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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
-0.11%
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
$9.48B
AUM Growth
+$128M
Cap. Flow
-$2.51B
Cap. Flow %
-26.48%
Top 10 Hldgs %
49.39%
Holding
185
New
10
Increased
21
Reduced
14
Closed
7

Top Buys

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$132M
2
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$68.5M
3
BABA icon
Alibaba
BABA
+$31.1M
4
AMX icon
America Movil
AMX
+$30.9M
5
CIG icon
CEMIG Preferred Shares
CIG
+$29.6M

Top Sells

Rank Stock Value
1
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$50.8M
2
PULS
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
+$27.1M
3
TSM icon
TSMC
TSM
+$21.8M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.7M
5
TTM
Tata Motors Limited
TTM
+$17.9M

Sector Composition

Rank Sector Weight
1 Real Estate 20.65%
2 Communication Services 14.83%
3 Financials 8.04%
4 Industrials 5.64%
5 Utilities 4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STOR
1
DELISTED
STORE Capital Corporation
STOR
$1.92B 20.22%
82,148,644
-1
-0% -$22
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$1.14B 12.03%
18,765,484
– –
DYN
3
DELISTED
Dynegy, Inc.
DYN
$333M 3.51%
10,595,712
+446,000
+4% +$12.7M
SBLK icon
4
Star Bulk Carriers
SBLK
$3.41B
$298M 3.14%
16,430,930
+6,184,084
+60% +$132M
FBP icon
5
First Bancorp
FBP
$4.35B
$259M 2.74%
41,843,581
– –
ALLY icon
6
Ally Financial
ALLY
$13.1B
$201M 2.12%
9,563,530
+235,000
+3% +$4.95M
DMND
7
DELISTED
DIAMOND FOODS, INC.
DMND
$144M 1.52%
4,420,859
– –
EGLE
8
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$116M 1.23%
112,355
+10,231
+10% +$15.2M
DOOR
9
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$110M 1.16%
1,634,852
-801,733
-33% -$50.8M
AIQ
10
DELISTED
Alliance Healthcare Services
AIQ
$105M 1.11%
4,756,491
– –
MTG icon
11
MGIC Investment
MTG
$6.34B
$96.6M 1.02%
10,030,000
-675,200
-6% -$6.18M
TSM icon
12
TSMC
TSM
$2.17T
$93M 0.98%
3,962,687
-925,097
-19% -$21.8M
TPCO
13
DELISTED
Tribune Publishing Company Common Stock
TPCO
$91M 0.96%
4,691,371
– –
XCO
14
DELISTED
Exco Resources
XCO
$82.7M 0.87%
3,011,579
– –
ACT.PRA
15
DELISTED
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
$66.3M 0.7%
+65,500
New +$68.5M
CX icon
16
Cemex
CX
$16B
$55.2M 0.58%
6,555,913
+1,627,842
+33% +$14M
IBN icon
17
ICICI Bank
IBN
$107B
$52.3M 0.55%
5,556,807
+1,122,522
+25% +$11.6M
BRFS
18
DELISTED
BRF SA
BRFS
$51.2M 0.54%
2,589,646
+296,933
+13% +$6.59M
ITUB icon
19
Itaú Unibanco
ITUB
$82.4B
$49.8M 0.53%
11,234,396
+1,289,522
+13% +$6.29M
TSL
20
DELISTED
Trina Solar Limited
TSL
$47.2M 0.5%
3,906,963
+155,239
+4% +$1.61M
PBR icon
21
Petrobras
PBR
$123B
$44.9M 0.47%
7,465,256
+916,411
+14% +$5.84M
TV icon
22
Televisa
TV
$1.47B
$43.7M 0.46%
1,324,826
+164,116
+14% +$5.52M
JD icon
23
JD.com
JD
$39.7B
$42.3M 0.45%
1,439,502
+77,952
+6% +$2.09M
BANC icon
24
Banc of California
BANC
$2.95B
$40.5M 0.43%
3,288,947
– –
CCI.PRA
25
DELISTED
Crown Castle International Corp.
CCI.PRA
$38.6M 0.41%
368,145
-195,000
-35% -$20.7M
1
2 3 4

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Howard Marks's Q1 2015 Portfolio in Review

As of Q1 2015, Howard Marks held 185 positions worth $9.48B, up 1.4% from $9.36B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $2.51B in Q1 2015, closing 7 positions and reducing 14 holdings. Its most notable exit was PULSE ELECTRONICS CORP COM STK (PA)NEW, an estimated $27.1M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 21% of assets, up from 19% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in ACTAVIS PLC Pfd Conv Ser A (Irl) worth $66.3M.

  • Howard Marks's largest Q1 2015 buy was ACTAVIS PLC Pfd Conv Ser A (Irl): 65,500 shares worth $66.3M.
  • Howard Marks added most to Star Bulk Carriers in Q1 2015, an estimated $132M increase.
  • Howard Marks's biggest Q1 2015 reduction was MASONITE INTERNATIONAL CORP, cutting an estimated $50.8M.
  • Howard Marks fully exited PULSE ELECTRONICS CORP COM STK (PA)NEW in Q1 2015, selling an estimated $27.1M.
  • Howard Marks's ten largest holdings make up 49% of its $9.48B portfolio in Q1 2015.
  • Howard Marks opened 10 new positions and closed 7 in Q1 2015.
  • Howard Marks's portfolio value rose 1.4% quarter-over-quarter to $9.48B.

Based on Oaktree Capital Management's 13F filing for Q1 2015, filed 12 May 2015.