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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
+1.88%
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
$6.12B
AUM Growth
-$760M
(-11%)
Cap. Flow
-$2.37B
Cap. Flow % of AUM
Cap. Flow %
-38.7%
Top 10 Holdings %
Top 10 Hldgs %
42.08%
Holding
209
New
20
Increased
16
Reduced
10
Closed
12
Avg Time Held
Equity + Options
1.3
years
Top 10 Avg Time Held
Equity + Options
1.3
years
Top 20 Avg Time Held
Equity + Options
1.1
years
Avg Time Held Equity only
1.3
years
Top 10 Avg Time Held Equity only
1.3
years
Top 20 Avg Time Held Equity only
1.1
years
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 | Miscellaneous | 43.31% |
| 2 | Utilities | 14.95% |
| 3 | Communication Services | 10.7% |
| 4 | Financials | 10.37% |
| 5 | Industrials | 6.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vistra
VST
$50.5B
| $845M | 13.82% |
+50,320,153
| New | +$795M |
2017 Q2
0 quarters
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $578M | 9.46% |
14,184,998
| – | – |
2014 Q4
10 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.26B
| $319M | 5.21% |
32,439,506
| – | – |
2013 Q3
15 quarters
|
|
4
Ally Financial
ALLY
$11.6B
| $217M | 3.55% |
10,381,462
| – | – |
2014 Q2
12 quarters
|
|
5
TSMC
TSM
$2.2T
| $134M | 2.19% |
3,835,125
+30,389
| +0.8% | +$1.05M |
2013 Q2
16 quarters
|
|
6
First Bancorp
FBP
$4.21B
| $116M | 1.89% |
20,001,066
| – | – |
2013 Q2
16 quarters
|
|
7
Itaú Unibanco
ITUB
$107B
| $97.4M | 1.59% |
18,185,316
+2,711,086
| +18% | +$15.2M |
2014 Q3
11 quarters
|
|
8
Alibaba
BABA
$270B
| $91.2M | 1.49% |
647,279
+4,123
| +0.6% | +$509K |
2016 Q3
3 quarters
|
|
|
GNRT
9
DELISTED
Gener8 Maritime, Inc.
GNRT
| $74.3M | 1.21% |
13,052,534
| – | – |
2015 Q2
8 quarters
|
|
10
DELISTED
Vale S A
VALE.P
| $72.9M | 1.19% |
8,951,386
+3,814,507
| +74% | +$30.7M |
2013 Q2
16 quarters
|
|
|
EGC
11
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $72.6M | 1.19% |
3,910,545
| – | – |
2017 Q1
1 quarter
|
|
12
DELISTED
Dynegy, Inc.
DYN
| $69.7M | 1.14% |
8,424,322
| – | – |
2013 Q2
16 quarters
|
|
13
Cemex
CX
$14.8B
| $68.9M | 1.13% |
7,320,811
+146,302
| +2% | +$1.29M |
2013 Q2
16 quarters
|
|
14
NMI Holdings
NMIH
$3.13B
| $66.6M | 1.09% |
5,816,443
| – | – |
2014 Q3
11 quarters
|
|
15
ICICI Bank
IBN
$107B
| $65.2M | 1.07% |
7,275,866
-2,088
| -0% | -$17.7K |
2014 Q3
11 quarters
|
|
|
AGN.PRA
16
DELISTED
Allergan plc
AGN.PRA
| $61M | 1% |
+70,296
| New | +$58.9M |
2017 Q2
0 quarters
|
|
|
AABA
17
DELISTED
Altaba Inc
AABA
| $57.8M | 0.95% |
+1,061,588
| New | +$57.8M |
2017 Q2
0 quarters
|
|
|
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 |
2017 Q2
0 quarters
|
|
|
STKL
19
DELISTED
SunOpta
STKL
| $44.8M | 0.73% |
4,392,699
+1,392,699
| +46% | +$11.6M |
2017 Q1
1 quarter
|
|
|
20
Petrobras Class A
PBR.A
$149B
| $41M | 0.67% |
+5,501,097
| New | +$46.6M |
2017 Q2
0 quarters
|
|
21
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.22B
| $38.6M | 0.63% |
+29,409
| New | +$37.4M |
2017 Q2
0 quarters
|
|
22
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.54B
| $38.5M | 0.63% |
+1,000,000
| New | +$37.8M |
2017 Q2
0 quarters
|
|
23
Century Communities
CCS
$1.58B
| $36.4M | 0.6% |
1,469,003
| – | – |
2014 Q4
10 quarters
|
|
|
NSM
24
DELISTED
Nationstar Mortgage Holdings
NSM
| $32.4M | 0.53% |
1,809,291
+199,400
| +12% | +$3.38M |
2016 Q4
2 quarters
|
|
25
DELISTED
Anthem, Inc.
ANTX
| $32.2M | 0.53% |
610,100
-46,900
| -7% | -$2.41M |
2017 Q1
1 quarter
|
|
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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 $2.37B 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 Miscellaneous at 43% of assets, down from 48% a quarter earlier, followed by Utilities and Communication Services.
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.