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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
+2.9%
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
$7.15B
AUM Growth
+$848M
Cap. Flow
-$1B
Cap. Flow %
-14%
Top 10 Hldgs %
49.43%
Holding
218
New
13
Increased
23
Reduced
13
Closed
15

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$623M
2
CMBT
CMB.TECH NV
CMBT
+$83.3M
3
SMH icon
VanEck Semiconductor ETF
SMH
+$73.1M
4
PBR.A icon
Petrobras Class A
PBR.A
+$25.3M
5
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$23M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$92.9M
2
VST icon
Vistra
VST
+$89.3M
3
GNRT
Gener8 Maritime, Inc.
GNRT
+$73.8M
4
DYN
Dynegy, Inc.
DYN
+$64.1M
5
VICI icon
VICI Properties
VICI
+$55.9M

Sector Composition

Rank Sector Weight
1 Utilities 15.04%
2 Financials 7.71%
3 Technology 6.9%
4 Industrials 5.99%
5 Communication Services 4.81%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VST icon
1
Vistra
VST
$45.7B
$1.05B 14.74%
44,553,037
-3,885,775
-8% -$89.3M
SPY icon
2
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$626M 8.75%
+2,306,500
New +$623M
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$393M 5.49%
30,557,767
-2,021,739
-6% -$25.8M
TRCO
4
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$291M 4.06%
7,593,441
+608,100
+9% +$23M
AABA
5
DELISTED
Altaba Inc
AABA
$264M 3.68%
3,599,988
-387,227
-10% -$29M
ALLY icon
6
Ally Financial
ALLY
$13.1B
$229M 3.2%
8,712,400
– –
TSM icon
7
TSMC
TSM
$2.17T
$117M 1.64%
3,200,886
+295,445
+10% +$11.7M
ITUB icon
8
Itaú Unibanco
ITUB
$82.4B
$94.8M 1.33%
18,821,133
+2,285,745
+14% +$14.2M
NMIH icon
9
NMI Holdings
NMIH
$3.4B
$92.6M 1.29%
5,681,992
– –
CMBT
10
CMB.TECH NV
CMBT
$5.24B
$87.4M 1.22%
+9,498,769
New +$83.3M
PBR.A icon
11
Petrobras Class A
PBR.A
$111B
$80.6M 1.13%
9,121,028
+2,231,106
+32% +$25.3M
VICI icon
12
VICI Properties
VICI
$29.2B
$80.1M 1.12%
3,879,862
-2,901,372
-43% -$55.9M
IBN icon
13
ICICI Bank
IBN
$107B
$78.2M 1.09%
9,741,512
+775,512
+9% +$6.65M
INFY icon
14
Infosys
INFY
$48.4B
$75.3M 1.05%
7,745,688
+652,182
+9% +$5.83M
SMH icon
15
VanEck Semiconductor ETF
SMH
$68.6B
$71.9M 1%
+1,400,000
New +$73.1M
STKL
16
DELISTED
SunOpta
STKL
$68M 0.95%
8,092,699
– –
CCS icon
17
Century Communities
CCS
$1.98B
$57.4M 0.8%
1,819,003
– –
VRS
18
DELISTED
Verso Corporation
VRS
$51.5M 0.72%
2,365,914
-364,474
-13% -$6.95M
BDXA
19
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
$47.4M 0.66%
766,720
+180,000
+31% +$10.7M
CEO
20
DELISTED
CNOOC Limited
CEO
$45.1M 0.63%
263,239
+36,315
+16% +$6.04M
EGC
21
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
$34.6M 0.48%
3,910,545
– –
MX icon
22
Magnachip Semiconductor
MX
$121M
$33.3M 0.47%
3,250,000
+250,000
+8% +$2.59M
ORIG
23
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
$32.4M 0.45%
1,100,000
– –
VALE icon
24
Vale
VALE
$62.1B
$31.8M 0.44%
2,481,959
-950,721
-28% -$13M
NSM
25
DELISTED
Nationstar Mortgage Holdings
NSM
$31.7M 0.44%
1,810,000
+709
+0% +$12.8K
1
2 3 4

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Howard Marks's Q2 2018 Portfolio in Review

As of Q2 2018, Howard Marks held 218 positions worth $7.15B, up 13% from $6.3B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Howard Marks withdrew a net $1B in Q2 2018, closing 15 positions and reducing 13 holdings. Its most notable exit was Alibaba, an estimated $92.9M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 15% of assets, down from 17% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in State Street SPDR S&P 500 ETF Trust worth $626M.

  • Howard Marks's largest Q2 2018 buy was State Street SPDR S&P 500 ETF Trust: 2,306,500 shares worth $626M.
  • Howard Marks added most to Petrobras Class A in Q2 2018, an estimated $25.3M increase.
  • Howard Marks's biggest Q2 2018 reduction was Vistra, cutting an estimated $89.3M.
  • Howard Marks fully exited Alibaba in Q2 2018, selling an estimated $92.9M.
  • Howard Marks's ten largest holdings make up 49% of its $7.15B portfolio in Q2 2018.
  • Howard Marks opened 13 new positions and closed 15 in Q2 2018.
  • Howard Marks's portfolio value rose 13% quarter-over-quarter to $7.15B.

Based on Oaktree Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.