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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
+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
(-1.2%)
Cap. Flow
-$1.95B
Cap. Flow % of AUM
Cap. Flow %
-30.86%
Top 10 Holdings %
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 Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
AABA
Altaba Inc
AABA
|
+$220M |
| 2 |
VICI Properties
VICI
|
+$133M |
| 3 |
Petrobras Class A
PBR.A
|
+$12.4M |
| 4 |
Infosys
INFY
|
+$12M |
| 5 |
Hess Corporation
HES.PRA
|
+$10.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vale
VALE
|
+$78.7M |
| 2 |
First Bancorp
FBP
|
+$47.6M |
| 3 |
Dynegy, Inc.
DYN
|
+$45.9M |
| 4 |
Vistra
VST
|
+$35.6M |
| 5 |
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 | |
|---|---|---|---|---|---|---|---|
|
1
Vistra
VST
$45.1B
| $1.01B | 16% |
48,438,812
-1,841,415
| -4% | -$35.6M |
2017 Q2
3 quarters
|
|
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
|
|
5
Ally Financial
ALLY
$11.5B
| $237M | 3.75% |
8,712,400
-1,047,600
| -11% | -$30M |
2014 Q2
15 quarters
|
|
6
TSMC
TSM
$2.07T
| $127M | 2.02% |
2,905,441
-660,915
| -19% | -$28.8M |
2013 Q2
19 quarters
|
|
7
Itaú Unibanco
ITUB
$83B
| $125M | 1.98% |
16,535,388
-2,501,867
| -13% | -$18.7M |
2014 Q3
14 quarters
|
|
|
8
VICI Properties
VICI
$27.5B
| $124M | 1.97% |
+6,781,234
| New | +$133M |
2018 Q1
0 quarters
|
|
9
NMI Holdings
NMIH
$2.88B
| $94M | 1.49% |
5,681,992
| – | – |
2014 Q3
14 quarters
|
|
10
Alibaba
BABA
$235B
| $92.9M | 1.47% |
506,330
+15,103
| +3% | +$2.84M |
2016 Q3
6 quarters
|
|
|
11
Petrobras Class A
PBR.A
$103B
| $89.5M | 1.42% |
6,889,922
+1,009,832
| +17% | +$12.4M |
2017 Q2
3 quarters
|
|
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
|
|
|
14
DELISTED
Dynegy, Inc.
DYN
| $64.1M | 1.02% |
4,741,904
-3,682,418
| -44% | -$45.9M |
2013 Q2
19 quarters
|
|
|
15
Infosys
INFY
$49.8B
| $63.3M | 1% |
7,093,506
+1,360,306
| +24% | +$12M |
2017 Q1
4 quarters
|
|
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
|
|
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
|
|
|
20
Vale
VALE
$47.7B
| $43.7M | 0.69% |
3,432,680
-5,978,716
| -64% | -$78.7M |
2015 Q4
9 quarters
|
|
21
Ambev
ABEV
$42.5B
| $41M | 0.65% |
5,643,716
+135,675
| +2% | +$933K |
2016 Q2
7 quarters
|
|
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.