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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
+4.44%
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
$6.7B
AUM Growth
+$582M
(+9.5%)
Cap. Flow
-$653M
Cap. Flow % of AUM
Cap. Flow %
-9.75%
Top 10 Holdings %
Top 10 Hldgs %
42.76%
Holding
209
New
10
Increased
25
Reduced
11
Closed
6
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
1
year
Avg Time Held Equity only
1.2
years
Top 10 Avg Time Held Equity only
1.1
years
Top 20 Avg Time Held Equity only
1
year
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
ORIG
Ocean Rig UDW Inc. Class A Common Shares
ORIG
|
+$1.16B |
| 2 |
AABA
Altaba Inc
AABA
|
+$126M |
| 3 |
Vale
VALE
|
+$77.5M |
| 4 |
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
|
+$32.5M |
| 5 |
National CineMedia
NCMI
|
+$23.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vale S A
VALE.P
|
+$72.9M |
| 2 |
First Bancorp
FBP
|
+$56.8M |
| 3 |
AGN.PRA
Allergan plc
AGN.PRA
|
+$37.4M |
| 4 |
America Movil
AMX
|
+$25.7M |
| 5 |
Cemex
CX
|
+$17.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 42.53% |
| 2 | Utilities | 15.26% |
| 3 | Communication Services | 9.82% |
| 4 | Financials | 9.21% |
| 5 | Technology | 6.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Vistra
VST
$47B
| $940M | 14.03% |
50,280,227
-39,926
| -0.1% | -$688K |
2017 Q2
1 quarter
|
|
|
TRCO
2
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $580M | 8.65% |
14,184,998
| – | – |
2014 Q4
11 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.36B
| $316M | 4.72% |
32,579,506
+140,000
| +0.4% | +$1.46M |
2013 Q3
16 quarters
|
|
4
Ally Financial
ALLY
$11.8B
| $240M | 3.58% |
9,893,300
-488,162
| -5% | -$10.9M |
2014 Q2
13 quarters
|
|
|
AABA
5
DELISTED
Altaba Inc
AABA
| $206M | 3.08% |
3,111,588
+2,050,000
| +193% | +$126M |
2017 Q2
1 quarter
|
|
6
TSMC
TSM
$2.16T
| $152M | 2.27% |
4,047,500
+212,375
| +6% | +$7.76M |
2013 Q2
17 quarters
|
|
7
Itaú Unibanco
ITUB
$106B
| $127M | 1.89% |
19,048,486
+863,170
| +5% | +$5.27M |
2014 Q3
12 quarters
|
|
8
Alibaba
BABA
$249B
| $118M | 1.76% |
682,345
+35,066
| +5% | +$5.68M |
2016 Q3
4 quarters
|
|
|
9
Vale
VALE
$52.6B
| $91M | 1.36% |
9,037,993
+7,700,993
| +576% | +$77.5M |
2015 Q4
7 quarters
|
|
10
DELISTED
Dynegy, Inc.
DYN
| $82.5M | 1.23% |
8,424,322
| – | – |
2013 Q2
17 quarters
|
|
11
NMI Holdings
NMIH
$3.2B
| $72.1M | 1.08% |
5,816,443
| – | – |
2014 Q3
12 quarters
|
|
12
ICICI Bank
IBN
$106B
| $65.6M | 0.98% |
7,667,330
+391,464
| +5% | +$3.58M |
2014 Q3
12 quarters
|
|
|
GNRT
13
DELISTED
Gener8 Maritime, Inc.
GNRT
| $58.9M | 0.88% |
13,062,118
+9,584
| +0.1% | +$47.5K |
2015 Q2
9 quarters
|
|
14
Petrobras Class A
PBR.A
$152B
| $56.1M | 0.84% |
5,805,863
+304,766
| +6% | +$2.66M |
2017 Q2
1 quarter
|
|
|
15
First Bancorp
FBP
$4.13B
| $51.4M | 0.77% |
10,034,725
-9,966,341
| -50% | -$56.8M |
2013 Q2
17 quarters
|
|
|
16
Cemex
CX
$14.7B
| $49.5M | 0.74% |
5,454,646
-1,866,165
| -25% | -$17.7M |
2013 Q2
17 quarters
|
|
|
BDXA
17
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
| $47.9M | 0.71% |
866,470
+43,770
| +5% | +$2.42M |
2017 Q2
1 quarter
|
|
18
DELISTED
BRF SA
BRFS
| $44.1M | 0.66% |
3,062,998
+574,437
| +23% | +$7.48M |
2017 Q2
1 quarter
|
|
|
EGC
19
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $40.4M | 0.6% |
3,910,545
| – | – |
2017 Q1
2 quarters
|
|
20
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.2B
| $40.3M | 0.6% |
30,659
+1,250
| +4% | +$1.66M |
2017 Q2
1 quarter
|
|
21
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.58B
| $39.8M | 0.59% |
1,000,000
| – | – |
2017 Q2
1 quarter
|
|
|
STKL
22
DELISTED
SunOpta
STKL
| $38.2M | 0.57% |
4,392,699
| – | – |
2017 Q1
2 quarters
|
|
23
Century Communities
CCS
$1.64B
| $36.3M | 0.54% |
1,469,003
| – | – |
2014 Q4
11 quarters
|
|
24
Ambev
ABEV
$51.3B
| $36M | 0.54% |
5,466,785
+271,009
| +5% | +$1.68M |
2016 Q2
5 quarters
|
|
|
NSM
25
DELISTED
Nationstar Mortgage Holdings
NSM
| $33.6M | 0.5% |
1,809,291
| – | – |
2016 Q4
3 quarters
|
|
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Howard Marks's Q3 2017 Portfolio in Review
As of Q3 2017, Howard Marks held 209 positions worth $6.7B, up 9.5% from $6.12B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Howard Marks withdrew a net $653M in Q3 2017, closing 6 positions and reducing 11 holdings. Its most notable exit was Vale S A, an estimated $72.9M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 43% of assets, down from 43% a quarter earlier, followed by Utilities and Communication Services.
Against the trend, Howard Marks opened a new position in Ocean Rig UDW Inc. Class A Common Shares worth $18.9M.
- Howard Marks's largest Q3 2017 buy was Ocean Rig UDW Inc. Class A Common Shares: 794,183 shares worth $18.9M.
- Howard Marks added most to Altaba Inc in Q3 2017, an estimated $126M increase.
- Howard Marks's biggest Q3 2017 reduction was First Bancorp, cutting an estimated $56.8M.
- Howard Marks fully exited Vale S A in Q3 2017, selling an estimated $72.9M.
- Howard Marks's ten largest holdings make up 43% of its $6.7B portfolio in Q3 2017.
- Howard Marks opened 10 new positions and closed 6 in Q3 2017.
- Howard Marks's portfolio value rose 9.5% quarter-over-quarter to $6.7B.
Based on Oaktree Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.