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Howard Marks Oaktree Capital Management

AUM $7.21B
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
+5.97%
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
$6.38B
AUM Growth
-$317M
Cap. Flow
-$2.26B
Cap. Flow %
-35.36%
Top 10 Hldgs %
39.76%
Holding
213
New
7
Increased
22
Reduced
22
Closed
10

Top Buys

Rank Stock Value
1
INFY icon
Infosys
INFY
+$43.1M
2
TV icon
Televisa
TV
+$31.7M
3
STKL
SunOpta
STKL
+$30.9M
4
RYAM icon
Rayonier Advanced Materials
RYAM
+$26.2M
5
TCOM icon
Trip.com Group
TCOM
+$17.6M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$289M
2
AABA
Altaba Inc
AABA
+$143M
3
BABA icon
Alibaba
BABA
+$34.2M
4
TSM icon
TSMC
TSM
+$19.5M
5
AGN.PRA
Allergan plc
AGN.PRA
+$18.7M

Sector Composition

Rank Sector Weight
1 Utilities 16%
2 Financials 10.75%
3 Industrials 7.64%
4 Communication Services 6.17%
5 Technology 4.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VST icon
1
Vistra
VST
$45.7B
$921M 14.44%
50,280,227
– –
SBLK icon
2
Star Bulk Carriers
SBLK
$3.41B
$367M 5.75%
32,579,506
– –
TRCO
3
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$305M 4.78%
7,184,998
-7,000,000
-49% -$289M
ALLY icon
4
Ally Financial
ALLY
$13.1B
$285M 4.46%
9,760,000
-133,300
-1% -$3.54M
TSM icon
5
TSMC
TSM
$2.17T
$141M 2.22%
3,566,356
-481,144
-12% -$19.5M
ITUB icon
6
Itaú Unibanco
ITUB
$82.4B
$120M 1.88%
19,037,255
-11,231
-0.1% -$71.7K
VALE icon
7
Vale
VALE
$62.1B
$115M 1.8%
9,411,396
+373,403
+4% +$3.96M
DYN
8
DELISTED
Dynegy, Inc.
DYN
$99.8M 1.56%
8,424,322
– –
NMIH icon
9
NMI Holdings
NMIH
$3.4B
$96.6M 1.51%
5,681,992
-134,451
-2% -$2.1M
GNRT
10
DELISTED
Gener8 Maritime, Inc.
GNRT
$86.5M 1.36%
13,062,118
– –
IBN icon
11
ICICI Bank
IBN
$107B
$85.7M 1.34%
8,804,316
+1,136,986
+15% +$10.5M
BABA icon
12
Alibaba
BABA
$286B
$84.7M 1.33%
491,227
-191,118
-28% -$34.2M
AABA
13
DELISTED
Altaba Inc
AABA
$74.2M 1.16%
1,061,588
-2,050,000
-66% -$143M
XHB icon
14
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.46B
$66.7M 1.05%
250,000
-750,000
-75% -$31.5M
STKL
15
DELISTED
SunOpta
STKL
$62.7M 0.98%
8,092,699
+3,700,000
+84% +$30.9M
PBR.A icon
16
Petrobras Class A
PBR.A
$111B
$57.8M 0.91%
5,880,090
+74,227
+1% +$731K
CCS icon
17
Century Communities
CCS
$1.98B
$56.6M 0.89%
1,819,003
+350,000
+24% +$9.99M
VRS
18
DELISTED
Verso Corporation
VRS
$48M 0.75%
2,730,388
-191,583
-7% -$1.83M
FBP icon
19
First Bancorp
FBP
$4.35B
$47.6M 0.75%
9,334,725
-700,000
-7% -$3.49M
CCI.PRA
20
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$47.6M 0.75%
42,009
+12,009
+40% +$13.3M
BDXA
21
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$47.4M 0.74%
819,220
-47,250
-5% -$2.75M
INFY icon
22
Infosys
INFY
$48.4B
$46.5M 0.73%
5,733,200
+5,669,798
+8,943% +$43.1M
BRFS
23
DELISTED
BRF SA
BRFS
$44.8M 0.7%
3,977,774
+914,776
+30% +$11.7M
SPY icon
24
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$44.3M 0.69%
1,000,000
+957,000
+2,226% +$249M
ANTX
25
DELISTED
Anthem, Inc.
ANTX
$42.8M 0.67%
764,930
+168,400
+28% +$9.15M
1
2 3 4

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Howard Marks's Q4 2017 Portfolio in Review

As of Q4 2017, Howard Marks held 213 positions worth $6.38B, down 4.7% from $6.7B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Howard Marks withdrew a net $2.26B in Q4 2017, closing 10 positions and reducing 22 holdings. Its most notable exit was Allergan plc, an estimated $18.7M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 16% of assets, up from 15% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Televisa worth $28.6M.

  • Howard Marks's largest Q4 2017 buy was Televisa: 1,529,453 shares worth $28.6M.
  • Howard Marks added most to Infosys in Q4 2017, an estimated $43.1M increase.
  • Howard Marks's biggest Q4 2017 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $289M.
  • Howard Marks fully exited Allergan plc in Q4 2017, selling an estimated $18.7M.
  • Howard Marks's ten largest holdings make up 40% of its $6.38B portfolio in Q4 2017.
  • Howard Marks opened 7 new positions and closed 10 in Q4 2017.
  • Howard Marks's portfolio value fell 4.7% quarter-over-quarter to $6.38B.

Based on Oaktree Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.