Howard Marks

Howard Marks

Last Update: 02-14-2018

Number of Stocks: 72
Number of New Stocks: 5

Total Value: $4,167 Mil
Q/Q Turnover: 7%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Howard Marks past Portfolios

Howard Marks 13F Filings

Portfolio DateNumber of StocksTotal Value (Mil)Number of New StocksQ/Q Turnover
2017-12-3181$4,16757%
2017-09-3081$4,245810%
2017-06-3078$3,8751936%
2017-03-3172$4,116119%
2016-12-3166$3,655104%
2016-09-3076$4,412932%
2016-06-3074$2,546812%
2016-03-3172$2,42478%
2015-12-3171$4,23195%
2015-09-3076$4,31864%
2015-06-3077$5,328910%
2015-03-3174$6,20697%
2014-12-3172$6,0661137%
2014-09-3065$3,2311316%
2014-06-3061$2,79977%
2014-03-3163$2,58177%
2013-12-3166$2,6301211%
2013-09-3061$2,15999%
2013-06-3065$1,94094%
2013-03-3158$1,83975%
2012-12-3159$2,4051110%
2012-09-30177$2,7051224%
2012-06-30185$5,27714966%
2012-03-3147$3,32882%
2011-12-3152$5,028921%
2011-09-3049$2,589128%
2011-06-3059$3,0171013%
2011-03-3150$3,8141740%
2010-12-3158$2,138931%
2010-09-3051$2,69400%

Howard Marks 13D/G Filings

Filing date :

Howard Marks Watch

  • The Importance of Consistency

    In my last article, I briefly discussed Netflix Inc. (NASDAQ:NFLX). I think it might be useful to circle back to that discussion to address the main point I was trying to make.


    Here is what I wrote:

      


  • 'Moneyball', FAANG and Buying Opportunities

    For me, writing is like riding a bike. When I am putting together a new article every few days, the ideas seem to come easily. On the other hand, when I take a prolonged break, the well runs dry.


    Lately, it has been the latter. I did not write in September - and not because I was particularly busy. Simply put, I did not have anything to say that I thought was worth your time.

      


  • Howard Marks and James Montier: Expect Lower Equity Returns

    Howard Marks (TradesPortfoliorecently published a memo titled "There They Go Again... Again," which has reportedly attracted the most interest “in the 28 years I’ve been writing memos, with comments coming from Oaktree clients, other readers, the print media and TV.”


    It is easy to understand why the memo has sparked such interest. In it, Marks warns the current market environment has many similarities today to that of the dot-com bubble and pre-financial crisis bubble. He also weighed in on the opportunity presented by bitcoin and other trends currently overtaking the market. The response to the original memo has been so great, Marks decided to write a response outlining the lessons he has learned from speaking with readers and listening to criticism. As always, the memo is highly recommended reading.

      


  • Howard Marks Responds to Critics With Memo: 'Yet Again?'

    Howard Marks (Trades, Portfolio), widely followed investor at Oaktree Capital, posted a memo on Thursday titled “Yet Again,” to push back at the firestorm his previous post “There They Go Again… Again” ignited in July. Marks’ latest clarifies statements he believed some clients, readers and media pundits misunderstood. In the process, he gives more details of his thinking on topics ranging from value investing to Bitcoin. He also makes his definitive statement on Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN) and other FAANG stocks.


    Read the memo here.

      


  • Lessons From the Past: Returns Without Risk

    Howard Marks (Trades, Portfolio)' regular memos should be required reading for every investor. Over the years, he has delivered some incredibly insightful comments about all areas of investing, but mainly value investing as this is where Oaktree specializes.


    Marks has been managing money for decades, and his memos are a record of his views during multiple market environments. Of interest are Marks’ commentaries around the dot-com and 2007 bubbles.

      


  • What Does Howard Marks See in Vistra Energy?

    According to aggregated second quarter 13F filing data, the second-largest stock buy among significant value funds last quarter was Vistra Energy Corp. (NYSE:VST). Vistra made it into the top 10 thanks to activity from one large investor, Howard Marks (Trades, Portfolio).


    During the quarter Marks acquired 50.3 million shares of the company at an average price of $16.80 per share, making it the largest holding in his equity portfolio accounting for 25.3% of the $3.34 billion equity portfolio managed by his firm Oaktree Capital Management.

      


  • Read Howard Marks' Memo: There They Go Again... Again

    Some of the memos I’m happiest about having written came at times when bullish trends went too far, risk aversion disappeared and bubbles inflated. The first and best example is probably “bubble.com,” which raised questions about Internet and e-commerce stocks on the first business day of 2000. As I tell it, after ten years without a single response, that one made my memo writing an overnight success.

      


  • Howard Marks' Oaktree Buys Into Small Businesses Through Fifth Street Finance

    Two weeks after Oaktree Capital, a global investment manager founded by Howard Marks (Trades, Portfolio), announced it would become investment adviser to two business development companies, Fifth Street Finance Corp. (FSC) and Fifth Street Senior Floating Rate Corp. (FSFR), it disclosed Monday it would also obtain certain voting rights through beneficial ownership of shares as part of the deal.


    According to a filing, Oaktree will also be deemed to have voting control over 19.2%, or 27,044,419 shares of Fifth Street Finance Corp. Through an agreement, the holders of the shares will vote according to Oaktree's directions. The agreement comes as part of Oaktree's deal to become the company's investment adviser.

      


  • Some Signs of 'Competitive Pressures' in Credit

    I recently finished “The Most Important Thing” by Howard Marks (Trades, Portfolio), the chairman of Oaktree Capital. Marks' ability to lay out all the relevant considerations on any given topic in a way that is easy to follow and understand is what I most appreciate about his writing. As usual, I made the mistake of waiting so long: "The Most Important Thing" is one of the best investing books I have read in some time. If you have not read it yet, you should move it to the top of your list.


    One concept I found particularly interesting was the discussion on credit cycles. In the book, Marks refers to a December 2007 memo that outlines a few of the major themes of a financial crisis. Here is a shortened list of the one's most relevant to this article:

      


  • Don't Blame the Market

    Over the past decade, a number of renowned value funds have significantly underperformed the market.


    Fascinated by this fact, I read the most recent 10 years investor letters of most of the underperforming gurus. As I covered in my last article, there’s a variety of excuses, some legitimate and some dubious at best. All concluded that the strategies will work in the future because they have worked in the past; before the underperformance began, none suggested a change was needed. What I found disturbing is not necessarily the excuses but the inconsistency between what they say versus what they have done. But perhaps that’s ubiquitous so I’ll leave that out of today’s discussion.

      


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