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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
+1.95%
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
$5.57B
AUM Growth
-$2.01B
(-27%)
Cap. Flow
-$4.69B
Cap. Flow % of AUM
Cap. Flow %
-84.26%
Top 10 Holdings %
Top 10 Hldgs %
28.46%
Holding
199
New
10
Increased
9
Reduced
7
Closed
7
Avg Time Held
Equity + Options
1
year
Top 10 Avg Time Held
Equity + Options
1
year
Top 20 Avg Time Held
Equity + Options
0.8
years
Avg Time Held Equity only
1
year
Top 10 Avg Time Held Equity only
1
year
Top 20 Avg Time Held Equity only
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
LNCE
Snyders-Lance, Inc.
LNCE
|
+$39.2M |
| 2 |
Anthem, Inc.
ANTX
|
+$34.4M |
| 3 |
Kinder Morgan, Inc.
KMI.PRA
|
+$33.4M |
| 4 |
WPXP
WPX Energy, Inc.
WPXP
|
+$21.3M |
| 5 |
Ally Financial
ALLY
|
+$17.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
STOR
STORE Capital Corporation
STOR
|
+$1.63B |
| 2 |
DMND
DIAMOND FOODS, INC.
DMND
|
+$170M |
| 3 |
Alliance Healthcare Services
AIQ
|
+$74.2M |
| 4 |
ALR.PRB
Alere Inc
ALR.PRB
|
+$47.3M |
| 5 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$30.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 61.25% |
| 2 | Financials | 11.45% |
| 3 | Communication Services | 11.43% |
| 4 | Industrials | 3.34% |
| 5 | Technology | 2.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
TRCO
1
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $544M | 9.77% |
14,176,353
+30,906
| +0.2% | +$1.04M |
2014 Q4
5 quarters
|
|
|
2
Ally Financial
ALLY
$11.8B
| $180M | 3.24% |
9,630,530
+1,000,000
| +12% | +$17.2M |
2014 Q2
7 quarters
|
|
3
DELISTED
Dynegy, Inc.
DYN
| $137M | 2.46% |
9,524,322
-316,374
| -3% | -$3.6M |
2013 Q2
11 quarters
|
|
4
First Bancorp
FBP
$4.14B
| $122M | 2.2% |
41,843,581
| – | – |
2013 Q2
11 quarters
|
|
5
Banner Corp
BANR
$2.59B
| $109M | 1.96% |
2,598,988
| – | – |
2015 Q4
1 quarter
|
|
6
TSMC
TSM
$2.17T
| $101M | 1.82% |
4,460,356
| – | – |
2013 Q2
11 quarters
|
|
|
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
| $92.2M | 1.66% |
13,052,534
| – | – |
2015 Q2
3 quarters
|
|
8
Star Bulk Carriers
SBLK
$3.38B
| $85.7M | 1.54% |
22,860,801
| – | – |
2013 Q3
10 quarters
|
|
9
MGIC Investment
MTG
$5.89B
| $69.3M | 1.24% |
9,030,000
| – | – |
2013 Q2
11 quarters
|
|
|
AGN.PRA
10
DELISTED
Allergan plc
AGN.PRA
| $56.9M | 1.02% |
61,900
-32,000
| -34% | -$30.6M |
2015 Q3
2 quarters
|
|
11
JD.com
JD
$34.4B
| $46.6M | 0.84% |
1,443,660
| – | – |
2014 Q2
7 quarters
|
|
|
XCO
12
DELISTED
Exco Resources
XCO
| $44.7M | 0.8% |
3,011,579
| – | – |
2013 Q2
11 quarters
|
|
13
Itaú Unibanco
ITUB
$104B
| $40.5M | 0.73% |
14,093,797
| – | – |
2014 Q3
6 quarters
|
|
14
DELISTED
Trina Solar Limited
TSL
| $40.4M | 0.73% |
3,668,722
| – | – |
2013 Q4
9 quarters
|
|
15
DELISTED
BRF SA
BRFS
| $39M | 0.7% |
2,825,199
| – | – |
2014 Q2
7 quarters
|
|
|
LVNTA
16
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $38.7M | 0.7% |
990,450
+115,450
| +13% | +$4.38M |
2015 Q1
4 quarters
|
|
|
LNCE
17
DELISTED
Snyders-Lance, Inc.
LNCE
| $38.5M | 0.69% |
+1,223,965
| New | +$39.2M |
2016 Q1
0 quarters
|
|
18
Cemex
CX
$14.4B
| $37.4M | 0.67% |
7,106,933
+492,128
| +7% | +$2.42M |
2013 Q2
11 quarters
|
|
|
TPCO
19
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $36.2M | 0.65% |
4,691,371
| – | – |
2014 Q3
6 quarters
|
|
|
20
DELISTED
Anthem, Inc.
ANTX
| $35.6M | 0.64% |
+763,000
| New | +$34.4M |
2016 Q1
0 quarters
|
|
|
21
DELISTED
Kinder Morgan, Inc.
KMI.PRA
| $35.1M | 0.63% |
+778,100
| New | +$33.4M |
2016 Q1
0 quarters
|
|
22
DELISTED
Crown Castle International Corp.
CCI.PRA
| $32.6M | 0.59% |
304,385
-14,900
| -5% | -$1.57M |
2013 Q4
9 quarters
|
|
23
ICICI Bank
IBN
$106B
| $32.5M | 0.58% |
4,559,364
| – | – |
2014 Q3
6 quarters
|
|
24
Petrobras Class A
PBR.A
$150B
| $31.5M | 0.57% |
9,258,683
| – | – |
2014 Q4
5 quarters
|
|
25
NMI Holdings
NMIH
$3.19B
| $29.4M | 0.53% |
5,816,443
+150,000
| +3% | +$782K |
2014 Q3
6 quarters
|
|
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SAM
Howard Marks's Q1 2016 Portfolio in Review
As of Q1 2016, Howard Marks held 199 positions worth $5.57B, down 27% from $7.57B the previous quarter. Its ten largest holdings account for 28% of the portfolio.
Howard Marks withdrew a net $4.69B in Q1 2016, closing 7 positions and reducing 7 holdings. Its most notable exit was STORE Capital Corporation, an estimated $1.63B position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 61% of assets, up from 49% a quarter earlier, followed by Financials and Communication Services.
Against the trend, Howard Marks opened a new position in Snyders-Lance, Inc. worth $38.5M.
- Howard Marks's largest Q1 2016 buy was Snyders-Lance, Inc.: 1,223,965 shares worth $38.5M.
- Howard Marks added most to Ally Financial in Q1 2016, an estimated $17.2M increase.
- Howard Marks's biggest Q1 2016 reduction was Alere Inc, cutting an estimated $47.3M.
- Howard Marks fully exited STORE Capital Corporation in Q1 2016, selling an estimated $1.63B.
- Howard Marks's ten largest holdings make up 28% of its $5.57B portfolio in Q1 2016.
- Howard Marks opened 10 new positions and closed 7 in Q1 2016.
- Howard Marks's portfolio value fell 27% quarter-over-quarter to $5.57B.
Based on Oaktree Capital Management's 13F filing for Q1 2016, filed 16 May 2016.