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Howard Marks Oaktree Capital Management

AUM $7.21B
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
Cap. Flow
-$2.14B
Cap. Flow %
-37.27%
Top 10 Hldgs %
29.71%
Holding
157
New
7
Increased
24
Reduced
4
Closed
8

Top Buys

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$194M
2
JD icon
JD.com
JD
+$25.8M
3
BRFS
BRF SA
BRFS
+$25.4M
4
IRDMB
Iridium Communications Inc - 6.75% Series B
IRDMB
+$24.5M
5
PBR icon
Petrobras
PBR
+$22.8M

Top Sells

Rank Stock Value
1
DYN
Dynegy, Inc.
DYN
+$40.3M
2
LVLT
Level 3 Communications Inc
LVLT
+$33.1M
3
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$25.3M
4
CBD
Companhia Brasileira de Distribuicao
CBD
+$24.8M
5
CHTR icon
Charter Communications
CHTR
+$24.6M

Sector Composition

Rank Sector Weight
1 Financials 10.91%
2 Energy 7.05%
3 Industrials 5.22%
4 Utilities 5.07%
5 Technology 3.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XCO
1
DELISTED
Exco Resources
XCO
$266M 4.63%
3,011,579
– –
DYN
2
DELISTED
Dynegy, Inc.
DYN
$242M 4.21%
6,940,100
-1,305,886
-16% -$40.3M
FBP icon
3
First Bancorp
FBP
$4.35B
$228M 3.97%
41,843,581
– –
DOOR
4
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$204M 3.55%
3,621,363
-465,009
-11% -$25.3M
ALLY icon
5
Ally Financial
ALLY
$13.1B
$191M 3.33%
+7,993,230
New +$194M
AIQ
6
DELISTED
Alliance Healthcare Services
AIQ
$128M 2.24%
4,756,491
+1
+0% +$30
DMND
7
DELISTED
DIAMOND FOODS, INC.
DMND
$125M 2.17%
4,420,859
– –
MTG icon
8
MGIC Investment
MTG
$6.34B
$105M 1.83%
11,400,000
– –
PBR icon
9
Petrobras
PBR
$123B
$81.1M 1.41%
5,544,191
+1,562,400
+39% +$22.8M
SBLK icon
10
Star Bulk Carriers
SBLK
$3.41B
$74.9M 1.3%
1,154,781
– –
CCI.PRA
11
DELISTED
Crown Castle International Corp.
CCI.PRA
$74.4M 1.3%
730,000
+145,000
+25% +$14.8M
TSM icon
12
TSMC
TSM
$2.17T
$69.3M 1.21%
3,238,784
+502,700
+18% +$10.4M
ALR.PRB
13
DELISTED
Alere Inc
ALR.PRB
$67.6M 1.18%
212,800
– –
MCF
14
DELISTED
Contango Oil & Gas Co.
MCF
$54.5M 0.95%
1,287,732
– –
AIG icon
15
American International
AIG
$39.8B
$50.7M 0.88%
929,100
– –
NRG icon
16
NRG Energy
NRG
$23.8B
$49.3M 0.86%
1,325,000
– –
VALE.P
17
DELISTED
Vale S A
VALE.P
$48.3M 0.84%
4,055,072
+703,400
+21% +$8.56M
SCAI
18
DELISTED
Surgical Care Affiliates, Inc.
SCAI
$47.8M 0.83%
1,642,285
-685,742
-29% -$20M
VSH icon
19
Vishay Intertechnology
VSH
$4.85B
$42.6M 0.74%
2,750,000
– –
TTM
20
DELISTED
Tata Motors Limited
TTM
$41M 0.71%
1,050,661
+6,300
+0.6% +$242K
GWRU
21
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
$40.3M 0.7%
301,100
-51,400
-15% -$6.67M
CX icon
22
Cemex
CX
$16B
$39.8M 0.69%
3,379,696
+683,236
+25% +$7.77M
TV icon
23
Televisa
TV
$1.47B
$36.2M 0.63%
1,054,510
+231,000
+28% +$7.75M
TSL
24
DELISTED
Trina Solar Limited
TSL
$32.6M 0.57%
2,538,124
+741,000
+41% +$9.01M
APO icon
25
Apollo Global Management
APO
$78.4B
$31M 0.54%
1,117,500
+457,500
+69% +$12.4M
1
2 3

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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 Financials at 11% of assets, up from 8% a quarter earlier, followed by Energy and Industrials.

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.