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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
-30.41%
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
$3.56B
AUM Growth
-$1.75B
Cap. Flow
-$306M
Cap. Flow %
-8.61%
Top 10 Hldgs %
55.11%
Holding
197
New
24
Increased
24
Reduced
10
Closed
16

Top Buys

Rank Stock Value
1
TMHC
Taylor Morrison
TMHC
+$104M
2
ALLY icon
Ally Financial
ALLY
+$88.7M
3
VST icon
Vistra
VST
+$61M
4
BABA icon
Alibaba
BABA
+$47.7M
5
CZR icon
Caesars Entertainment
CZR
+$46.8M

Top Sells

Rank Stock Value
1
BRFS
BRF SA
BRFS
+$26.6M
2
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.7M
3
YETI icon
Yeti Holdings
YETI
+$14.5M
4
IBN icon
ICICI Bank
IBN
+$13.8M
5
HUYA
Huya Inc
HUYA
+$13.5M

Sector Composition

Rank Sector Weight
1 Energy 17.09%
2 Utilities 13.59%
3 Financials 11.77%
4 Technology 11.53%
5 Industrials 8.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DHR.PRA
76
DELISTED
Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A
DHR.PRA
$476K 0.01%
461
-1,469
-76% -$1.69M
ROCC
77
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
$383K 0.01%
124,000
– –
NEE.PRO
78
DELISTED
NextEra Energy, Inc. 4.872% Corporate Units
NEE.PRO
$272K 0.01%
5,766
-39,234
-87% -$2.02M
DSSI
79
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$260K 0.01%
22,076
– –
CCEC
80
Capital Clean Energy Carriers
CCEC
$1.36B
$235K 0.01%
32,142
– –
AMPY icon
81
Amplify Energy
AMPY
$200M
$232K 0.01%
410,041
– –
IEA
82
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$38K ﹤0.01%
18,926
– –
USWSW
83
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$27K ﹤0.01%
1,500,000
– –
MDR
84
DELISTED
McDermott International
MDR
$2K ﹤0.01%
+49,653
New +$36.7K
BAC.PRL icon
85
Bank of America Series L
BAC.PRL
$3.95B
– –
-1,461
Closed -$2.12M
FPI
86
Farmland Partners
FPI
$443M
– –
-130,000
Closed -$881K
HUYA
87
Huya Inc
HUYA
$498M
– –
-751,125
Closed -$13.5M
WFC.PRL icon
88
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
– –
-721
Closed -$1.04M
YETI icon
89
Yeti Holdings
YETI
$3.19B
– –
-417,866
Closed -$14.5M
YPF icon
90
YPF Sociedad Anonima ADS
YPF
$20.1B
– –
-1,356,600
Closed -$15.7M
SWT
91
DELISTED
Stanley Black & Decker, Inc.
SWT
– –
-25,000
Closed -$2.72M
AVGOP
92
DELISTED
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock, Series A
AVGOP
– –
-5,000
Closed -$5.89M
SOLN
93
DELISTED
The Southern Company
SOLN
– –
-30,000
Closed -$1.62M
DCUE
94
DELISTED
Dominion Energy, Inc. 2019 Series A Corporate Units
DCUE
– –
-10,000
Closed -$1.07M
VRS
95
DELISTED
Verso Corporation
VRS
– –
-675,000
Closed -$12.2M
XOG
96
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
– –
-172,787
Closed -$366K
SRE.PRB
97
DELISTED
Sempra 6.75% Mandatory Convertible Preferred Stock, Series B
SRE.PRB
– –
-20,350
Closed -$2.42M
FTV.PRA
98
DELISTED
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
– –
-2,500
Closed -$2.43M
BDXA
99
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
– –
-21,050
Closed -$1.38M
WTRU
100
DELISTED
Essential Utilities, Inc.6.00% Tangible Equity Units
WTRU
– –
-13,000
Closed -$810K
1 2 3
4

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Howard Marks's Q1 2020 Portfolio in Review

As of Q1 2020, Howard Marks held 197 positions worth $3.56B, down 33% from $5.31B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $306M in Q1 2020, closing 16 positions and reducing 10 holdings. Its most notable exit was YPF Sociedad Anonima ADS, an estimated $15.7M position sold in full.

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

Against the trend, Howard Marks opened a new position in Taylor Morrison worth $53.1M.

  • Howard Marks's largest Q1 2020 buy was Taylor Morrison: 4,825,000 shares worth $53.1M.
  • Howard Marks added most to Ally Financial in Q1 2020, an estimated $88.7M increase.
  • Howard Marks's biggest Q1 2020 reduction was BRF SA, cutting an estimated $26.6M.
  • Howard Marks fully exited YPF Sociedad Anonima ADS in Q1 2020, selling an estimated $15.7M.
  • Howard Marks's ten largest holdings make up 55% of its $3.56B portfolio in Q1 2020.
  • Howard Marks opened 24 new positions and closed 16 in Q1 2020.
  • Howard Marks's portfolio value fell 33% quarter-over-quarter to $3.56B.

Based on Oaktree Capital Management's 13F filing for Q1 2020, filed 15 May 2020.