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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
+2.17%
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
$6.74B
AUM Growth
-$968M
Cap. Flow
-$3.9B
Cap. Flow %
-57.86%
Top 10 Hldgs %
41.78%
Holding
204
New
11
Increased
11
Reduced
17
Closed
10

Top Buys

Rank Stock Value
1
AMX icon
America Movil
AMX
+$29.2M
2
STON
StoneMor Inc.
STON
+$17.6M
3
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
+$16.8M
4
TSM icon
TSMC
TSM
+$10.5M
5
BANC icon
Banc of California
BANC
+$8.72M

Top Sells

Rank Stock Value
1
BANR icon
Banner Corp
BANR
+$108M
2
FBP icon
First Bancorp
FBP
+$60.9M
3
AMT.PRB
American Tower Corporation
AMT.PRB
+$34.2M
4
MTG icon
MGIC Investment
MTG
+$29.2M
5
KMI icon
Kinder Morgan
KMI
+$21M

Sector Composition

Rank Sector Weight
1 Consumer Staples 19.57%
2 Communication Services 10.11%
3 Financials 9.9%
4 Industrials 3.18%
5 Technology 2.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PARR icon
51
Par Pacific Holdings
PARR
$3.96B
$2.77M 0.04%
190,862
– –
MBT
52
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.72M 0.04%
298,500
– –
CCEC
53
Capital Clean Energy Carriers
CCEC
$1.36B
$2.61M 0.04%
117,033
– –
BIDU icon
54
Baidu
BIDU
$31.6B
$2.11M 0.03%
12,861
+4,647
+57% +$791K
MLCO icon
55
Melco Resorts & Entertainment
MLCO
$2.09B
$1.44M 0.02%
90,639
-41,784
-32% -$717K
NBIS
56
Nebius Group N.V.
NBIS
$59.6B
$1.32M 0.02%
65,500
– –
AMPY icon
57
Amplify Energy
AMPY
$200M
$1.13M 0.02%
+54,548
New +$1.08M
OIBR.C
58
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$996K 0.01%
251,001
– –
INDA icon
59
iShares MSCI India ETF
INDA
$6.61B
$448K 0.01%
+17,700
New +$492K
SN
60
DELISTED
Sanchez Energy Corporation
SN
$135K ﹤0.01%
+14,837
New +$119K
APO icon
61
Apollo Global Management
APO
$78.4B
– –
-353,842
Closed -$6.36M
BANR icon
62
Banner Corp
BANR
$2.42B
– –
-2,473,283
Closed -$108M
CAT icon
63
PUT
Caterpillar
CAT
$381B
– –
-41,200
Closed -$3.63M
EPR.PRE icon
64
EPR Properties 9.00% Series E Preferred Shares
EPR.PRE
$112M
– –
-55,000
Closed -$2.05M
HYG icon
65
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
– –
-201,500
Closed -$17.4M
KMI icon
66
Kinder Morgan
KMI
$69B
– –
-908,699
Closed -$21M
KMI.PRA
67
DELISTED
Kinder Morgan, Inc.
KMI.PRA
– –
-130,128
Closed -$6.52M
AGN.PRA
68
DELISTED
Allergan plc
AGN.PRA
– –
-6,183
Closed -$5.06M
SORL
69
CALL
DELISTED
SORL Auto Parts, Inc.
SORL
– –
-3,000,000
Closed -$649M
SORL
70
PUT
DELISTED
SORL Auto Parts, Inc.
SORL
– –
-63,000
Closed -$13.6M
1 2
3

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Howard Marks's Q4 2016 Portfolio in Review

As of Q4 2016, Howard Marks held 204 positions worth $6.74B, down 13% from $7.71B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $3.9B in Q4 2016, closing 10 positions and reducing 17 holdings. Its most notable exit was Banner Corp, an estimated $108M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 20% of assets, up from 16% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in America Movil worth $30.3M.

  • Howard Marks's largest Q4 2016 buy was America Movil: 2,412,671 shares worth $30.3M.
  • Howard Marks added most to TSMC in Q4 2016, an estimated $10.5M increase.
  • Howard Marks's biggest Q4 2016 reduction was First Bancorp, cutting an estimated $60.9M.
  • Howard Marks fully exited Banner Corp in Q4 2016, selling an estimated $108M.
  • Howard Marks's ten largest holdings make up 42% of its $6.74B portfolio in Q4 2016.
  • Howard Marks opened 11 new positions and closed 10 in Q4 2016.
  • Howard Marks's portfolio value fell 13% quarter-over-quarter to $6.74B.

Based on Oaktree Capital Management's 13F filing for Q4 2016, filed 13 Feb 2017.