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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
-30.41%
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
$3.56B
AUM Growth
-$1.75B
Cap. Flow
-$306M
Cap. Flow %
-8.61%
Top 10 Hldgs %
55.11%
Holding
197
New
24
Increased
24
Reduced
10
Closed
16

Top Buys

Rank Stock Value
1
TMHC
Taylor Morrison
TMHC
+$104M
2
ALLY icon
Ally Financial
ALLY
+$88.7M
3
VST icon
Vistra
VST
+$61M
4
BABA icon
Alibaba
BABA
+$47.7M
5
CZR icon
Caesars Entertainment
CZR
+$46.8M

Top Sells

Rank Stock Value
1
BRFS
BRF SA
BRFS
+$26.6M
2
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.7M
3
YETI icon
Yeti Holdings
YETI
+$14.5M
4
IBN icon
ICICI Bank
IBN
+$13.8M
5
HUYA
Huya Inc
HUYA
+$13.5M

Sector Composition

Rank Sector Weight
1 Energy 17.09%
2 Utilities 13.59%
3 Financials 11.77%
4 Technology 11.53%
5 Industrials 8.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IIM icon
51
Invesco Value Municipal Income Trust
IIM
$586M
$5.16M 0.15%
+365,000
New +$5.53M
VMO icon
52
Invesco Municipal Opportunity Trust
VMO
$653M
$5.11M 0.14%
+446,000
New +$5.51M
BELFB
53
Bel Fuse Inc Class B
BELFB
$3.69B
$4.51M 0.13%
462,679
– –
JFR icon
54
Nuveen Floating Rate Income Fund
JFR
$1.21B
$4.38M 0.12%
+580,000
New +$5.38M
OAC.WS
55
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$4.18M 0.12%
4,016,667
– –
BRFS
56
DELISTED
BRF SA
BRFS
$4.13M 0.12%
1,423,969
-4,229,562
-75% -$26.6M
HFRO
57
Highland Opportunities and Income Fund
HFRO
$391M
$4.01M 0.11%
+470,000
New +$5.48M
VEON icon
58
VEON
VEON
$4.09B
$2.84M 0.08%
75,156
+8,000
+12% +$440K
ASC icon
59
Ardmore Shipping
ASC
$752M
$2.77M 0.08%
+526,694
New +$3.18M
INDA icon
60
iShares MSCI India ETF
INDA
$6.61B
$2.63M 0.07%
109,500
+23,400
+27% +$748K
FRA icon
61
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
$2.6M 0.07%
+260,000
New +$3.21M
OCSI
62
DELISTED
Oaktree Strategic Income Corporation
OCSI
$2.17M 0.06%
392,000
– –
BAK icon
63
Braskem
BAK
$793M
$1.86M 0.05%
+279,550
New +$3.57M
EFR
64
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$1.68M 0.05%
+170,000
New +$2.12M
LOMA
65
Loma Negra
LOMA
$1.09B
$1.21M 0.03%
342,000
+90,000
+36% +$539K
CCO icon
66
Clear Channel Outdoor Holdings
CCO
$1.21B
$1.08M 0.03%
1,681,898
– –
CCI.PRA
67
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$1.03M 0.03%
826
-1,576
-66% -$2.09M
ASRT
68
DELISTED
Assertio
ASRT
$970K 0.03%
24,874
– –
OIBR.C
69
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$966K 0.03%
2,201,646
– –
OCSL icon
70
Oaktree Specialty Lending
OCSL
$1.14B
$894K 0.03%
92,000
– –
EVF
71
Eaton Vance Senior Income Trust
EVF
$89.9M
$783K 0.02%
+170,000
New +$1.01M
SIGA icon
72
SIGA Technologies
SIGA
$218M
$763K 0.02%
159,782
– –
BELFA icon
73
Bel Fuse Inc Class A
BELFA
$3.09B
$542K 0.02%
71,613
– –
QTS.PRB
74
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
$532K 0.02%
4,140
-13,850
-77% -$1.81M
OBDC icon
75
Blue Owl Capital
OBDC
$5.57B
$496K 0.01%
+43,000
New +$630K
1 2
3
4

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Howard Marks's Q1 2020 Portfolio in Review

As of Q1 2020, Howard Marks held 197 positions worth $3.56B, down 33% from $5.31B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $306M in Q1 2020, closing 16 positions and reducing 10 holdings. Its most notable exit was YPF Sociedad Anonima ADS, an estimated $15.7M position sold in full.

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

Against the trend, Howard Marks opened a new position in Taylor Morrison worth $53.1M.

  • Howard Marks's largest Q1 2020 buy was Taylor Morrison: 4,825,000 shares worth $53.1M.
  • Howard Marks added most to Ally Financial in Q1 2020, an estimated $88.7M increase.
  • Howard Marks's biggest Q1 2020 reduction was BRF SA, cutting an estimated $26.6M.
  • Howard Marks fully exited YPF Sociedad Anonima ADS in Q1 2020, selling an estimated $15.7M.
  • Howard Marks's ten largest holdings make up 55% of its $3.56B portfolio in Q1 2020.
  • Howard Marks opened 24 new positions and closed 16 in Q1 2020.
  • Howard Marks's portfolio value fell 33% quarter-over-quarter to $3.56B.

Based on Oaktree Capital Management's 13F filing for Q1 2020, filed 15 May 2020.