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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
+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
Cap. Flow
-$1.62B
Cap. Flow %
-21.07%
Top 10 Hldgs %
43.36%
Holding
202
New
13
Increased
8
Reduced
14
Closed
15

Top Buys

Rank Stock Value
1
APFH
AdvancePierre Foods Holdings
APFH
+$1.09B
2
BABA icon
Alibaba
BABA
+$51.9M
3
SBLK icon
Star Bulk Carriers
SBLK
+$26.2M
4
VRS
Verso Corporation
VRS
+$26.2M
5
FMX icon
Fomento Económico Mexicano
FMX
+$23.1M

Top Sells

Rank Stock Value
1
AGN.PRA
Allergan plc
AGN.PRA
+$73M
2
JD icon
JD.com
JD
+$30.7M
3
BRFS
BRF SA
BRFS
+$27.3M
4
TSM icon
TSMC
TSM
+$27.1M
5
ANTX
Anthem, Inc.
ANTX
+$22.1M

Sector Composition

Rank Sector Weight
1 Consumer Staples 16.06%
2 Financials 9.94%
3 Communication Services 8.79%
4 Industrials 2.69%
5 Technology 1.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APFH
1
DELISTED
AdvancePierre Foods Holdings
APFH
$1.19B 15.47%
+43,268,538
New +$1.09B
SORL
2
CALL
DELISTED
SORL Auto Parts, Inc.
SORL
$649M 8.42%
+3,000,000
New +$7.38M
TRCO
3
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$518M 6.72%
14,178,245
– –
FBP icon
4
First Bancorp
FBP
$4.35B
$218M 2.82%
41,843,581
– –
ALLY icon
5
Ally Financial
ALLY
$13.1B
$203M 2.63%
10,401,462
– –
SBLK icon
6
Star Bulk Carriers
SBLK
$3.41B
$132M 1.71%
29,078,777
+6,217,979
+27% +$26.2M
BANR icon
7
Banner Corp
BANR
$2.42B
$108M 1.4%
2,473,283
-125,705
-5% -$5.41M
DYN
8
DELISTED
Dynegy, Inc.
DYN
$104M 1.35%
8,424,322
– –
TSM icon
9
TSMC
TSM
$2.17T
$104M 1.35%
3,398,797
-948,559
-22% -$27.1M
TPCO
10
DELISTED
Tribune Publishing Company Common Stock
TPCO
$79.3M 1.03%
4,695,947
+4,576
+0.1% +$71.9K
MTG icon
11
MGIC Investment
MTG
$6.34B
$72.2M 0.94%
9,030,000
– –
ITUB icon
12
Itaú Unibanco
ITUB
$82.4B
$70.6M 0.92%
14,637,739
-627,296
-4% -$2.97M
AMT.PRB
13
DELISTED
American Tower Corporation
AMT.PRB
$70.5M 0.91%
643,239
-40,000
-6% -$4.42M
GNRT
14
DELISTED
Gener8 Maritime, Inc.
GNRT
$66.8M 0.87%
13,052,534
– –
BABA icon
15
Alibaba
BABA
$286B
$59.2M 0.77%
+560,148
New +$51.9M
CX icon
16
Cemex
CX
$16B
$53.9M 0.7%
7,058,148
+15,106
+0.2% +$111K
NMIH icon
17
NMI Holdings
NMIH
$3.4B
$44.3M 0.57%
5,816,443
– –
IBN icon
18
ICICI Bank
IBN
$107B
$44.1M 0.57%
6,503,659
+1,949,135
+43% +$13.6M
XCO
19
DELISTED
Exco Resources
XCO
$40.4M 0.52%
2,518,245
-493,334
-16% -$8.82M
LVNTA
20
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$39.5M 0.51%
990,450
– –
VALE.P
21
DELISTED
Vale S A
VALE.P
$38.1M 0.49%
8,093,843
-1,555,242
-16% -$7.06M
SWNC
22
DELISTED
Southwestern Energy Company
SWNC
$32.7M 0.42%
1,037,340
-300,000
-22% -$9.68M
CCS icon
23
Century Communities
CCS
$1.98B
$31.6M 0.41%
1,469,003
– –
VIV icon
24
Telefônica Brasil
VIV
$18.3B
$25.5M 0.33%
1,765,161
-250,265
-12% -$3.64M
TSL
25
DELISTED
Trina Solar Limited
TSL
$25.1M 0.33%
2,450,845
-1,157,277
-32% -$11.4M
1
2 3

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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 $1.62B 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 Consumer Staples at 16% of assets, up from 0.92% a quarter earlier, followed by Financials and Communication Services.

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.