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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
+10.53%
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
$5.27B
AUM Growth
-$234M
Cap. Flow
-$1.52B
Cap. Flow %
-28.84%
Top 10 Hldgs %
43.74%
Holding
222
New
9
Increased
21
Reduced
22
Closed
12

Top Buys

Rank Stock Value
1
BRY
Berry Corp
BRY
+$88.8M
2
CZR
Caesars Entertainment Corporation
CZR
+$45.5M
3
ITUB icon
Itaú Unibanco
ITUB
+$10.3M
4
SBLK icon
Star Bulk Carriers
SBLK
+$9.83M
5
IBN icon
ICICI Bank
IBN
+$9.42M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$154M
2
VALE icon
Vale
VALE
+$39.8M
3
TSM icon
TSMC
TSM
+$36.2M
4
VICI icon
VICI Properties
VICI
+$28.8M
5
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$20.2M

Sector Composition

Rank Sector Weight
1 Energy 14.32%
2 Financials 13.87%
3 Utilities 12.3%
4 Industrials 7.82%
5 Technology 6.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TGS icon
51
Transportadora de Gas del Sur
TGS
$4.23B
$9.07M 0.17%
715,518
+193,159
+37% +$2.82M
GLIBA
52
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$8.34M 0.16%
150,000
– –
BATRK icon
53
Atlanta Braves Holdings Series B
BATRK
$3.33B
$7.41M 0.14%
266,900
-303,202
-53% -$8.34M
DHR.PRA
54
DELISTED
Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A
DHR.PRA
$7.37M 0.14%
+7,000
New +$7.23M
QTS.PRB
55
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$6.66M 0.13%
61,340
-92,000
-60% -$9.53M
DCUD
56
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
$6.02M 0.11%
120,650
-414,850
-77% -$20.2M
FTV.PRA
57
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
$5.77M 0.11%
+5,500
New +$5.48M
DTV
58
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
$5.31M 0.1%
96,000
-119,000
-55% -$6.44M
BELFB
59
Bel Fuse Inc Class B
BELFB
$3.69B
$4.43M 0.08%
175,060
– –
OIBR.C
60
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$4.14M 0.08%
2,201,646
– –
DYNC
61
DELISTED
Vistra Energy Corp.
DYNC
$4.07M 0.08%
41,300
-59,100
-59% -$5.75M
WFC.PRL icon
62
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$3.72M 0.07%
2,875
-2,944
-51% -$3.8M
SWP
63
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
$3.66M 0.07%
+37,500
New +$3.61M
AEPPL
64
DELISTED
American Electric Power Company, Inc. Corporate Unit
AEPPL
$3.6M 0.07%
+70,000
New +$3.6M
VEON icon
65
VEON
VEON
$4.09B
$3.51M 0.07%
67,156
– –
OCSI
66
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.17M 0.06%
392,000
– –
BAC.PRL icon
67
Bank of America Series L
BAC.PRL
$3.95B
$2.55M 0.05%
1,960
-2,740
-58% -$3.55M
FLG.PRU
68
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$2.27M 0.04%
+47,149
New +$2.24M
MBT
69
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.26M 0.04%
298,500
– –
FPI
70
Farmland Partners
FPI
$443M
$2.24M 0.04%
350,000
– –
INDA icon
71
iShares MSCI India ETF
INDA
$6.61B
$1.66M 0.03%
47,000
+13,700
+41% +$455K
BELFA icon
72
Bel Fuse Inc Class A
BELFA
$3.09B
$1.53M 0.03%
71,613
– –
USWSW
73
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$1.51M 0.03%
1,500,000
– –
OCSL icon
74
Oaktree Specialty Lending
OCSL
$1.14B
$1.43M 0.03%
92,000
– –
AMPY icon
75
Amplify Energy
AMPY
$200M
$1.36M 0.03%
139,473
-50,834
-27% -$472K
1 2
3
4

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Howard Marks's Q1 2019 Portfolio in Review

As of Q1 2019, Howard Marks held 222 positions worth $5.27B, down 4.3% from $5.5B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $1.52B in Q1 2019, closing 12 positions and reducing 22 holdings. Its most notable exit was Vale, an estimated $39.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 14% of assets, up from 11% a quarter earlier, followed by Financials and Utilities.

Against the trend, Howard Marks opened a new position in Berry Corp worth $90.1M.

  • Howard Marks's largest Q1 2019 buy was Berry Corp: 7,806,717 shares worth $90.1M.
  • Howard Marks added most to Caesars Entertainment Corporation in Q1 2019, an estimated $45.5M increase.
  • Howard Marks's biggest Q1 2019 reduction was Vistra, cutting an estimated $154M.
  • Howard Marks fully exited Vale in Q1 2019, selling an estimated $39.8M.
  • Howard Marks's ten largest holdings make up 44% of its $5.27B portfolio in Q1 2019.
  • Howard Marks opened 9 new positions and closed 12 in Q1 2019.
  • Howard Marks's portfolio value fell 4.3% quarter-over-quarter to $5.27B.

Based on Oaktree Capital Management's 13F filing for Q1 2019, filed 14 May 2019.