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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
-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
(-26%)
Cap. Flow
-$1.49B
Cap. Flow % of AUM
Cap. Flow %
-27.07%
Top 10 Holdings %
Top 10 Hldgs %
40.6%
Holding
204
New
13
Increased
28
Reduced
20
Closed
12
Avg Time Held
Equity + Options
1.3
years
Top 10 Avg Time Held
Equity + Options
1.3
years
Top 20 Avg Time Held
Equity + Options
1
year
Avg Time Held Equity only
1.4
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 |
Eagle Bulk Shipping Inc.
EGLE
|
+$123M |
| 2 |
Infinera Corporation Common Stock
INFN
|
+$105M |
| 3 |
Caesars Entertainment Corporation
CZR
|
+$84.3M |
| 4 |
Ally Financial
ALLY
|
+$75.3M |
| 5 |
Alibaba
BABA
|
+$47.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$219M |
| 2 |
Vistra
VST
|
+$131M |
| 3 |
Petrobras Class A
PBR.A
|
+$33.7M |
| 4 |
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 | Miscellaneous | 39.23% |
| 2 | Utilities | 13.08% |
| 3 | Energy | 11.23% |
| 4 | Financials | 11.18% |
| 5 | Industrials | 8.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vistra
VST
$44.6B
| $690M | 12.55% |
30,157,877
-5,557,466
| -16% | -$131M |
2017 Q2
6 quarters
|
|
2
TORM
TRMD
$3.76B
| $320M | 5.81% |
47,600,172
| – | – |
2018 Q3
1 quarter
|
|
3
Star Bulk Carriers
SBLK
$3.28B
| $312M | 5.68% |
34,161,751
+3,603,984
| +12% | +$39.4M |
2013 Q3
21 quarters
|
|
|
4
Ally Financial
ALLY
$11.5B
| $266M | 4.83% |
11,723,541
+3,011,141
| +35% | +$75.3M |
2014 Q2
18 quarters
|
|
5
TSMC
TSM
$2.06T
| $142M | 2.58% |
3,848,577
+222,768
| +6% | +$8.48M |
2013 Q2
22 quarters
|
|
|
6
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $120M | 2.19% |
3,729,934
+3,617,739
| +3,225% | +$123M |
2014 Q4
16 quarters
|
|
7
NMI Holdings
NMIH
$2.87B
| $101M | 1.84% |
5,681,992
| – | – |
2014 Q3
17 quarters
|
|
8
Itaú Unibanco
ITUB
$82.7B
| $101M | 1.83% |
15,121,467
-415,925
| -3% | -$2.67M |
2014 Q3
17 quarters
|
|
9
ICICI Bank
IBN
$124B
| $96.8M | 1.76% |
9,406,242
-1,128,103
| -11% | -$10.7M |
2014 Q3
17 quarters
|
|
|
10
DELISTED
Infinera Corporation Common Stock
INFN
| $83.7M | 1.52% |
+20,975,384
| New | +$105M |
2018 Q4
0 quarters
|
|
11
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$18B
| $81M | 1.47% |
+1,000,000
| New | +$83.7M |
2018 Q4
0 quarters
|
|
12
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$798B
| $74.3M | 1.35% |
300,000
-200,000
| -40% | -$53.9M |
2018 Q3
1 quarter
|
|
13
PUT
VanEck Semiconductor ETF
SMH
$62.5B
| $73.8M | 1.34% |
1,700,000
+300,000
| +21% | +$14.1M |
2018 Q3
1 quarter
|
|
|
14
DELISTED
Caesars Entertainment Corporation
CZR
| $67.9M | 1.23% |
+10,000,000
| New | +$84.3M |
2018 Q4
0 quarters
|
|
|
15
Petrobras Class A
PBR.A
$103B
| $64.3M | 1.17% |
5,552,116
-2,583,244
| -32% | -$33.7M |
2017 Q2
6 quarters
|
|
16
CMB.TECH NV
CMBT
$5.06B
| $63.7M | 1.16% |
9,191,069
+8,154
| +0.1% | +$69.8K |
2018 Q2
2 quarters
|
|
17
VICI Properties
VICI
$27.4B
| $53.7M | 0.98% |
2,861,319
-715,000
| -20% | -$15M |
2018 Q1
3 quarters
|
|
|
CEO
18
DELISTED
CNOOC Limited
CEO
| $48.1M | 0.88% |
315,837
+40,097
| +15% | +$6.82M |
2015 Q4
12 quarters
|
|
|
19
Alibaba
BABA
$234B
| $43.6M | 0.79% |
+318,380
| New | +$47.1M |
2018 Q4
0 quarters
|
|
20
DELISTED
Azul
AZUL
| $39.9M | 0.73% |
1,442,364
-430,852
| -23% | -$10.5M |
2017 Q2
6 quarters
|
|
21
Vale
VALE
$47.7B
| $39.8M | 0.72% |
3,016,925
-285,756
| -9% | -$4.08M |
2015 Q4
12 quarters
|
|
22
AngloGold Ashanti
AU
$43.9B
| $38.6M | 0.7% |
3,076,238
-831,327
| -21% | -$8.53M |
2013 Q4
20 quarters
|
|
23
PUT
Broadcom
AVGO
$1.65T
| $38M | 0.69% |
+1,500,000
| New | +$35.4M |
2018 Q4
0 quarters
|
|
24
DELISTED
Civitas Resources
CIVI
| $35.1M | 0.64% |
1,700,156
+1,128,948
| +198% | +$29.7M |
2018 Q1
3 quarters
|
|
25
Infosys
INFY
$49.9B
| $31.5M | 0.57% |
3,308,499
-1,347,480
| -29% | -$12.9M |
2017 Q1
7 quarters
|
|
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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 $1.49B 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 Miscellaneous at 39% of assets, down from 50% a quarter earlier, followed by Utilities and Energy.
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.