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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
+8.77%
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
$5.31B
AUM Growth
+$207M
Cap. Flow
-$1.15B
Cap. Flow %
-21.65%
Top 10 Hldgs %
55.23%
Holding
207
New
5
Increased
18
Reduced
17
Closed
14

Top Buys

Rank Stock Value
1
BBD icon
Banco Bradesco
BBD
+$48.1M
2
BABA icon
Alibaba
BABA
+$30.4M
3
TSM icon
TSMC
TSM
+$8.36M
4
ITUB icon
Itaú Unibanco
ITUB
+$5.64M
5
AVGOP
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock, Series A
AVGOP
+$5.62M

Top Sells

Rank Stock Value
1
CMBT
CMB.TECH NV
CMBT
+$69.9M
2
INFY icon
Infosys
INFY
+$40.8M
3
IBN icon
ICICI Bank
IBN
+$34.7M
4
PBR icon
Petrobras
PBR
+$31M
5
VRS
Verso Corporation
VRS
+$18.5M

Sector Composition

Rank Sector Weight
1 Energy 17.11%
2 Financials 14.93%
3 Industrials 12.15%
4 Utilities 11.84%
5 Technology 8.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INDA icon
51
iShares MSCI India ETF
INDA
$6.61B
$3.02M 0.06%
86,100
+22,100
+35% +$758K
SWT
52
DELISTED
Stanley Black & Decker, Inc.
SWT
$2.72M 0.05%
+25,000
New +$2.63M
AMPY icon
53
Amplify Energy
AMPY
$200M
$2.71M 0.05%
410,041
-709
-0.2% -$4.56K
FTV.PRA
54
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
$2.43M 0.05%
+2,500
New +$2.33M
SRE.PRB
55
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
$2.42M 0.05%
20,350
-4,000
-16% -$469K
QTS.PRB
56
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$2.32M 0.04%
17,990
– –
NEE.PRO
57
DELISTED
NextEra Energy, Inc. 4.872% Corporate Units
NEE.PRO
$2.31M 0.04%
45,000
-15,000
-25% -$752K
DHR.PRA
58
DELISTED
Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A
DHR.PRA
$2.27M 0.04%
1,930
– –
BAC.PRL icon
59
Bank of America Series L
BAC.PRL
$3.95B
$2.12M 0.04%
1,461
-499
-25% -$739K
OIBR.C
60
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$2.05M 0.04%
2,201,646
– –
LOMA
61
Loma Negra
LOMA
$1.09B
$1.97M 0.04%
252,000
+40,000
+19% +$254K
ASRT
62
DELISTED
Assertio
ASRT
$1.86M 0.04%
24,874
– –
SOLN
63
DELISTED
The Southern Company
SOLN
$1.62M 0.03%
30,000
-10,000
-25% -$530K
OCSL icon
64
Oaktree Specialty Lending
OCSL
$1.14B
$1.51M 0.03%
92,000
– –
BDXA
65
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$1.38M 0.03%
21,050
-30,000
-59% -$1.86M
BELFA icon
66
Bel Fuse Inc Class A
BELFA
$3.09B
$1.16M 0.02%
71,613
– –
DCUE
67
DELISTED
Dominion Energy, Inc. 2019 Series A Corporate Units
DCUE
$1.07M 0.02%
10,000
-5,000
-33% -$530K
WFC.PRL icon
68
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$1.04M 0.02%
721
– –
FPI
69
Farmland Partners
FPI
$443M
$881K 0.02%
130,000
-70,000
-35% -$461K
WTRU
70
DELISTED
Essential Utilities, Inc.6.00% Tangible Equity Units
WTRU
$810K 0.02%
13,000
– –
SIGA icon
71
SIGA Technologies
SIGA
$218M
$762K 0.01%
159,782
– –
CCEC
72
Capital Clean Energy Carriers
CCEC
$1.36B
$431K 0.01%
32,142
– –
DSSI
73
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$369K 0.01%
22,076
– –
XOG
74
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$366K 0.01%
172,787
– –
USWSW
75
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$195K ﹤0.01%
1,500,000
– –
1 2
3
4

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Howard Marks's Q4 2019 Portfolio in Review

As of Q4 2019, Howard Marks held 207 positions worth $5.31B, up 4.1% from $5.1B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.15B in Q4 2019, closing 14 positions and reducing 17 holdings. Its most notable exit was CMB.TECH NV, an estimated $69.9M 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 Industrials.

Against the trend, Howard Marks opened a new position in Banco Bradesco worth $51.6M.

  • Howard Marks's largest Q4 2019 buy was Banco Bradesco: 7,676,019 shares worth $51.6M.
  • Howard Marks added most to TSMC in Q4 2019, an estimated $8.36M increase.
  • Howard Marks's biggest Q4 2019 reduction was ICICI Bank, cutting an estimated $34.7M.
  • Howard Marks fully exited CMB.TECH NV in Q4 2019, selling an estimated $69.9M.
  • Howard Marks's ten largest holdings make up 55% of its $5.31B portfolio in Q4 2019.
  • Howard Marks opened 5 new positions and closed 14 in Q4 2019.
  • Howard Marks's portfolio value rose 4.1% quarter-over-quarter to $5.31B.

Based on Oaktree Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.