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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
+3.43%
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
$7.43B
AUM Growth
+$278M
(+3.9%)
Cap. Flow
-$2.78B
Cap. Flow % of AUM
Cap. Flow %
-37.36%
Top 10 Holdings %
Top 10 Hldgs %
48.8%
Holding
227
New
26
Increased
16
Reduced
18
Closed
11
Avg Time Held
Equity + Options
1.1
years
Top 10 Avg Time Held
Equity + Options
1.5
years
Top 20 Avg Time Held
Equity + Options
1.1
years
Avg Time Held Equity only
1.2
years
Top 10 Avg Time Held Equity only
1.6
years
Top 20 Avg Time Held Equity only
1.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TORM
TRMD
|
+$328M |
| 2 |
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
|
+$34.6M |
| 3 |
Mr. Cooper
COOP
|
+$33.4M |
| 4 |
Super Micro Computer
SMCI
|
+$33M |
| 5 |
Weibo
WB
|
+$32.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$657M |
| 2 |
AABA
Altaba Inc
AABA
|
+$220M |
| 3 |
Vistra
VST
|
+$203M |
| 4 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$77.4M |
| 5 |
VanEck Semiconductor ETF
SMH
|
+$74.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 49.99% |
| 2 | Utilities | 12.71% |
| 3 | Financials | 8.33% |
| 4 | Energy | 8.14% |
| 5 | Industrials | 6.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $1.05B | 14.09% |
+3,600,000
| New | +$1.03B |
2018 Q3
0 quarters
|
|
|
2
Vistra
VST
$42.5B
| $889M | 11.96% |
35,715,343
-8,837,694
| -20% | -$203M |
2017 Q2
5 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.1B
| $442M | 5.94% |
30,557,767
| – | – |
2013 Q3
20 quarters
|
|
|
4
TORM
TRMD
$3.53B
| $286M | 3.85% |
+47,600,172
| New | +$328M |
2018 Q3
0 quarters
|
|
5
Ally Financial
ALLY
$11.5B
| $230M | 3.1% |
8,712,400
| – | – |
2014 Q2
17 quarters
|
|
|
TRCO
6
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
| $209M | 2.82% |
5,442,870
-2,150,571
| -28% | -$77.4M |
2014 Q4
15 quarters
|
|
7
TSMC
TSM
$1.95T
| $160M | 2.15% |
3,625,809
+424,923
| +13% | +$17.6M |
2013 Q2
21 quarters
|
|
|
8
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $145M | 1.96% |
+500,000
| New | +$142M |
2018 Q3
0 quarters
|
|
9
NMI Holdings
NMIH
$2.92B
| $129M | 1.73% |
5,681,992
| – | – |
2014 Q3
16 quarters
|
|
10
ICICI Bank
IBN
$122B
| $89.4M | 1.2% |
10,534,345
+792,833
| +8% | +$7.01M |
2014 Q3
16 quarters
|
|
11
Petrobras Class A
PBR.A
$106B
| $85.1M | 1.15% |
8,135,360
-985,668
| -11% | -$9.6M |
2017 Q2
5 quarters
|
|
12
Itaú Unibanco
ITUB
$81.5B
| $82.8M | 1.11% |
15,537,392
-3,283,741
| -17% | -$17.6M |
2014 Q3
16 quarters
|
|
13
CMB.TECH NV
CMBT
$4.83B
| $79.9M | 1.08% |
9,182,915
-315,854
| -3% | -$2.68M |
2018 Q2
1 quarter
|
|
14
VICI Properties
VICI
$27.3B
| $77.3M | 1.04% |
3,576,319
-303,543
| -8% | -$6.3M |
2018 Q1
2 quarters
|
|
|
15
PUT
VanEck Semiconductor ETF
SMH
$59.4B
| $74.5M | 1% |
+1,400,000
| New | +$74.3M |
2018 Q3
0 quarters
|
|
|
STKL
16
DELISTED
SunOpta
STKL
| $59.5M | 0.8% |
8,092,699
| – | – |
2017 Q1
6 quarters
|
|
17
PUT
Micron Technology
MU
$781B
| $58.8M | 0.79% |
+1,300,000
| New | +$65.6M |
2018 Q3
0 quarters
|
|
18
PG&E
PCG
$28.6B
| $55.9M | 0.75% |
1,215,000
+715,000
| +143% | +$31.8M |
2018 Q2
1 quarter
|
|
|
CEO
19
DELISTED
CNOOC Limited
CEO
| $54.5M | 0.73% |
275,740
+12,501
| +5% | +$2.12M |
2015 Q4
11 quarters
|
|
20
Vale
VALE
$49.3B
| $49M | 0.66% |
3,302,681
+820,722
| +33% | +$11.1M |
2015 Q4
11 quarters
|
|
21
Century Communities
CCS
$1.56B
| $47.7M | 0.64% |
1,819,003
| – | – |
2014 Q4
15 quarters
|
|
22
Infosys
INFY
$50.6B
| $47.4M | 0.64% |
4,655,979
-3,089,709
| -40% | -$31.4M |
2017 Q1
6 quarters
|
|
|
BDXA
23
DELISTED
Becton, Dickinson and Company Depositary Shares, each Representing a 1/20th Interest in a Share of 6
BDXA
| $42.8M | 0.58% |
655,020
-111,700
| -15% | -$7.12M |
2017 Q2
5 quarters
|
|
|
24
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
| $34.8M | 0.47% |
+32,000
| New | +$34.6M |
2018 Q3
0 quarters
|
|
|
CTB
25
PUT
DELISTED
Cooper Tire & Rubber Co.
CTB
| $34M | 0.46% |
+1,200,000
| New | +$34.2M |
2018 Q3
0 quarters
|
|
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Howard Marks's Q3 2018 Portfolio in Review
As of Q3 2018, Howard Marks held 227 positions worth $7.43B, up 3.9% from $7.15B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Howard Marks withdrew a net $2.78B in Q3 2018, closing 11 positions and reducing 18 holdings. Its most notable exit was State Street SPDR S&P 500 ETF Trust, an estimated $657M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 50% of assets, up from 49% a quarter earlier, followed by Utilities and Financials.
Against the trend, Howard Marks opened a new position in TORM worth $286M.
- Howard Marks's largest Q3 2018 buy was TORM: 47,600,172 shares worth $286M.
- Howard Marks added most to PG&E in Q3 2018, an estimated $31.8M increase.
- Howard Marks's biggest Q3 2018 reduction was Altaba Inc, cutting an estimated $220M.
- Howard Marks fully exited State Street SPDR S&P 500 ETF Trust in Q3 2018, selling an estimated $657M.
- Howard Marks's ten largest holdings make up 49% of its $7.43B portfolio in Q3 2018.
- Howard Marks opened 26 new positions and closed 11 in Q3 2018.
- Howard Marks's portfolio value rose 3.9% quarter-over-quarter to $7.43B.
Based on Oaktree Capital Management's 13F filing for Q3 2018, filed 14 Nov 2018.