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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
+1.74%
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
$5.74B
AUM Growth
+$444M
(+8.4%)
Cap. Flow
-$2.14B
Cap. Flow % of AUM
Cap. Flow %
-37.27%
Top 10 Holdings %
Top 10 Hldgs %
29.71%
Holding
157
New
7
Increased
24
Reduced
4
Closed
8
Avg Time Held
0.7
years
Top 10 Avg Time Held
0.5
years
Top 20 Avg Time Held
0.5
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ally Financial
ALLY
|
+$194M |
| 2 |
JD.com
JD
|
+$25.8M |
| 3 |
BRF SA
BRFS
|
+$25.4M |
| 4 |
Iridium Communications Inc - 6.75% Series B
IRDMB
|
+$24.5M |
| 5 |
Petrobras
PBR
|
+$22.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dynegy, Inc.
DYN
|
+$40.3M |
| 2 |
LVLT
Level 3 Communications Inc
LVLT
|
+$33.1M |
| 3 |
MASONITE INTERNATIONAL CORP
DOOR
|
+$25.3M |
| 4 |
CBD
Companhia Brasileira de Distribuicao
CBD
|
+$24.8M |
| 5 |
Charter Communications
CHTR
|
+$24.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 59.31% |
| 2 | Financials | 10.91% |
| 3 | Energy | 7.05% |
| 4 | Industrials | 5.22% |
| 5 | Utilities | 5.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
XCO
1
DELISTED
Exco Resources
XCO
| $266M | 4.63% |
3,011,579
| – | – |
2013 Q2
4 quarters
|
|
|
2
DELISTED
Dynegy, Inc.
DYN
| $242M | 4.21% |
6,940,100
-1,305,886
| -16% | -$40.3M |
2013 Q2
4 quarters
|
|
3
First Bancorp
FBP
$4.17B
| $228M | 3.97% |
41,843,581
| – | – |
2013 Q2
4 quarters
|
|
|
4
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $204M | 3.55% |
3,621,363
-465,009
| -11% | -$25.3M |
2013 Q3
3 quarters
|
|
|
5
Ally Financial
ALLY
$12B
| $191M | 3.33% |
+7,993,230
| New | +$194M |
2014 Q2
0 quarters
|
|
6
DELISTED
Alliance Healthcare Services
AIQ
| $128M | 2.24% |
4,756,491
+1
| +0% | +$30 |
2013 Q2
4 quarters
|
|
|
DMND
7
DELISTED
DIAMOND FOODS, INC.
DMND
| $125M | 2.17% |
4,420,859
| – | – |
2014 Q1
1 quarter
|
|
8
MGIC Investment
MTG
$5.69B
| $105M | 1.83% |
11,400,000
| – | – |
2013 Q2
4 quarters
|
|
|
9
Petrobras
PBR
$165B
| $81.1M | 1.41% |
5,544,191
+1,562,400
| +39% | +$22.8M |
2013 Q2
4 quarters
|
|
10
Star Bulk Carriers
SBLK
$3.33B
| $74.9M | 1.3% |
1,154,781
| – | – |
2013 Q3
3 quarters
|
|
11
DELISTED
Crown Castle International Corp.
CCI.PRA
| $74.4M | 1.3% |
730,000
+145,000
| +25% | +$14.8M |
2013 Q4
2 quarters
|
|
12
TSMC
TSM
$2.14T
| $69.3M | 1.21% |
3,238,784
+502,700
| +18% | +$10.4M |
2013 Q2
4 quarters
|
|
|
ALR.PRB
13
DELISTED
Alere Inc
ALR.PRB
| $67.6M | 1.18% |
212,800
| – | – |
2013 Q2
4 quarters
|
|
|
MCF
14
DELISTED
Contango Oil & Gas Co.
MCF
| $54.5M | 0.95% |
1,287,732
| – | – |
2013 Q4
2 quarters
|
|
15
American International
AIG
$43.4B
| $50.7M | 0.88% |
929,100
| – | – |
2013 Q2
4 quarters
|
|
16
NRG Energy
NRG
$19.8B
| $49.3M | 0.86% |
1,325,000
| – | – |
2013 Q2
4 quarters
|
|
17
DELISTED
Vale S A
VALE.P
| $48.3M | 0.84% |
4,055,072
+703,400
| +21% | +$8.56M |
2013 Q2
4 quarters
|
|
|
SCAI
18
DELISTED
Surgical Care Affiliates, Inc.
SCAI
| $47.8M | 0.83% |
1,642,285
-685,742
| -29% | -$20M |
2013 Q4
2 quarters
|
|
19
Vishay Intertechnology
VSH
$4.15B
| $42.6M | 0.74% |
2,750,000
| – | – |
2013 Q2
4 quarters
|
|
|
TTM
20
DELISTED
Tata Motors Limited
TTM
| $41M | 0.71% |
1,050,661
+6,300
| +0.6% | +$242K |
2013 Q2
4 quarters
|
|
|
GWRU
21
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $40.3M | 0.7% |
301,100
-51,400
| -15% | -$6.67M |
2013 Q2
4 quarters
|
|
22
Cemex
CX
$14.6B
| $39.8M | 0.69% |
3,379,696
+683,236
| +25% | +$7.77M |
2013 Q2
4 quarters
|
|
23
Televisa
TV
$1.26B
| $36.2M | 0.63% |
1,054,510
+231,000
| +28% | +$7.75M |
2013 Q2
4 quarters
|
|
24
DELISTED
Trina Solar Limited
TSL
| $32.6M | 0.57% |
2,538,124
+741,000
| +41% | +$9.01M |
2013 Q4
2 quarters
|
|
25
Apollo Global Management
APO
$67.8B
| $31M | 0.54% |
1,117,500
+457,500
| +69% | +$12.4M |
2013 Q2
4 quarters
|
|
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Howard Marks's Q2 2014 Portfolio in Review
As of Q2 2014, Howard Marks held 157 positions worth $5.74B, up 8.4% from $5.3B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Howard Marks withdrew a net $2.14B in Q2 2014, closing 8 positions and reducing 4 holdings. Its most notable exit was Level 3 Communications Inc, an estimated $33.1M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, down from 60% a quarter earlier, followed by Financials and Energy.
Against the trend, Howard Marks opened a new position in Ally Financial worth $191M.
- Howard Marks's largest Q2 2014 buy was Ally Financial: 7,993,230 shares worth $191M.
- Howard Marks added most to Petrobras in Q2 2014, an estimated $22.8M increase.
- Howard Marks's biggest Q2 2014 reduction was Dynegy, Inc., cutting an estimated $40.3M.
- Howard Marks fully exited Level 3 Communications Inc in Q2 2014, selling an estimated $33.1M.
- Howard Marks's ten largest holdings make up 30% of its $5.74B portfolio in Q2 2014.
- Howard Marks opened 7 new positions and closed 8 in Q2 2014.
- Howard Marks's portfolio value rose 8.4% quarter-over-quarter to $5.74B.
Based on Oaktree Capital Management's 13F filing for Q2 2014, filed 12 Aug 2014.