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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
-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
(-9%)
Cap. Flow
-$3.17B
Cap. Flow % of AUM
Cap. Flow %
-36.67%
Top 10 Holdings %
Top 10 Hldgs %
44.32%
Holding
180
New
8
Increased
17
Reduced
18
Closed
9
Avg Time Held
0.8
years
Top 10 Avg Time Held
0.9
years
Top 20 Avg Time Held
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
GNRT
Gener8 Maritime, Inc.
GNRT
|
+$176M |
| 2 |
Star Bulk Carriers
SBLK
|
+$106M |
| 3 |
Telefônica Brasil
VIV
|
+$30.6M |
| 4 |
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 |
ACTAVIS PLC Pfd Conv Ser A (Irl)
ACT.PRA
|
+$66.3M |
| 4 |
MASONITE INTERNATIONAL CORP
DOOR
|
+$55.3M |
| 5 |
TTM
Tata Motors Limited
TTM
|
+$38.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 41.81% |
| 2 | Real Estate | 17.3% |
| 3 | Communication Services | 12.07% |
| 4 | Financials | 8.49% |
| 5 | Industrials | 7.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
STOR
1
DELISTED
STORE Capital Corporation
STOR
| $1.46B | 16.86% |
72,436,144
-9,712,500
| -12% | -$210M |
2014 Q4
2 quarters
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $755M | 8.75% |
14,145,447
-4,620,037
| -25% | -$258M |
2014 Q4
2 quarters
|
|
|
3
Star Bulk Carriers
SBLK
$3.33B
| $333M | 3.85% |
22,627,136
+6,196,206
| +38% | +$106M |
2013 Q3
7 quarters
|
|
4
DELISTED
Dynegy, Inc.
DYN
| $287M | 3.32% |
9,795,396
-800,316
| -8% | -$26M |
2013 Q2
8 quarters
|
|
5
Ally Financial
ALLY
$12B
| $202M | 2.34% |
9,003,530
-560,000
| -6% | -$12.3M |
2014 Q2
4 quarters
|
|
6
First Bancorp
FBP
$4.17B
| $202M | 2.34% |
41,843,581
| – | – |
2013 Q2
8 quarters
|
|
|
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
| $178M | 2.06% |
+13,052,534
| New | +$176M |
2015 Q2
0 quarters
|
|
|
DMND
8
DELISTED
DIAMOND FOODS, INC.
DMND
| $139M | 1.61% |
4,420,859
| – | – |
2014 Q1
5 quarters
|
|
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $110M | 1.27% |
112,355
| – | – |
2014 Q4
2 quarters
|
|
10
TSMC
TSM
$2.14T
| $103M | 1.19% |
4,538,487
+575,800
| +15% | +$13.7M |
2013 Q2
8 quarters
|
|
11
MGIC Investment
MTG
$5.69B
| $103M | 1.19% |
9,030,000
-1,000,000
| -10% | -$10.7M |
2013 Q2
8 quarters
|
|
12
DELISTED
Alliance Healthcare Services
AIQ
| $88.9M | 1.03% |
4,756,491
| – | – |
2013 Q2
8 quarters
|
|
|
AGN
13
DELISTED
Allergan plc
AGN
| $74.2M | 0.86% |
+71,000
| New | +$21.2M |
2015 Q2
0 quarters
|
|
|
TPCO
14
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $72.9M | 0.84% |
4,691,371
| – | – |
2014 Q3
3 quarters
|
|
15
Petrobras
PBR
$165B
| $68.4M | 0.79% |
7,558,156
+92,900
| +1% | +$832K |
2013 Q2
8 quarters
|
|
16
DELISTED
BRF SA
BRFS
| $59.9M | 0.69% |
2,866,446
+276,800
| +11% | +$5.84M |
2014 Q2
4 quarters
|
|
|
17
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
| $58.1M | 0.67% |
828,658
-806,194
| -49% | -$55.3M |
2013 Q3
7 quarters
|
|
18
Cemex
CX
$14.6B
| $56.9M | 0.66% |
6,719,476
+163,563
| +2% | +$1.46M |
2013 Q2
8 quarters
|
|
19
Itaú Unibanco
ITUB
$105B
| $56.4M | 0.65% |
12,847,529
+1,613,133
| +14% | +$7.59M |
2014 Q3
3 quarters
|
|
|
XCO
20
DELISTED
Exco Resources
XCO
| $53.3M | 0.62% |
3,011,579
| – | – |
2013 Q2
8 quarters
|
|
|
ALR.PRB
21
DELISTED
Alere Inc
ALR.PRB
| $52.8M | 0.61% |
147,733
+40,000
| +37% | +$13.7M |
2013 Q2
8 quarters
|
|
22
Televisa
TV
$1.26B
| $52.8M | 0.61% |
1,359,026
+34,200
| +3% | +$1.26M |
2013 Q2
8 quarters
|
|
23
DELISTED
Vale S A
VALE.P
| $48.3M | 0.56% |
9,555,744
+1,883,700
| +25% | +$10.5M |
2013 Q2
8 quarters
|
|
24
ICICI Bank
IBN
$107B
| $44.1M | 0.51% |
4,650,737
-906,070
| -16% | -$8.51M |
2014 Q3
3 quarters
|
|
25
DELISTED
Trina Solar Limited
TSL
| $43.1M | 0.5% |
3,698,763
-208,200
| -5% | -$2.58M |
2013 Q4
6 quarters
|
|
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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 Miscellaneous at 42% of assets, up from 39% a quarter earlier, followed by Real Estate and Communication Services.
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.