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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
-4.66%
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
$8.63B
AUM Growth
-$850M
Cap. Flow
-$3.17B
Cap. Flow %
-36.67%
Top 10 Hldgs %
44.32%
Holding
180
New
8
Increased
17
Reduced
18
Closed
9

Top Buys

Rank Stock Value
1
GNRT
Gener8 Maritime, Inc.
GNRT
+$176M
2
SBLK icon
Star Bulk Carriers
SBLK
+$106M
3
VIV icon
Telefônica Brasil
VIV
+$30.6M
4
NBIS
Nebius Group N.V.
NBIS
+$29.1M
5
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$23.8M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$258M
2
STOR
STORE Capital Corporation
STOR
+$210M
3
ACT.PRA
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
+$66.3M
4
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$55.3M
5
TTM
Tata Motors Limited
TTM
+$38.4M

Sector Composition

Rank Sector Weight
1 Real Estate 17.3%
2 Communication Services 12.07%
3 Financials 8.49%
4 Industrials 7.98%
5 Utilities 3.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STOR
1
DELISTED
STORE Capital Corporation
STOR
$1.46B 16.86%
72,436,144
-9,712,500
-12% -$210M
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$755M 8.75%
14,145,447
-4,620,037
-25% -$258M
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$333M 3.85%
22,627,136
+6,196,206
+38% +$106M
DYN
4
DELISTED
Dynegy, Inc.
DYN
$287M 3.32%
9,795,396
-800,316
-8% -$26M
ALLY icon
5
Ally Financial
ALLY
$13.1B
$202M 2.34%
9,003,530
-560,000
-6% -$12.3M
FBP icon
6
First Bancorp
FBP
$4.35B
$202M 2.34%
41,843,581
– –
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
$178M 2.06%
+13,052,534
New +$176M
DMND
8
DELISTED
DIAMOND FOODS, INC.
DMND
$139M 1.61%
4,420,859
– –
EGLE
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$110M 1.27%
112,355
– –
TSM icon
10
TSMC
TSM
$2.17T
$103M 1.19%
4,538,487
+575,800
+15% +$13.7M
MTG icon
11
MGIC Investment
MTG
$6.34B
$103M 1.19%
9,030,000
-1,000,000
-10% -$10.7M
AIQ
12
DELISTED
Alliance Healthcare Services
AIQ
$88.9M 1.03%
4,756,491
– –
AGN
13
DELISTED
Allergan plc
AGN
$74.2M 0.86%
+71,000
New +$21.2M
TPCO
14
DELISTED
Tribune Publishing Company Common Stock
TPCO
$72.9M 0.84%
4,691,371
– –
PBR icon
15
Petrobras
PBR
$123B
$68.4M 0.79%
7,558,156
+92,900
+1% +$832K
BRFS
16
DELISTED
BRF SA
BRFS
$59.9M 0.69%
2,866,446
+276,800
+11% +$5.84M
DOOR
17
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$58.1M 0.67%
828,658
-806,194
-49% -$55.3M
CX icon
18
Cemex
CX
$16B
$56.9M 0.66%
6,719,476
+163,563
+2% +$1.46M
ITUB icon
19
Itaú Unibanco
ITUB
$82.4B
$56.4M 0.65%
12,847,529
+1,613,133
+14% +$7.59M
XCO
20
DELISTED
Exco Resources
XCO
$53.3M 0.62%
3,011,579
– –
ALR.PRB
21
DELISTED
Alere Inc
ALR.PRB
$52.8M 0.61%
147,733
+40,000
+37% +$13.7M
TV icon
22
Televisa
TV
$1.47B
$52.8M 0.61%
1,359,026
+34,200
+3% +$1.26M
VALE.P
23
DELISTED
Vale S A
VALE.P
$48.3M 0.56%
9,555,744
+1,883,700
+25% +$10.5M
IBN icon
24
ICICI Bank
IBN
$107B
$44.1M 0.51%
4,650,737
-906,070
-16% -$8.51M
TSL
25
DELISTED
Trina Solar Limited
TSL
$43.1M 0.5%
3,698,763
-208,200
-5% -$2.58M
1
2 3 4

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Howard Marks's Q2 2015 Portfolio in Review

As of Q2 2015, Howard Marks held 180 positions worth $8.63B, down 9% from $9.48B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $3.17B in Q2 2015, closing 9 positions and reducing 18 holdings. Its most notable exit was ACTAVIS PLC Pfd Conv Ser A (Irl), an estimated $66.3M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 17% of assets, down from 21% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Gener8 Maritime, Inc. worth $178M.

  • Howard Marks's largest Q2 2015 buy was Gener8 Maritime, Inc.: 13,052,534 shares worth $178M.
  • Howard Marks added most to Star Bulk Carriers in Q2 2015, an estimated $106M increase.
  • Howard Marks's biggest Q2 2015 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $258M.
  • Howard Marks fully exited ACTAVIS PLC Pfd Conv Ser A (Irl) in Q2 2015, selling an estimated $66.3M.
  • Howard Marks's ten largest holdings make up 44% of its $8.63B portfolio in Q2 2015.
  • Howard Marks opened 8 new positions and closed 9 in Q2 2015.
  • Howard Marks's portfolio value fell 9% quarter-over-quarter to $8.63B.

Based on Oaktree Capital Management's 13F filing for Q2 2015, filed 13 Aug 2015.