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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
+2.9%
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
$7.15B
AUM Growth
+$848M
Cap. Flow
-$1B
Cap. Flow %
-14%
Top 10 Hldgs %
49.43%
Holding
218
New
13
Increased
23
Reduced
13
Closed
15

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$623M
2
CMBT
CMB.TECH NV
CMBT
+$83.3M
3
SMH icon
VanEck Semiconductor ETF
SMH
+$73.1M
4
PBR.A icon
Petrobras Class A
PBR.A
+$25.3M
5
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$23M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$92.9M
2
VST icon
Vistra
VST
+$89.3M
3
GNRT
Gener8 Maritime, Inc.
GNRT
+$73.8M
4
DYN
Dynegy, Inc.
DYN
+$64.1M
5
VICI icon
VICI Properties
VICI
+$55.9M

Sector Composition

Rank Sector Weight
1 Utilities 15.04%
2 Financials 7.71%
3 Technology 6.9%
4 Industrials 5.99%
5 Communication Services 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WPXP
51
DELISTED
WPX Energy, Inc.
WPXP
$4.53M 0.06%
60,000
-147,700
-71% -$10.6M
TEO icon
52
Telecom Argentina
TEO
$5.66B
$4.28M 0.06%
+241,000
New +$6.12M
EGLE
53
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$4.27M 0.06%
112,195
– –
VEON icon
54
VEON
VEON
$4.09B
$4M 0.06%
67,156
– –
BXE
55
DELISTED
Bellatrix Exploration Ltd.
BXE
$3.76M 0.05%
3,750,000
– –
BELFB
56
Bel Fuse Inc Class B
BELFB
$3.69B
$3.66M 0.05%
175,060
+62,733
+56% +$1.27M
OCSI
57
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.33M 0.05%
392,000
– –
MBT
58
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.64M 0.04%
298,500
– –
AMPY icon
59
Amplify Energy
AMPY
$200M
$2.59M 0.04%
190,307
-9
-0% -$122
XOG
60
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$2.54M 0.04%
172,787
-30,000
-15% -$433K
CCEC
61
Capital Clean Energy Carriers
CCEC
$1.36B
$2.51M 0.04%
117,033
– –
SD icon
62
SandRidge Energy
SD
$532M
$2.4M 0.03%
135,000
– –
UPL
63
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$1.64M 0.02%
708,459
– –
OCSL icon
64
Oaktree Specialty Lending
OCSL
$1.14B
$1.32M 0.02%
92,000
– –
BMA icon
65
Banco Macro
BMA
$4.66B
$1.31M 0.02%
+22,306
New +$1.91M
INDA icon
66
iShares MSCI India ETF
INDA
$6.61B
$1.08M 0.02%
32,600
+5,100
+19% +$173K
SIGA icon
67
SIGA Technologies
SIGA
$218M
$446K 0.01%
+75,000
New +$487K
BELFA icon
68
Bel Fuse Inc Class A
BELFA
$3.09B
$436K 0.01%
+20,862
New +$394K
ABEV icon
69
Ambev
ABEV
$44.4B
– –
-5,643,716
Closed -$41M
BABA icon
70
Alibaba
BABA
$286B
– –
-506,330
Closed -$92.9M
LEA icon
71
Lear
LEA
$8.56B
– –
-15,312
Closed -$2.84M
PBR icon
72
Petrobras
PBR
$123B
– –
-233,980
Closed -$3.31M
RGS icon
73
Regis Corp
RGS
$66.9M
– –
-16,095
Closed -$4.87M
SMH icon
74
PUT
VanEck Semiconductor ETF
SMH
$68.6B
– –
-400,000
Closed -$20.9M
SPY icon
75
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-237,500
Closed -$62.5M
1 2
3
4

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Howard Marks's Q2 2018 Portfolio in Review

As of Q2 2018, Howard Marks held 218 positions worth $7.15B, up 13% from $6.3B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $1B in Q2 2018, closing 15 positions and reducing 13 holdings. Its most notable exit was Alibaba, an estimated $92.9M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 15% of assets, down from 17% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in State Street SPDR S&P 500 ETF Trust worth $626M.

  • Howard Marks's largest Q2 2018 buy was State Street SPDR S&P 500 ETF Trust: 2,306,500 shares worth $626M.
  • Howard Marks added most to Petrobras Class A in Q2 2018, an estimated $25.3M increase.
  • Howard Marks's biggest Q2 2018 reduction was Vistra, cutting an estimated $89.3M.
  • Howard Marks fully exited Alibaba in Q2 2018, selling an estimated $92.9M.
  • Howard Marks's ten largest holdings make up 49% of its $7.15B portfolio in Q2 2018.
  • Howard Marks opened 13 new positions and closed 15 in Q2 2018.
  • Howard Marks's portfolio value rose 13% quarter-over-quarter to $7.15B.

Based on Oaktree Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.