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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
+10.53%
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
$5.27B
AUM Growth
-$234M
Cap. Flow
-$1.52B
Cap. Flow %
-28.84%
Top 10 Hldgs %
43.74%
Holding
222
New
9
Increased
21
Reduced
22
Closed
12

Top Buys

Rank Stock Value
1
BRY
Berry Corp
BRY
+$88.8M
2
CZR
Caesars Entertainment Corporation
CZR
+$45.5M
3
ITUB icon
Itaú Unibanco
ITUB
+$10.3M
4
SBLK icon
Star Bulk Carriers
SBLK
+$9.83M
5
IBN icon
ICICI Bank
IBN
+$9.42M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$154M
2
VALE icon
Vale
VALE
+$39.8M
3
TSM icon
TSMC
TSM
+$36.2M
4
VICI icon
VICI Properties
VICI
+$28.8M
5
DCUD
Dominion Energy, Inc 2016 Series A Corporate Units
DCUD
+$20.2M

Sector Composition

Rank Sector Weight
1 Energy 14.32%
2 Financials 13.87%
3 Utilities 12.3%
4 Industrials 7.82%
5 Technology 6.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VST icon
1
Vistra
VST
$45.7B
$626M 11.89%
24,051,399
-6,106,478
-20% -$154M
TRMD icon
2
TORM
TRMD
$3.26B
$358M 6.8%
47,600,172
– –
ALLY icon
3
Ally Financial
ALLY
$13.1B
$306M 5.82%
11,143,541
-580,000
-5% -$15.1M
SBLK icon
4
Star Bulk Carriers
SBLK
$3.41B
$233M 4.42%
35,384,197
+1,222,446
+4% +$9.83M
NMIH icon
5
NMI Holdings
NMIH
$3.4B
$147M 2.79%
5,681,992
– –
SPY icon
6
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$141M 2.68%
500,000
+200,000
+67% +$54.3M
CZR
7
DELISTED
Caesars Entertainment Corporation
CZR
$133M 2.52%
15,250,000
+5,250,000
+53% +$45.5M
EGLE
8
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$122M 2.32%
3,752,495
+22,561
+0.6% +$731K
TSM icon
9
TSMC
TSM
$2.17T
$119M 2.26%
2,900,352
-948,225
-25% -$36.2M
IBN icon
10
ICICI Bank
IBN
$107B
$118M 2.24%
10,313,083
+906,841
+10% +$9.42M
ITUB icon
11
Itaú Unibanco
ITUB
$82.4B
$106M 2.02%
16,581,183
+1,459,716
+10% +$10.3M
MU icon
12
PUT
Micron Technology
MU
$1.09T
$93M 1.77%
2,250,000
+2,150,000
+2,150% +$83.1M
INFN
13
DELISTED
Infinera Corporation Common Stock
INFN
$91M 1.73%
20,975,384
– –
BRY
14
DELISTED
Berry Corp
BRY
$90.1M 1.71%
+7,806,717
New +$88.8M
PBR.A icon
15
Petrobras Class A
PBR.A
$111B
$79.3M 1.51%
5,545,468
-6,648
-0.1% -$93.1K
CMBT
16
CMB.TECH NV
CMBT
$5.24B
$66.1M 1.25%
8,107,246
-1,083,823
-12% -$8.5M
CEO
17
DELISTED
CNOOC Limited
CEO
$64M 1.22%
344,381
+28,544
+9% +$4.83M
BABA icon
18
Alibaba
BABA
$286B
$63.8M 1.21%
349,648
+31,268
+10% +$5.26M
CCS icon
19
Century Communities
CCS
$1.98B
$43.6M 0.83%
1,819,003
– –
AZUL
20
DELISTED
Azul
AZUL
$43.2M 0.82%
1,479,868
+37,504
+3% +$1.12M
SMCI icon
21
Super Micro Computer
SMCI
$24.1B
$42.3M 0.8%
20,000,000
– –
AU icon
22
AngloGold Ashanti
AU
$61.3B
$41.5M 0.79%
3,170,233
+93,995
+3% +$1.26M
INFY icon
23
Infosys
INFY
$48.4B
$39.8M 0.76%
3,640,465
+331,966
+10% +$3.51M
CIVI
24
DELISTED
Civitas Resources
CIVI
$38.6M 0.73%
1,700,156
– –
AABA
25
DELISTED
Altaba Inc
AABA
$35.9M 0.68%
483,866
– –
1
2 3 4

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Howard Marks's Q1 2019 Portfolio in Review

As of Q1 2019, Howard Marks held 222 positions worth $5.27B, down 4.3% from $5.5B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $1.52B in Q1 2019, closing 12 positions and reducing 22 holdings. Its most notable exit was Vale, an estimated $39.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 14% of assets, up from 11% a quarter earlier, followed by Financials and Utilities.

Against the trend, Howard Marks opened a new position in Berry Corp worth $90.1M.

  • Howard Marks's largest Q1 2019 buy was Berry Corp: 7,806,717 shares worth $90.1M.
  • Howard Marks added most to Caesars Entertainment Corporation in Q1 2019, an estimated $45.5M increase.
  • Howard Marks's biggest Q1 2019 reduction was Vistra, cutting an estimated $154M.
  • Howard Marks fully exited Vale in Q1 2019, selling an estimated $39.8M.
  • Howard Marks's ten largest holdings make up 44% of its $5.27B portfolio in Q1 2019.
  • Howard Marks opened 9 new positions and closed 12 in Q1 2019.
  • Howard Marks's portfolio value fell 4.3% quarter-over-quarter to $5.27B.

Based on Oaktree Capital Management's 13F filing for Q1 2019, filed 14 May 2019.