdings make up 43% of its $7.71B portfolio in Q3 2016.
  • Howard Marks opened 13 new positions and closed 15 in Q3 2016.
  • Howard Marks's portfolio value rose 39% quarter-over-quarter to $7.71B.

Based on Oaktree Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.