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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
+3.47%
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
$5.1B
AUM Growth
-$233M
Cap. Flow
-$1.25B
Cap. Flow %
-24.48%
Top 10 Hldgs %
52.72%
Holding
210
New
11
Increased
19
Reduced
16
Closed
8

Top Buys

Rank Stock Value
1
YPF icon
YPF Sociedad Anonima ADS
YPF
+$18.6M
2
AFYA icon
Afya
AFYA
+$18M
3
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$11.9M
4
VIST icon
Vista Energy
VIST
+$11.8M
5
IHRT icon
iHeartMedia
IHRT
+$10.2M

Top Sells

Rank Stock Value
1
WB icon
Weibo
WB
+$23.2M
2
VST icon
Vistra
VST
+$20.8M
3
AZUL
Azul
AZUL
+$18M
4
AU icon
AngloGold Ashanti
AU
+$11.9M
5
CIVI
Civitas Resources
CIVI
+$6.74M

Sector Composition

Rank Sector Weight
1 Energy 16.59%
2 Financials 14.64%
3 Utilities 14.5%
4 Industrials 10.98%
5 Technology 7.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SIGA icon
76
SIGA Technologies
SIGA
$218M
$817K 0.02%
159,782
– –
WTRU
77
DELISTED
Essential Utilities, Inc.6.00% Tangible Equity Units
WTRU
$787K 0.02%
+13,000
New +$760K
CBB
78
DELISTED
Cincinnati Bell Inc.
CBB
$671K 0.01%
+132,500
New +$649K
SD icon
79
SandRidge Energy
SD
$532M
$634K 0.01%
135,000
– –
XOG
80
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$509K 0.01%
172,787
– –
USWSW
81
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$450K 0.01%
1,500,000
– –
CCEC
82
Capital Clean Energy Carriers
CCEC
$1.36B
$343K 0.01%
32,142
– –
DSSI
83
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$243K ﹤0.01%
22,076
– –
UPL
84
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
$133K ﹤0.01%
590,799
– –
IEA
85
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$88K ﹤0.01%
18,926
– –
AMR icon
86
Alpha Metallurgical Resources
AMR
$2.66B
– –
-100,000
Closed -$5.19M
BATRK icon
87
Atlanta Braves Holdings Series B
BATRK
$3.33B
– –
-182,800
Closed -$5.11M
SPY icon
88
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
– –
-810,000
Closed -$237M
WB icon
89
Weibo
WB
$1.73B
– –
-531,918
Closed -$23.2M
ONC
90
BeOne Medicines Ltd
ONC
$42.4B
– –
-26,700
Closed -$3.31M
SWP
91
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
– –
-28,300
Closed -$2.86M
DTV
92
DELISTED
DTE Energy Company 2016 Corporate Units
DTV
– –
-27,300
Closed -$1.53M
NEE.PRR
93
DELISTED
NextEra Energy, Inc.
NEE.PRR
– –
-23,980
Closed -$1.56M
1 2 3
4

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Howard Marks's Q3 2019 Portfolio in Review

As of Q3 2019, Howard Marks held 210 positions worth $5.1B, down 4.4% from $5.33B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $1.25B in Q3 2019, closing 8 positions and reducing 16 holdings. Its most notable exit was Weibo, an estimated $23.2M position sold in full.

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

Against the trend, Howard Marks opened a new position in YPF Sociedad Anonima ADS worth $13.3M.

  • Howard Marks's largest Q3 2019 buy was YPF Sociedad Anonima ADS: 1,442,103 shares worth $13.3M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q3 2019, an estimated $11.9M increase.
  • Howard Marks's biggest Q3 2019 reduction was Vistra, cutting an estimated $20.8M.
  • Howard Marks fully exited Weibo in Q3 2019, selling an estimated $23.2M.
  • Howard Marks's ten largest holdings make up 53% of its $5.1B portfolio in Q3 2019.
  • Howard Marks opened 11 new positions and closed 8 in Q3 2019.
  • Howard Marks's portfolio value fell 4.4% quarter-over-quarter to $5.1B.

Based on Oaktree Capital Management's 13F filing for Q3 2019, filed 13 Nov 2019.