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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
+2.17%
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
Cap. Flow
-$3.9B
Cap. Flow %
-57.86%
Top 10 Hldgs %
41.78%
Holding
204
New
11
Increased
11
Reduced
17
Closed
10

Top Buys

Rank Stock Value
1
AMX icon
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
TSM icon
TSMC
TSM
+$10.5M
5
BANC icon
Banc of California
BANC
+$8.72M

Top Sells

Rank Stock Value
1
BANR icon
Banner Corp
BANR
+$108M
2
FBP icon
First Bancorp
FBP
+$60.9M
3
AMT.PRB
American Tower Corporation
AMT.PRB
+$34.2M
4
MTG icon
MGIC Investment
MTG
+$29.2M
5
KMI icon
Kinder Morgan
KMI
+$21M

Sector Composition

Rank Sector Weight
1 Consumer Staples 19.57%
2 Communication Services 10.11%
3 Financials 9.9%
4 Industrials 3.18%
5 Technology 2.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APFH
1
DELISTED
AdvancePierre Foods Holdings
APFH
$1.29B 19.11%
43,268,538
– –
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$496M 7.36%
14,178,245
– –
FBP icon
3
First Bancorp
FBP
$4.35B
$208M 3.09%
31,493,581
-10,350,000
-25% -$60.9M
ALLY icon
4
Ally Financial
ALLY
$13.1B
$195M 2.89%
10,246,462
-155,000
-1% -$2.98M
SBLK icon
5
Star Bulk Carriers
SBLK
$3.41B
$149M 2.2%
29,078,777
– –
TSM icon
6
TSMC
TSM
$2.17T
$108M 1.6%
3,747,347
+348,550
+10% +$10.5M
ITUB icon
7
Itaú Unibanco
ITUB
$82.4B
$78.2M 1.16%
15,683,257
+1,045,518
+7% +$5.36M
DYN
8
DELISTED
Dynegy, Inc.
DYN
$71.3M 1.06%
8,424,322
– –
TPCO
9
DELISTED
Tribune Publishing Company Common Stock
TPCO
$65.1M 0.97%
4,695,947
– –
NMIH icon
10
NMI Holdings
NMIH
$3.4B
$61.9M 0.92%
5,816,443
– –
SPY icon
11
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$61.5M 0.91%
+275,000
New +$60.1M
MTG icon
12
MGIC Investment
MTG
$6.34B
$59M 0.88%
5,795,000
-3,235,000
-36% -$29.2M
GNRT
13
DELISTED
Gener8 Maritime, Inc.
GNRT
$58.5M 0.87%
13,052,534
– –
BABA icon
14
Alibaba
BABA
$286B
$54.4M 0.81%
619,374
+59,226
+11% +$5.7M
CX icon
15
Cemex
CX
$16B
$53.9M 0.8%
6,983,953
-74,195
-1% -$590K
IBN icon
16
ICICI Bank
IBN
$107B
$47.8M 0.71%
7,022,905
+519,246
+8% +$3.7M
VALE.P
17
DELISTED
Vale S A
VALE.P
$36.4M 0.54%
5,285,761
-2,808,082
-35% -$18.6M
AMT.PRB
18
DELISTED
American Tower Corporation
AMT.PRB
$33.5M 0.5%
320,739
-322,500
-50% -$34.2M
CCS icon
19
Century Communities
CCS
$1.98B
$30.8M 0.46%
1,469,003
– –
AMX icon
20
America Movil
AMX
$71.3B
$30.3M 0.45%
+2,412,671
New +$29.2M
VIV icon
21
Telefônica Brasil
VIV
$18.3B
$28.4M 0.42%
2,119,808
+354,647
+20% +$4.75M
XCO
22
DELISTED
Exco Resources
XCO
$26.9M 0.4%
2,051,579
-466,666
-19% -$7.5M
SWNC
23
DELISTED
Southwestern Energy Company
SWNC
$25.1M 0.37%
984,340
-53,000
-5% -$1.45M
AU icon
24
AngloGold Ashanti
AU
$61.3B
$23.2M 0.34%
2,207,653
+684,301
+45% +$8.3M
CEO
25
DELISTED
CNOOC Limited
CEO
$22.7M 0.34%
183,316
+15,979
+10% +$2.07M
1
2 3

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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 $3.9B 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 Consumer Staples at 20% of assets, up from 16% a quarter earlier, followed by Communication Services and Financials.

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.