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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
+6.92%
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
$5.33B
AUM Growth
+$68.6M
Cap. Flow
-$1.04B
Cap. Flow %
-19.59%
Top 10 Hldgs %
50.68%
Holding
214
New
9
Increased
18
Reduced
26
Closed
9

Top Buys

Rank Stock Value
1
VST icon
Vistra
VST
+$103M
2
BRY
Berry Corp
BRY
+$57.6M
3
PBR icon
Petrobras
PBR
+$33.6M
4
SBLK icon
Star Bulk Carriers
SBLK
+$16.3M
5
HUYA
Huya Inc
HUYA
+$12.4M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$63.8M
2
YUMC icon
Yum China
YUMC
+$33.4M
3
VICI icon
VICI Properties
VICI
+$32.8M
4
NMIH icon
NMI Holdings
NMIH
+$19.7M
5
IBN icon
ICICI Bank
IBN
+$19.4M

Sector Composition

Rank Sector Weight
1 Energy 16.55%
2 Financials 14.08%
3 Utilities 12.47%
4 Industrials 10.73%
5 Technology 5.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMPY icon
76
Amplify Energy
AMPY
$200M
$821K 0.02%
139,473
– –
XOG
77
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$749K 0.01%
172,787
– –
AEPPL
78
DELISTED
American Electric Power Company, Inc. Corporate Unit
AEPPL
$511K 0.01%
9,550
-60,450
-86% -$3.17M
CCEC
79
Capital Clean Energy Carriers
CCEC
$1.36B
$338K 0.01%
32,142
-84,890
-73% -$900K
DSSI
80
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$282K 0.01%
22,076
-58,306
-73% -$722K
UPL
81
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$109K ﹤0.01%
590,799
– –
IEA
82
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$39K ﹤0.01%
+18,926
New +$71.5K
BABA icon
83
Alibaba
BABA
$286B
– –
-349,648
Closed -$63.8M
VICI icon
84
VICI Properties
VICI
$29.2B
– –
-1,500,000
Closed -$32.8M
YUMC icon
85
Yum China
YUMC
$16.9B
– –
-744,536
Closed -$33.4M
FLG.PRU
86
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
– –
-47,149
Closed -$2.27M
FTV.PRA
87
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
-5,500
Closed -$5.77M
DCUD
88
DELISTED
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
– –
-120,650
Closed -$6.02M
DYNC
89
DELISTED
Vistra Energy Corp.
DYNC
– –
-41,300
Closed -$4.07M
BXE
90
DELISTED
Bellatrix Exploration Ltd.
BXE
– –
-3,350,000
Closed -$1.08M
HK
91
DELISTED
Halcon Resources Corporation
HK
– –
-11,500,000
Closed -$15.5M
1 2 3
4

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Howard Marks's Q2 2019 Portfolio in Review

As of Q2 2019, Howard Marks held 214 positions worth $5.33B, up 1.3% from $5.27B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Howard Marks withdrew a net $1.04B in Q2 2019, closing 9 positions and reducing 26 holdings. Its most notable exit was Alibaba, an estimated $63.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 17% of assets, up from 14% a quarter earlier, followed by Financials and Utilities.

Against the trend, Howard Marks opened a new position in Petrobras worth $34.3M.

  • Howard Marks's largest Q2 2019 buy was Petrobras: 2,200,848 shares worth $34.3M.
  • Howard Marks added most to Vistra in Q2 2019, an estimated $103M increase.
  • Howard Marks's biggest Q2 2019 reduction was NMI Holdings, cutting an estimated $19.7M.
  • Howard Marks fully exited Alibaba in Q2 2019, selling an estimated $63.8M.
  • Howard Marks's ten largest holdings make up 51% of its $5.33B portfolio in Q2 2019.
  • Howard Marks opened 9 new positions and closed 9 in Q2 2019.
  • Howard Marks's portfolio value rose 1.3% quarter-over-quarter to $5.33B.

Based on Oaktree Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.