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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
-0.11%
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
$9.48B
AUM Growth
+$128M
Cap. Flow
-$2.51B
Cap. Flow %
-26.48%
Top 10 Hldgs %
49.39%
Holding
185
New
10
Increased
21
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$132M
2
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$68.5M
3
BABA icon
Alibaba
BABA
+$31.1M
4
AMX icon
America Movil
AMX
+$30.9M
5
CIG icon
CEMIG Preferred Shares
CIG
+$29.6M

Top Sells

Rank Stock Value
1
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$50.8M
2
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
+$27.1M
3
TSM icon
TSMC
TSM
+$21.8M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.7M
5
TTM
Tata Motors Limited
TTM
+$17.9M

Sector Composition

Rank Sector Weight
1 Real Estate 20.65%
2 Communication Services 14.83%
3 Financials 8.04%
4 Industrials 5.64%
5 Utilities 4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WPZ
76
DELISTED
WILLIAMS PARTNERS L.P. COM UTS REPTG L.P. INT
WPZ
– –
-124,551
Closed -$5.25M
1 2 3
4

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Howard Marks's Q1 2015 Portfolio in Review

As of Q1 2015, Howard Marks held 185 positions worth $9.48B, up 1.4% from $9.36B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $2.51B in Q1 2015, closing 7 positions and reducing 14 holdings. Its most notable exit was PULSE ELECTRONICS CORP COM STK (PA)NEW, an estimated $27.1M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 21% of assets, up from 19% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in ACTAVIS PLC Pfd Conv Ser A (Irl) worth $66.3M.

  • Howard Marks's largest Q1 2015 buy was ACTAVIS PLC Pfd Conv Ser A (Irl): 65,500 shares worth $66.3M.
  • Howard Marks added most to Star Bulk Carriers in Q1 2015, an estimated $132M increase.
  • Howard Marks's biggest Q1 2015 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $50.8M.
  • Howard Marks fully exited PULSE ELECTRONICS CORP COM STK (PA)NEW in Q1 2015, selling an estimated $27.1M.
  • Howard Marks's ten largest holdings make up 49% of its $9.48B portfolio in Q1 2015.
  • Howard Marks opened 10 new positions and closed 7 in Q1 2015.
  • Howard Marks's portfolio value rose 1.4% quarter-over-quarter to $9.48B.

Based on Oaktree Capital Management's 13F filing for Q1 2015, filed 12 May 2015.