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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
+2.91%
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
$6.3B
AUM Growth
-$76.5M
Cap. Flow
-$2.22B
Cap. Flow %
-35.21%
Top 10 Hldgs %
43.87%
Holding
213
New
7
Increased
15
Reduced
28
Closed
8

Top Buys

Rank Stock Value
1
AABA
Altaba Inc
AABA
+$220M
2
VICI icon
VICI Properties
VICI
+$133M
3
PBR.A icon
Petrobras Class A
PBR.A
+$12.4M
4
INFY icon
Infosys
INFY
+$12M
5
HES.PRA
Hess Corporation
HES.PRA
+$10.4M

Top Sells

Rank Stock Value
1
VALE icon
Vale
VALE
+$78.7M
2
FBP icon
First Bancorp
FBP
+$47.6M
3
DYN
Dynegy, Inc.
DYN
+$45.9M
4
VST icon
Vistra
VST
+$35.6M
5
ANTX
Anthem, Inc.
ANTX
+$32.4M

Sector Composition

Rank Sector Weight
1 Utilities 17.02%
2 Financials 9.16%
3 Technology 8.33%
4 Industrials 7.87%
5 Communication Services 5.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VST icon
1
Vistra
VST
$45.7B
$1.01B 16%
48,438,812
-1,841,415
-4% -$35.6M
SBLK icon
2
Star Bulk Carriers
SBLK
$3.41B
$379M 6.01%
32,579,506
– –
AABA
3
DELISTED
Altaba Inc
AABA
$295M 4.68%
3,987,215
+2,925,627
+276% +$220M
TRCO
4
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$283M 4.49%
6,985,341
-199,657
-3% -$8.42M
ALLY icon
5
Ally Financial
ALLY
$13.1B
$237M 3.75%
8,712,400
-1,047,600
-11% -$30M
TSM icon
6
TSMC
TSM
$2.17T
$127M 2.02%
2,905,441
-660,915
-19% -$28.8M
ITUB icon
7
Itaú Unibanco
ITUB
$82.4B
$125M 1.98%
16,535,388
-2,501,867
-13% -$18.7M
VICI icon
8
VICI Properties
VICI
$29.2B
$124M 1.97%
+6,781,234
New +$133M
NMIH icon
9
NMI Holdings
NMIH
$3.4B
$94M 1.49%
5,681,992
– –
BABA icon
10
Alibaba
BABA
$286B
$92.9M 1.47%
506,330
+15,103
+3% +$2.84M
PBR.A icon
11
Petrobras Class A
PBR.A
$111B
$89.5M 1.42%
6,889,922
+1,009,832
+17% +$12.4M
IBN icon
12
ICICI Bank
IBN
$107B
$79.3M 1.26%
8,966,000
+161,684
+2% +$1.6M
GNRT
13
DELISTED
Gener8 Maritime, Inc.
GNRT
$73.8M 1.17%
13,062,118
– –
DYN
14
DELISTED
Dynegy, Inc.
DYN
$64.1M 1.02%
4,741,904
-3,682,418
-44% -$45.9M
INFY icon
15
Infosys
INFY
$48.4B
$63.3M 1%
7,093,506
+1,360,306
+24% +$12M
SPY icon
16
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$62.5M 0.99%
237,500
-762,500
-76% -$208M
STKL
17
DELISTED
SunOpta
STKL
$57.5M 0.91%
8,092,699
– –
CCS icon
18
Century Communities
CCS
$1.98B
$54.5M 0.86%
1,819,003
– –
VRS
19
DELISTED
Verso Corporation
VRS
$46M 0.73%
2,730,388
– –
VALE icon
20
Vale
VALE
$62.1B
$43.7M 0.69%
3,432,680
-5,978,716
-64% -$78.7M
ABEV icon
21
Ambev
ABEV
$44.4B
$41M 0.65%
5,643,716
+135,675
+2% +$933K
AZUL
22
DELISTED
Azul
AZUL
$37.2M 0.59%
1,069,674
-98,667
-8% -$2.9M
BDXA
23
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$34.3M 0.54%
586,720
-232,500
-28% -$13.8M
CEO
24
DELISTED
CNOOC Limited
CEO
$33.6M 0.53%
226,924
+5,957
+3% +$895K
NSM
25
DELISTED
Nationstar Mortgage Holdings
NSM
$32.5M 0.52%
1,809,291
-100,354
-5% -$1.8M
1
2 3 4

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Howard Marks's Q1 2018 Portfolio in Review

As of Q1 2018, Howard Marks held 213 positions worth $6.3B, down 1.2% from $6.38B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $2.22B in Q1 2018, closing 8 positions and reducing 28 holdings. Its most notable exit was First Bancorp, an estimated $47.6M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 16% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in VICI Properties worth $124M.

  • Howard Marks's largest Q1 2018 buy was VICI Properties: 6,781,234 shares worth $124M.
  • Howard Marks added most to Altaba Inc in Q1 2018, an estimated $220M increase.
  • Howard Marks's biggest Q1 2018 reduction was Vale, cutting an estimated $78.7M.
  • Howard Marks fully exited First Bancorp in Q1 2018, selling an estimated $47.6M.
  • Howard Marks's ten largest holdings make up 44% of its $6.3B portfolio in Q1 2018.
  • Howard Marks opened 7 new positions and closed 8 in Q1 2018.
  • Howard Marks's portfolio value fell 1.2% quarter-over-quarter to $6.3B.

Based on Oaktree Capital Management's 13F filing for Q1 2018, filed 15 May 2018.