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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
+3.24%
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
$5.3B
AUM Growth
-$146M
(-2.7%)
Cap. Flow
-$2.48B
Cap. Flow % of AUM
Cap. Flow %
-46.84%
Top 10 Holdings %
Top 10 Hldgs %
30.64%
Holding
167
New
7
Increased
20
Reduced
12
Closed
11
Avg Time Held
Equity + Options
0.5
years
Top 10 Avg Time Held
Equity + Options
0.4
years
Top 20 Avg Time Held
Equity + Options
0.4
years
Avg Time Held Equity only
0.5
years
Top 10 Avg Time Held Equity only
0.4
years
Top 20 Avg Time Held Equity only
0.4
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DMND
DIAMOND FOODS, INC.
DMND
|
+$125M |
| 2 |
XCO
Exco Resources
XCO
|
+$43.1M |
| 3 |
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
|
+$28.3M |
| 4 |
AngloGold Ashanti
AU
|
+$15.9M |
| 5 |
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 |
THE CONTAINER STORE GROUP, INC.
TCS
|
+$24.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 59.94% |
| 2 | Financials | 8.02% |
| 3 | Industrials | 7.09% |
| 4 | Energy | 7% |
| 5 | Utilities | 4.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
XCO
1
DELISTED
Exco Resources
XCO
| $253M | 4.78% |
3,011,579
+559,649
| +23% | +$43.1M |
2013 Q2
3 quarters
|
|
2
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $231M | 4.36% |
4,086,372
-391,465
| -9% | -$22.1M |
2013 Q3
2 quarters
|
|
3
First Bancorp
FBP
$3.92B
| $228M | 4.3% |
41,843,581
| – | – |
2013 Q2
3 quarters
|
|
4
DELISTED
Dynegy, Inc.
DYN
| $206M | 3.88% |
8,245,986
| – | – |
2013 Q2
3 quarters
|
|
5
DELISTED
Alliance Healthcare Services
AIQ
| $159M | 3.01% |
4,756,490
| – | – |
2013 Q2
3 quarters
|
|
|
DMND
6
DELISTED
DIAMOND FOODS, INC.
DMND
| $154M | 2.92% |
+4,420,859
| New | +$125M |
2014 Q1
0 quarters
|
|
7
MGIC Investment
MTG
$5.69B
| $97.1M | 1.83% |
11,400,000
-600,000
| -5% | -$5.22M |
2013 Q2
3 quarters
|
|
8
Star Bulk Carriers
SBLK
$3.1B
| $82.4M | 1.56% |
1,154,781
| – | – |
2013 Q3
2 quarters
|
|
|
SCAI
9
DELISTED
Surgical Care Affiliates, Inc.
SCAI
| $71.6M | 1.35% |
2,328,027
| – | – |
2013 Q4
1 quarter
|
|
|
ALR.PRB
10
DELISTED
Alere Inc
ALR.PRB
| $61.7M | 1.16% |
212,800
| – | – |
2013 Q2
3 quarters
|
|
|
MCF
11
DELISTED
Contango Oil & Gas Co.
MCF
| $61.5M | 1.16% |
1,287,732
-2
| -0% | -$92 |
2013 Q4
1 quarter
|
|
|
12
DELISTED
Crown Castle International Corp.
CCI.PRA
| $59.2M | 1.12% |
585,000
+130,000
| +29% | +$13M |
2013 Q4
1 quarter
|
|
13
TSMC
TSM
$1.95T
| $54.8M | 1.03% |
2,736,084
+575,744
| +27% | +$10.3M |
2013 Q2
3 quarters
|
|
14
Petrobras
PBR
$119B
| $52.4M | 0.99% |
3,981,791
+857,614
| +27% | +$10M |
2013 Q2
3 quarters
|
|
15
American International
AIG
$40.3B
| $46.5M | 0.88% |
929,100
| – | – |
2013 Q2
3 quarters
|
|
|
16
DELISTED
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
| $46.2M | 0.87% |
11,999,585
+8,154,927
| +212% | +$28.3M |
2013 Q2
3 quarters
|
|
|
GWRU
17
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $45.7M | 0.86% |
352,500
-20,000
| -5% | -$2.55M |
2013 Q2
3 quarters
|
|
18
NRG Energy
NRG
$18.6B
| $42.1M | 0.8% |
1,325,000
| – | – |
2013 Q2
3 quarters
|
|
19
DELISTED
Vale S A
VALE.P
| $41.7M | 0.79% |
3,351,672
+693,829
| +26% | +$8.51M |
2013 Q2
3 quarters
|
|
20
Vishay Intertechnology
VSH
$3.57B
| $40.9M | 0.77% |
2,750,000
| – | – |
2013 Q2
3 quarters
|
|
|
TTM
21
DELISTED
Tata Motors Limited
TTM
| $37M | 0.7% |
1,044,361
+103,670
| +11% | +$3.28M |
2013 Q2
3 quarters
|
|
|
LVLT
22
DELISTED
Level 3 Communications Inc
LVLT
| $33.1M | 0.63% |
846,859
-717,241
| -46% | -$25.8M |
2013 Q2
3 quarters
|
|
23
Cemex
CX
$15.5B
| $29.1M | 0.55% |
2,696,460
+647,262
| +32% | +$6.98M |
2013 Q2
3 quarters
|
|
24
Televisa
TV
$2.47B
| $27.4M | 0.52% |
823,510
+200,151
| +32% | +$6.03M |
2013 Q2
3 quarters
|
|
25
Getty Realty Corp
GTY
$1.92B
| $26.9M | 0.51% |
1,440,359
| – | – |
2013 Q2
3 quarters
|
|
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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 $2.48B 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 Miscellaneous at 60% of assets, up from 59% a quarter earlier, followed by Financials and Industrials.
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.