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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
-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
(+1.4%)
Cap. Flow
-$2.51B
Cap. Flow % of AUM
Cap. Flow %
-26.48%
Top 10 Holdings %
Top 10 Hldgs %
49.39%
Holding
185
New
10
Increased
21
Reduced
14
Closed
7
Avg Time Held
0.8
years
Top 10 Avg Time Held
0.7
years
Top 20 Avg Time Held
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Star Bulk Carriers
SBLK
|
+$132M |
| 2 |
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
|
+$68.5M |
| 3 |
Alibaba
BABA
|
+$31.1M |
| 4 |
America Movil
AMX
|
+$30.9M |
| 5 |
CEMIG Preferred Shares
CIG
|
+$29.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MASONITE INTERNATIONAL CORP
DOOR
|
+$50.8M |
| 2 |
PULSE ELECTRONICS CORP COM STK (PA)NEW
PULS
|
+$27.1M |
| 3 |
TSMC
TSM
|
+$21.8M |
| 4 |
Crown Castle International Corp.
CCI.PRA
|
+$20.7M |
| 5 |
TTM
Tata Motors Limited
TTM
|
+$17.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 38.76% |
| 2 | Real Estate | 20.65% |
| 3 | Communication Services | 14.83% |
| 4 | Financials | 8.04% |
| 5 | Industrials | 5.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
STOR
1
DELISTED
STORE Capital Corporation
STOR
| $1.92B | 20.22% |
82,148,644
-1
| -0% | -$22 |
2014 Q4
1 quarter
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $1.14B | 12.03% |
18,765,484
| – | – |
2014 Q4
1 quarter
|
|
3
DELISTED
Dynegy, Inc.
DYN
| $333M | 3.51% |
10,595,712
+446,000
| +4% | +$12.7M |
2013 Q2
7 quarters
|
|
|
4
Star Bulk Carriers
SBLK
$3.14B
| $298M | 3.14% |
16,430,930
+6,184,084
| +60% | +$132M |
2013 Q3
6 quarters
|
|
5
First Bancorp
FBP
$3.94B
| $259M | 2.74% |
41,843,581
| – | – |
2013 Q2
7 quarters
|
|
6
Ally Financial
ALLY
$11.6B
| $201M | 2.12% |
9,563,530
+235,000
| +3% | +$4.95M |
2014 Q2
3 quarters
|
|
|
DMND
7
DELISTED
DIAMOND FOODS, INC.
DMND
| $144M | 1.52% |
4,420,859
| – | – |
2014 Q1
4 quarters
|
|
8
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $116M | 1.23% |
112,355
+10,231
| +10% | +$15.2M |
2014 Q4
1 quarter
|
|
|
9
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $110M | 1.16% |
1,634,852
-801,733
| -33% | -$50.8M |
2013 Q3
6 quarters
|
|
10
DELISTED
Alliance Healthcare Services
AIQ
| $105M | 1.11% |
4,756,491
| – | – |
2013 Q2
7 quarters
|
|
11
MGIC Investment
MTG
$5.67B
| $96.6M | 1.02% |
10,030,000
-675,200
| -6% | -$6.18M |
2013 Q2
7 quarters
|
|
|
12
TSMC
TSM
$2.02T
| $93M | 0.98% |
3,962,687
-925,097
| -19% | -$21.8M |
2013 Q2
7 quarters
|
|
|
TPCO
13
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $91M | 0.96% |
4,691,371
| – | – |
2014 Q3
2 quarters
|
|
|
XCO
14
DELISTED
Exco Resources
XCO
| $82.7M | 0.87% |
3,011,579
| – | – |
2013 Q2
7 quarters
|
|
|
15
DELISTED
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
| $66.3M | 0.7% |
+65,500
| New | +$68.5M |
2015 Q1
0 quarters
|
|
16
Cemex
CX
$16B
| $55.2M | 0.58% |
6,555,913
+1,627,842
| +33% | +$14M |
2013 Q2
7 quarters
|
|
17
ICICI Bank
IBN
$124B
| $52.3M | 0.55% |
5,556,807
+1,122,522
| +25% | +$11.6M |
2014 Q3
2 quarters
|
|
18
DELISTED
BRF SA
BRFS
| $51.2M | 0.54% |
2,589,646
+296,933
| +13% | +$6.59M |
2014 Q2
3 quarters
|
|
19
Itaú Unibanco
ITUB
$83.3B
| $49.8M | 0.53% |
11,234,396
+1,289,522
| +13% | +$6.29M |
2014 Q3
2 quarters
|
|
20
DELISTED
Trina Solar Limited
TSL
| $47.2M | 0.5% |
3,906,963
+155,239
| +4% | +$1.61M |
2013 Q4
5 quarters
|
|
21
Petrobras
PBR
$118B
| $44.9M | 0.47% |
7,465,256
+916,411
| +14% | +$5.84M |
2013 Q2
7 quarters
|
|
22
Televisa
TV
$2.48B
| $43.7M | 0.46% |
1,324,826
+164,116
| +14% | +$5.52M |
2013 Q2
7 quarters
|
|
23
JD.com
JD
$38.3B
| $42.3M | 0.45% |
1,439,502
+77,952
| +6% | +$2.09M |
2014 Q2
3 quarters
|
|
24
Banc of California
BANC
$2.87B
| $40.5M | 0.43% |
3,288,947
| – | – |
2014 Q4
1 quarter
|
|
|
25
DELISTED
Crown Castle International Corp.
CCI.PRA
| $38.6M | 0.41% |
368,145
-195,000
| -35% | -$20.7M |
2013 Q4
5 quarters
|
|
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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 Miscellaneous at 39% of assets, down from 39% a quarter earlier, followed by Real Estate and Communication Services.
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.