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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
+2.17%
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
$6.74B
AUM Growth
-$968M
(-13%)
Cap. Flow
-$3.27B
Cap. Flow % of AUM
Cap. Flow %
-48.51%
Top 10 Holdings %
Top 10 Hldgs %
41.78%
Holding
204
New
11
Increased
11
Reduced
17
Closed
10
Avg Time Held
Equity + Options
1.2
years
Top 10 Avg Time Held
Equity + Options
1.3
years
Top 20 Avg Time Held
Equity + Options
0.8
years
Avg Time Held Equity only
1.2
years
Top 10 Avg Time Held Equity only
1.4
years
Top 20 Avg Time Held Equity only
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
America Movil
AMX
|
+$29.2M |
| 2 |
STON
StoneMor Inc.
STON
|
+$17.6M |
| 3 |
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
|
+$16.8M |
| 4 |
TSMC
TSM
|
+$10.5M |
| 5 |
Banc of California
BANC
|
+$8.72M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Banner Corp
BANR
|
+$108M |
| 2 |
First Bancorp
FBP
|
+$60.9M |
| 3 |
American Tower Corporation
AMT.PRB
|
+$34.2M |
| 4 |
MGIC Investment
MTG
|
+$29.2M |
| 5 |
Kinder Morgan
KMI
|
+$21M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 48.56% |
| 2 | Consumer Staples | 19.57% |
| 3 | Communication Services | 10.11% |
| 4 | Financials | 9.9% |
| 5 | Industrials | 3.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
APFH
1
DELISTED
AdvancePierre Foods Holdings
APFH
| $1.29B | 19.11% |
43,268,538
| – | – |
2016 Q3
1 quarter
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $496M | 7.36% |
14,178,245
| – | – |
2014 Q4
8 quarters
|
|
|
3
First Bancorp
FBP
$4.17B
| $208M | 3.09% |
31,493,581
-10,350,000
| -25% | -$60.9M |
2013 Q2
14 quarters
|
|
4
Ally Financial
ALLY
$12B
| $195M | 2.89% |
10,246,462
-155,000
| -1% | -$2.98M |
2014 Q2
10 quarters
|
|
5
Star Bulk Carriers
SBLK
$3.33B
| $149M | 2.2% |
29,078,777
| – | – |
2013 Q3
13 quarters
|
|
|
6
TSMC
TSM
$2.14T
| $108M | 1.6% |
3,747,347
+348,550
| +10% | +$10.5M |
2013 Q2
14 quarters
|
|
7
Itaú Unibanco
ITUB
$105B
| $78.2M | 1.16% |
15,683,257
+1,045,518
| +7% | +$5.36M |
2014 Q3
9 quarters
|
|
8
DELISTED
Dynegy, Inc.
DYN
| $71.3M | 1.06% |
8,424,322
| – | – |
2013 Q2
14 quarters
|
|
|
TPCO
9
DELISTED
Tribune Publishing Company Common Stock
TPCO
| $65.1M | 0.97% |
4,695,947
| – | – |
2014 Q3
9 quarters
|
|
10
NMI Holdings
NMIH
$3.12B
| $61.9M | 0.92% |
5,816,443
| – | – |
2014 Q3
9 quarters
|
|
11
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$815B
| $61.5M | 0.91% |
+275,000
| New | +$60.1M |
2016 Q4
0 quarters
|
|
|
12
MGIC Investment
MTG
$5.69B
| $59M | 0.88% |
5,795,000
-3,235,000
| -36% | -$29.2M |
2013 Q2
14 quarters
|
|
|
GNRT
13
DELISTED
Gener8 Maritime, Inc.
GNRT
| $58.5M | 0.87% |
13,052,534
| – | – |
2015 Q2
6 quarters
|
|
14
Alibaba
BABA
$253B
| $54.4M | 0.81% |
619,374
+59,226
| +11% | +$5.7M |
2016 Q3
1 quarter
|
|
15
Cemex
CX
$14.6B
| $53.9M | 0.8% |
6,983,953
-74,195
| -1% | -$590K |
2013 Q2
14 quarters
|
|
16
ICICI Bank
IBN
$107B
| $47.8M | 0.71% |
7,022,905
+519,246
| +8% | +$3.7M |
2014 Q3
9 quarters
|
|
17
DELISTED
Vale S A
VALE.P
| $36.4M | 0.54% |
5,285,761
-2,808,082
| -35% | -$18.6M |
2013 Q2
14 quarters
|
|
|
18
DELISTED
American Tower Corporation
AMT.PRB
| $33.5M | 0.5% |
320,739
-322,500
| -50% | -$34.2M |
2016 Q2
2 quarters
|
|
19
Century Communities
CCS
$1.66B
| $30.8M | 0.46% |
1,469,003
| – | – |
2014 Q4
8 quarters
|
|
|
20
America Movil
AMX
$74.6B
| $30.3M | 0.45% |
+2,412,671
| New | +$29.2M |
2016 Q4
0 quarters
|
|
21
Telefônica Brasil
VIV
$20.9B
| $28.4M | 0.42% |
2,119,808
+354,647
| +20% | +$4.75M |
2015 Q2
6 quarters
|
|
|
XCO
22
DELISTED
Exco Resources
XCO
| $26.9M | 0.4% |
2,051,579
-466,666
| -19% | -$7.5M |
2013 Q2
14 quarters
|
|
|
SWNC
23
DELISTED
Southwestern Energy Company
SWNC
| $25.1M | 0.37% |
984,340
-53,000
| -5% | -$1.45M |
2016 Q2
2 quarters
|
|
24
AngloGold Ashanti
AU
$43.1B
| $23.2M | 0.34% |
2,207,653
+684,301
| +45% | +$8.3M |
2013 Q4
12 quarters
|
|
|
CEO
25
DELISTED
CNOOC Limited
CEO
| $22.7M | 0.34% |
183,316
+15,979
| +10% | +$2.07M |
2015 Q4
4 quarters
|
|
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Howard Marks's Q4 2016 Portfolio in Review
As of Q4 2016, Howard Marks held 204 positions worth $6.74B, down 13% from $7.71B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Howard Marks withdrew a net $3.27B in Q4 2016, closing 10 positions and reducing 17 holdings. Its most notable exit was Banner Corp, an estimated $108M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 49% of assets, down from 54% a quarter earlier, followed by Consumer Staples and Communication Services.
Against the trend, Howard Marks opened a new position in America Movil worth $30.3M.
- Howard Marks's largest Q4 2016 buy was America Movil: 2,412,671 shares worth $30.3M.
- Howard Marks added most to TSMC in Q4 2016, an estimated $10.5M increase.
- Howard Marks's biggest Q4 2016 reduction was First Bancorp, cutting an estimated $60.9M.
- Howard Marks fully exited Banner Corp in Q4 2016, selling an estimated $108M.
- Howard Marks's ten largest holdings make up 42% of its $6.74B portfolio in Q4 2016.
- Howard Marks opened 11 new positions and closed 10 in Q4 2016.
- Howard Marks's portfolio value fell 13% quarter-over-quarter to $6.74B.
Based on Oaktree Capital Management's 13F filing for Q4 2016, filed 13 Feb 2017.