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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
+2.9%
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
(+13%)
Cap. Flow
-$914M
Cap. Flow % of AUM
Cap. Flow %
-12.77%
Top 10 Holdings %
Top 10 Hldgs %
49.43%
Holding
218
New
13
Increased
23
Reduced
13
Closed
15
Avg Time Held
Equity + Options
1.2
years
Top 10 Avg Time Held
Equity + Options
1.5
years
Top 20 Avg Time Held
Equity + Options
1
year
Avg Time Held Equity only
1.2
years
Top 10 Avg Time Held Equity only
1.5
years
Top 20 Avg Time Held Equity only
1
year
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$623M |
| 2 |
CMB.TECH NV
CMBT
|
+$83.3M |
| 3 |
VanEck Semiconductor ETF
SMH
|
+$73.1M |
| 4 |
Petrobras Class A
PBR.A
|
+$25.3M |
| 5 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$92.9M |
| 2 |
Vistra
VST
|
+$89.3M |
| 3 |
GNRT
Gener8 Maritime, Inc.
GNRT
|
+$73.8M |
| 4 |
Dynegy, Inc.
DYN
|
+$64.1M |
| 5 |
VICI Properties
VICI
|
+$55.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 48.91% |
| 2 | Utilities | 15.04% |
| 3 | Financials | 7.71% |
| 4 | Technology | 6.9% |
| 5 | Industrials | 5.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vistra
VST
$47B
| $1.05B | 14.74% |
44,553,037
-3,885,775
| -8% | -$89.3M |
2017 Q2
4 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$810B
| $626M | 8.75% |
+2,306,500
| New | +$623M |
2018 Q2
0 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.36B
| $393M | 5.49% |
30,557,767
-2,021,739
| -6% | -$25.8M |
2013 Q3
19 quarters
|
|
|
TRCO
4
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $291M | 4.06% |
7,593,441
+608,100
| +9% | +$23M |
2014 Q4
14 quarters
|
|
|
AABA
5
DELISTED
Altaba Inc
AABA
| $264M | 3.68% |
3,599,988
-387,227
| -10% | -$29M |
2017 Q2
4 quarters
|
|
6
Ally Financial
ALLY
$11.9B
| $229M | 3.2% |
8,712,400
| – | – |
2014 Q2
16 quarters
|
|
7
TSMC
TSM
$2.17T
| $117M | 1.64% |
3,200,886
+295,445
| +10% | +$11.7M |
2013 Q2
20 quarters
|
|
8
Itaú Unibanco
ITUB
$107B
| $94.8M | 1.33% |
18,821,133
+2,285,745
| +14% | +$14.2M |
2014 Q3
15 quarters
|
|
9
NMI Holdings
NMIH
$3.2B
| $92.6M | 1.29% |
5,681,992
| – | – |
2014 Q3
15 quarters
|
|
|
10
CMB.TECH NV
CMBT
$5.36B
| $87.4M | 1.22% |
+9,498,769
| New | +$83.3M |
2018 Q2
0 quarters
|
|
|
11
Petrobras Class A
PBR.A
$152B
| $80.6M | 1.13% |
9,121,028
+2,231,106
| +32% | +$25.3M |
2017 Q2
4 quarters
|
|
|
12
VICI Properties
VICI
$26.2B
| $80.1M | 1.12% |
3,879,862
-2,901,372
| -43% | -$55.9M |
2018 Q1
1 quarter
|
|
13
ICICI Bank
IBN
$106B
| $78.2M | 1.09% |
9,741,512
+775,512
| +9% | +$6.65M |
2014 Q3
15 quarters
|
|
14
Infosys
INFY
$50B
| $75.2M | 1.05% |
7,745,688
+652,182
| +9% | +$5.83M |
2017 Q1
5 quarters
|
|
|
15
VanEck Semiconductor ETF
SMH
$63.9B
| $71.9M | 1% |
+1,400,000
| New | +$73.1M |
2018 Q2
0 quarters
|
|
|
STKL
16
DELISTED
SunOpta
STKL
| $68M | 0.95% |
8,092,699
| – | – |
2017 Q1
5 quarters
|
|
17
Century Communities
CCS
$1.65B
| $57.4M | 0.8% |
1,819,003
| – | – |
2014 Q4
14 quarters
|
|
|
VRS
18
DELISTED
Verso Corporation
VRS
| $51.5M | 0.72% |
2,365,914
-364,474
| -13% | -$6.95M |
2016 Q3
7 quarters
|
|
|
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 |
2017 Q2
4 quarters
|
|
|
CEO
20
DELISTED
CNOOC Limited
CEO
| $45.1M | 0.63% |
263,239
+36,315
| +16% | +$6.04M |
2015 Q4
10 quarters
|
|
|
EGC
21
DELISTED
Energy XXI Gulf Coast, Inc. Common Stock
EGC
| $34.6M | 0.48% |
3,910,545
| – | – |
2017 Q1
5 quarters
|
|
22
Magnachip Semiconductor
MX
$180M
| $33.3M | 0.47% |
3,250,000
+250,000
| +8% | +$2.59M |
2017 Q1
5 quarters
|
|
|
ORIG
23
DELISTED
Ocean Rig UDW Inc. Class A Common Shares
ORIG
| $32.4M | 0.45% |
1,100,000
| – | – |
2017 Q3
3 quarters
|
|
24
Vale
VALE
$52.8B
| $31.8M | 0.44% |
2,481,959
-950,721
| -28% | -$13M |
2015 Q4
10 quarters
|
|
|
NSM
25
DELISTED
Nationstar Mortgage Holdings
NSM
| $31.7M | 0.44% |
1,810,000
+709
| +0% | +$12.8K |
2016 Q4
6 quarters
|
|
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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 $914M 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 Miscellaneous at 49% of assets, up from 39% a quarter earlier, followed by Utilities and Financials.
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.