Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
|
+$116M |
| 2 |
YHOO
Yahoo Inc
YHOO
|
+$39.3M |
| 3 |
ANTX
Anthem, Inc.
ANTX
|
+$32.3M |
| 4 |
Star Bulk Carriers
SBLK
|
+$30.4M |
| 5 |
STKL
SunOpta
STKL
|
+$21.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APFH
AdvancePierre Foods Holdings
APFH
|
+$333M |
| 2 |
First Bancorp
FBP
|
+$73M |
| 3 |
TPCO
Tribune Publishing Company Common Stock
TPCO
|
+$65.1M |
| 4 |
AMT.PRB
American Tower Corporation
AMT.PRB
|
+$33.5M |
| 5 |
SWNC
Southwestern Energy Company
SWNC
|
+$25.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 15.12% |
| 2 | Communication Services | 9.66% |
| 3 | Financials | 8.86% |
| 4 | Industrials | 6.79% |
| 5 | Energy | 3.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
APFH
1
DELISTED
AdvancePierre Foods Holdings
APFH
| $989M | 14.39% |
31,732,120
-11,536,418
| -27% | -$333M |
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $529M | 7.69% |
14,184,998
+6,753
| +0% | +$229K |
|
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $413M | 6% |
+1,750,000
| New | +$407M |
|
|
4
Star Bulk Carriers
SBLK
$3.41B
| $385M | 5.61% |
32,439,506
+3,360,729
| +12% | +$30.4M |
|
5
Ally Financial
ALLY
$13.1B
| $211M | 3.07% |
10,381,462
+135,000
| +1% | +$2.87M |
|
6
TSMC
TSM
$2.17T
| $125M | 1.82% |
3,804,736
+57,389
| +2% | +$1.79M |
|
|
EGC
7
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $117M | 1.7% |
+3,910,545
| New | +$116M |
|
|
8
First Bancorp
FBP
$4.35B
| $113M | 1.64% |
20,001,066
-11,492,515
| -36% | -$73M |
|
9
Itaú Unibanco
ITUB
$82.4B
| $90.6M | 1.32% |
15,474,230
-209,027
| -1% | -$1.24M |
|
|
GNRT
10
DELISTED
Gener8 Maritime, Inc.
GNRT
| $74M | 1.08% |
13,052,534
| – | – |
|
11
Alibaba
BABA
$286B
| $69.3M | 1.01% |
643,156
+23,782
| +4% | +$2.42M |
|
12
NMI Holdings
NMIH
$3.4B
| $66.3M | 0.96% |
5,816,443
| – | – |
|
|
DYN
13
DELISTED
Dynegy, Inc.
DYN
| $66.2M | 0.96% |
8,424,322
| – | – |
|
14
Cemex
CX
$16B
| $62.5M | 0.91% |
7,174,509
+190,556
| +3% | +$1.6M |
|
15
ICICI Bank
IBN
$107B
| $56.9M | 0.83% |
7,277,954
+255,049
| +4% | +$1.9M |
|
16
MGIC Investment
MTG
$6.34B
| $46.3M | 0.67% |
4,567,000
-1,228,000
| -21% | -$12.9M |
|
|
VALE.P
17
DELISTED
Vale S A
VALE.P
| $46.1M | 0.67% |
5,136,879
-148,882
| -3% | -$1.4M |
|
|
YHOO
18
DELISTED
Yahoo Inc
YHOO
| $40.8M | 0.59% |
+880,000
| New | +$39.3M |
|
19
Century Communities
CCS
$1.98B
| $37.3M | 0.54% |
1,469,003
| – | – |
|
20
America Movil
AMX
$71.3B
| $35.4M | 0.52% |
2,501,889
+89,218
| +4% | +$1.16M |
|
|
ANTX
21
DELISTED
Anthem, Inc.
ANTX
| $33.5M | 0.49% |
+657,000
| New | +$32.3M |
|
22
Telefônica Brasil
VIV
$18.3B
| $32.6M | 0.47% |
2,195,204
+75,396
| +4% | +$1.11M |
|
|
23
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $31.8M | 0.46% |
135,000
-140,000
| -51% | -$32.5M |
|
24
Ambev
ABEV
$44.4B
| $29.7M | 0.43% |
5,157,300
+613,537
| +14% | +$3.37M |
|
25
AngloGold Ashanti
AU
$61.3B
| $29.6M | 0.43% |
2,746,100
+538,447
| +24% | +$6.29M |
|
Similar funds
Howard Marks's Q1 2017 Portfolio in Review
As of Q1 2017, Howard Marks held 204 positions worth $6.88B, up 2% from $6.74B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Howard Marks withdrew a net $2.43B in Q1 2017, closing 11 positions and reducing 9 holdings. Its most notable exit was Tribune Publishing Company Common Stock, an estimated $65.1M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 15% of assets, down from 20% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Howard Marks opened a new position in Energy XXI Gulf Coast, Inc. Common Stock worth $117M.
- Howard Marks's largest Q1 2017 buy was Energy XXI Gulf Coast, Inc. Common Stock: 3,910,545 shares worth $117M.
- Howard Marks added most to Star Bulk Carriers in Q1 2017, an estimated $30.4M increase.
- Howard Marks's biggest Q1 2017 reduction was AdvancePierre Foods Holdings, cutting an estimated $333M.
- Howard Marks fully exited Tribune Publishing Company Common Stock in Q1 2017, selling an estimated $65.1M.
- Howard Marks's ten largest holdings make up 45% of its $6.88B portfolio in Q1 2017.
- Howard Marks opened 14 new positions and closed 11 in Q1 2017.
- Howard Marks's portfolio value rose 2% quarter-over-quarter to $6.88B.
Based on Oaktree Capital Management's 13F filing for Q1 2017, filed 15 May 2017.