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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
+11.24%
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
$6.88B
AUM Growth
+$134M
(+2%)
Cap. Flow
-$2.8B
Cap. Flow % of AUM
Cap. Flow %
-40.66%
Top 10 Holdings %
Top 10 Hldgs %
44.74%
Holding
204
New
14
Increased
18
Reduced
9
Closed
11
Avg Time Held
Equity + Options
1.2
years
Top 10 Avg Time Held
Equity + Options
1.1
years
Top 20 Avg Time Held
Equity + Options
0.9
years
Avg Time Held Equity only
1.2
years
Top 10 Avg Time Held Equity only
1.2
years
Top 20 Avg Time Held Equity only
0.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
|
+$116M |
| 2 |
YHOO
Yahoo Inc
YHOO
|
+$39.3M |
| 3 |
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 |
American Tower Corporation
AMT.PRB
|
+$33.5M |
| 5 |
SWNC
Southwestern Energy Company
SWNC
|
+$25.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 48.49% |
| 2 | Consumer Staples | 15.12% |
| 3 | Communication Services | 9.66% |
| 4 | Financials | 8.86% |
| 5 | Industrials | 6.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
APFH
1
DELISTED
AdvancePierre Foods Holdings
APFH
| $989M | 14.39% |
31,732,120
-11,536,418
| -27% | -$333M |
2016 Q3
2 quarters
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $529M | 7.69% |
14,184,998
+6,753
| +0% | +$229K |
2014 Q4
9 quarters
|
|
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$817B
| $413M | 6% |
+1,750,000
| New | +$407M |
2017 Q1
0 quarters
|
|
|
4
Star Bulk Carriers
SBLK
$3.35B
| $385M | 5.61% |
32,439,506
+3,360,729
| +12% | +$30.4M |
2013 Q3
14 quarters
|
|
5
Ally Financial
ALLY
$11.9B
| $211M | 3.07% |
10,381,462
+135,000
| +1% | +$2.87M |
2014 Q2
11 quarters
|
|
6
TSMC
TSM
$2.27T
| $125M | 1.82% |
3,804,736
+57,389
| +2% | +$1.79M |
2013 Q2
15 quarters
|
|
|
EGC
7
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $117M | 1.7% |
+3,910,545
| New | +$116M |
2017 Q1
0 quarters
|
|
|
8
First Bancorp
FBP
$4.1B
| $113M | 1.64% |
20,001,066
-11,492,515
| -36% | -$73M |
2013 Q2
15 quarters
|
|
9
Itaú Unibanco
ITUB
$85.5B
| $90.6M | 1.32% |
15,474,230
-209,027
| -1% | -$1.24M |
2014 Q3
10 quarters
|
|
|
GNRT
10
DELISTED
Gener8 Maritime, Inc.
GNRT
| $74M | 1.08% |
13,052,534
| – | – |
2015 Q2
7 quarters
|
|
11
Alibaba
BABA
$248B
| $69.3M | 1.01% |
643,156
+23,782
| +4% | +$2.42M |
2016 Q3
2 quarters
|
|
12
NMI Holdings
NMIH
$3.21B
| $66.3M | 0.96% |
5,816,443
| – | – |
2014 Q3
10 quarters
|
|
13
DELISTED
Dynegy, Inc.
DYN
| $66.2M | 0.96% |
8,424,322
| – | – |
2013 Q2
15 quarters
|
|
14
Cemex
CX
$15.2B
| $62.5M | 0.91% |
7,174,509
+190,556
| +3% | +$1.6M |
2013 Q2
15 quarters
|
|
15
ICICI Bank
IBN
$104B
| $56.9M | 0.83% |
7,277,954
+255,049
| +4% | +$1.9M |
2014 Q3
10 quarters
|
|
16
MGIC Investment
MTG
$5.89B
| $46.3M | 0.67% |
4,567,000
-1,228,000
| -21% | -$12.9M |
2013 Q2
15 quarters
|
|
17
DELISTED
Vale S A
VALE.P
| $46.1M | 0.67% |
5,136,879
-148,882
| -3% | -$1.4M |
2013 Q2
15 quarters
|
|
|
YHOO
18
DELISTED
Yahoo Inc
YHOO
| $40.8M | 0.59% |
+880,000
| New | +$39.3M |
2017 Q1
0 quarters
|
|
19
Century Communities
CCS
$1.65B
| $37.3M | 0.54% |
1,469,003
| – | – |
2014 Q4
9 quarters
|
|
20
America Movil
AMX
$71.4B
| $35.4M | 0.52% |
2,501,889
+89,218
| +4% | +$1.16M |
2016 Q4
1 quarter
|
|
|
21
DELISTED
Anthem, Inc.
ANTX
| $33.5M | 0.49% |
+657,000
| New | +$32.3M |
2017 Q1
0 quarters
|
|
22
Telefônica Brasil
VIV
$18.7B
| $32.6M | 0.47% |
2,195,204
+75,396
| +4% | +$1.11M |
2015 Q2
7 quarters
|
|
|
23
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$817B
| $31.8M | 0.46% |
135,000
-140,000
| -51% | -$32.5M |
2016 Q4
1 quarter
|
|
24
Ambev
ABEV
$44.2B
| $29.7M | 0.43% |
5,157,300
+613,537
| +14% | +$3.37M |
2016 Q2
3 quarters
|
|
25
AngloGold Ashanti
AU
$43.4B
| $29.6M | 0.43% |
2,746,100
+538,447
| +24% | +$6.29M |
2013 Q4
13 quarters
|
|
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SAM
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 $2.8B 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 Miscellaneous at 48% of assets, down from 49% a quarter earlier, followed by Consumer Staples and Communication Services.
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.