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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
+4.44%
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
$6.7B
AUM Growth
+$582M
Cap. Flow
-$637M
Cap. Flow %
-9.51%
Top 10 Hldgs %
42.76%
Holding
209
New
10
Increased
25
Reduced
11
Closed
6

Top Buys

Rank Stock Value
1
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
+$1.16B
2
AABA
Altaba Inc
AABA
+$126M
3
VALE icon
Vale
VALE
+$77.5M
4
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$32.5M
5
NCMI icon
National CineMedia
NCMI
+$23.4M

Top Sells

Rank Stock Value
1
VALE.P
Vale S A
VALE.P
+$72.9M
2
FBP icon
First Bancorp
FBP
+$56.8M
3
AGN.PRA
Allergan plc
AGN.PRA
+$37.4M
4
AMX icon
America Movil
AMX
+$25.7M
5
CX icon
Cemex
CX
+$17.7M

Sector Composition

Rank Sector Weight
1 Utilities 15.26%
2 Communication Services 9.82%
3 Financials 9.21%
4 Technology 6.18%
5 Industrials 6.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KMI.PRA
51
DELISTED
Kinder Morgan, Inc.
KMI.PRA
$12.8M 0.19%
+300,000
New +$12.8M
PENG
52
Penguin Solutions Inc
PENG
$2.7B
$12.5M 0.19%
936,370
– –
SPY icon
53
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$10.8M 0.16%
+43,000
New +$10.6M
BXE
54
DELISTED
Bellatrix Exploration Ltd.
BXE
$10.7M 0.16%
3,750,000
– –
STON
55
DELISTED
StoneMor Inc.
STON
$9.94M 0.15%
1,525,000
+275,000
+22% +$1.9M
BAC.PRL icon
56
Bank of America Series L
BAC.PRL
$3.95B
$7.81M 0.12%
6,000
– –
VEON icon
57
VEON
VEON
$4.09B
$7.02M 0.1%
67,156
– –
UPL
58
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$6.83M 0.1%
788,166
-34,878
-4% -$318K
MCF
59
DELISTED
Contango Oil & Gas Co.
MCF
$6.52M 0.1%
1,296,813
– –
QQQ icon
60
PUT
Invesco QQQ Trust
QQQ
$486B
$5.38M 0.08%
+37,000
New +$5.3M
FRGI
61
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
$5.26M 0.08%
+276,714
New +$4.97M
CIT
62
DELISTED
CIT Group Inc.
CIT
$4.91M 0.07%
100,000
-240,600
-71% -$11.3M
ETP
63
DELISTED
Energy Transfer Partners, L.P.
ETP
$4.88M 0.07%
267,000
– –
RGS icon
64
Regis Corp
RGS
$66.9M
$4.59M 0.07%
+16,095
New +$3.71M
EGLE
65
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$3.56M 0.05%
112,195
– –
AMPY icon
66
Amplify Energy
AMPY
$200M
$3.17M 0.05%
204,107
– –
XOG
67
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$3.12M 0.05%
202,787
– –
MBT
68
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$3.12M 0.05%
298,500
– –
CCEC
69
Capital Clean Energy Carriers
CCEC
$1.36B
$2.87M 0.04%
117,033
– –
XCO
70
DELISTED
Exco Resources
XCO
$2.75M 0.04%
2,051,579
+1
+0% +$2
SD icon
71
SandRidge Energy
SD
$532M
$2.71M 0.04%
135,000
– –
PBR icon
72
Petrobras
PBR
$123B
$2.47M 0.04%
246,161
– –
NBIS
73
Nebius Group N.V.
NBIS
$59.6B
$2.16M 0.03%
65,500
– –
INDA icon
74
iShares MSCI India ETF
INDA
$6.61B
$730K 0.01%
22,200
+2,100
+10% +$71K
INFY icon
75
Infosys
INFY
$48.4B
$463K 0.01%
63,402
+2,154
+4% +$16.3K
1 2
3
4

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Howard Marks's Q3 2017 Portfolio in Review

As of Q3 2017, Howard Marks held 209 positions worth $6.7B, up 9.5% from $6.12B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $637M in Q3 2017, closing 6 positions and reducing 11 holdings. Its most notable exit was Vale S A, an estimated $72.9M position sold in full.

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

Against the trend, Howard Marks opened a new position in Ocean Rig UDW Inc. Class A Common Shares worth $18.9M.

  • Howard Marks's largest Q3 2017 buy was Ocean Rig UDW Inc. Class A Common Shares: 794,183 shares worth $18.9M.
  • Howard Marks added most to Altaba Inc in Q3 2017, an estimated $126M increase.
  • Howard Marks's biggest Q3 2017 reduction was First Bancorp, cutting an estimated $56.8M.
  • Howard Marks fully exited Vale S A in Q3 2017, selling an estimated $72.9M.
  • Howard Marks's ten largest holdings make up 43% of its $6.7B portfolio in Q3 2017.
  • Howard Marks opened 10 new positions and closed 6 in Q3 2017.
  • Howard Marks's portfolio value rose 9.5% quarter-over-quarter to $6.7B.

Based on Oaktree Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.