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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
+10.53%
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
$5.27B
AUM Growth
-$234M
Cap. Flow
-$1.52B
Cap. Flow %
-28.84%
Top 10 Hldgs %
43.74%
Holding
222
New
9
Increased
21
Reduced
22
Closed
12

Top Buys

Rank Stock Value
1
BRY
Berry Corp
BRY
+$88.8M
2
CZR
Caesars Entertainment Corporation
CZR
+$45.5M
3
ITUB icon
Itaú Unibanco
ITUB
+$10.3M
4
SBLK icon
Star Bulk Carriers
SBLK
+$9.83M
5
IBN icon
ICICI Bank
IBN
+$9.42M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$154M
2
VALE icon
Vale
VALE
+$39.8M
3
TSM icon
TSMC
TSM
+$36.2M
4
VICI icon
VICI Properties
VICI
+$28.8M
5
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$20.2M

Sector Composition

Rank Sector Weight
1 Energy 14.32%
2 Financials 13.87%
3 Utilities 12.3%
4 Industrials 7.82%
5 Technology 6.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCEC
76
Capital Clean Energy Carriers
CCEC
$1.36B
$1.23M 0.02%
117,032
-1
-0% -$16
SD icon
77
SandRidge Energy
SD
$532M
$1.08M 0.02%
135,000
– –
BXE
78
DELISTED
Bellatrix Exploration Ltd.
BXE
$1.08M 0.02%
3,350,000
– –
SIGA icon
79
SIGA Technologies
SIGA
$218M
$959K 0.02%
+159,782
New +$1.07M
DSSI
80
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$836K 0.02%
+80,382
New +$858K
XOG
81
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$731K 0.01%
172,787
– –
UPL
82
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$361K 0.01%
590,799
-45,426
-7% -$33.1K
AVGO icon
83
PUT
Broadcom
AVGO
$1.75T
– –
-1,500,000
Closed -$38M
HYG icon
84
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
– –
-61,500
Closed -$4.99M
HYG icon
85
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
– –
-1,000,000
Closed -$81M
NOG icon
86
Northern Oil and Gas
NOG
$2.91B
– –
-178,967
Closed -$4.04M
NXPI icon
87
NXP Semiconductors
NXPI
$56.9B
– –
-176,300
Closed -$12.9M
SMH icon
88
PUT
VanEck Semiconductor ETF
SMH
$68.6B
– –
-1,700,000
Closed -$73.8M
VALE icon
89
Vale
VALE
$62.1B
– –
-3,016,925
Closed -$39.8M
IFFT
90
DELISTED
International Flavors & Fragrances Inc. 6.00% Tangible Equity Units
IFFT
– –
-189,500
Closed -$9.61M
SJIU
91
DELISTED
South Jersey Industries, Inc.
SJIU
– –
-93,000
Closed -$4.37M
CJ
92
DELISTED
C&J Energy Services, Inc.
CJ
– –
-1,325,000
Closed -$17.9M
RDC
93
DELISTED
Rowan Companies Plc
RDC
– –
-1,394,146
Closed -$11.7M
TRCO
94
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
– –
-39,551
Closed -$1.79M
1 2 3
4

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Howard Marks's Q1 2019 Portfolio in Review

As of Q1 2019, Howard Marks held 222 positions worth $5.27B, down 4.3% from $5.5B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $1.52B in Q1 2019, closing 12 positions and reducing 22 holdings. Its most notable exit was Vale, an estimated $39.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 14% of assets, up from 11% a quarter earlier, followed by Financials and Utilities.

Against the trend, Howard Marks opened a new position in Berry Corp worth $90.1M.

  • Howard Marks's largest Q1 2019 buy was Berry Corp: 7,806,717 shares worth $90.1M.
  • Howard Marks added most to Caesars Entertainment Corporation in Q1 2019, an estimated $45.5M increase.
  • Howard Marks's biggest Q1 2019 reduction was Vistra, cutting an estimated $154M.
  • Howard Marks fully exited Vale in Q1 2019, selling an estimated $39.8M.
  • Howard Marks's ten largest holdings make up 44% of its $5.27B portfolio in Q1 2019.
  • Howard Marks opened 9 new positions and closed 12 in Q1 2019.
  • Howard Marks's portfolio value fell 4.3% quarter-over-quarter to $5.27B.

Based on Oaktree Capital Management's 13F filing for Q1 2019, filed 14 May 2019.