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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
+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
Cap. Flow
-$2.65B
Cap. Flow %
-47.72%
Top 10 Hldgs %
29.93%
Holding
197
New
9
Increased
12
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
AMT.PRB
American Tower Corporation
AMT.PRB
+$72.1M
2
SWNC
Southwestern Energy Company
SWNC
+$38.8M
3
ABEV icon
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
PBR.A icon
Petrobras Class A
PBR.A
+$31.5M
3
KMI.PRA
Kinder Morgan, Inc.
KMI.PRA
+$21.4M
4
CCI.PRA
Crown Castle International Corp.
CCI.PRA
+$20.5M
5
WPXP
WPX Energy, Inc.
WPXP
+$19.4M

Sector Composition

Rank Sector Weight
1 Communication Services 12.48%
2 Financials 11.97%
3 Technology 3.05%
4 Industrials 2.89%
5 Utilities 2.68%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRCO
1
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$556M 9.99%
14,178,245
+1,892
+0% +$73.3K
ALLY icon
2
Ally Financial
ALLY
$13.1B
$178M 3.19%
10,401,462
+770,932
+8% +$13.3M
FBP icon
3
First Bancorp
FBP
$4.35B
$166M 2.99%
41,843,581
– –
DYN
4
DELISTED
Dynegy, Inc.
DYN
$145M 2.61%
8,424,322
-1,100,000
-12% -$19.1M
TSM icon
5
TSMC
TSM
$2.17T
$114M 2.05%
4,347,356
-113,000
-3% -$2.82M
BANR icon
6
Banner Corp
BANR
$2.42B
$111M 1.99%
2,598,988
– –
AGN.PRA
7
DELISTED
Allergan plc
AGN.PRA
$83.9M 1.51%
90,683
+28,783
+46% +$24M
GNRT
8
DELISTED
Gener8 Maritime, Inc.
GNRT
$83.5M 1.5%
13,052,534
– –
AMT.PRB
9
DELISTED
American Tower Corporation
AMT.PRB
$76.7M 1.38%
+683,239
New +$72.1M
SBLK icon
10
Star Bulk Carriers
SBLK
$3.41B
$67.7M 1.22%
22,860,798
-3
-0% -$12
TPCO
11
DELISTED
Tribune Publishing Company Common Stock
TPCO
$64.7M 1.16%
4,691,371
– –
XCO
12
DELISTED
Exco Resources
XCO
$58.7M 1.06%
3,011,579
– –
ITUB icon
13
Itaú Unibanco
ITUB
$82.4B
$57.8M 1.04%
15,265,035
+1,171,238
+8% +$4.51M
MTG icon
14
MGIC Investment
MTG
$6.34B
$53.7M 0.97%
9,030,000
– –
CX icon
15
Cemex
CX
$16B
$48.5M 0.87%
7,043,042
-63,891
-0.9% -$409K
SWNC
16
DELISTED
Southwestern Energy Company
SWNC
$40.3M 0.72%
+1,337,340
New +$38.8M
LVNTA
17
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$36.7M 0.66%
990,450
– –
TSL
18
DELISTED
Trina Solar Limited
TSL
$35.9M 0.65%
3,608,122
-60,600
-2% -$520K
NMIH icon
19
NMI Holdings
NMIH
$3.4B
$31.9M 0.57%
5,816,443
– –
JD icon
20
JD.com
JD
$39.7B
$30.7M 0.55%
1,156,960
-286,700
-20% -$6.92M
VALE.P
21
DELISTED
Vale S A
VALE.P
$30.1M 0.54%
9,649,085
+577,600
+6% +$2.12M
IBN icon
22
ICICI Bank
IBN
$107B
$29.6M 0.53%
4,554,524
-4,840
-0.1% -$31.2K
BRFS
23
DELISTED
BRF SA
BRFS
$27.3M 0.49%
1,922,699
-902,500
-32% -$12.1M
CCS icon
24
Century Communities
CCS
$1.98B
$25.5M 0.46%
1,469,003
– –
VIV icon
25
Telefônica Brasil
VIV
$18.3B
$25.2M 0.45%
2,015,426
-9,300
-0.5% -$112K
1
2 3

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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 $2.65B 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 Communication Services at 12% of assets, up from 11% a quarter earlier, followed by Financials and Technology.

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.