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 |
Vistra
VST
|
+$795M |
| 2 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$58.9M |
| 3 |
AABA
Altaba Inc
AABA
|
+$57.8M |
| 4 |
Petrobras Class A
PBR.A
|
+$46.6M |
| 5 |
BDXA
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
|
+$44.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
APFH
AdvancePierre Foods Holdings
APFH
|
+$989M |
| 2 |
YHOO
Yahoo Inc
YHOO
|
+$40.8M |
| 3 |
MGIC Investment
MTG
|
+$35.5M |
| 4 |
Telefônica Brasil
VIV
|
+$32.6M |
| 5 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$15.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 14.95% |
| 2 | Communication Services | 10.7% |
| 3 | Financials | 10.37% |
| 4 | Industrials | 6.87% |
| 5 | Technology | 3.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vistra
VST
$45.7B
| $845M | 13.82% |
+50,320,153
| New | +$795M |
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $578M | 9.46% |
14,184,998
| – | – |
|
3
Star Bulk Carriers
SBLK
$3.41B
| $319M | 5.21% |
32,439,506
| – | – |
|
4
Ally Financial
ALLY
$13.1B
| $217M | 3.55% |
10,381,462
| – | – |
|
5
TSMC
TSM
$2.17T
| $134M | 2.19% |
3,835,125
+30,389
| +0.8% | +$1.05M |
|
6
First Bancorp
FBP
$4.35B
| $116M | 1.89% |
20,001,066
| – | – |
|
7
Itaú Unibanco
ITUB
$82.4B
| $97.4M | 1.59% |
18,185,316
+2,711,086
| +18% | +$15.2M |
|
8
Alibaba
BABA
$286B
| $91.2M | 1.49% |
647,279
+4,123
| +0.6% | +$509K |
|
|
GNRT
9
DELISTED
Gener8 Maritime, Inc.
GNRT
| $74.3M | 1.21% |
13,052,534
| – | – |
|
|
VALE.P
10
DELISTED
Vale S A
VALE.P
| $72.9M | 1.19% |
8,951,386
+3,814,507
| +74% | +$30.7M |
|
|
EGC
11
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $72.6M | 1.19% |
3,910,545
| – | – |
|
|
DYN
12
DELISTED
Dynegy, Inc.
DYN
| $69.7M | 1.14% |
8,424,322
| – | – |
|
13
Cemex
CX
$16B
| $68.9M | 1.13% |
7,320,811
+146,302
| +2% | +$1.29M |
|
14
NMI Holdings
NMIH
$3.4B
| $66.6M | 1.09% |
5,816,443
| – | – |
|
15
ICICI Bank
IBN
$107B
| $65.2M | 1.07% |
7,275,866
-2,088
| -0% | -$17.7K |
|
|
AGN.PRA
16
DELISTED
Allergan plc
AGN.PRA
| $61M | 1% |
+70,296
| New | +$58.9M |
|
|
AABA
17
DELISTED
Altaba Inc
AABA
| $57.8M | 0.95% |
+1,061,588
| New | +$57.8M |
|
|
BDXA
18
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
| $45.1M | 0.74% |
+822,700
| New | +$44.2M |
|
|
STKL
19
DELISTED
SunOpta
STKL
| $44.8M | 0.73% |
4,392,699
+1,392,699
| +46% | +$11.6M |
|
|
20
Petrobras Class A
PBR.A
$111B
| $41M | 0.67% |
+5,501,097
| New | +$46.6M |
|
21
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
| $38.6M | 0.63% |
+29,409
| New | +$37.4M |
|
22
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.46B
| $38.5M | 0.63% |
+1,000,000
| New | +$37.8M |
|
23
Century Communities
CCS
$1.98B
| $36.4M | 0.6% |
1,469,003
| – | – |
|
|
NSM
24
DELISTED
Nationstar Mortgage Holdings
NSM
| $32.4M | 0.53% |
1,809,291
+199,400
| +12% | +$3.38M |
|
|
ANTX
25
DELISTED
Anthem, Inc.
ANTX
| $32.2M | 0.53% |
610,100
-46,900
| -7% | -$2.41M |
|
Similar funds
Howard Marks's Q2 2017 Portfolio in Review
As of Q2 2017, Howard Marks held 209 positions worth $6.12B, down 11% from $6.88B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Howard Marks withdrew a net $2.79B in Q2 2017, closing 12 positions and reducing 10 holdings. Its most notable exit was AdvancePierre Foods Holdings, an estimated $989M position sold in full.
By sector, the portfolio is most concentrated in Utilities at 15% of assets, up from 0.96% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Howard Marks opened a new position in Vistra worth $845M.
- Howard Marks's largest Q2 2017 buy was Vistra: 50,320,153 shares worth $845M.
- Howard Marks added most to Vale S A in Q2 2017, an estimated $30.7M increase.
- Howard Marks's biggest Q2 2017 reduction was MGIC Investment, cutting an estimated $35.5M.
- Howard Marks fully exited AdvancePierre Foods Holdings in Q2 2017, selling an estimated $989M.
- Howard Marks's ten largest holdings make up 42% of its $6.12B portfolio in Q2 2017.
- Howard Marks opened 20 new positions and closed 12 in Q2 2017.
- Howard Marks's portfolio value fell 11% quarter-over-quarter to $6.12B.
Based on Oaktree Capital Management's 13F filing for Q2 2017, filed 14 Aug 2017.