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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
-7.99%
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
$7.63B
AUM Growth
-$1.01B
Cap. Flow
-$3.3B
Cap. Flow %
-43.29%
Top 10 Hldgs %
43.2%
Holding
188
New
8
Increased
16
Reduced
11
Closed
14

Top Buys

Rank Stock Value
1
AGN.PRA
Allergan plc
AGN.PRA
+$75.1M
2
PBR.A icon
Petrobras Class A
PBR.A
+$43.1M
3
BX icon
Blackstone
BX
+$19.3M
4
INDA icon
iShares MSCI India ETF
INDA
+$17.7M
5
WRK
WestRock Company
WRK
+$16.3M

Top Sells

Rank Stock Value
1
AGN
Allergan plc
AGN
+$74.2M
2
PBR icon
Petrobras
PBR
+$68.4M
3
DOOR
MASONITE INTERNATIONAL CORP
DOOR
+$58.1M
4
TSM icon
TSMC
TSM
+$41.9M
5
AMX icon
America Movil
AMX
+$31.3M

Sector Composition

Rank Sector Weight
1 Real Estate 19.94%
2 Communication Services 8.27%
3 Financials 7.76%
4 Industrials 6.24%
5 Utilities 2.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STOR
1
DELISTED
STORE Capital Corporation
STOR
$1.5B 19.62%
72,436,144
– –
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$504M 6.6%
14,145,447
– –
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$232M 3.04%
22,627,136
– –
DYN
4
DELISTED
Dynegy, Inc.
DYN
$203M 2.67%
9,840,696
+45,300
+0.5% +$1.15M
ALLY icon
5
Ally Financial
ALLY
$13.1B
$176M 2.31%
8,630,530
-373,000
-4% -$8.11M
FBP icon
6
First Bancorp
FBP
$4.35B
$149M 1.95%
41,843,581
– –
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
$143M 1.87%
13,052,534
– –
DMND
8
DELISTED
DIAMOND FOODS, INC.
DMND
$136M 1.79%
4,420,859
– –
EGLE
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$93.1M 1.22%
112,195
-160
-0.1% -$167K
MTG icon
10
MGIC Investment
MTG
$6.34B
$83.6M 1.1%
9,030,000
– –
AIQ
11
DELISTED
Alliance Healthcare Services
AIQ
$83.2M 1.09%
4,756,491
– –
AGN.PRA
12
DELISTED
Allergan plc
AGN.PRA
$67.9M 0.89%
+72,000
New +$75.1M
BRFS
13
DELISTED
BRF SA
BRFS
$54.4M 0.71%
3,057,732
+191,286
+7% +$3.76M
TSM icon
14
TSMC
TSM
$2.17T
$52.8M 0.69%
2,543,638
-1,994,849
-44% -$41.9M
CX icon
15
Cemex
CX
$16B
$46.3M 0.61%
7,164,389
+444,913
+7% +$3.3M
ALR.PRB
16
DELISTED
Alere Inc
ALR.PRB
$44.9M 0.59%
142,733
-5,000
-3% -$1.72M
ITUB icon
17
Itaú Unibanco
ITUB
$82.4B
$42.4M 0.56%
14,508,515
+1,660,986
+13% +$5.9M
NMIH icon
18
NMI Holdings
NMIH
$3.4B
$41.5M 0.54%
5,467,043
+102,835
+2% +$843K
JD icon
19
JD.com
JD
$39.7B
$40.7M 0.53%
1,560,503
+426,401
+38% +$12.3M
IBN icon
20
ICICI Bank
IBN
$107B
$37.8M 0.5%
4,961,712
+310,975
+7% +$2.66M
TV icon
21
Televisa
TV
$1.47B
$37.7M 0.49%
1,449,550
+90,524
+7% +$2.9M
TPCO
22
DELISTED
Tribune Publishing Company Common Stock
TPCO
$36.8M 0.48%
4,691,371
– –
CCI.PRA
23
DELISTED
Crown Castle International Corp.
CCI.PRA
$36.6M 0.48%
359,285
-8,860
-2% -$913K
TSL
24
DELISTED
Trina Solar Limited
TSL
$35.6M 0.47%
3,974,270
+275,507
+7% +$2.59M
LVNTA
25
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$35.3M 0.46%
875,000
– –
1
2 3 4

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Howard Marks's Q3 2015 Portfolio in Review

As of Q3 2015, Howard Marks held 188 positions worth $7.63B, down 12% from $8.63B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Howard Marks withdrew a net $3.3B in Q3 2015, closing 14 positions and reducing 11 holdings. Its most notable exit was Allergan plc, an estimated $74.2M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 20% of assets, up from 17% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Howard Marks opened a new position in Allergan plc worth $67.9M.

  • Howard Marks's largest Q3 2015 buy was Allergan plc: 72,000 shares worth $67.9M.
  • Howard Marks added most to Petrobras Class A in Q3 2015, an estimated $43.1M increase.
  • Howard Marks's biggest Q3 2015 reduction was TSMC, cutting an estimated $41.9M.
  • Howard Marks fully exited Allergan plc in Q3 2015, selling an estimated $74.2M.
  • Howard Marks's ten largest holdings make up 43% of its $7.63B portfolio in Q3 2015.
  • Howard Marks opened 8 new positions and closed 14 in Q3 2015.
  • Howard Marks's portfolio value fell 12% quarter-over-quarter to $7.63B.

Based on Oaktree Capital Management's 13F filing for Q3 2015, filed 13 Nov 2015.