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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
-1.14%
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
$9.36B
AUM Growth
+$3.32B
(+55%)
Cap. Flow
+$627M
Cap. Flow % of AUM
Cap. Flow %
6.7%
Top 10 Holdings %
Top 10 Hldgs %
49.21%
Holding
192
New
12
Increased
20
Reduced
17
Closed
8
Avg Time Held
0.7
years
Top 10 Avg Time Held
0.6
years
Top 20 Avg Time Held
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
STOR
STORE Capital Corporation
STOR
|
+$1.7B |
| 2 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$1.15B |
| 3 |
Eagle Bulk Shipping Inc.
EGLE
|
+$210M |
| 4 |
Dynegy, Inc.
DYN
|
+$68.6M |
| 5 |
OIBR
OI S A SPONSORED ADR REPSTG PFD NEW (BRA)
OIBR
|
+$48.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Telefônica Brasil
VIV
|
+$32M |
| 2 |
MASONITE INTERNATIONAL CORP
DOOR
|
+$29.9M |
| 3 |
SCAI
Surgical Care Affiliates, Inc.
SCAI
|
+$29.4M |
| 4 |
American International
AIG
|
+$26.8M |
| 5 |
Nebius Group N.V.
NBIS
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 38.96% |
| 2 | Real Estate | 19.42% |
| 3 | Communication Services | 14.36% |
| 4 | Financials | 8.08% |
| 5 | Industrials | 7.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
STOR
1
DELISTED
STORE Capital Corporation
STOR
| $1.78B | 18.97% |
+82,148,645
| New | +$1.7B |
2014 Q4
0 quarters
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $1.12B | 11.99% |
+18,765,484
| New | +$1.15B |
2014 Q4
0 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.2B
| $336M | 3.59% |
10,246,846
| – | – |
2013 Q3
5 quarters
|
|
|
4
DELISTED
Dynegy, Inc.
DYN
| $308M | 3.29% |
10,149,712
+2,220,912
| +28% | +$68.6M |
2013 Q2
6 quarters
|
|
5
First Bancorp
FBP
$4B
| $246M | 2.63% |
41,843,581
| – | – |
2013 Q2
6 quarters
|
|
6
Ally Financial
ALLY
$11.8B
| $220M | 2.36% |
9,328,530
+1,072,500
| +13% | +$24.3M |
2014 Q2
2 quarters
|
|
|
7
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $210M | 2.24% |
+102,124
| New | +$210M |
2014 Q4
0 quarters
|
|
|
8
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $150M | 1.6% |
2,436,585
-530,000
| -18% | -$29.9M |
2013 Q3
5 quarters
|
|
|
DMND
9
DELISTED
DIAMOND FOODS, INC.
DMND
| $125M | 1.33% |
4,420,859
| – | – |
2014 Q1
3 quarters
|
|
10
TSMC
TSM
$2.11T
| $109M | 1.17% |
4,887,784
+472,300
| +11% | +$10.3M |
2013 Q2
6 quarters
|
|
|
TPCO
11
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $107M | 1.15% |
4,691,371
| – | – |
2014 Q3
1 quarter
|
|
12
DELISTED
Alliance Healthcare Services
AIQ
| $100M | 1.07% |
4,756,491
| – | – |
2013 Q2
6 quarters
|
|
13
MGIC Investment
MTG
$5.89B
| $100M | 1.07% |
10,705,200
-2,220,600
| -17% | -$19.5M |
2013 Q2
6 quarters
|
|
|
XCO
14
DELISTED
Exco Resources
XCO
| $98M | 1.05% |
3,011,579
| – | – |
2013 Q2
6 quarters
|
|
15
DELISTED
Crown Castle International Corp.
CCI.PRA
| $57.8M | 0.62% |
563,145
-166,855
| -23% | -$17.2M |
2013 Q4
4 quarters
|
|
16
DELISTED
BRF SA
BRFS
| $53.5M | 0.57% |
2,292,713
+864,213
| +60% | +$21.1M |
2014 Q2
2 quarters
|
|
|
TTM
17
DELISTED
Tata Motors Limited
TTM
| $52.1M | 0.56% |
1,231,661
-58,200
| -5% | -$2.6M |
2013 Q2
6 quarters
|
|
18
Itaú Unibanco
ITUB
$79.8B
| $51.9M | 0.55% |
9,944,874
+5,316,252
| +115% | +$29.9M |
2014 Q3
1 quarter
|
|
19
DELISTED
Vale S A
VALE.P
| $48.8M | 0.52% |
6,718,672
+1,080,900
| +19% | +$8.76M |
2013 Q2
6 quarters
|
|
20
Petrobras
PBR
$138B
| $47.8M | 0.51% |
6,548,845
+242,854
| +4% | +$2.62M |
2013 Q2
6 quarters
|
|
21
ICICI Bank
IBN
$107B
| $46.6M | 0.5% |
4,434,285
+1,620,402
| +58% | +$16.5M |
2014 Q3
1 quarter
|
|
22
Cemex
CX
$15.9B
| $44.6M | 0.48% |
4,928,071
+497,640
| +11% | +$5.17M |
2013 Q2
6 quarters
|
|
23
Televisa
TV
$2.16B
| $39.5M | 0.42% |
1,160,710
+119,300
| +11% | +$4.14M |
2013 Q2
6 quarters
|
|
24
Banc of California
BANC
$2.96B
| $37.7M | 0.4% |
+3,288,947
| New | +$37.3M |
2014 Q4
0 quarters
|
|
|
MCF
25
DELISTED
Contango Oil & Gas Co.
MCF
| $37.7M | 0.4% |
1,287,732
| – | – |
2013 Q4
4 quarters
|
|
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Howard Marks's Q4 2014 Portfolio in Review
As of Q4 2014, Howard Marks held 192 positions worth $9.36B, up 55% from $6.04B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Howard Marks deployed $627M of net new capital in Q4 2014, opening 12 new positions and adding to 20 existing holdings. Its largest new stake was STORE Capital Corporation: 82,148,645 shares worth $1.78B.
By sector, the portfolio is most concentrated in Miscellaneous at 39% of assets, down from 53% a quarter earlier, followed by Real Estate and Communication Services.
On the sell side, the largest reduction was MASONITE INTERNATIONAL CORP, an estimated $29.9M trimmed.
- Howard Marks's largest Q4 2014 buy was STORE Capital Corporation: 82,148,645 shares worth $1.78B.
- Howard Marks added most to Dynegy, Inc. in Q4 2014, an estimated $68.6M increase.
- Howard Marks's biggest Q4 2014 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $29.9M.
- Howard Marks fully exited Telefônica Brasil in Q4 2014, selling an estimated $32M.
- Howard Marks's ten largest holdings make up 49% of its $9.36B portfolio in Q4 2014.
- Howard Marks opened 12 new positions and closed 8 in Q4 2014.
- Howard Marks's portfolio value rose 55% quarter-over-quarter to $9.36B.
Based on Oaktree Capital Management's 13F filing for Q4 2014, filed 13 Feb 2015.