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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
+2.89%
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
$5.56B
AUM Growth
-$5.31M
(-0.1%)
Cap. Flow
-$2.63B
Cap. Flow % of AUM
Cap. Flow %
-47.3%
Top 10 Holdings %
Top 10 Hldgs %
29.93%
Holding
197
New
9
Increased
12
Reduced
20
Closed
12
Avg Time Held
Equity + Options
1.1
years
Top 10 Avg Time Held
Equity + Options
1.1
years
Top 20 Avg Time Held
Equity + Options
0.8
years
Avg Time Held Equity only
1.1
years
Top 10 Avg Time Held Equity only
1.1
years
Top 20 Avg Time Held Equity only
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
American Tower Corporation
AMT.PRB
|
+$72.1M |
| 2 |
SWNC
Southwestern Energy Company
SWNC
|
+$38.8M |
| 3 |
Ambev
ABEV
|
+$24.9M |
| 4 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$24M |
| 5 |
FTRPR
Frontier Communications Corporation 11.125% Series A Mandatory Convertible Preferred Stock
FTRPR
|
+$17.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
LNCE
Snyders-Lance, Inc.
LNCE
|
+$38.5M |
| 2 |
Petrobras Class A
PBR.A
|
+$31.5M |
| 3 |
Kinder Morgan, Inc.
KMI.PRA
|
+$21.4M |
| 4 |
Crown Castle International Corp.
CCI.PRA
|
+$20.5M |
| 5 |
WPXP
WPX Energy, Inc.
WPXP
|
+$19.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 60.51% |
| 2 | Communication Services | 12.48% |
| 3 | Financials | 11.97% |
| 4 | Technology | 3.05% |
| 5 | Industrials | 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
| $556M | 9.99% |
14,178,245
+1,892
| +0% | +$73.3K |
2014 Q4
6 quarters
|
|
2
Ally Financial
ALLY
$11.4B
| $178M | 3.19% |
10,401,462
+770,932
| +8% | +$13.3M |
2014 Q2
8 quarters
|
|
3
First Bancorp
FBP
$4.15B
| $166M | 2.99% |
41,843,581
| – | – |
2013 Q2
12 quarters
|
|
4
DELISTED
Dynegy, Inc.
DYN
| $145M | 2.61% |
8,424,322
-1,100,000
| -12% | -$19.1M |
2013 Q2
12 quarters
|
|
5
TSMC
TSM
$2.19T
| $114M | 2.05% |
4,347,356
-113,000
| -3% | -$2.82M |
2013 Q2
12 quarters
|
|
6
Banner Corp
BANR
$2.46B
| $111M | 1.99% |
2,598,988
| – | – |
2015 Q4
2 quarters
|
|
|
AGN.PRA
7
DELISTED
Allergan plc
AGN.PRA
| $83.9M | 1.51% |
90,683
+28,783
| +46% | +$24M |
2015 Q3
3 quarters
|
|
|
GNRT
8
DELISTED
Gener8 Maritime, Inc.
GNRT
| $83.5M | 1.5% |
13,052,534
| – | – |
2015 Q2
4 quarters
|
|
|
9
DELISTED
American Tower Corporation
AMT.PRB
| $76.7M | 1.38% |
+683,239
| New | +$72.1M |
2016 Q2
0 quarters
|
|
10
Star Bulk Carriers
SBLK
$3.25B
| $67.7M | 1.22% |
22,860,798
-3
| -0% | -$12 |
2013 Q3
11 quarters
|
|
|
TPCO
11
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $64.7M | 1.16% |
4,691,371
| – | – |
2014 Q3
7 quarters
|
|
|
XCO
12
DELISTED
Exco Resources
XCO
| $58.7M | 1.06% |
3,011,579
| – | – |
2013 Q2
12 quarters
|
|
13
Itaú Unibanco
ITUB
$104B
| $57.8M | 1.04% |
15,265,035
+1,171,238
| +8% | +$4.51M |
2014 Q3
7 quarters
|
|
14
MGIC Investment
MTG
$5.68B
| $53.7M | 0.97% |
9,030,000
| – | – |
2013 Q2
12 quarters
|
|
15
Cemex
CX
$14.8B
| $48.5M | 0.87% |
7,043,042
-63,891
| -0.9% | -$409K |
2013 Q2
12 quarters
|
|
|
SWNC
16
DELISTED
Southwestern Energy Company
SWNC
| $40.3M | 0.72% |
+1,337,340
| New | +$38.8M |
2016 Q2
0 quarters
|
|
|
LVNTA
17
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $36.7M | 0.66% |
990,450
| – | – |
2015 Q1
5 quarters
|
|
18
DELISTED
Trina Solar Limited
TSL
| $35.9M | 0.65% |
3,608,122
-60,600
| -2% | -$520K |
2013 Q4
10 quarters
|
|
19
NMI Holdings
NMIH
$3.08B
| $31.9M | 0.57% |
5,816,443
| – | – |
2014 Q3
7 quarters
|
|
20
JD.com
JD
$36.3B
| $30.7M | 0.55% |
1,156,960
-286,700
| -20% | -$6.92M |
2014 Q2
8 quarters
|
|
21
DELISTED
Vale S A
VALE.P
| $30.1M | 0.54% |
9,649,085
+577,600
| +6% | +$2.12M |
2013 Q2
12 quarters
|
|
22
ICICI Bank
IBN
$106B
| $29.6M | 0.53% |
4,554,524
-4,840
| -0.1% | -$31.2K |
2014 Q3
7 quarters
|
|
23
DELISTED
BRF SA
BRFS
| $27.3M | 0.49% |
1,922,699
-902,500
| -32% | -$12.1M |
2014 Q2
8 quarters
|
|
24
Century Communities
CCS
$1.54B
| $25.5M | 0.46% |
1,469,003
| – | – |
2014 Q4
6 quarters
|
|
25
Telefônica Brasil
VIV
$20B
| $25.2M | 0.45% |
2,015,426
-9,300
| -0.5% | -$112K |
2015 Q2
4 quarters
|
|
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Howard Marks's Q2 2016 Portfolio in Review
As of Q2 2016, Howard Marks held 197 positions worth $5.56B, down 0.1% from $5.57B the previous quarter. Its ten largest holdings account for 30% of the portfolio.
Howard Marks withdrew a net $2.63B in Q2 2016, closing 12 positions and reducing 20 holdings. Its most notable exit was Snyders-Lance, Inc., an estimated $38.5M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 61% of assets, down from 61% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Howard Marks opened a new position in American Tower Corporation worth $76.7M.
- Howard Marks's largest Q2 2016 buy was American Tower Corporation: 683,239 shares worth $76.7M.
- Howard Marks added most to Allergan plc in Q2 2016, an estimated $24M increase.
- Howard Marks's biggest Q2 2016 reduction was Kinder Morgan, Inc., cutting an estimated $21.4M.
- Howard Marks fully exited Snyders-Lance, Inc. in Q2 2016, selling an estimated $38.5M.
- Howard Marks's ten largest holdings make up 30% of its $5.56B portfolio in Q2 2016.
- Howard Marks opened 9 new positions and closed 12 in Q2 2016.
- Howard Marks's portfolio value fell 0.1% quarter-over-quarter to $5.56B.
Based on Oaktree Capital Management's 13F filing for Q2 2016, filed 12 Aug 2016.