Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DMND
DIAMOND FOODS, INC.
DMND
|
+$125M |
| 2 |
XCO
Exco Resources
XCO
|
+$43.1M |
| 3 |
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
|
+$28.3M |
| 4 |
AngloGold Ashanti
AU
|
+$15.9M |
| 5 |
CCI.PRA
Crown Castle International Corp.
CCI.PRA
|
+$13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Aptiv
APTV
|
+$128M |
| 2 |
Charter Communications
CHTR
|
+$69.3M |
| 3 |
UTX.PRA
UNITED TECHNOLOGIES CORP CORP UNIT (DE)
UTX.PRA
|
+$32.1M |
| 4 |
LVLT
Level 3 Communications Inc
LVLT
|
+$25.8M |
| 5 |
TCS
THE CONTAINER STORE GROUP, INC.
TCS
|
+$24.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 8.02% |
| 2 | Industrials | 7.09% |
| 3 | Energy | 7% |
| 4 | Utilities | 4.68% |
| 5 | Healthcare | 4.36% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
XCO
1
DELISTED
Exco Resources
XCO
| $253M | 4.78% |
3,011,579
+559,649
| +23% | +$43.1M |
|
|
DOOR
2
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $231M | 4.36% |
4,086,372
-391,465
| -9% | -$22.1M |
|
3
First Bancorp
FBP
$4.35B
| $228M | 4.3% |
41,843,581
| – | – |
|
|
DYN
4
DELISTED
Dynegy, Inc.
DYN
| $206M | 3.88% |
8,245,986
| – | – |
|
|
AIQ
5
DELISTED
Alliance Healthcare Services
AIQ
| $159M | 3.01% |
4,756,490
| – | – |
|
|
DMND
6
DELISTED
DIAMOND FOODS, INC.
DMND
| $154M | 2.92% |
+4,420,859
| New | +$125M |
|
7
MGIC Investment
MTG
$6.34B
| $97.1M | 1.83% |
11,400,000
-600,000
| -5% | -$5.22M |
|
8
Star Bulk Carriers
SBLK
$3.41B
| $82.4M | 1.56% |
1,154,781
| – | – |
|
|
SCAI
9
DELISTED
Surgical Care Affiliates, Inc.
SCAI
| $71.6M | 1.35% |
2,328,027
| – | – |
|
|
ALR.PRB
10
DELISTED
Alere Inc
ALR.PRB
| $61.7M | 1.16% |
212,800
| – | – |
|
|
MCF
11
DELISTED
Contango Oil & Gas Co.
MCF
| $61.5M | 1.16% |
1,287,732
-2
| -0% | -$92 |
|
|
CCI.PRA
12
DELISTED
Crown Castle International Corp.
CCI.PRA
| $59.2M | 1.12% |
585,000
+130,000
| +29% | +$13M |
|
13
TSMC
TSM
$2.17T
| $54.8M | 1.03% |
2,736,084
+575,744
| +27% | +$10.3M |
|
14
Petrobras
PBR
$123B
| $52.4M | 0.99% |
3,981,791
+857,614
| +27% | +$10M |
|
15
American International
AIG
$39.8B
| $46.5M | 0.88% |
929,100
| – | – |
|
|
PULS
16
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
| $46.2M | 0.87% |
11,999,585
+8,154,927
| +212% | +$28.3M |
|
|
GWRU
17
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $45.7M | 0.86% |
352,500
-20,000
| -5% | -$2.55M |
|
18
NRG Energy
NRG
$23.8B
| $42.1M | 0.8% |
1,325,000
| – | – |
|
|
VALE.P
19
DELISTED
Vale S A
VALE.P
| $41.7M | 0.79% |
3,351,672
+693,829
| +26% | +$8.51M |
|
20
Vishay Intertechnology
VSH
$4.85B
| $40.9M | 0.77% |
2,750,000
| – | – |
|
|
TTM
21
DELISTED
Tata Motors Limited
TTM
| $37M | 0.7% |
1,044,361
+103,670
| +11% | +$3.28M |
|
|
LVLT
22
DELISTED
Level 3 Communications Inc
LVLT
| $33.1M | 0.63% |
846,859
-717,241
| -46% | -$25.8M |
|
23
Cemex
CX
$16B
| $29.1M | 0.55% |
2,696,460
+647,262
| +32% | +$6.98M |
|
24
Televisa
TV
$1.47B
| $27.4M | 0.52% |
823,510
+200,151
| +32% | +$6.03M |
|
|
GTY
25
Getty Realty Corp
GTY
$2.05B
| $26.9M | 0.51% |
1,440,359
| – | – |
|
Similar funds
Howard Marks's Q1 2014 Portfolio in Review
As of Q1 2014, Howard Marks held 167 positions worth $5.3B, down 2.7% from $5.44B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Howard Marks withdrew a net $2.55B in Q1 2014, closing 11 positions and reducing 12 holdings. Its most notable exit was Aptiv, an estimated $128M position sold in full.
By sector, the portfolio is most concentrated in Financials at 8% of assets, down from 8.5% a quarter earlier, followed by Industrials and Energy.
Against the trend, Howard Marks opened a new position in DIAMOND FOODS, INC. worth $154M.
- Howard Marks's largest Q1 2014 buy was DIAMOND FOODS, INC.: 4,420,859 shares worth $154M.
- Howard Marks added most to Exco Resources in Q1 2014, an estimated $43.1M increase.
- Howard Marks's biggest Q1 2014 reduction was Charter Communications, cutting an estimated $69.3M.
- Howard Marks fully exited Aptiv in Q1 2014, selling an estimated $128M.
- Howard Marks's ten largest holdings make up 31% of its $5.3B portfolio in Q1 2014.
- Howard Marks opened 7 new positions and closed 11 in Q1 2014.
- Howard Marks's portfolio value fell 2.7% quarter-over-quarter to $5.3B.
Based on Oaktree Capital Management's 13F filing for Q1 2014, filed 14 May 2014.