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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
+3.43%
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
$7.43B
AUM Growth
+$278M
Cap. Flow
-$1.5B
Cap. Flow %
-20.17%
Top 10 Hldgs %
48.8%
Holding
227
New
26
Increased
16
Reduced
18
Closed
11

Top Buys

Rank Stock Value
1
TRMD icon
TORM
TRMD
+$328M
2
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$34.6M
3
COOP
Mr. Cooper
COOP
+$33.4M
4
SMCI icon
Super Micro Computer
SMCI
+$33M
5
WB icon
Weibo
WB
+$32.7M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$657M
2
AABA
Altaba Inc
AABA
+$220M
3
VST icon
Vistra
VST
+$203M
4
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$77.4M
5
SMH icon
VanEck Semiconductor ETF
SMH
+$74.3M

Sector Composition

Rank Sector Weight
1 Utilities 12.71%
2 Financials 8.33%
3 Energy 8.14%
4 Industrials 6.58%
5 Technology 4.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FPI
76
Farmland Partners
FPI
$443M
$2.16M 0.03%
+322,142
New +$2.21M
XOG
77
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$1.95M 0.03%
172,787
– –
AMPY icon
78
Amplify Energy
AMPY
$200M
$1.7M 0.02%
190,307
– –
BELFA icon
79
Bel Fuse Inc Class A
BELFA
$3.09B
$1.59M 0.02%
71,613
+50,751
+243% +$1.14M
SD icon
80
SandRidge Energy
SD
$532M
$1.47M 0.02%
135,000
– –
OCSL icon
81
Oaktree Specialty Lending
OCSL
$1.14B
$1.37M 0.02%
92,000
– –
INDA icon
82
iShares MSCI India ETF
INDA
$6.61B
$1.03M 0.01%
31,700
-900
-3% -$31.1K
UPL
83
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$766K 0.01%
683,632
-24,827
-4% -$36.8K
CMLS
84
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$716K 0.01%
+42,075
New +$769K
BMA icon
85
Banco Macro
BMA
$4.66B
– –
-22,306
Closed -$1.31M
NCMI icon
86
National CineMedia
NCMI
$239M
– –
-130,000
Closed -$10.9M
RYAM icon
87
Rayonier Advanced Materials
RYAM
$586M
– –
-1,000,000
Closed -$17.1M
SMH icon
88
VanEck Semiconductor ETF
SMH
$68.6B
– –
-1,400,000
Closed -$74.3M
SPY icon
89
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-2,306,500
Closed -$657M
NBR.PRA
90
DELISTED
Nabors Industries Ltd. 6.00% Mandatory Convertible Preferred Shares, Series A
NBR.PRA
– –
-110,000
Closed -$5.07M
NEE.PRQ
91
DELISTED
NextEra Energy, Inc.
NEE.PRQ
– –
-193,500
Closed -$14.4M
NSM
92
DELISTED
Nationstar Mortgage Holdings
NSM
– –
-1,810,000
Closed -$31.7M
WPXP
93
DELISTED
WPX Energy, Inc.
WPXP
– –
-60,000
Closed -$4.53M
ORIG
94
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
– –
-1,100,000
Closed -$32.4M
1 2 3
4

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Howard Marks's Q3 2018 Portfolio in Review

As of Q3 2018, Howard Marks held 227 positions worth $7.43B, up 3.9% from $7.15B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $1.5B in Q3 2018, closing 11 positions and reducing 18 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $657M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 13% of assets, down from 15% a quarter earlier, followed by Financials and Energy.

Against the trend, Howard Marks opened a new position in TORM worth $286M.

  • Howard Marks's largest Q3 2018 buy was TORM: 47,600,172 shares worth $286M.
  • Howard Marks added most to PG&E in Q3 2018, an estimated $31.8M increase.
  • Howard Marks's biggest Q3 2018 reduction was Altaba Inc, cutting an estimated $220M.
  • Howard Marks fully exited State Street SPDR S&P 500 ETF Trust in Q3 2018, selling an estimated $657M.
  • Howard Marks's ten largest holdings make up 49% of its $7.43B portfolio in Q3 2018.
  • Howard Marks opened 26 new positions and closed 11 in Q3 2018.
  • Howard Marks's portfolio value rose 3.9% quarter-over-quarter to $7.43B.

Based on Oaktree Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.