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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
+11.24%
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
$6.88B
AUM Growth
+$134M
Cap. Flow
-$2.43B
Cap. Flow %
-35.36%
Top 10 Hldgs %
44.74%
Holding
204
New
14
Increased
18
Reduced
9
Closed
11

Top Buys

Rank Stock Value
1
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
+$116M
2
YHOO
Yahoo Inc
YHOO
+$39.3M
3
ANTX
Anthem, Inc.
ANTX
+$32.3M
4
SBLK icon
Star Bulk Carriers
SBLK
+$30.4M
5
STKL
SunOpta
STKL
+$21.5M

Top Sells

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$333M
2
FBP icon
First Bancorp
FBP
+$73M
3
TPCO
Tribune Publishing Company Common Stock
TPCO
+$65.1M
4
AMT.PRB
American Tower Corporation
AMT.PRB
+$33.5M
5
SWNC
Southwestern Energy Company
SWNC
+$25.1M

Sector Composition

Rank Sector Weight
1 Consumer Staples 15.12%
2 Communication Services 9.66%
3 Financials 8.86%
4 Industrials 6.79%
5 Energy 3.65%
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
$3.29M 0.05%
298,500
– –
NSM
52
CALL
DELISTED
Nationstar Mortgage Holdings
NSM
$3.15M 0.05%
+200,000
New +$3.54M
PARR icon
53
Par Pacific Holdings
PARR
$3.96B
$3.15M 0.05%
190,862
– –
CCEC
54
Capital Clean Energy Carriers
CCEC
$1.36B
$2.92M 0.04%
117,033
– –
SD icon
55
SandRidge Energy
SD
$532M
$2.5M 0.04%
135,000
– –
MLCO icon
56
Melco Resorts & Entertainment
MLCO
$2.09B
$2M 0.03%
107,927
+17,288
+19% +$296K
NBIS
57
Nebius Group N.V.
NBIS
$59.6B
$1.44M 0.02%
65,500
– –
CHL
58
DELISTED
China Mobile Limited
CHL
$1.31M 0.02%
+23,741
New +$1.32M
AMPY icon
59
Amplify Energy
AMPY
$200M
$1.01M 0.01%
54,548
– –
INDA icon
60
iShares MSCI India ETF
INDA
$6.61B
$567K 0.01%
19,400
+1,700
+10% +$49.8K
INFY icon
61
Infosys
INFY
$48.4B
$478K 0.01%
+62,362
New +$465K
SN
62
DELISTED
Sanchez Energy Corporation
SN
$372K 0.01%
39,177
+24,340
+164% +$272K
BANC icon
63
Banc of California
BANC
$2.95B
– –
-568,000
Closed -$9.86M
BIDU icon
64
Baidu
BIDU
$31.6B
– –
-12,861
Closed -$2.11M
FMX icon
65
Fomento Económico Mexicano
FMX
$41.1B
– –
-110,056
Closed -$8.38M
X
66
PUT
DELISTED
US Steel
X
– –
-140,000
Closed -$4.62M
CLR
67
PUT
DELISTED
CONTINENTAL RESOURCES INC.
CLR
– –
-400,000
Closed -$20.6M
TPCO
68
DELISTED
Tribune Publishing Company Common Stock
TPCO
– –
-4,695,947
Closed -$65.1M
LEXEA
69
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
– –
-396,180
Closed -$15.7M
AMT.PRB
70
DELISTED
American Tower Corporation
AMT.PRB
– –
-320,739
Closed -$33.5M
SWNC
71
DELISTED
Southwestern Energy Company
SWNC
– –
-984,340
Closed -$25.1M
TSL
72
DELISTED
Trina Solar Limited
TSL
– –
-1,808,320
Closed -$16.8M
OIBR.C
73
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
– –
-251,001
Closed -$996K
1 2
3

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Howard Marks's Q1 2017 Portfolio in Review

As of Q1 2017, Howard Marks held 204 positions worth $6.88B, up 2% from $6.74B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Howard Marks withdrew a net $2.43B in Q1 2017, closing 11 positions and reducing 9 holdings. Its most notable exit was Tribune Publishing Company Common Stock, an estimated $65.1M position sold in full.

By sector, the portfolio is most concentrated in Consumer Staples at 15% of assets, down from 20% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Energy XXI Gulf Coast, Inc. Common Stock worth $117M.

  • Howard Marks's largest Q1 2017 buy was Energy XXI Gulf Coast, Inc. Common Stock: 3,910,545 shares worth $117M.
  • Howard Marks added most to Star Bulk Carriers in Q1 2017, an estimated $30.4M increase.
  • Howard Marks's biggest Q1 2017 reduction was AdvancePierre Foods Holdings, cutting an estimated $333M.
  • Howard Marks fully exited Tribune Publishing Company Common Stock in Q1 2017, selling an estimated $65.1M.
  • Howard Marks's ten largest holdings make up 45% of its $6.88B portfolio in Q1 2017.
  • Howard Marks opened 14 new positions and closed 11 in Q1 2017.
  • Howard Marks's portfolio value rose 2% quarter-over-quarter to $6.88B.

Based on Oaktree Capital Management's 13F filing for Q1 2017, filed 15 May 2017.