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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
-5.68%
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
$6.04B
AUM Growth
+$295M
(+5.1%)
Cap. Flow
-$1.7B
Cap. Flow % of AUM
Cap. Flow %
-28.08%
Top 10 Holdings %
Top 10 Hldgs %
32.28%
Holding
149
New
13
Increased
16
Reduced
11
Closed
4
Avg Time Held
0.8
years
Top 10 Avg Time Held
0.7
years
Top 20 Avg Time Held
0.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Star Bulk Carriers
SBLK
|
+$566M |
| 2 |
TPCO
Tribune Publishing Company Common Stock
TPCO
|
+$94.9M |
| 3 |
AMSGP
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
|
+$31.5M |
| 4 |
Itaú Unibanco
ITUB
|
+$29.5M |
| 5 |
Dynegy, Inc.
DYN
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ALR.PRB
Alere Inc
ALR.PRB
|
+$42.1M |
| 2 |
MASONITE INTERNATIONAL CORP
DOOR
|
+$35.9M |
| 3 |
Ambev
ABEV
|
+$23.9M |
| 4 |
American International
AIG
|
+$21M |
| 5 |
SCAI
Surgical Care Affiliates, Inc.
SCAI
|
+$15.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 53.15% |
| 2 | Industrials | 12.42% |
| 3 | Financials | 10.04% |
| 4 | Energy | 4.97% |
| 5 | Utilities | 4.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Star Bulk Carriers
SBLK
$3.39B
| $565M | 9.35% |
10,246,846
+9,092,065
| +787% | +$566M |
2013 Q3
4 quarters
|
|
|
2
DELISTED
Dynegy, Inc.
DYN
| $229M | 3.79% |
7,928,800
+988,700
| +14% | +$29.4M |
2013 Q2
5 quarters
|
|
3
First Bancorp
FBP
$4.16B
| $199M | 3.29% |
41,843,581
| – | – |
2013 Q2
5 quarters
|
|
4
Ally Financial
ALLY
$11.8B
| $191M | 3.17% |
8,256,030
+262,800
| +3% | +$6.28M |
2014 Q2
1 quarter
|
|
|
5
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $164M | 2.72% |
2,966,585
-654,778
| -18% | -$35.9M |
2013 Q3
4 quarters
|
|
|
XCO
6
DELISTED
Exco Resources
XCO
| $151M | 2.5% |
3,011,579
| – | – |
2013 Q2
5 quarters
|
|
|
DMND
7
DELISTED
DIAMOND FOODS, INC.
DMND
| $126M | 2.1% |
4,420,859
| – | – |
2014 Q1
2 quarters
|
|
8
DELISTED
Alliance Healthcare Services
AIQ
| $108M | 1.78% |
4,756,491
| – | – |
2013 Q2
5 quarters
|
|
9
MGIC Investment
MTG
$5.89B
| $101M | 1.67% |
12,925,800
+1,525,800
| +13% | +$12.5M |
2013 Q2
5 quarters
|
|
|
TPCO
10
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $94.7M | 1.57% |
+4,691,371
| New | +$94.9M |
2014 Q3
0 quarters
|
|
11
Petrobras
PBR
$143B
| $89.5M | 1.48% |
6,305,991
+761,800
| +14% | +$12.7M |
2013 Q2
5 quarters
|
|
12
TSMC
TSM
$2.22T
| $89.1M | 1.48% |
4,415,484
+1,176,700
| +36% | +$24.5M |
2013 Q2
5 quarters
|
|
13
DELISTED
Crown Castle International Corp.
CCI.PRA
| $76.8M | 1.27% |
730,000
| – | – |
2013 Q4
3 quarters
|
|
|
TTM
14
DELISTED
Tata Motors Limited
TTM
| $56.4M | 0.93% |
1,289,861
+239,200
| +23% | +$10.5M |
2013 Q2
5 quarters
|
|
15
DELISTED
Vale S A
VALE.P
| $54.7M | 0.91% |
5,637,772
+1,582,700
| +39% | +$18.8M |
2013 Q2
5 quarters
|
|
16
Cemex
CX
$14.9B
| $51.4M | 0.85% |
4,430,431
+1,050,735
| +31% | +$12.2M |
2013 Q2
5 quarters
|
|
|
MCF
17
DELISTED
Contango Oil & Gas Co.
MCF
| $42.8M | 0.71% |
1,287,732
| – | – |
2013 Q4
3 quarters
|
|
18
NRG Energy
NRG
$19.5B
| $40.4M | 0.67% |
1,325,000
| – | – |
2013 Q2
5 quarters
|
|
19
Vishay Intertechnology
VSH
$4.19B
| $39.3M | 0.65% |
2,750,000
| – | – |
2013 Q2
5 quarters
|
|
20
DELISTED
Trina Solar Limited
TSL
| $38M | 0.63% |
3,145,624
+607,500
| +24% | +$7.59M |
2013 Q4
3 quarters
|
|
|
GWRU
21
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $37.1M | 0.61% |
301,100
| – | – |
2013 Q2
5 quarters
|
|
22
Televisa
TV
$1.23B
| $35.3M | 0.58% |
1,041,410
-13,100
| -1% | -$466K |
2013 Q2
5 quarters
|
|
23
DELISTED
BRF SA
BRFS
| $34M | 0.56% |
1,428,500
+304,300
| +27% | +$7.66M |
2014 Q2
1 quarter
|
|
24
Telefônica Brasil
VIV
$17.9B
| $32M | 0.53% |
1,626,810
+316,000
| +24% | +$6.39M |
2013 Q2
5 quarters
|
|
|
AMSGP
25
DELISTED
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
| $31.1M | 0.52% |
+292,600
| New | +$31.5M |
2014 Q3
0 quarters
|
|
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Howard Marks's Q3 2014 Portfolio in Review
As of Q3 2014, Howard Marks held 149 positions worth $6.04B, up 5.1% from $5.74B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Howard Marks withdrew a net $1.7B in Q3 2014, closing 4 positions and reducing 11 holdings. Its most notable exit was Ambev, an estimated $23.9M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 53% of assets, down from 59% a quarter earlier, followed by Industrials and Financials.
Against the trend, Howard Marks opened a new position in Tribune Publishing Company Common Stock worth $94.7M.
- Howard Marks's largest Q3 2014 buy was Tribune Publishing Company Common Stock: 4,691,371 shares worth $94.7M.
- Howard Marks added most to Star Bulk Carriers in Q3 2014, an estimated $566M increase.
- Howard Marks's biggest Q3 2014 reduction was Alere Inc, cutting an estimated $42.1M.
- Howard Marks fully exited Ambev in Q3 2014, selling an estimated $23.9M.
- Howard Marks's ten largest holdings make up 32% of its $6.04B portfolio in Q3 2014.
- Howard Marks opened 13 new positions and closed 4 in Q3 2014.
- Howard Marks's portfolio value rose 5.1% quarter-over-quarter to $6.04B.
Based on Oaktree Capital Management's 13F filing for Q3 2014, filed 13 Nov 2014.