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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
+1.95%
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
Cap. Flow
-$4.65B
Cap. Flow %
-83.53%
Top 10 Hldgs %
28.46%
Holding
199
New
10
Increased
9
Reduced
7
Closed
7

Top Buys

Rank Stock Value
1
LNCE
Snyders-Lance, Inc.
LNCE
+$39.2M
2
ANTX
Anthem, Inc.
ANTX
+$34.4M
3
KMI.PRA
Kinder Morgan, Inc.
KMI.PRA
+$33.4M
4
WPXP
WPX Energy, Inc.
WPXP
+$21.3M
5
ALLY icon
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
AIQ
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 Financials 11.45%
2 Communication Services 11.43%
3 Industrials 3.34%
4 Technology 2.89%
5 Utilities 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRCO
1
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$544M 9.77%
14,176,353
+30,906
+0.2% +$1.04M
ALLY icon
2
Ally Financial
ALLY
$13.1B
$180M 3.24%
9,630,530
+1,000,000
+12% +$17.2M
DYN
3
DELISTED
Dynegy, Inc.
DYN
$137M 2.46%
9,524,322
-316,374
-3% -$3.6M
FBP icon
4
First Bancorp
FBP
$4.35B
$122M 2.2%
41,843,581
– –
BANR icon
5
Banner Corp
BANR
$2.42B
$109M 1.96%
2,598,988
– –
TSM icon
6
TSMC
TSM
$2.17T
$101M 1.82%
4,460,356
– –
GNRT
7
DELISTED
Gener8 Maritime, Inc.
GNRT
$92.2M 1.66%
13,052,534
– –
SBLK icon
8
Star Bulk Carriers
SBLK
$3.41B
$85.7M 1.54%
22,860,801
– –
MTG icon
9
MGIC Investment
MTG
$6.34B
$69.3M 1.24%
9,030,000
– –
AGN.PRA
10
DELISTED
Allergan plc
AGN.PRA
$56.9M 1.02%
61,900
-32,000
-34% -$30.6M
JD icon
11
JD.com
JD
$39.7B
$46.6M 0.84%
1,443,660
– –
XCO
12
DELISTED
Exco Resources
XCO
$44.7M 0.8%
3,011,579
– –
ITUB icon
13
Itaú Unibanco
ITUB
$82.4B
$40.5M 0.73%
14,093,797
– –
TSL
14
DELISTED
Trina Solar Limited
TSL
$40.4M 0.73%
3,668,722
– –
BRFS
15
DELISTED
BRF SA
BRFS
$39M 0.7%
2,825,199
– –
LVNTA
16
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$38.7M 0.7%
990,450
+115,450
+13% +$4.38M
LNCE
17
DELISTED
Snyders-Lance, Inc.
LNCE
$38.5M 0.69%
+1,223,965
New +$39.2M
CX icon
18
Cemex
CX
$16B
$37.4M 0.67%
7,106,933
+492,128
+7% +$2.42M
TPCO
19
DELISTED
Tribune Publishing Company Common Stock
TPCO
$36.2M 0.65%
4,691,371
– –
ANTX
20
DELISTED
Anthem, Inc.
ANTX
$35.6M 0.64%
+763,000
New +$34.4M
KMI.PRA
21
DELISTED
Kinder Morgan, Inc.
KMI.PRA
$35.1M 0.63%
+778,100
New +$33.4M
CCI.PRA
22
DELISTED
Crown Castle International Corp.
CCI.PRA
$32.6M 0.59%
304,385
-14,900
-5% -$1.57M
IBN icon
23
ICICI Bank
IBN
$107B
$32.5M 0.58%
4,559,364
– –
PBR.A icon
24
Petrobras Class A
PBR.A
$111B
$31.5M 0.57%
9,258,683
– –
NMIH icon
25
NMI Holdings
NMIH
$3.4B
$29.4M 0.53%
5,816,443
+150,000
+3% +$782K
1
2 3

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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 $4.65B 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 Financials at 11% of assets, up from 8.9% a quarter earlier, followed by Communication Services and Industrials.

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.