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Howard Marks

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
+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
-$1.95B
Cap. Flow %
-30.86%
Top 10 Hldgs %
43.87%
Holding
213
New
7
Increased
15
Reduced
28
Closed
8
Avg Time Held Equity + Options
1.2 years
Top 10 Avg Time Held Equity + Options
1.3 years
Top 20 Avg Time Held Equity + Options
1.2 years
Avg Time Held Equity only
1.2 years
Top 10 Avg Time Held Equity only
1.3 years
Top 20 Avg Time Held Equity only
1.2 years

Top Sells

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

Sector Composition

Rank Sector Weight
1 Miscellaneous 39.29%
2 Utilities 17.02%
3 Financials 9.16%
4 Technology 8.33%
5 Industrials 7.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake
Capital Flow Held Since
VST icon
1
Vistra
VST
$45.1B
$1.01B 16%
48,438,812
-1,841,415
-4% -$35.6M
2017 Q2
3 quarters
SBLK icon
2
Star Bulk Carriers
SBLK
$3.25B
$379M 6.01%
32,579,506
– –
2013 Q3
18 quarters
AABA
3
DELISTED
Altaba Inc
AABA
$295M 4.68%
3,987,215
+2,925,627
+276% +$220M
2017 Q2
3 quarters
TRCO
4
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$283M 4.49%
6,985,341
-199,657
-3% -$8.42M
2014 Q4
13 quarters
ALLY icon
5
Ally Financial
ALLY
$11.5B
$237M 3.75%
8,712,400
-1,047,600
-11% -$30M
2014 Q2
15 quarters
TSM icon
6
TSMC
TSM
$2.07T
$127M 2.02%
2,905,441
-660,915
-19% -$28.8M
2013 Q2
19 quarters
ITUB icon
7
Itaú Unibanco
ITUB
$83B
$125M 1.98%
16,535,388
-2,501,867
-13% -$18.7M
2014 Q3
14 quarters
VICI icon
8
VICI Properties
VICI
$27.5B
$124M 1.97%
+6,781,234
New +$133M
2018 Q1
0 quarters
NMIH icon
9
NMI Holdings
NMIH
$2.88B
$94M 1.49%
5,681,992
– –
2014 Q3
14 quarters
BABA icon
10
Alibaba
BABA
$235B
$92.9M 1.47%
506,330
+15,103
+3% +$2.84M
2016 Q3
6 quarters
PBR.A icon
11
Petrobras Class A
PBR.A
$103B
$89.5M 1.42%
6,889,922
+1,009,832
+17% +$12.4M
2017 Q2
3 quarters
IBN icon
12
ICICI Bank
IBN
$124B
$79.3M 1.26%
8,966,000
+161,684
+2% +$1.6M
2014 Q3
14 quarters
GNRT
13
DELISTED
Gener8 Maritime, Inc.
GNRT
$73.8M 1.17%
13,062,118
– –
2015 Q2
11 quarters
DYN icon
14
DELISTED
Dynegy, Inc.
DYN
$64.1M 1.02%
4,741,904
-3,682,418
-44% -$45.9M
2013 Q2
19 quarters
INFY icon
15
Infosys
INFY
$49.8B
$63.3M 1%
7,093,506
+1,360,306
+24% +$12M
2017 Q1
4 quarters
SPY icon
16
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$800B
$62.5M 0.99%
237,500
-762,500
-76% -$208M
2017 Q3
2 quarters
STKL
17
DELISTED
SunOpta
STKL
$57.5M 0.91%
8,092,699
– –
2017 Q1
4 quarters
CCS icon
18
Century Communities
CCS
$1.45B
$54.5M 0.86%
1,819,003
– –
2014 Q4
13 quarters
VRS
19
DELISTED
Verso Corporation
VRS
$46M 0.73%
2,730,388
– –
2016 Q3
6 quarters
VALE icon
20
Vale
VALE
$47.7B
$43.7M 0.69%
3,432,680
-5,978,716
-64% -$78.7M
2015 Q4
9 quarters
ABEV icon
21
Ambev
ABEV
$42.5B
$41M 0.65%
5,643,716
+135,675
+2% +$933K
2016 Q2
7 quarters
AZUL icon
22
DELISTED
Azul
AZUL
$37.2M 0.59%
1,069,674
-98,667
-8% -$2.9M
2017 Q2
3 quarters
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
2017 Q2
3 quarters
CEO
24
DELISTED
CNOOC Limited
CEO
$33.6M 0.53%
226,924
+5,957
+3% +$895K
2015 Q4
9 quarters
NSM
25
DELISTED
Nationstar Mortgage Holdings
NSM
$32.5M 0.52%
1,809,291
-100,354
-5% -$1.8M
2016 Q4
5 quarters

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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 $1.95B 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 Miscellaneous at 39% of assets, down from 42% a quarter earlier, followed by Utilities and Financials.

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.