We are live on !
Find out more
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
+3.45%
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
$5.44B
AUM Growth
+$238M
(+4.6%)
Cap. Flow
-$2.45B
Cap. Flow % of AUM
Cap. Flow %
-45.09%
Top 10 Holdings %
Top 10 Hldgs %
27.96%
Holding
172
New
14
Increased
16
Reduced
12
Closed
8
Avg Time Held
Equity + Options
0.4
years
Top 10 Avg Time Held
Equity + Options
0.3
years
Top 20 Avg Time Held
Equity + Options
0.3
years
Avg Time Held Equity only
0.4
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
SCAI
Surgical Care Affiliates, Inc.
SCAI
|
+$71.2M |
| 2 |
MCF
Contango Oil & Gas Co.
MCF
|
+$56.6M |
| 3 |
Crown Castle International Corp.
CCI.PRA
|
+$45.8M |
| 4 |
Petrobras
PBR
|
+$38.2M |
| 5 |
TSMC
TSM
|
+$30.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aptiv
APTV
|
+$50.6M |
| 2 |
CXPO
Crimson Exploration Inc. New Common Stock
CXPO
|
+$46.7M |
| 3 |
TMS
TMS INTERNATIONAL CORP CLASS A COM STK
TMS
|
+$24.1M |
| 4 |
Charter Communications
CHTR
|
+$23.9M |
| 5 |
Cumulus Media Inc. Class A Common Stock
CMLS
|
+$17.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 58.92% |
| 2 | Financials | 8.45% |
| 3 | Industrials | 7.78% |
| 4 | Energy | 5.57% |
| 5 | Communication Services | 3.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $269M | 4.94% |
4,477,837
-300,497
| -6% | -$15.2M |
2013 Q3
1 quarter
|
|
2
First Bancorp
FBP
$3.91B
| $259M | 4.76% |
41,843,581
| – | – |
2013 Q2
2 quarters
|
|
|
XCO
3
DELISTED
Exco Resources
XCO
| $195M | 3.59% |
2,451,930
-26,971
| -1% | -$2.3M |
2013 Q2
2 quarters
|
|
4
DELISTED
Dynegy, Inc.
DYN
| $177M | 3.26% |
8,245,986
| – | – |
2013 Q2
2 quarters
|
|
|
5
Aptiv
APTV
$7.84B
| $128M | 2.35% |
2,125,000
-875,000
| -29% | -$50.6M |
2013 Q2
2 quarters
|
|
6
DELISTED
Alliance Healthcare Services
AIQ
| $118M | 2.16% |
4,756,490
| – | – |
2013 Q2
2 quarters
|
|
7
MGIC Investment
MTG
$5.52B
| $101M | 1.86% |
12,000,000
| – | – |
2013 Q2
2 quarters
|
|
|
8
Charter Communications
CHTR
$15.8B
| $100M | 1.83% |
729,683
-180,000
| -20% | -$23.9M |
2013 Q2
2 quarters
|
|
|
SCAI
9
DELISTED
Surgical Care Affiliates, Inc.
SCAI
| $77.9M | 1.43% |
+2,328,027
| New | +$71.2M |
2013 Q4
0 quarters
|
|
10
Star Bulk Carriers
SBLK
$3.25B
| $77M | 1.41% |
1,154,781
+381,603
| +49% | +$17.5M |
2013 Q3
1 quarter
|
|
|
ALR.PRB
11
DELISTED
Alere Inc
ALR.PRB
| $60.9M | 1.12% |
212,800
+5,000
| +2% | +$1.4M |
2013 Q2
2 quarters
|
|
|
MCF
12
DELISTED
Contango Oil & Gas Co.
MCF
| $60.9M | 1.12% |
+1,287,734
| New | +$56.6M |
2013 Q4
0 quarters
|
|
|
LVLT
13
DELISTED
Level 3 Communications Inc
LVLT
| $51.9M | 0.95% |
1,564,100
+35,600
| +2% | +$1.05M |
2013 Q2
2 quarters
|
|
14
PUT
iShares Russell 2000 ETF
IWM
$77.1B
| $49.6M | 0.91% |
+430,000
| New | +$47.5M |
2013 Q4
0 quarters
|
|
|
GWRU
15
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $47.5M | 0.87% |
372,500
-55,000
| -13% | -$7.18M |
2013 Q2
2 quarters
|
|
16
American International
AIG
$43B
| $47.4M | 0.87% |
929,100
| – | – |
2013 Q2
2 quarters
|
|
|
17
DELISTED
Crown Castle International Corp.
CCI.PRA
| $45.5M | 0.84% |
+455,000
| New | +$45.8M |
2013 Q4
0 quarters
|
|
|
18
Petrobras
PBR
$118B
| $43.1M | 0.79% |
3,124,177
+2,465,317
| +374% | +$38.2M |
2013 Q2
2 quarters
|
|
19
NRG Energy
NRG
$20.4B
| $38.1M | 0.7% |
1,325,000
| – | – |
2013 Q2
2 quarters
|
|
|
20
TSMC
TSM
$2.07T
| $37.7M | 0.69% |
2,160,340
+1,734,156
| +407% | +$30.8M |
2013 Q2
2 quarters
|
|
21
DELISTED
Vale S A
VALE.P
| $37.2M | 0.68% |
2,657,843
+1,969,143
| +286% | +$27.9M |
2013 Q2
2 quarters
|
|
|
ETFC
22
DELISTED
E*Trade Financial Corporation
ETFC
| $36.6M | 0.67% |
1,861,400
| – | – |
2013 Q2
2 quarters
|
|
23
Vishay Intertechnology
VSH
$4.08B
| $36.5M | 0.67% |
2,750,000
| – | – |
2013 Q2
2 quarters
|
|
|
UTX.PRA
24
DELISTED
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
| $32.1M | 0.59% |
489,950
| – | – |
2013 Q2
2 quarters
|
|
|
TTM
25
DELISTED
Tata Motors Limited
TTM
| $29M | 0.53% |
940,691
+673,191
| +252% | +$20.6M |
2013 Q2
2 quarters
|
|
Similar funds
SAM
Howard Marks's Q4 2013 Portfolio in Review
As of Q4 2013, Howard Marks held 172 positions worth $5.44B, up 4.6% from $5.2B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Howard Marks withdrew a net $2.45B in Q4 2013, closing 8 positions and reducing 12 holdings. Its most notable exit was Crimson Exploration Inc. New Common Stock, an estimated $46.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, down from 64% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Surgical Care Affiliates, Inc. worth $77.9M.
- Howard Marks's largest Q4 2013 buy was Surgical Care Affiliates, Inc.: 2,328,027 shares worth $77.9M.
- Howard Marks added most to Petrobras in Q4 2013, an estimated $38.2M increase.
- Howard Marks's biggest Q4 2013 reduction was Aptiv, cutting an estimated $50.6M.
- Howard Marks fully exited Crimson Exploration Inc. New Common Stock in Q4 2013, selling an estimated $46.7M.
- Howard Marks's ten largest holdings make up 28% of its $5.44B portfolio in Q4 2013.
- Howard Marks opened 14 new positions and closed 8 in Q4 2013.
- Howard Marks's portfolio value rose 4.6% quarter-over-quarter to $5.44B.
Based on Oaktree Capital Management's 13F filing for Q4 2013, filed 11 Feb 2014.