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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
+6.92%
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
$5.33B
AUM Growth
+$68.6M
(+1.3%)
Cap. Flow
-$1.19B
Cap. Flow % of AUM
Cap. Flow %
-22.26%
Top 10 Holdings %
Top 10 Hldgs %
50.68%
Holding
214
New
9
Increased
18
Reduced
26
Closed
9
Avg Time Held
Equity + Options
1.3
years
Top 10 Avg Time Held
Equity + Options
1.6
years
Top 20 Avg Time Held
Equity + Options
1.4
years
Avg Time Held Equity only
1.3
years
Top 10 Avg Time Held Equity only
1.9
years
Top 20 Avg Time Held Equity only
1.4
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$103M |
| 2 |
Berry Corp
BRY
|
+$57.6M |
| 3 |
Petrobras
PBR
|
+$33.6M |
| 4 |
Star Bulk Carriers
SBLK
|
+$16.3M |
| 5 |
Huya Inc
HUYA
|
+$12.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$63.8M |
| 2 |
Yum China
YUMC
|
+$33.4M |
| 3 |
VICI Properties
VICI
|
+$32.8M |
| 4 |
NMI Holdings
NMIH
|
+$19.7M |
| 5 |
ICICI Bank
IBN
|
+$19.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 29.56% |
| 2 | Energy | 16.55% |
| 3 | Financials | 14.08% |
| 4 | Utilities | 12.47% |
| 5 | Industrials | 10.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vistra
VST
$46.4B
| $637M | 11.95% |
28,151,399
+4,100,000
| +17% | +$103M |
2017 Q2
8 quarters
|
|
2
TORM
TRMD
$4.38B
| $414M | 7.76% |
47,600,172
| – | – |
2018 Q3
3 quarters
|
|
|
3
Star Bulk Carriers
SBLK
$3.29B
| $361M | 6.77% |
37,413,697
+2,029,500
| +6% | +$16.3M |
2013 Q3
23 quarters
|
|
4
Ally Financial
ALLY
$11.6B
| $339M | 6.36% |
10,943,541
-200,000
| -2% | -$5.9M |
2014 Q2
20 quarters
|
|
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$802B
| $237M | 4.45% |
810,000
+310,000
| +62% | +$89.3M |
2018 Q3
3 quarters
|
|
6
DELISTED
Caesars Entertainment Corporation
CZR
| $180M | 3.38% |
15,250,000
| – | – |
2018 Q4
2 quarters
|
|
7
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $142M | 2.66% |
3,862,012
+109,517
| +3% | +$3.88M |
2014 Q4
18 quarters
|
|
|
8
NMI Holdings
NMIH
$3.21B
| $141M | 2.65% |
4,975,911
-706,081
| -12% | -$19.7M |
2014 Q3
19 quarters
|
|
|
9
DELISTED
Berry Corp
BRY
| $137M | 2.56% |
12,891,717
+5,085,000
| +65% | +$57.6M |
2019 Q1
1 quarter
|
|
10
TSMC
TSM
$2.11T
| $114M | 2.14% |
2,919,573
+19,221
| +0.7% | +$791K |
2013 Q2
24 quarters
|
|
11
Itaú Unibanco
ITUB
$78.6B
| $112M | 2.11% |
16,387,040
-194,143
| -1% | -$1.22M |
2014 Q3
19 quarters
|
|
|
12
ICICI Bank
IBN
$106B
| $109M | 2.04% |
8,635,910
-1,677,173
| -16% | -$19.4M |
2014 Q3
19 quarters
|
|
13
PUT
VanEck Semiconductor ETF
SMH
$65.3B
| $82.6M | 1.55% |
+1,500,000
| New | +$81.6M |
2019 Q2
0 quarters
|
|
14
Petrobras Class A
PBR.A
$125B
| $79.3M | 1.49% |
5,587,814
+42,346
| +0.8% | +$583K |
2017 Q2
8 quarters
|
|
15
CMB.TECH NV
CMBT
$5.34B
| $76.5M | 1.43% |
8,107,246
| – | – |
2018 Q2
4 quarters
|
|
16
DELISTED
Infinera Corporation Common Stock
INFN
| $61M | 1.14% |
20,975,384
| – | – |
2018 Q4
2 quarters
|
|
|
CEO
17
DELISTED
CNOOC Limited
CEO
| $59.1M | 1.11% |
346,997
+2,616
| +0.8% | +$455K |
2015 Q4
14 quarters
|
|
18
PUT
Micron Technology
MU
$1T
| $57.9M | 1.09% |
1,500,000
-750,000
| -33% | -$28.6M |
2018 Q3
3 quarters
|
|
19
AngloGold Ashanti
AU
$40.4B
| $53.4M | 1% |
2,998,204
-172,029
| -5% | -$2.31M |
2013 Q4
22 quarters
|
|
20
DELISTED
Azul
AZUL
| $50.7M | 0.95% |
1,516,668
+36,800
| +2% | +$1.07M |
2017 Q2
8 quarters
|
|
21
Century Communities
CCS
$1.49B
| $48.3M | 0.91% |
1,819,003
| – | – |
2014 Q4
18 quarters
|
|
22
Super Micro Computer
SMCI
$21.6B
| $46.4M | 0.87% |
24,000,000
+4,000,000
| +20% | +$7.74M |
2018 Q3
3 quarters
|
|
23
DELISTED
BRF SA
BRFS
| $42.5M | 0.8% |
5,597,803
-373,221
| -6% | -$2.7M |
2017 Q2
8 quarters
|
|
24
Infosys
INFY
$50.8B
| $39.3M | 0.74% |
3,672,938
+32,473
| +0.9% | +$344K |
2017 Q1
9 quarters
|
|
|
25
Petrobras
PBR
$142B
| $34.3M | 0.64% |
+2,200,848
| New | +$33.6M |
2019 Q2
0 quarters
|
|
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Howard Marks's Q2 2019 Portfolio in Review
As of Q2 2019, Howard Marks held 214 positions worth $5.33B, up 1.3% from $5.27B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Howard Marks withdrew a net $1.19B in Q2 2019, closing 9 positions and reducing 26 holdings. Its most notable exit was Alibaba, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 30% of assets, down from 33% a quarter earlier, followed by Energy and Financials.
Against the trend, Howard Marks opened a new position in Petrobras worth $34.3M.
- Howard Marks's largest Q2 2019 buy was Petrobras: 2,200,848 shares worth $34.3M.
- Howard Marks added most to Vistra in Q2 2019, an estimated $103M increase.
- Howard Marks's biggest Q2 2019 reduction was NMI Holdings, cutting an estimated $19.7M.
- Howard Marks fully exited Alibaba in Q2 2019, selling an estimated $63.8M.
- Howard Marks's ten largest holdings make up 51% of its $5.33B portfolio in Q2 2019.
- Howard Marks opened 9 new positions and closed 9 in Q2 2019.
- Howard Marks's portfolio value rose 1.3% quarter-over-quarter to $5.33B.
Based on Oaktree Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.