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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
+5.97%
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
$6.38B
AUM Growth
-$317M
Cap. Flow
-$2.26B
Cap. Flow %
-35.36%
Top 10 Hldgs %
39.76%
Holding
213
New
7
Increased
22
Reduced
22
Closed
10

Top Buys

Rank Stock Value
1
INFY icon
Infosys
INFY
+$43.1M
2
TV icon
Televisa
TV
+$31.7M
3
STKL
SunOpta
STKL
+$30.9M
4
RYAM icon
Rayonier Advanced Materials
RYAM
+$26.2M
5
TCOM icon
Trip.com Group
TCOM
+$17.6M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$289M
2
AABA
Altaba Inc
AABA
+$143M
3
BABA icon
Alibaba
BABA
+$34.2M
4
TSM icon
TSMC
TSM
+$19.5M
5
AGN.PRA
Allergan plc
AGN.PRA
+$18.7M

Sector Composition

Rank Sector Weight
1 Utilities 16%
2 Financials 10.75%
3 Industrials 7.64%
4 Communication Services 6.17%
5 Technology 4.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BAC.PRL icon
51
Bank of America Series L
BAC.PRL
$3.95B
$13.6M 0.21%
10,300
+4,300
+72% +$5.66M
NEE.PRQ
52
DELISTED
NextEra Energy, Inc.
NEE.PRQ
$12.6M 0.2%
+181,500
New +$12.6M
TSQ icon
53
Townsquare Media
TSQ
$108M
$12.3M 0.19%
1,595,224
– –
VSH icon
54
Vishay Intertechnology
VSH
$4.85B
$9.44M 0.15%
455,000
-425,000
-48% -$9.08M
LVNTA
55
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$8.14M 0.13%
150,000
-150,000
-50% -$8.54M
UPL
56
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$7.14M 0.11%
788,166
– –
MTG icon
57
MGIC Investment
MTG
$6.34B
$7.05M 0.11%
500,000
-765,000
-60% -$10.8M
VEON icon
58
VEON
VEON
$4.09B
$6.45M 0.1%
67,156
– –
BXE
59
DELISTED
Bellatrix Exploration Ltd.
BXE
$6.43M 0.1%
3,750,000
– –
RGS icon
60
Regis Corp
RGS
$66.9M
$4.94M 0.08%
16,095
– –
ETP
61
DELISTED
Energy Transfer Partners, L.P.
ETP
$4.78M 0.08%
267,000
– –
NSM
62
CALL
DELISTED
Nationstar Mortgage Holdings
NSM
$4.63M 0.07%
+250,000
New +$4.57M
EGLE
63
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$3.52M 0.06%
112,195
– –
AMPY icon
64
Amplify Energy
AMPY
$200M
$3.38M 0.05%
204,107
– –
MBT
65
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$3.04M 0.05%
298,500
– –
XOG
66
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$2.9M 0.05%
202,787
– –
SD icon
67
SandRidge Energy
SD
$532M
$2.84M 0.04%
135,000
– –
CCEC
68
Capital Clean Energy Carriers
CCEC
$1.36B
$2.75M 0.04%
117,033
– –
PBR icon
69
Petrobras
PBR
$123B
$2.53M 0.04%
246,161
– –
OCSL icon
70
Oaktree Specialty Lending
OCSL
$1.14B
$1.35M 0.02%
+92,000
New +$1.47M
INDA icon
71
iShares MSCI India ETF
INDA
$6.61B
$920K 0.01%
25,500
+3,300
+15% +$115K
OCSI
72
DELISTED
Oaktree Strategic Income Corporation
OCSI
$484K 0.01%
+57,600
New +$498K
CIVI
73
DELISTED
Civitas Resources
CIVI
– –
-526,173
Closed -$17.4M
GGB icon
74
Gerdau
GGB
$8.5B
– –
-6,306,372
Closed -$17.2M
QQQ icon
75
PUT
Invesco QQQ Trust
QQQ
$486B
– –
-37,000
Closed -$5.38M
1 2
3
4

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Howard Marks's Q4 2017 Portfolio in Review

As of Q4 2017, Howard Marks held 213 positions worth $6.38B, down 4.7% from $6.7B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Howard Marks withdrew a net $2.26B in Q4 2017, closing 10 positions and reducing 22 holdings. Its most notable exit was Allergan plc, an estimated $18.7M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 16% of assets, up from 15% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Televisa worth $28.6M.

  • Howard Marks's largest Q4 2017 buy was Televisa: 1,529,453 shares worth $28.6M.
  • Howard Marks added most to Infosys in Q4 2017, an estimated $43.1M increase.
  • Howard Marks's biggest Q4 2017 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $289M.
  • Howard Marks fully exited Allergan plc in Q4 2017, selling an estimated $18.7M.
  • Howard Marks's ten largest holdings make up 40% of its $6.38B portfolio in Q4 2017.
  • Howard Marks opened 7 new positions and closed 10 in Q4 2017.
  • Howard Marks's portfolio value fell 4.7% quarter-over-quarter to $6.38B.

Based on Oaktree Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.