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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
-9.3%
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
$5.5B
AUM Growth
-$1.93B
Cap. Flow
-$2.54B
Cap. Flow %
-46.11%
Top 10 Hldgs %
40.6%
Holding
204
New
13
Increased
28
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$123M
2
INFN
Infinera Corporation Common Stock
INFN
+$105M
3
CZR
Caesars Entertainment Corporation
CZR
+$84.3M
4
ALLY icon
Ally Financial
ALLY
+$75.3M
5
BABA icon
Alibaba
BABA
+$47.1M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$219M
2
VST icon
Vistra
VST
+$131M
3
PBR.A icon
Petrobras Class A
PBR.A
+$33.7M
4
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$33M
5
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
+$32.7M

Sector Composition

Rank Sector Weight
1 Utilities 13.08%
2 Energy 11.23%
3 Financials 11.18%
4 Industrials 8.82%
5 Technology 6.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FPI
76
Farmland Partners
FPI
$443M
$1.59M 0.03%
350,000
+27,858
+9% +$174K
BXE
77
DELISTED
Bellatrix Exploration Ltd.
BXE
$1.54M 0.03%
3,350,000
– –
AMPY icon
78
Amplify Energy
AMPY
$200M
$1.43M 0.03%
190,307
– –
OCSL icon
79
Oaktree Specialty Lending
OCSL
$1.14B
$1.17M 0.02%
92,000
– –
INDA icon
80
iShares MSCI India ETF
INDA
$6.61B
$1.11M 0.02%
33,300
+1,600
+5% +$50.4K
SD icon
81
SandRidge Energy
SD
$532M
$1.03M 0.02%
135,000
– –
BELFA icon
82
Bel Fuse Inc Class A
BELFA
$3.09B
$985K 0.02%
71,613
– –
USWSW
83
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$900K 0.02%
+1,500,000
New +$944K
XOG
84
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$741K 0.01%
172,787
– –
UPL
85
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$486K 0.01%
636,225
-47,407
-7% -$59.9K
BBD icon
86
Banco Bradesco
BBD
$33.9B
– –
-6,287,510
Closed -$27.9M
SIGA icon
87
SIGA Technologies
SIGA
$218M
– –
-602,886
Closed -$4.16M
SPY icon
88
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-3,600,000
Closed -$1.05B
TCOM icon
89
Trip.com Group
TCOM
$29B
– –
-593,153
Closed -$22M
CMLS
90
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
– –
-42,075
Closed -$716K
FTV.PRA
91
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
-30,577
Closed -$33M
CTB
92
PUT
DELISTED
Cooper Tire & Rubber Co.
CTB
– –
-1,200,000
Closed -$34M
SRE.PRA
93
DELISTED
Sempra Energy 6% Mandatory Convertible Preferred Stock, Series A
SRE.PRA
– –
-152,340
Closed -$15.4M
SWP
94
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
– –
-120,000
Closed -$13.2M
HES.PRA
95
DELISTED
Hess Corporation
HES.PRA
– –
-336,700
Closed -$26.8M
EGC
96
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
– –
-3,910,545
Closed -$32.7M
MPACU
97
DELISTED
Matlin & Partners Acquisition Corporation Units
MPACU
– –
-1,500,000
Closed -$16.1M
1 2 3
4

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Howard Marks's Q4 2018 Portfolio in Review

As of Q4 2018, Howard Marks held 204 positions worth $5.5B, down 26% from $7.43B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Howard Marks withdrew a net $2.54B in Q4 2018, closing 12 positions and reducing 20 holdings. Its most notable exit was Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A, an estimated $33M position sold in full.

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

Against the trend, Howard Marks opened a new position in Infinera Corporation Common Stock worth $83.7M.

  • Howard Marks's largest Q4 2018 buy was Infinera Corporation Common Stock: 20,975,384 shares worth $83.7M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q4 2018, an estimated $123M increase.
  • Howard Marks's biggest Q4 2018 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $219M.
  • Howard Marks fully exited Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A in Q4 2018, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 41% of its $5.5B portfolio in Q4 2018.
  • Howard Marks opened 13 new positions and closed 12 in Q4 2018.
  • Howard Marks's portfolio value fell 26% quarter-over-quarter to $5.5B.

Based on Oaktree Capital Management's 13F filing for Q4 2018, filed 15 Feb 2019.