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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
+2.91%
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
$6.3B
AUM Growth
-$76.5M
Cap. Flow
-$2.22B
Cap. Flow %
-35.21%
Top 10 Hldgs %
43.87%
Holding
213
New
7
Increased
15
Reduced
28
Closed
8

Top Buys

Rank Stock Value
1
AABA
Altaba Inc
AABA
+$220M
2
VICI icon
VICI Properties
VICI
+$133M
3
PBR.A icon
Petrobras Class A
PBR.A
+$12.4M
4
INFY icon
Infosys
INFY
+$12M
5
HES.PRA
Hess Corporation
HES.PRA
+$10.4M

Top Sells

Rank Stock Value
1
VALE icon
Vale
VALE
+$78.7M
2
FBP icon
First Bancorp
FBP
+$47.6M
3
DYN
Dynegy, Inc.
DYN
+$45.9M
4
VST icon
Vistra
VST
+$35.6M
5
ANTX
Anthem, Inc.
ANTX
+$32.4M

Sector Composition

Rank Sector Weight
1 Utilities 17.02%
2 Financials 9.16%
3 Technology 8.33%
4 Industrials 7.87%
5 Communication Services 5.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CIVI
51
DELISTED
Civitas Resources
CIVI
$6.64M 0.11%
+239,724
New +$6.6M
BAC.PRL icon
52
Bank of America Series L
BAC.PRL
$3.95B
$5.93M 0.09%
4,600
-5,700
-55% -$7.25M
SRE.PRA
53
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
$5.63M 0.09%
+55,000
New +$5.55M
RGS icon
54
Regis Corp
RGS
$66.9M
$4.87M 0.08%
16,095
– –
NSM
55
CALL
DELISTED
Nationstar Mortgage Holdings
NSM
$4.49M 0.07%
250,000
– –
VEON icon
56
VEON
VEON
$4.09B
$4.43M 0.07%
67,156
– –
BXE
57
DELISTED
Bellatrix Exploration Ltd.
BXE
$4.07M 0.06%
3,750,000
– –
EGLE
58
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$3.89M 0.06%
112,195
– –
MBT
59
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$3.4M 0.05%
298,500
– –
PBR icon
60
Petrobras
PBR
$123B
$3.31M 0.05%
233,980
-12,181
-5% -$160K
OCSI
61
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.09M 0.05%
392,000
+334,400
+581% +$2.68M
UPL
62
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$2.95M 0.05%
708,459
-79,707
-10% -$466K
LEA icon
63
Lear
LEA
$8.56B
$2.84M 0.05%
+15,312
New +$2.88M
MTG icon
64
MGIC Investment
MTG
$6.34B
$2.6M 0.04%
200,000
-300,000
-60% -$4.25M
CCEC
65
Capital Clean Energy Carriers
CCEC
$1.36B
$2.56M 0.04%
117,033
– –
AMPY icon
66
Amplify Energy
AMPY
$200M
$2.54M 0.04%
190,316
-13,791
-7% -$210K
XOG
67
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$2.32M 0.04%
202,787
– –
BELFB
68
Bel Fuse Inc Class B
BELFB
$3.69B
$2.12M 0.03%
+112,327
New +$2.3M
SD icon
69
SandRidge Energy
SD
$532M
$1.96M 0.03%
135,000
– –
OCSL icon
70
Oaktree Specialty Lending
OCSL
$1.14B
$1.16M 0.02%
92,000
– –
INDA icon
71
iShares MSCI India ETF
INDA
$6.61B
$938K 0.01%
27,500
+2,000
+8% +$71K
CX icon
72
Cemex
CX
$16B
– –
-3,990,115
Closed -$29.9M
FBP icon
73
First Bancorp
FBP
$4.35B
– –
-9,334,725
Closed -$47.6M
TV icon
74
Televisa
TV
$1.47B
– –
-1,529,453
Closed -$28.6M
XHB icon
75
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.46B
– –
-250,000
Closed -$66.7M
1 2
3
4

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Howard Marks's Q1 2018 Portfolio in Review

As of Q1 2018, Howard Marks held 213 positions worth $6.3B, down 1.2% from $6.38B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $2.22B in Q1 2018, closing 8 positions and reducing 28 holdings. Its most notable exit was First Bancorp, an estimated $47.6M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 16% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in VICI Properties worth $124M.

  • Howard Marks's largest Q1 2018 buy was VICI Properties: 6,781,234 shares worth $124M.
  • Howard Marks added most to Altaba Inc in Q1 2018, an estimated $220M increase.
  • Howard Marks's biggest Q1 2018 reduction was Vale, cutting an estimated $78.7M.
  • Howard Marks fully exited First Bancorp in Q1 2018, selling an estimated $47.6M.
  • Howard Marks's ten largest holdings make up 44% of its $6.3B portfolio in Q1 2018.
  • Howard Marks opened 7 new positions and closed 8 in Q1 2018.
  • Howard Marks's portfolio value fell 1.2% quarter-over-quarter to $6.3B.

Based on Oaktree Capital Management's 13F filing for Q1 2018, filed 15 May 2018.