We are live on ! Find out more
HM

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
-9.3%
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
$5.5B
AUM Growth
-$1.93B
Cap. Flow
-$2.54B
Cap. Flow %
-46.11%
Top 10 Hldgs %
40.6%
Holding
204
New
13
Increased
28
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$123M
2
INFN
Infinera Corporation Common Stock
INFN
+$105M
3
CZR
Caesars Entertainment Corporation
CZR
+$84.3M
4
ALLY icon
Ally Financial
ALLY
+$75.3M
5
BABA icon
Alibaba
BABA
+$47.1M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$219M
2
VST icon
Vistra
VST
+$131M
3
PBR.A icon
Petrobras Class A
PBR.A
+$33.7M
4
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$33M
5
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
+$32.7M

Sector Composition

Rank Sector Weight
1 Utilities 13.08%
2 Energy 11.23%
3 Financials 11.18%
4 Industrials 8.82%
5 Technology 6.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BDXA
51
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$13M 0.24%
224,820
-430,200
-66% -$25.9M
NXPI icon
52
NXP Semiconductors
NXPI
$56.9B
$12.9M 0.23%
176,300
+10,300
+6% +$816K
RDC
53
DELISTED
Rowan Companies Plc
RDC
$11.7M 0.21%
+1,394,146
New +$20.5M
DTV
54
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
$11.1M 0.2%
+215,000
New +$11.5M
PAM icon
55
Pampa Energía
PAM
$4.26B
$10.8M 0.2%
338,500
+98,500
+41% +$3.19M
IFFT
56
DELISTED
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
$9.61M 0.17%
189,500
-60,500
-24% -$3.32M
YETI icon
57
Yeti Holdings
YETI
$3.19B
$9.41M 0.17%
+633,938
New +$10.1M
STON
58
DELISTED
StoneMor Inc.
STON
$9.4M 0.17%
4,477,857
– –
DYNC
59
DELISTED
Vistra Energy Corp.
DYNC
$9.16M 0.17%
100,400
+38,700
+63% +$3.64M
TGS icon
60
Transportadora de Gas del Sur
TGS
$4.23B
$7.54M 0.14%
522,359
+190,043
+57% +$2.69M
WFC.PRL icon
61
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$7.34M 0.13%
5,819
-474
-8% -$600K
TSQ icon
62
Townsquare Media
TSQ
$108M
$6.51M 0.12%
1,595,224
– –
GLIBA
63
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$6.17M 0.11%
150,000
– –
BAC.PRL icon
64
Bank of America Series L
BAC.PRL
$3.95B
$5.89M 0.11%
4,700
-2,900
-38% -$3.68M
HYG icon
65
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
$4.99M 0.09%
+61,500
New +$5.15M
SJIU
66
DELISTED
South Jersey Industries, Inc.
SJIU
$4.37M 0.08%
93,000
-207,000
-69% -$10.7M
NOG icon
67
Northern Oil and Gas
NOG
$2.91B
$4.04M 0.07%
178,967
-260,000
-59% -$7.65M
VEON icon
68
VEON
VEON
$4.09B
$3.93M 0.07%
67,156
– –
OIBR.C
69
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$3.52M 0.06%
2,201,646
+146,792
+7% +$393K
BELFB
70
Bel Fuse Inc Class B
BELFB
$3.69B
$3.23M 0.06%
175,060
– –
MU icon
71
PUT
Micron Technology
MU
$1.09T
$3.16M 0.06%
100,000
-1,200,000
-92% -$45.5M
OCSI
72
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.04M 0.06%
392,000
– –
MBT
73
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.09M 0.04%
298,500
– –
TRCO
74
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$1.79M 0.03%
39,551
-5,403,319
-99% -$219M
CCEC
75
Capital Clean Energy Carriers
CCEC
$1.36B
$1.71M 0.03%
117,033
– –
1 2
3
4

Similar funds

SPC
Slate Path Capital New York $7.22B AUM 110.75% 1-Year Est. Return
SAM
Simplify Asset Management Las Vegas, Nevada $7.19B AUM 6.88% 1-Year Est. Return
CIMLRA
CBRE Investment Management Listed Real Assets Radnor, Pennsylvania $7.18B AUM 18.15% 1-Year Est. Return
GT
Glenview Trust Louisville, Kentucky $7.23B AUM 27.68% 1-Year Est. Return
GI
Gradient Investments Arden Hills, Minnesota $7.25B AUM 20.71% 1-Year Est. Return
BF
BOK Financial Tulsa, Oklahoma $7.25B AUM 33.76% 1-Year Est. Return
TB
Thoma Bravo Chicago, Illinois $7.28B AUM 35.55% 1-Year Est. Return
SAM
Scopus Asset Management New York $7.11B AUM 32.62% 1-Year Est. Return

Howard Marks's Q4 2018 Portfolio in Review

As of Q4 2018, Howard Marks held 204 positions worth $5.5B, down 26% from $7.43B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Howard Marks withdrew a net $2.54B in Q4 2018, closing 12 positions and reducing 20 holdings. Its most notable exit was Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A, an estimated $33M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 13% of assets, up from 13% a quarter earlier, followed by Energy and Financials.

Against the trend, Howard Marks opened a new position in Infinera Corporation Common Stock worth $83.7M.

  • Howard Marks's largest Q4 2018 buy was Infinera Corporation Common Stock: 20,975,384 shares worth $83.7M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q4 2018, an estimated $123M increase.
  • Howard Marks's biggest Q4 2018 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $219M.
  • Howard Marks fully exited Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A in Q4 2018, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 41% of its $5.5B portfolio in Q4 2018.
  • Howard Marks opened 13 new positions and closed 12 in Q4 2018.
  • Howard Marks's portfolio value fell 26% quarter-over-quarter to $5.5B.

Based on Oaktree Capital Management's 13F filing for Q4 2018, filed 15 Feb 2019.