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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
+8.77%
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
$5.31B
AUM Growth
+$207M
Cap. Flow
-$1.15B
Cap. Flow %
-21.65%
Top 10 Hldgs %
55.23%
Holding
207
New
5
Increased
18
Reduced
17
Closed
14

Top Buys

Rank Stock Value
1
BBD icon
Banco Bradesco
BBD
+$48.1M
2
BABA icon
Alibaba
BABA
+$30.4M
3
TSM icon
TSMC
TSM
+$8.36M
4
ITUB icon
Itaú Unibanco
ITUB
+$5.64M
5
AVGOP
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock, Series A
AVGOP
+$5.62M

Top Sells

Rank Stock Value
1
CMBT
CMB.TECH NV
CMBT
+$69.9M
2
INFY icon
Infosys
INFY
+$40.8M
3
IBN icon
ICICI Bank
IBN
+$34.7M
4
PBR icon
Petrobras
PBR
+$31M
5
VRS
Verso Corporation
VRS
+$18.5M

Sector Composition

Rank Sector Weight
1 Energy 17.11%
2 Financials 14.93%
3 Industrials 12.15%
4 Utilities 11.84%
5 Technology 8.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IEA
76
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$60K ﹤0.01%
18,926
– –
INFY icon
77
Infosys
INFY
$48.4B
– –
-3,587,835
Closed -$40.8M
LRCX icon
78
PUT
Lam Research
LRCX
$393B
– –
-1,250,000
Closed -$28.9M
PBR icon
79
Petrobras
PBR
$123B
– –
-2,144,121
Closed -$31M
PCG icon
80
PG&E
PCG
$38.8B
– –
-815,000
Closed -$8.15M
SD icon
81
SandRidge Energy
SD
$532M
– –
-135,000
Closed -$634K
SMH icon
82
PUT
VanEck Semiconductor ETF
SMH
$68.6B
– –
-1,500,000
Closed -$89.3M
CMBT
83
CMB.TECH NV
CMBT
$5.24B
– –
-7,601,881
Closed -$69.9M
NBIS
84
Nebius Group N.V.
NBIS
$59.6B
– –
-488,857
Closed -$17.1M
STON
85
DELISTED
StoneMor Inc.
STON
– –
-4,477,857
Closed -$4.97M
AEPPL
86
DELISTED
American Electric Power Company, Inc. Corporate Unit
AEPPL
– –
-24,550
Closed -$1.35M
AABA
87
DELISTED
Altaba Inc
AABA
– –
-241,933
Closed -$4.71M
UPL
88
DELISTED
Ultra Petroleum Corp. Common Stock
UPL
– –
-590,799
Closed -$133K
MBT
89
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
– –
-298,500
Closed -$2.42M
CBB
90
DELISTED
Cincinnati Bell Inc.
CBB
– –
-132,500
Closed -$671K
1 2 3
4

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Howard Marks's Q4 2019 Portfolio in Review

As of Q4 2019, Howard Marks held 207 positions worth $5.31B, up 4.1% from $5.1B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.15B in Q4 2019, closing 14 positions and reducing 17 holdings. Its most notable exit was CMB.TECH NV, an estimated $69.9M 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 Industrials.

Against the trend, Howard Marks opened a new position in Banco Bradesco worth $51.6M.

  • Howard Marks's largest Q4 2019 buy was Banco Bradesco: 7,676,019 shares worth $51.6M.
  • Howard Marks added most to TSMC in Q4 2019, an estimated $8.36M increase.
  • Howard Marks's biggest Q4 2019 reduction was ICICI Bank, cutting an estimated $34.7M.
  • Howard Marks fully exited CMB.TECH NV in Q4 2019, selling an estimated $69.9M.
  • Howard Marks's ten largest holdings make up 55% of its $5.31B portfolio in Q4 2019.
  • Howard Marks opened 5 new positions and closed 14 in Q4 2019.
  • Howard Marks's portfolio value rose 4.1% quarter-over-quarter to $5.31B.

Based on Oaktree Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.