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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
-9.3%
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
$5.5B
AUM Growth
-$1.93B
Cap. Flow
-$2.54B
Cap. Flow %
-46.11%
Top 10 Hldgs %
40.6%
Holding
204
New
13
Increased
28
Reduced
20
Closed
12

Top Buys

Rank Stock Value
1
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$123M
2
INFN
Infinera Corporation Common Stock
INFN
+$105M
3
CZR
Caesars Entertainment Corporation
CZR
+$84.3M
4
ALLY icon
Ally Financial
ALLY
+$75.3M
5
BABA icon
Alibaba
BABA
+$47.1M

Top Sells

Rank Stock Value
1
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
+$219M
2
VST icon
Vistra
VST
+$131M
3
PBR.A icon
Petrobras Class A
PBR.A
+$33.7M
4
FTV.PRA
Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A
FTV.PRA
+$33M
5
EGC
Energy XXI Gulf Coast, Inc. Common Stock
EGC
+$32.7M

Sector Composition

Rank Sector Weight
1 Utilities 13.08%
2 Energy 11.23%
3 Financials 11.18%
4 Industrials 8.82%
5 Technology 6.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VST icon
1
Vistra
VST
$45.7B
$690M 12.55%
30,157,877
-5,557,466
-16% -$131M
TRMD icon
2
TORM
TRMD
$3.26B
$320M 5.81%
47,600,172
– –
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$312M 5.68%
34,161,751
+3,603,984
+12% +$39.4M
ALLY icon
4
Ally Financial
ALLY
$13.1B
$266M 4.83%
11,723,541
+3,011,141
+35% +$75.3M
TSM icon
5
TSMC
TSM
$2.17T
$142M 2.58%
3,848,577
+222,768
+6% +$8.48M
EGLE
6
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$120M 2.19%
3,729,934
+3,617,739
+3,225% +$123M
NMIH icon
7
NMI Holdings
NMIH
$3.4B
$101M 1.84%
5,681,992
– –
ITUB icon
8
Itaú Unibanco
ITUB
$82.4B
$101M 1.83%
15,121,467
-415,925
-3% -$2.67M
IBN icon
9
ICICI Bank
IBN
$107B
$96.8M 1.76%
9,406,242
-1,128,103
-11% -$10.7M
INFN
10
DELISTED
Infinera Corporation Common Stock
INFN
$83.7M 1.52%
+20,975,384
New +$105M
HYG icon
11
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.8B
$81M 1.47%
+1,000,000
New +$83.7M
SPY icon
12
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$74.3M 1.35%
300,000
-200,000
-40% -$53.9M
SMH icon
13
PUT
VanEck Semiconductor ETF
SMH
$68.6B
$73.8M 1.34%
1,700,000
+300,000
+21% +$14.1M
CZR
14
DELISTED
Caesars Entertainment Corporation
CZR
$67.9M 1.23%
+10,000,000
New +$84.3M
PBR.A icon
15
Petrobras Class A
PBR.A
$111B
$64.3M 1.17%
5,552,116
-2,583,244
-32% -$33.7M
CMBT
16
CMB.TECH NV
CMBT
$5.24B
$63.7M 1.16%
9,191,069
+8,154
+0.1% +$69.8K
VICI icon
17
VICI Properties
VICI
$29.2B
$53.7M 0.98%
2,861,319
-715,000
-20% -$15M
CEO
18
DELISTED
CNOOC Limited
CEO
$48.1M 0.88%
315,837
+40,097
+15% +$6.82M
BABA icon
19
Alibaba
BABA
$286B
$43.6M 0.79%
+318,380
New +$47.1M
AZUL
20
DELISTED
Azul
AZUL
$39.9M 0.73%
1,442,364
-430,852
-23% -$10.5M
VALE icon
21
Vale
VALE
$62.1B
$39.8M 0.72%
3,016,925
-285,756
-9% -$4.08M
AU icon
22
AngloGold Ashanti
AU
$61.3B
$38.6M 0.7%
3,076,238
-831,327
-21% -$8.53M
AVGO icon
23
PUT
Broadcom
AVGO
$1.75T
$38M 0.69%
+1,500,000
New +$35.4M
CIVI
24
DELISTED
Civitas Resources
CIVI
$35.1M 0.64%
1,700,156
+1,128,948
+198% +$29.7M
INFY icon
25
Infosys
INFY
$48.4B
$31.5M 0.57%
3,308,499
-1,347,480
-29% -$12.9M
1
2 3 4

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Howard Marks's Q4 2018 Portfolio in Review

As of Q4 2018, Howard Marks held 204 positions worth $5.5B, down 26% from $7.43B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Howard Marks withdrew a net $2.54B in Q4 2018, closing 12 positions and reducing 20 holdings. Its most notable exit was Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A, an estimated $33M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 13% of assets, up from 13% a quarter earlier, followed by Energy and Financials.

Against the trend, Howard Marks opened a new position in Infinera Corporation Common Stock worth $83.7M.

  • Howard Marks's largest Q4 2018 buy was Infinera Corporation Common Stock: 20,975,384 shares worth $83.7M.
  • Howard Marks added most to Eagle Bulk Shipping Inc. in Q4 2018, an estimated $123M increase.
  • Howard Marks's biggest Q4 2018 reduction was TRIBUNE MEDIA COMPANY CLASS A, cutting an estimated $219M.
  • Howard Marks fully exited Fortive Corporation 5.00% Mandatory Convertible Preferred Stock, Series A in Q4 2018, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 41% of its $5.5B portfolio in Q4 2018.
  • Howard Marks opened 13 new positions and closed 12 in Q4 2018.
  • Howard Marks's portfolio value fell 26% quarter-over-quarter to $5.5B.

Based on Oaktree Capital Management's 13F filing for Q4 2018, filed 15 Feb 2019.