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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
+1.88%
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
$6.12B
AUM Growth
-$760M
Cap. Flow
-$2.79B
Cap. Flow %
-45.6%
Top 10 Hldgs %
42.08%
Holding
209
New
20
Increased
16
Reduced
10
Closed
12

Top Buys

Rank Stock Value
1
VST icon
Vistra
VST
+$795M
2
AGN.PRA
Allergan plc
AGN.PRA
+$58.9M
3
AABA
Altaba Inc
AABA
+$57.8M
4
PBR.A icon
Petrobras Class A
PBR.A
+$46.6M
5
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
+$44.2M

Top Sells

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$989M
2
YHOO
Yahoo Inc
YHOO
+$40.8M
3
MTG icon
MGIC Investment
MTG
+$35.5M
4
VIV icon
Telefônica Brasil
VIV
+$32.6M
5
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$15.4M

Sector Composition

Rank Sector Weight
1 Utilities 14.95%
2 Communication Services 10.7%
3 Financials 10.37%
4 Industrials 6.87%
5 Technology 3.84%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MCF
51
DELISTED
Contango Oil & Gas Co.
MCF
$8.61M 0.14%
1,296,813
– –
PENG
52
Penguin Solutions Inc
PENG
$2.7B
$7.58M 0.12%
+936,370
New +$7.1M
BAC.PRL icon
53
Bank of America Series L
BAC.PRL
$3.95B
$7.57M 0.12%
6,000
+2,500
+71% +$3.09M
VEON icon
54
VEON
VEON
$4.09B
$6.56M 0.11%
67,156
– –
DYNC
55
DELISTED
Vistra Energy Corp.
DYNC
$5.82M 0.1%
+95,500
New +$5.52M
ETP
56
DELISTED
Energy Transfer Partners, L.P.
ETP
$5.44M 0.09%
267,000
– –
XCO
57
DELISTED
Exco Resources
XCO
$5.44M 0.09%
2,051,578
-1
-0% -$6
HCC icon
58
Warrior Met Coal
HCC
$5.64B
$4.16M 0.07%
+243,100
New +$4.22M
EGLE
59
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$3.71M 0.06%
112,195
– –
PARR icon
60
Par Pacific Holdings
PARR
$3.96B
$3.44M 0.06%
190,862
– –
NC icon
61
NACCO Industries
NC
$309M
$3.29M 0.05%
202,961
-225,985
-53% -$3.78M
CCEC
62
Capital Clean Energy Carriers
CCEC
$1.36B
$2.79M 0.05%
117,033
– –
XOG
63
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$2.73M 0.04%
202,787
– –
AMPY icon
64
Amplify Energy
AMPY
$200M
$2.59M 0.04%
204,107
+149,559
+274% +$2.52M
MBT
65
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.5M 0.04%
298,500
– –
SD icon
66
SandRidge Energy
SD
$532M
$2.32M 0.04%
135,000
– –
PBR icon
67
Petrobras
PBR
$123B
$1.97M 0.03%
+246,161
New +$2.2M
NBIS
68
Nebius Group N.V.
NBIS
$59.6B
$1.72M 0.03%
65,500
– –
INDA icon
69
iShares MSCI India ETF
INDA
$6.61B
$583K 0.01%
20,100
+700
+4% +$22.5K
INFY icon
70
Infosys
INFY
$48.4B
$440K 0.01%
61,248
-1,114
-2% -$8.34K
SN
71
DELISTED
Sanchez Energy Corporation
SN
$258K ﹤0.01%
36,079
-3,098
-8% -$23K
HYG icon
72
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
– –
-140,000
Closed -$12.3M
MLCO icon
73
Melco Resorts & Entertainment
MLCO
$2.09B
– –
-107,927
Closed -$2M
NTES icon
74
NetEase
NTES
$82.1B
– –
-210,400
Closed -$11.9M
SPY icon
75
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-1,750,000
Closed -$413M
1 2
3
4

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Howard Marks's Q2 2017 Portfolio in Review

As of Q2 2017, Howard Marks held 209 positions worth $6.12B, down 11% from $6.88B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $2.79B in Q2 2017, closing 12 positions and reducing 10 holdings. Its most notable exit was AdvancePierre Foods Holdings, an estimated $989M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 15% of assets, up from 0.96% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Vistra worth $845M.

  • Howard Marks's largest Q2 2017 buy was Vistra: 50,320,153 shares worth $845M.
  • Howard Marks added most to Vale S A in Q2 2017, an estimated $30.7M increase.
  • Howard Marks's biggest Q2 2017 reduction was MGIC Investment, cutting an estimated $35.5M.
  • Howard Marks fully exited AdvancePierre Foods Holdings in Q2 2017, selling an estimated $989M.
  • Howard Marks's ten largest holdings make up 42% of its $6.12B portfolio in Q2 2017.
  • Howard Marks opened 20 new positions and closed 12 in Q2 2017.
  • Howard Marks's portfolio value fell 11% quarter-over-quarter to $6.12B.

Based on Oaktree Capital Management's 13F filing for Q2 2017, filed 14 Aug 2017.