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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
+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
Cap. Flow
-$1.5B
Cap. Flow %
-20.17%
Top 10 Hldgs %
48.8%
Holding
227
New
26
Increased
16
Reduced
18
Closed
11

Top Buys

Rank Stock Value
1
TRMD icon
TORM
TRMD
+$328M
2
CCI.PRA
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
+$34.6M
3
COOP
Mr. Cooper
COOP
+$33.4M
4
SMCI icon
Super Micro Computer
SMCI
+$33M
5
WB icon
Weibo
WB
+$32.7M

Top Sells

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$657M
2
AABA
Altaba Inc
AABA
+$220M
3
VST icon
Vistra
VST
+$203M
4
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$77.4M
5
SMH icon
VanEck Semiconductor ETF
SMH
+$74.3M

Sector Composition

Rank Sector Weight
1 Utilities 12.71%
2 Financials 8.33%
3 Energy 8.14%
4 Industrials 6.58%
5 Technology 4.36%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$1.05B 14.09%
+3,600,000
New +$1.03B
VST icon
2
Vistra
VST
$45.7B
$889M 11.96%
35,715,343
-8,837,694
-20% -$203M
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$442M 5.94%
30,557,767
– –
TRMD icon
4
TORM
TRMD
$3.26B
$286M 3.85%
+47,600,172
New +$328M
ALLY icon
5
Ally Financial
ALLY
$13.1B
$230M 3.1%
8,712,400
– –
TRCO
6
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$209M 2.82%
5,442,870
-2,150,571
-28% -$77.4M
TSM icon
7
TSMC
TSM
$2.17T
$160M 2.15%
3,625,809
+424,923
+13% +$17.6M
SPY icon
8
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$145M 1.96%
+500,000
New +$142M
NMIH icon
9
NMI Holdings
NMIH
$3.4B
$129M 1.73%
5,681,992
– –
IBN icon
10
ICICI Bank
IBN
$107B
$89.4M 1.2%
10,534,345
+792,833
+8% +$7.01M
PBR.A icon
11
Petrobras Class A
PBR.A
$111B
$85.1M 1.15%
8,135,360
-985,668
-11% -$9.57M
ITUB icon
12
Itaú Unibanco
ITUB
$82.4B
$82.8M 1.11%
15,537,392
-3,283,741
-17% -$17.6M
CMBT
13
CMB.TECH NV
CMBT
$5.24B
$79.9M 1.08%
9,182,915
-315,854
-3% -$2.68M
VICI icon
14
VICI Properties
VICI
$29.2B
$77.3M 1.04%
3,576,319
-303,543
-8% -$6.3M
SMH icon
15
PUT
VanEck Semiconductor ETF
SMH
$68.6B
$74.5M 1%
+1,400,000
New +$74.3M
STKL
16
DELISTED
SunOpta
STKL
$59.5M 0.8%
8,092,699
– –
MU icon
17
PUT
Micron Technology
MU
$1.09T
$58.8M 0.79%
+1,300,000
New +$65.6M
PCG icon
18
PG&E
PCG
$38.8B
$55.9M 0.75%
1,215,000
+715,000
+143% +$31.8M
CEO
19
DELISTED
CNOOC Limited
CEO
$54.5M 0.73%
275,740
+12,501
+5% +$2.12M
VALE icon
20
Vale
VALE
$62.1B
$49M 0.66%
3,302,681
+820,722
+33% +$11.1M
CCS icon
21
Century Communities
CCS
$1.98B
$47.7M 0.64%
1,819,003
– –
INFY icon
22
Infosys
INFY
$48.4B
$47.4M 0.64%
4,655,979
-3,089,709
-40% -$31.4M
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
CCI.PRA
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
CTB
25
PUT
DELISTED
Cooper Tire & Rubber Co.
CTB
$34M 0.46%
+1,200,000
New +$34.2M
1
2 3 4

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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 $1.5B 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 Utilities at 13% of assets, down from 15% a quarter earlier, followed by Financials and Energy.

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.