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 |
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 |
DYN
Dynegy, Inc.
DYN
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ALR.PRB
Alere Inc
ALR.PRB
|
+$42.1M |
| 2 |
DOOR
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 | Industrials | 12.42% |
| 2 | Financials | 10.04% |
| 3 | Energy | 4.97% |
| 4 | Utilities | 4.46% |
| 5 | Communication Services | 4.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Star Bulk Carriers
SBLK
$3.41B
| $565M | 9.35% |
10,246,846
+9,092,065
| +787% | +$566M |
|
|
DYN
2
DELISTED
Dynegy, Inc.
DYN
| $229M | 3.79% |
7,928,800
+988,700
| +14% | +$29.4M |
|
3
First Bancorp
FBP
$4.35B
| $199M | 3.29% |
41,843,581
| – | – |
|
4
Ally Financial
ALLY
$13.1B
| $191M | 3.17% |
8,256,030
+262,800
| +3% | +$6.28M |
|
|
DOOR
5
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $164M | 2.72% |
2,966,585
-654,778
| -18% | -$35.9M |
|
|
XCO
6
DELISTED
Exco Resources
XCO
| $151M | 2.5% |
3,011,579
| – | – |
|
|
DMND
7
DELISTED
DIAMOND FOODS, INC.
DMND
| $126M | 2.1% |
4,420,859
| – | – |
|
|
AIQ
8
DELISTED
Alliance Healthcare Services
AIQ
| $108M | 1.78% |
4,756,491
| – | – |
|
9
MGIC Investment
MTG
$6.34B
| $101M | 1.67% |
12,925,800
+1,525,800
| +13% | +$12.5M |
|
|
TPCO
10
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $94.7M | 1.57% |
+4,691,371
| New | +$94.9M |
|
11
Petrobras
PBR
$123B
| $89.5M | 1.48% |
6,305,991
+761,800
| +14% | +$12.7M |
|
12
TSMC
TSM
$2.17T
| $89.1M | 1.48% |
4,415,484
+1,176,700
| +36% | +$24.5M |
|
|
CCI.PRA
13
DELISTED
Crown Castle International Corp.
CCI.PRA
| $76.8M | 1.27% |
730,000
| – | – |
|
|
TTM
14
DELISTED
Tata Motors Limited
TTM
| $56.4M | 0.93% |
1,289,861
+239,200
| +23% | +$10.5M |
|
|
VALE.P
15
DELISTED
Vale S A
VALE.P
| $54.7M | 0.91% |
5,637,772
+1,582,700
| +39% | +$18.8M |
|
16
Cemex
CX
$16B
| $51.4M | 0.85% |
4,430,431
+1,050,735
| +31% | +$12.2M |
|
|
MCF
17
DELISTED
Contango Oil & Gas Co.
MCF
| $42.8M | 0.71% |
1,287,732
| – | – |
|
18
NRG Energy
NRG
$23.8B
| $40.4M | 0.67% |
1,325,000
| – | – |
|
19
Vishay Intertechnology
VSH
$4.85B
| $39.3M | 0.65% |
2,750,000
| – | – |
|
|
TSL
20
DELISTED
Trina Solar Limited
TSL
| $38M | 0.63% |
3,145,624
+607,500
| +24% | +$7.59M |
|
|
GWRU
21
DELISTED
GENESEE & WYOMING INC TANGIBLE EQUITY UNIT (DE)
GWRU
| $37.1M | 0.61% |
301,100
| – | – |
|
22
Televisa
TV
$1.47B
| $35.3M | 0.58% |
1,041,410
-13,100
| -1% | -$466K |
|
|
BRFS
23
DELISTED
BRF SA
BRFS
| $34M | 0.56% |
1,428,500
+304,300
| +27% | +$7.66M |
|
24
Telefônica Brasil
VIV
$18.3B
| $32M | 0.53% |
1,626,810
+316,000
| +24% | +$6.39M |
|
|
AMSGP
25
DELISTED
Amsurg Corp. 5.25% Mandatory Convertible Pft Stk Ser A-1
AMSGP
| $31.1M | 0.52% |
+292,600
| New | +$31.5M |
|
Similar funds
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 Industrials at 12% of assets, up from 5.2% a quarter earlier, followed by Financials and Energy.
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.