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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
+3.47%
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
$5.1B
AUM Growth
-$233M
Cap. Flow
-$1.25B
Cap. Flow %
-24.48%
Top 10 Hldgs %
52.72%
Holding
210
New
11
Increased
19
Reduced
16
Closed
8

Top Buys

Rank Stock Value
1
YPF icon
YPF Sociedad Anonima ADS
YPF
+$18.6M
2
AFYA icon
Afya
AFYA
+$18M
3
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$11.9M
4
VIST icon
Vista Energy
VIST
+$11.8M
5
IHRT icon
iHeartMedia
IHRT
+$10.2M

Top Sells

Rank Stock Value
1
WB icon
Weibo
WB
+$23.2M
2
VST icon
Vistra
VST
+$20.8M
3
AZUL
Azul
AZUL
+$18M
4
AU icon
AngloGold Ashanti
AU
+$11.9M
5
CIVI
Civitas Resources
CIVI
+$6.74M

Sector Composition

Rank Sector Weight
1 Energy 16.59%
2 Financials 14.64%
3 Utilities 14.5%
4 Industrials 10.98%
5 Technology 7.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AABA
51
DELISTED
Altaba Inc
AABA
$4.71M 0.09%
241,933
– –
CCO icon
52
Clear Channel Outdoor Holdings
CCO
$1.21B
$4.24M 0.08%
1,681,898
– –
VEON icon
53
VEON
VEON
$4.09B
$4.03M 0.08%
67,156
– –
OAC.WS
54
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$3.41M 0.07%
+4,016,667
New +$3.31M
OCSI
55
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.23M 0.06%
392,000
– –
BDXA
56
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$3.16M 0.06%
51,050
– –
CCI.PRA
57
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$3.03M 0.06%
2,402
– –
NEE.PRO
58
DELISTED
NextEra Energy, Inc. 4.872% Corporate Units
NEE.PRO
$3.01M 0.06%
+60,000
New +$2.95M
BAC.PRL icon
59
Bank of America Series L
BAC.PRL
$3.95B
$2.94M 0.06%
1,960
– –
SRE.PRB
60
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
$2.87M 0.06%
24,350
+10,000
+70% +$1.14M
AMPY icon
61
Amplify Energy
AMPY
$200M
$2.53M 0.05%
410,750
+271,277
+195% +$1.53M
OIBR.C
62
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$2.42M 0.05%
2,201,646
– –
MBT
63
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
$2.42M 0.05%
298,500
– –
DHR.PRA
64
DELISTED
Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A
DHR.PRA
$2.2M 0.04%
1,930
-1,000
-34% -$1.13M
QTS.PRB
65
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$2.19M 0.04%
17,990
+1,200
+7% +$138K
INDA icon
66
iShares MSCI India ETF
INDA
$6.61B
$2.15M 0.04%
64,000
+4,200
+7% +$139K
SOLN
67
DELISTED
The Southern Company
SOLN
$2.14M 0.04%
+40,000
New +$2.1M
ASRT
68
DELISTED
Assertio
ASRT
$1.91M 0.04%
+24,874
New +$3.24M
DCUE
69
DELISTED
Dominion Energy, Inc. 2019 Series A Corporate Units
DCUE
$1.59M 0.03%
+15,000
New +$1.54M
OCSL icon
70
Oaktree Specialty Lending
OCSL
$1.14B
$1.43M 0.03%
92,000
– –
AEPPL
71
DELISTED
American Electric Power Company, Inc. Corporate Unit
AEPPL
$1.35M 0.03%
24,550
+15,000
+157% +$833K
FPI
72
Farmland Partners
FPI
$443M
$1.34M 0.03%
200,000
– –
LOMA
73
Loma Negra
LOMA
$1.09B
$1.22M 0.02%
212,000
+105,000
+98% +$883K
WFC.PRL icon
74
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$1.1M 0.02%
721
– –
BELFA icon
75
Bel Fuse Inc Class A
BELFA
$3.09B
$987K 0.02%
71,613
– –
1 2
3
4

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Howard Marks's Q3 2019 Portfolio in Review

As of Q3 2019, Howard Marks held 210 positions worth $5.1B, down 4.4% from $5.33B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $1.25B in Q3 2019, closing 8 positions and reducing 16 holdings. Its most notable exit was Weibo, an estimated $23.2M position sold in full.

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

Against the trend, Howard Marks opened a new position in YPF Sociedad Anonima ADS worth $13.3M.

  • Howard Marks's largest Q3 2019 buy was YPF Sociedad Anonima ADS: 1,442,103 shares worth $13.3M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q3 2019, an estimated $11.9M increase.
  • Howard Marks's biggest Q3 2019 reduction was Vistra, cutting an estimated $20.8M.
  • Howard Marks fully exited Weibo in Q3 2019, selling an estimated $23.2M.
  • Howard Marks's ten largest holdings make up 53% of its $5.1B portfolio in Q3 2019.
  • Howard Marks opened 11 new positions and closed 8 in Q3 2019.
  • Howard Marks's portfolio value fell 4.4% quarter-over-quarter to $5.1B.

Based on Oaktree Capital Management's 13F filing for Q3 2019, filed 13 Nov 2019.