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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
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
+2.83%
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
$5.2B
AUM Growth
+$283M
(+5.7%)
Cap. Flow
-$2.44B
Cap. Flow % of AUM
Cap. Flow %
-46.93%
Top 10 Holdings %
Top 10 Hldgs %
32.91%
Holding
177
New
8
Increased
19
Reduced
11
Closed
9
Avg Time Held
0.2
years
Top 10 Avg Time Held
0.2
years
Top 20 Avg Time Held
0.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
MASONITE INTERNATIONAL CORP
DOOR
|
+$238M |
| 2 |
Star Bulk Carriers
SBLK
|
+$28.8M |
| 3 |
Welltower Inc.
WELL.PRI
|
+$27.4M |
| 4 |
NetApp
NTAP
|
+$15.4M |
| 5 |
ETFC
E*Trade Financial Corporation
ETFC
|
+$14.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Charter Communications
CHTR
|
+$135M |
| 2 |
First Bancorp
FBP
|
+$62.5M |
| 3 |
Caesars Entertainment Corporation
CZR
|
+$28.5M |
| 4 |
SWY
SAFEWAY INC
SWY
|
+$11.8M |
| 5 |
UTX.PRA
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
|
+$11.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 64.21% |
| 2 | Financials | 8.28% |
| 3 | Industrials | 6.42% |
| 4 | Energy | 5.01% |
| 5 | Utilities | 3.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
XCO
1
DELISTED
Exco Resources
XCO
| $248M | 4.76% |
2,478,901
| – | – |
2013 Q2
1 quarter
|
|
|
2
First Bancorp
FBP
$3.93B
| $238M | 4.57% |
41,843,581
-8,840,904
| -17% | -$62.5M |
2013 Q2
1 quarter
|
|
|
3
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $234M | 4.49% |
+4,778,334
| New | +$238M |
2013 Q3
0 quarters
|
|
4
Aptiv
APTV
$8.11B
| $175M | 3.37% |
3,000,000
| – | – |
2013 Q2
1 quarter
|
|
5
DELISTED
Dynegy, Inc.
DYN
| $159M | 3.06% |
8,245,986
+445,000
| +6% | +$9.02M |
2013 Q2
1 quarter
|
|
6
DELISTED
Alliance Healthcare Services
AIQ
| $132M | 2.53% |
4,756,490
| – | – |
2013 Q2
1 quarter
|
|
|
7
Charter Communications
CHTR
$15.2B
| $123M | 2.36% |
909,683
-1,063,912
| -54% | -$135M |
2013 Q2
1 quarter
|
|
8
MGIC Investment
MTG
$5.64B
| $87.4M | 1.68% |
12,000,000
| – | – |
2013 Q2
1 quarter
|
|
|
GWRU
9
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $54.1M | 1.04% |
427,500
| – | – |
2013 Q2
1 quarter
|
|
|
ALR.PRB
10
DELISTED
Alere Inc
ALR.PRB
| $54M | 1.04% |
207,800
+17,000
| +9% | +$4.45M |
2013 Q2
1 quarter
|
|
|
CXPO
11
DELISTED
Crimson Exploration Inc. New Common Stock
CXPO
| $46.7M | 0.9% |
15,524,818
-1
| -0% | -$3 |
2013 Q2
1 quarter
|
|
12
American International
AIG
$42.7B
| $45.2M | 0.87% |
929,100
+284,100
| +44% | +$13.5M |
2013 Q2
1 quarter
|
|
|
LVLT
13
DELISTED
Level 3 Communications Inc
LVLT
| $40.8M | 0.78% |
1,528,500
+528,500
| +53% | +$12.2M |
2013 Q2
1 quarter
|
|
|
14
Star Bulk Carriers
SBLK
$3.17B
| $39.2M | 0.75% |
+773,178
| New | +$28.8M |
2013 Q3
0 quarters
|
|
15
NRG Energy
NRG
$20.3B
| $36.2M | 0.7% |
1,325,000
| – | – |
2013 Q2
1 quarter
|
|
16
Vishay Intertechnology
VSH
$4.12B
| $35.4M | 0.68% |
2,750,000
| – | – |
2013 Q2
1 quarter
|
|
|
UTX.PRA
17
DELISTED
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
| $31.7M | 0.61% |
489,950
-175,000
| -26% | -$11.1M |
2013 Q2
1 quarter
|
|
|
ETFC
18
DELISTED
E*Trade Financial Corporation
ETFC
| $30.7M | 0.59% |
1,861,400
+986,400
| +113% | +$14.7M |
2013 Q2
1 quarter
|
|
19
Apollo Global Management
APO
$72.8B
| $28.3M | 0.54% |
1,000,000
-250,000
| -20% | -$6.71M |
2013 Q2
1 quarter
|
|
20
Getty Realty Corp
GTY
$1.94B
| $27.6M | 0.53% |
1,440,359
| – | – |
2013 Q2
1 quarter
|
|
|
21
DELISTED
Welltower Inc.
WELL.PRI
| $26.6M | 0.51% |
+462,874
| New | +$27.4M |
2013 Q3
0 quarters
|
|
|
TMS
22
DELISTED
TMS INTERNATIONAL CORP CLASS A COM STK
TMS
| $24.1M | 0.46% |
1,382,425
| – | – |
2013 Q2
1 quarter
|
|
23
EPR Properties 5.75% Series C Preferred Shares
EPR.PRC
$147M
| $20.2M | 0.39% |
949,821
+62,000
| +7% | +$1.37M |
2013 Q2
1 quarter
|
|
|
MTCN
24
DELISTED
ARCELORMITTAL 6% MANDATORILTY CONV SUB NT DUE 2016 (LUX)
MTCN
| – | – |
0
| – | – |
2013 Q2
1 quarter
|
|
25
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
| $17.4M | 0.33% |
411,823
-86,425
| -17% | -$3.15M |
2013 Q2
1 quarter
|
|
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Howard Marks's Q3 2013 Portfolio in Review
As of Q3 2013, Howard Marks held 177 positions worth $5.2B, up 5.7% from $4.92B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Howard Marks withdrew a net $2.44B in Q3 2013, closing 9 positions and reducing 11 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $28.5M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 64% of assets, down from 65% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in MASONITE INTERNATIONAL CORP worth $234M.
- Howard Marks's largest Q3 2013 buy was MASONITE INTERNATIONAL CORP: 4,778,334 shares worth $234M.
- Howard Marks added most to E*Trade Financial Corporation in Q3 2013, an estimated $14.7M increase.
- Howard Marks's biggest Q3 2013 reduction was Charter Communications, cutting an estimated $135M.
- Howard Marks fully exited Caesars Entertainment Corporation in Q3 2013, selling an estimated $28.5M.
- Howard Marks's ten largest holdings make up 33% of its $5.2B portfolio in Q3 2013.
- Howard Marks opened 8 new positions and closed 9 in Q3 2013.
- Howard Marks's portfolio value rose 5.7% quarter-over-quarter to $5.2B.
Based on Oaktree Capital Management's 13F filing for Q3 2013, filed 8 Nov 2013.