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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
-30.41%
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
$3.56B
AUM Growth
-$1.75B
Cap. Flow
-$306M
Cap. Flow %
-8.61%
Top 10 Hldgs %
55.11%
Holding
197
New
24
Increased
24
Reduced
10
Closed
16

Top Buys

Rank Stock Value
1
TMHC
Taylor Morrison
TMHC
+$104M
2
ALLY icon
Ally Financial
ALLY
+$88.7M
3
VST icon
Vistra
VST
+$61M
4
BABA icon
Alibaba
BABA
+$47.7M
5
CZR icon
Caesars Entertainment
CZR
+$46.8M

Top Sells

Rank Stock Value
1
BRFS
BRF SA
BRFS
+$26.6M
2
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.7M
3
YETI icon
Yeti Holdings
YETI
+$14.5M
4
IBN icon
ICICI Bank
IBN
+$13.8M
5
HUYA
Huya Inc
HUYA
+$13.5M

Sector Composition

Rank Sector Weight
1 Energy 17.09%
2 Utilities 13.59%
3 Financials 11.77%
4 Technology 11.53%
5 Industrials 8.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VST icon
1
Vistra
VST
$45.7B
$483M 13.59%
30,278,055
+3,000,000
+11% +$61M
TRMD icon
2
TORM
TRMD
$3.26B
$416M 11.68%
48,900,506
+636,585
+1% +$5.42M
SBLK icon
3
Star Bulk Carriers
SBLK
$3.41B
$220M 6.19%
39,006,017
+942,320
+2% +$7.89M
ALLY icon
4
Ally Financial
ALLY
$13.1B
$207M 5.81%
14,318,541
+3,375,000
+31% +$88.7M
TSM icon
5
TSMC
TSM
$2.17T
$165M 4.65%
3,457,927
+451,734
+15% +$24.7M
INFN
6
DELISTED
Infinera Corporation Common Stock
INFN
$133M 3.75%
25,175,384
+4,200,000
+20% +$28.8M
CZR
7
DELISTED
Caesars Entertainment Corporation
CZR
$103M 2.9%
15,250,000
– –
IWM icon
8
PUT
iShares Russell 2000 ETF
IWM
$81.9B
$83.3M 2.34%
+727,700
New +$108M
BABA icon
9
Alibaba
BABA
$286B
$76M 2.14%
390,681
+228,699
+141% +$47.7M
SMCI icon
10
Super Micro Computer
SMCI
$24.1B
$73.8M 2.08%
34,695,050
+10,695,050
+45% +$27.2M
ITUB icon
11
Itaú Unibanco
ITUB
$82.4B
$58.6M 1.65%
17,947,788
+1,017,213
+6% +$5.21M
EGLE
12
DELISTED
Eagle Bulk Shipping Inc.
EGLE
$54.7M 1.54%
4,220,591
– –
TMHC
13
DELISTED
Taylor Morrison
TMHC
$53.1M 1.49%
+4,825,000
New +$104M
NMIH icon
14
NMI Holdings
NMIH
$3.4B
$51.1M 1.44%
4,400,000
– –
AU icon
15
AngloGold Ashanti
AU
$61.3B
$42M 1.18%
2,525,181
+150,600
+6% +$2.95M
IBN icon
16
ICICI Bank
IBN
$107B
$40.5M 1.14%
4,769,444
-1,039,446
-18% -$13.8M
BIDU icon
17
Baidu
BIDU
$31.6B
$33.5M 0.94%
+332,415
New +$40.5M
PBR.A icon
18
Petrobras Class A
PBR.A
$111B
$33M 0.93%
6,117,097
+358,580
+6% +$4.04M
MX icon
19
Magnachip Semiconductor
MX
$121M
$32.5M 0.91%
2,939,537
-231,192
-7% -$2.8M
CX icon
20
Cemex
CX
$16B
$32.2M 0.91%
15,194,909
+6,536,982
+76% +$22.1M
LBTYK icon
21
Liberty Global Class C
LBTYK
$3.55B
$31.4M 0.88%
+2,000,000
New +$37.6M
BRY
22
DELISTED
Berry Corp
BRY
$31.1M 0.87%
12,913,313
– –
CEO
23
DELISTED
CNOOC Limited
CEO
$30.3M 0.85%
293,304
-63,334
-18% -$9.01M
AFYA icon
24
Afya
AFYA
$1.27B
$27.4M 0.77%
1,439,762
+706,849
+96% +$17.5M
CCS icon
25
Century Communities
CCS
$1.98B
$26.4M 0.74%
1,819,003
– –
1
2 3 4

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Howard Marks's Q1 2020 Portfolio in Review

As of Q1 2020, Howard Marks held 197 positions worth $3.56B, down 33% from $5.31B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $306M in Q1 2020, closing 16 positions and reducing 10 holdings. Its most notable exit was YPF Sociedad Anonima ADS, an estimated $15.7M position sold in full.

By sector, the portfolio is most concentrated in Energy at 17% of assets, down from 17% a quarter earlier, followed by Utilities and Financials.

Against the trend, Howard Marks opened a new position in Taylor Morrison worth $53.1M.

  • Howard Marks's largest Q1 2020 buy was Taylor Morrison: 4,825,000 shares worth $53.1M.
  • Howard Marks added most to Ally Financial in Q1 2020, an estimated $88.7M increase.
  • Howard Marks's biggest Q1 2020 reduction was BRF SA, cutting an estimated $26.6M.
  • Howard Marks fully exited YPF Sociedad Anonima ADS in Q1 2020, selling an estimated $15.7M.
  • Howard Marks's ten largest holdings make up 55% of its $3.56B portfolio in Q1 2020.
  • Howard Marks opened 24 new positions and closed 16 in Q1 2020.
  • Howard Marks's portfolio value fell 33% quarter-over-quarter to $3.56B.

Based on Oaktree Capital Management's 13F filing for Q1 2020, filed 15 May 2020.