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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
+3.47%
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
$5.1B
AUM Growth
-$233M
(-4.4%)
Cap. Flow
-$1.04B
Cap. Flow % of AUM
Cap. Flow %
-20.34%
Top 10 Holdings %
Top 10 Hldgs %
52.72%
Holding
210
New
11
Increased
19
Reduced
16
Closed
8
Avg Time Held
Equity + Options
1.4
years
Top 10 Avg Time Held
Equity + Options
1.8
years
Top 20 Avg Time Held
Equity + Options
1.6
years
Avg Time Held Equity only
1.4
years
Top 10 Avg Time Held Equity only
1.8
years
Top 20 Avg Time Held Equity only
1.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
YPF Sociedad Anonima ADS
YPF
|
+$18.6M |
| 2 |
Afya
AFYA
|
+$18M |
| 3 |
Eagle Bulk Shipping Inc.
EGLE
|
+$11.9M |
| 4 |
Vista Energy
VIST
|
+$11.8M |
| 5 |
iHeartMedia
IHRT
|
+$10.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Weibo
WB
|
+$23.2M |
| 2 |
Vistra
VST
|
+$20.8M |
| 3 |
Azul
AZUL
|
+$18M |
| 4 |
AngloGold Ashanti
AU
|
+$11.9M |
| 5 |
Civitas Resources
CIVI
|
+$6.74M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 25.36% |
| 2 | Energy | 16.59% |
| 3 | Financials | 14.64% |
| 4 | Utilities | 14.5% |
| 5 | Industrials | 10.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vistra
VST
$44.5B
| $729M | 14.29% |
27,278,055
-873,344
| -3% | -$20.8M |
2017 Q2
9 quarters
|
|
2
TORM
TRMD
$3.78B
| $409M | 8.01% |
48,263,921
+663,749
| +1% | +$5.4M |
2018 Q3
4 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.28B
| $383M | 7.51% |
38,063,697
+650,000
| +2% | +$6.62M |
2013 Q3
24 quarters
|
|
4
Ally Financial
ALLY
$11.5B
| $363M | 7.11% |
10,943,541
| – | – |
2014 Q2
21 quarters
|
|
5
DELISTED
Caesars Entertainment Corporation
CZR
| $178M | 3.49% |
15,250,000
| – | – |
2018 Q4
3 quarters
|
|
6
TSMC
TSM
$2.06T
| $132M | 2.6% |
2,848,572
-71,001
| -2% | -$3.03M |
2013 Q2
25 quarters
|
|
7
NMI Holdings
NMIH
$2.88B
| $131M | 2.56% |
4,975,911
| – | – |
2014 Q3
20 quarters
|
|
|
8
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $129M | 2.53% |
4,220,591
+358,579
| +9% | +$11.9M |
2014 Q4
19 quarters
|
|
9
DELISTED
Berry Corp
BRY
| $121M | 2.37% |
12,891,717
| – | – |
2019 Q1
2 quarters
|
|
10
DELISTED
Infinera Corporation Common Stock
INFN
| $114M | 2.24% |
20,975,384
| – | – |
2018 Q4
3 quarters
|
|
11
ICICI Bank
IBN
$124B
| $102M | 2% |
8,365,394
-270,516
| -3% | -$3.17M |
2014 Q3
20 quarters
|
|
12
Itaú Unibanco
ITUB
$82.6B
| $98.1M | 1.92% |
16,030,233
-356,807
| -2% | -$2.32M |
2014 Q3
20 quarters
|
|
13
PUT
VanEck Semiconductor ETF
SMH
$62.5B
| $89.3M | 1.75% |
1,500,000
| – | – |
2019 Q2
1 quarter
|
|
14
PUT
Micron Technology
MU
$863B
| $84M | 1.65% |
1,960,000
+460,000
| +31% | +$20.8M |
2018 Q3
4 quarters
|
|
15
Petrobras Class A
PBR.A
$103B
| $71.7M | 1.41% |
5,455,930
-131,884
| -2% | -$1.76M |
2017 Q2
9 quarters
|
|
16
CMB.TECH NV
CMBT
$5.08B
| $69.9M | 1.37% |
7,601,881
-505,365
| -6% | -$4.28M |
2018 Q2
5 quarters
|
|
17
Century Communities
CCS
$1.44B
| $55.7M | 1.09% |
1,819,003
| – | – |
2014 Q4
19 quarters
|
|
|
CEO
18
DELISTED
CNOOC Limited
CEO
| $51.5M | 1.01% |
338,074
-8,923
| -3% | -$1.4M |
2015 Q4
15 quarters
|
|
19
DELISTED
BRF SA
BRFS
| $49.9M | 0.98% |
5,444,574
-153,229
| -3% | -$1.39M |
2017 Q2
9 quarters
|
|
20
Super Micro Computer
SMCI
$17.5B
| $46.1M | 0.9% |
24,000,000
| – | – |
2018 Q3
4 quarters
|
|
|
21
AngloGold Ashanti
AU
$43.9B
| $43.9M | 0.86% |
2,400,512
-597,692
| -20% | -$11.9M |
2013 Q4
23 quarters
|
|
22
Infosys
INFY
$49.9B
| $40.8M | 0.8% |
3,587,835
-85,103
| -2% | -$958K |
2017 Q1
10 quarters
|
|
|
23
DELISTED
Azul
AZUL
| $37.1M | 0.73% |
1,036,438
-480,230
| -32% | -$18M |
2017 Q2
9 quarters
|
|
24
Magnachip Semiconductor
MX
$95.5M
| $33M | 0.65% |
3,250,000
| – | – |
2017 Q1
10 quarters
|
|
25
Petrobras
PBR
$118B
| $31M | 0.61% |
2,144,121
-56,727
| -3% | -$833K |
2019 Q2
1 quarter
|
|
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Howard Marks's Q3 2019 Portfolio in Review
As of Q3 2019, Howard Marks held 210 positions worth $5.1B, down 4.4% from $5.33B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
Howard Marks withdrew a net $1.04B in Q3 2019, closing 8 positions and reducing 16 holdings. Its most notable exit was Weibo, an estimated $23.2M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 25% of assets, down from 30% a quarter earlier, followed by Energy and Financials.
Against the trend, Howard Marks opened a new position in YPF Sociedad Anonima ADS worth $13.3M.
- Howard Marks's largest Q3 2019 buy was YPF Sociedad Anonima ADS: 1,442,103 shares worth $13.3M.
- Howard Marks added most to Eagle Bulk Shipping Inc. in Q3 2019, an estimated $11.9M increase.
- Howard Marks's biggest Q3 2019 reduction was Vistra, cutting an estimated $20.8M.
- Howard Marks fully exited Weibo in Q3 2019, selling an estimated $23.2M.
- Howard Marks's ten largest holdings make up 53% of its $5.1B portfolio in Q3 2019.
- Howard Marks opened 11 new positions and closed 8 in Q3 2019.
- Howard Marks's portfolio value fell 4.4% quarter-over-quarter to $5.1B.
Based on Oaktree Capital Management's 13F filing for Q3 2019, filed 13 Nov 2019.