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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
+23.64%
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
$4.5B
AUM Growth
+$947M
Cap. Flow
-$350M
Cap. Flow %
-7.78%
Top 10 Hldgs %
53.93%
Holding
206
New
9
Increased
25
Reduced
7
Closed
17

Top Buys

Rank Stock Value
1
PCG icon
PG&E
PCG
+$245M
2
ITUB icon
Itaú Unibanco
ITUB
+$26.5M
3
TMHC
Taylor Morrison
TMHC
+$25.3M
4
TRMD icon
TORM
TRMD
+$23.1M
5
CX icon
Cemex
CX
+$20.5M

Top Sells

Rank Stock Value
1
PBR.A icon
Petrobras Class A
PBR.A
+$33M
2
CEO
CNOOC Limited
CEO
+$30.3M
3
BABA icon
Alibaba
BABA
+$22.5M
4
SRLP
SPRAGUE RESOURCES LP
SRLP
+$17.7M
5
CZR icon
Caesars Entertainment
CZR
+$15.2M

Sector Composition

Rank Sector Weight
1 Utilities 16.95%
2 Financials 12.74%
3 Technology 11.47%
4 Energy 11.41%
5 Consumer Discretionary 9.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DSSI
76
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$176K ﹤0.01%
22,076
– –
ASRT
77
DELISTED
Assertio
ASRT
– –
-24,874
Closed -$970K
BRFS
78
DELISTED
BRF SA
BRFS
– –
-1,423,969
Closed -$4.13M
EVF
79
Eaton Vance Senior Income Trust
EVF
$89.9M
– –
-170,000
Closed -$783K
IIM icon
80
Invesco Value Municipal Income Trust
IIM
$586M
– –
-365,000
Closed -$5.16M
IWM icon
81
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-727,700
Closed -$83.3M
MU icon
82
PUT
Micron Technology
MU
$1.09T
– –
-295,000
Closed -$12.4M
OBDC icon
83
Blue Owl Capital
OBDC
$5.57B
– –
-43,000
Closed -$496K
PBR.A icon
84
Petrobras Class A
PBR.A
$111B
– –
-6,117,097
Closed -$33M
VMO icon
85
Invesco Municipal Opportunity Trust
VMO
$653M
– –
-446,000
Closed -$5.11M
WMB icon
86
Williams Companies
WMB
$86.2B
– –
-1,000,000
Closed -$14.2M
ROCC
87
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
– –
-124,000
Closed -$383K
USWSW
88
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
– –
-1,500,000
Closed -$27K
SRLP
89
DELISTED
SPRAGUE RESOURCES LP
SRLP
– –
-1,350,000
Closed -$17.7M
QTS.PRB
90
DELISTED
QTS Realty Trust, Inc. 6.50% Series B Cumulative Convertible Perpetual Preferred Stock
QTS.PRB
– –
-4,140
Closed -$532K
MDR
91
DELISTED
McDermott International
MDR
– –
-49,653
Closed -$2K
CEO
92
DELISTED
CNOOC Limited
CEO
– –
-293,304
Closed -$30.3M
NEE.PRO
93
DELISTED
NextEra Energy, Inc. 4.872% Corporate Units
NEE.PRO
– –
-5,766
Closed -$272K
1 2 3
4

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Howard Marks's Q2 2020 Portfolio in Review

As of Q2 2020, Howard Marks held 206 positions worth $4.5B, up 27% from $3.56B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Howard Marks withdrew a net $350M in Q2 2020, closing 17 positions and reducing 7 holdings. Its most notable exit was Petrobras Class A, an estimated $33M position sold in full.

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

Against the trend, Howard Marks opened a new position in PG&E worth $200M.

  • Howard Marks's largest Q2 2020 buy was PG&E: 22,500,000 shares worth $200M.
  • Howard Marks added most to Itaú Unibanco in Q2 2020, an estimated $26.5M increase.
  • Howard Marks's biggest Q2 2020 reduction was Alibaba, cutting an estimated $22.5M.
  • Howard Marks fully exited Petrobras Class A in Q2 2020, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 54% of its $4.5B portfolio in Q2 2020.
  • Howard Marks opened 9 new positions and closed 17 in Q2 2020.
  • Howard Marks's portfolio value rose 27% quarter-over-quarter to $4.5B.

Based on Oaktree Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.