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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
+6.17%
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
$7.71B
AUM Growth
+$2.15B
(+39%)
Cap. Flow
-$1.65B
Cap. Flow % of AUM
Cap. Flow %
-21.41%
Top 10 Holdings %
Top 10 Hldgs %
43.36%
Holding
202
New
13
Increased
8
Reduced
14
Closed
15
Avg Time Held
Equity + Options
1.1
years
Top 10 Avg Time Held
Equity + Options
1.3
years
Top 20 Avg Time Held
Equity + Options
0.9
years
Avg Time Held Equity only
1.1
years
Top 10 Avg Time Held Equity only
1.3
years
Top 20 Avg Time Held Equity only
0.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
APFH
AdvancePierre Foods Holdings
APFH
|
+$1.09B |
| 2 |
Alibaba
BABA
|
+$51.9M |
| 3 |
Star Bulk Carriers
SBLK
|
+$26.2M |
| 4 |
VRS
Verso Corporation
VRS
|
+$26.2M |
| 5 |
Fomento Económico Mexicano
FMX
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$73M |
| 2 |
JD.com
JD
|
+$30.7M |
| 3 |
BRF SA
BRFS
|
+$27.3M |
| 4 |
TSMC
TSM
|
+$27.1M |
| 5 |
Anthem, Inc.
ANTX
|
+$22.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 54.28% |
| 2 | Consumer Staples | 16.06% |
| 3 | Financials | 9.94% |
| 4 | Communication Services | 8.79% |
| 5 | Industrials | 2.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
APFH
1
DELISTED
AdvancePierre Foods Holdings
APFH
| $1.19B | 15.47% |
+43,268,538
| New | +$1.09B |
2016 Q3
0 quarters
|
|
|
SORL
2
CALL
DELISTED
SORL Auto Parts, Inc.
SORL
| $649M | 8.42% |
+3,000,000
| New | +$7.38M |
2016 Q3
0 quarters
|
|
|
TRCO
3
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $518M | 6.72% |
14,178,245
| – | – |
2014 Q4
7 quarters
|
|
4
First Bancorp
FBP
$4.21B
| $218M | 2.82% |
41,843,581
| – | – |
2013 Q2
13 quarters
|
|
5
Ally Financial
ALLY
$11.6B
| $203M | 2.63% |
10,401,462
| – | – |
2014 Q2
9 quarters
|
|
|
6
Star Bulk Carriers
SBLK
$3.26B
| $132M | 1.71% |
29,078,777
+6,217,979
| +27% | +$26.2M |
2013 Q3
12 quarters
|
|
7
Banner Corp
BANR
$2.5B
| $108M | 1.4% |
2,473,283
-125,705
| -5% | -$5.41M |
2015 Q4
3 quarters
|
|
8
DELISTED
Dynegy, Inc.
DYN
| $104M | 1.35% |
8,424,322
| – | – |
2013 Q2
13 quarters
|
|
|
9
TSMC
TSM
$2.2T
| $104M | 1.35% |
3,398,797
-948,559
| -22% | -$27.1M |
2013 Q2
13 quarters
|
|
|
TPCO
10
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $79.3M | 1.03% |
4,695,947
+4,576
| +0.1% | +$71.9K |
2014 Q3
8 quarters
|
|
11
MGIC Investment
MTG
$5.78B
| $72.2M | 0.94% |
9,030,000
| – | – |
2013 Q2
13 quarters
|
|
12
Itaú Unibanco
ITUB
$107B
| $70.6M | 0.92% |
14,637,739
-627,296
| -4% | -$2.97M |
2014 Q3
8 quarters
|
|
13
DELISTED
American Tower Corporation
AMT.PRB
| $70.5M | 0.91% |
643,239
-40,000
| -6% | -$4.42M |
2016 Q2
1 quarter
|
|
|
GNRT
14
DELISTED
Gener8 Maritime, Inc.
GNRT
| $66.8M | 0.87% |
13,052,534
| – | – |
2015 Q2
5 quarters
|
|
|
15
Alibaba
BABA
$270B
| $59.2M | 0.77% |
+560,148
| New | +$51.9M |
2016 Q3
0 quarters
|
|
16
Cemex
CX
$14.8B
| $53.9M | 0.7% |
7,058,148
+15,106
| +0.2% | +$111K |
2013 Q2
13 quarters
|
|
17
NMI Holdings
NMIH
$3.13B
| $44.3M | 0.57% |
5,816,443
| – | – |
2014 Q3
8 quarters
|
|
18
ICICI Bank
IBN
$107B
| $44.1M | 0.57% |
6,503,659
+1,949,135
| +43% | +$13.6M |
2014 Q3
8 quarters
|
|
|
XCO
19
DELISTED
Exco Resources
XCO
| $40.4M | 0.52% |
2,518,245
-493,334
| -16% | -$8.82M |
2013 Q2
13 quarters
|
|
|
LVNTA
20
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $39.5M | 0.51% |
990,450
| – | – |
2015 Q1
6 quarters
|
|
21
DELISTED
Vale S A
VALE.P
| $38.1M | 0.49% |
8,093,843
-1,555,242
| -16% | -$7.06M |
2013 Q2
13 quarters
|
|
|
SWNC
22
DELISTED
Southwestern Energy Company
SWNC
| $32.7M | 0.42% |
1,037,340
-300,000
| -22% | -$9.7M |
2016 Q2
1 quarter
|
|
23
Century Communities
CCS
$1.58B
| $31.6M | 0.41% |
1,469,003
| – | – |
2014 Q4
7 quarters
|
|
24
Telefônica Brasil
VIV
$20.5B
| $25.5M | 0.33% |
1,765,161
-250,265
| -12% | -$3.64M |
2015 Q2
5 quarters
|
|
25
DELISTED
Trina Solar Limited
TSL
| $25.1M | 0.33% |
2,450,845
-1,157,277
| -32% | -$11.4M |
2013 Q4
11 quarters
|
|
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Howard Marks's Q3 2016 Portfolio in Review
As of Q3 2016, Howard Marks held 202 positions worth $7.71B, up 39% from $5.56B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Howard Marks withdrew a net $1.65B in Q3 2016, closing 15 positions and reducing 14 holdings. Its most notable exit was JD.com, an estimated $30.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 54% of assets, down from 61% a quarter earlier, followed by Consumer Staples and Financials.
Against the trend, Howard Marks opened a new position in AdvancePierre Foods Holdings worth $1.19B.
- Howard Marks's largest Q3 2016 buy was AdvancePierre Foods Holdings: 43,268,538 shares worth $1.19B.
- Howard Marks added most to Star Bulk Carriers in Q3 2016, an estimated $26.2M increase.
- Howard Marks's biggest Q3 2016 reduction was Allergan plc, cutting an estimated $73M.
- Howard Marks fully exited JD.com in Q3 2016, selling an estimated $30.7M.
- Howard Marks's ten largest holdings make up 43% of its $7.71B portfolio in Q3 2016.
- Howard Marks opened 13 new positions and closed 15 in Q3 2016.
- Howard Marks's portfolio value rose 39% quarter-over-quarter to $7.71B.
Based on Oaktree Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.