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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
-1.14%
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
Cap. Flow
+$627M
Cap. Flow %
6.7%
Top 10 Hldgs %
49.21%
Holding
192
New
12
Increased
20
Reduced
17
Closed
8

Top Buys

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$1.7B
2
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$1.15B
3
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$210M
4
DYN
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
VIV icon
Telefônica Brasil
VIV
+$32M
2
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$29.9M
3
SCAI
Surgical Care Affiliates, Inc.
SCAI
+$29.4M
4
AIG icon
American International
AIG
+$26.8M
5
NBIS
Nebius Group N.V.
NBIS
+$21.6M

Sector Composition

Rank Sector Weight
1 Real Estate 19.42%
2 Communication Services 14.36%
3 Financials 8.08%
4 Industrials 7.49%
5 Utilities 3.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STOR
1
DELISTED
STORE Capital Corporation
STOR
$1.78B 18.97%
+82,148,645
New +$1.7B
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$1.12B 11.99%
+18,765,484
New +$1.15B
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$336M 3.59%
10,246,846
– –
DYN
4
DELISTED
Dynegy, Inc.
DYN
$308M 3.29%
10,149,712
+2,220,912
+28% +$68.6M
FBP icon
5
First Bancorp
FBP
$4.35B
$246M 2.63%
41,843,581
– –
ALLY icon
6
Ally Financial
ALLY
$13.1B
$220M 2.36%
9,328,530
+1,072,500
+13% +$24.3M
EGLE
7
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$210M 2.24%
+102,124
New +$210M
DOOR
8
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$150M 1.6%
2,436,585
-530,000
-18% -$29.9M
DMND
9
DELISTED
DIAMOND FOODS, INC.
DMND
$125M 1.33%
4,420,859
– –
TSM icon
10
TSMC
TSM
$2.17T
$109M 1.17%
4,887,784
+472,300
+11% +$10.3M
TPCO
11
DELISTED
Tribune Publishing Company Common Stock
TPCO
$107M 1.15%
4,691,371
– –
AIQ
12
DELISTED
Alliance Healthcare Services
AIQ
$99.8M 1.07%
4,756,491
– –
MTG icon
13
MGIC Investment
MTG
$6.34B
$99.8M 1.07%
10,705,200
-2,220,600
-17% -$19.5M
XCO
14
DELISTED
Exco Resources
XCO
$98M 1.05%
3,011,579
– –
CCI.PRA
15
DELISTED
Crown Castle International Corp.
CCI.PRA
$57.8M 0.62%
563,145
-166,855
-23% -$17.2M
BRFS
16
DELISTED
BRF SA
BRFS
$53.5M 0.57%
2,292,713
+864,213
+60% +$21.1M
TTM
17
DELISTED
Tata Motors Limited
TTM
$52.1M 0.56%
1,231,661
-58,200
-5% -$2.6M
ITUB icon
18
Itaú Unibanco
ITUB
$82.4B
$51.9M 0.55%
9,944,874
+5,316,252
+115% +$29.9M
VALE.P
19
DELISTED
Vale S A
VALE.P
$48.8M 0.52%
6,718,672
+1,080,900
+19% +$8.76M
PBR icon
20
Petrobras
PBR
$123B
$47.8M 0.51%
6,548,845
+242,854
+4% +$2.62M
IBN icon
21
ICICI Bank
IBN
$107B
$46.6M 0.5%
4,434,285
+1,620,402
+58% +$16.5M
CX icon
22
Cemex
CX
$16B
$44.6M 0.48%
4,928,071
+497,640
+11% +$5.17M
TV icon
23
Televisa
TV
$1.47B
$39.5M 0.42%
1,160,710
+119,300
+11% +$4.14M
BANC icon
24
Banc of California
BANC
$2.95B
$37.7M 0.4%
+3,288,947
New +$37.3M
MCF
25
DELISTED
Contango Oil & Gas Co.
MCF
$37.7M 0.4%
1,287,732
– –
1
2 3

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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 Real Estate at 19% of assets, up from 0.4% a quarter earlier, followed by Communication Services and Financials.

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.