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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
+1.32%
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
$7.57B
AUM Growth
-$53.3M
Cap. Flow
-$2.86B
Cap. Flow %
-37.75%
Top 10 Hldgs %
42.02%
Holding
201
New
9
Increased
10
Reduced
19
Closed
9

Top Buys

Rank Stock Value
1
BANR icon
Banner Corp
BANR
+$128M
2
TSM icon
TSMC
TSM
+$43.1M
3
AGN.PRA
Allergan plc
AGN.PRA
+$22M
4
GGB icon
Gerdau
GGB
+$12.8M
5
FIG
Fortress Investment Group Llc
FIG
+$9.95M

Top Sells

Rank Stock Value
1
STOR
STORE Capital Corporation
STOR
+$46.9M
2
TV icon
Televisa
TV
+$37.7M
3
INDA icon
iShares MSCI India ETF
INDA
+$16M
4
NRG icon
NRG Energy
NRG
+$10.6M
5
BANC icon
Banc of California
BANC
+$9.73M

Sector Composition

Rank Sector Weight
1 Real Estate 21.86%
2 Financials 8.9%
3 Communication Services 7.61%
4 Industrials 3.33%
5 Technology 2.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STOR
1
DELISTED
STORE Capital Corporation
STOR
$1.63B 21.54%
70,336,144
-2,100,000
-3% -$46.9M
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$478M 6.31%
14,145,447
– –
DMND
3
DELISTED
DIAMOND FOODS, INC.
DMND
$170M 2.25%
4,420,859
– –
ALLY icon
4
Ally Financial
ALLY
$13.1B
$161M 2.12%
8,630,530
– –
FBP icon
5
First Bancorp
FBP
$4.35B
$136M 1.8%
41,843,581
– –
DYN
6
DELISTED
Dynegy, Inc.
DYN
$132M 1.74%
9,840,696
– –
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
$123M 1.63%
13,052,534
– –
BANR icon
8
Banner Corp
BANR
$2.42B
$119M 1.57%
+2,598,988
New +$128M
TSM icon
9
TSMC
TSM
$2.17T
$101M 1.34%
4,460,356
+1,916,718
+75% +$43.1M
AGN.PRA
10
DELISTED
Allergan plc
AGN.PRA
$96.6M 1.28%
93,900
+21,900
+30% +$22M
MTG icon
11
MGIC Investment
MTG
$6.34B
$79.7M 1.05%
9,030,000
– –
AIQ
12
DELISTED
Alliance Healthcare Services
AIQ
$74.2M 0.98%
4,756,491
– –
SBLK icon
13
Star Bulk Carriers
SBLK
$3.41B
$69.2M 0.91%
22,860,801
+233,665
+1% +$1.57M
XCO
14
DELISTED
Exco Resources
XCO
$56M 0.74%
3,011,579
– –
EGLE
15
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$55.3M 0.73%
112,195
– –
JD icon
16
JD.com
JD
$39.7B
$46.6M 0.61%
1,443,660
-116,843
-7% -$3.45M
TPCO
17
DELISTED
Tribune Publishing Company Common Stock
TPCO
$43.3M 0.57%
4,691,371
– –
ITUB icon
18
Itaú Unibanco
ITUB
$82.4B
$40.5M 0.53%
14,093,797
-414,718
-3% -$1.32M
TSL
19
DELISTED
Trina Solar Limited
TSL
$40.4M 0.53%
3,668,722
-305,548
-8% -$3.14M
ALR.PRB
20
DELISTED
Alere Inc
ALR.PRB
$40.1M 0.53%
142,733
– –
LVNTA
21
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$39.5M 0.52%
875,000
– –
BRFS
22
DELISTED
BRF SA
BRFS
$39M 0.52%
2,825,199
-232,533
-8% -$3.64M
NMIH icon
23
NMI Holdings
NMIH
$3.4B
$38.4M 0.51%
5,666,443
+199,400
+4% +$1.46M
CCI.PRA
24
DELISTED
Crown Castle International Corp.
CCI.PRA
$34.2M 0.45%
319,285
-40,000
-11% -$4.23M
CX icon
25
Cemex
CX
$16B
$34.1M 0.45%
6,614,805
-549,584
-8% -$3.21M
1
2 3

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Howard Marks's Q4 2015 Portfolio in Review

As of Q4 2015, Howard Marks held 201 positions worth $7.57B, down 0.7% from $7.63B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Howard Marks withdrew a net $2.86B in Q4 2015, closing 9 positions and reducing 19 holdings. Its most notable exit was Televisa, an estimated $37.7M position sold in full.

By sector, the portfolio is most concentrated in Real Estate at 22% of assets, up from 20% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Howard Marks opened a new position in Banner Corp worth $119M.

  • Howard Marks's largest Q4 2015 buy was Banner Corp: 2,598,988 shares worth $119M.
  • Howard Marks added most to TSMC in Q4 2015, an estimated $43.1M increase.
  • Howard Marks's biggest Q4 2015 reduction was STORE Capital Corporation, cutting an estimated $46.9M.
  • Howard Marks fully exited Televisa in Q4 2015, selling an estimated $37.7M.
  • Howard Marks's ten largest holdings make up 42% of its $7.57B portfolio in Q4 2015.
  • Howard Marks opened 9 new positions and closed 9 in Q4 2015.
  • Howard Marks's portfolio value fell 0.7% quarter-over-quarter to $7.57B.

Based on Oaktree Capital Management's 13F filing for Q4 2015, filed 12 Feb 2016.