Howard Marks

Howard Marks

Last Update: 05-15-2018

Number of Stocks: 71
Number of New Stocks: 6

Total Value: $4,130 Mil
Q/Q Turnover: 10%

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
2018-03-3177$4,130610%
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

  • Risk, Howard Marks and Probability Investing

    Investing is a business of risk and reward. Balancing risk with reward is critical if you want to be a successful investor and generate outsized returns over the long term.


    According to Howard Marks (Trades, Portfolio), it is the "indeterminate nature of future events" that creates investment risk. Trying to accurately predict what may happen one, three or five years from now is impossible. If we knew everything that was going to happen, there would not be any risk and investing would be significantly easier.

      


  • Worried About the Market? Protect Yourself With Valuation

    What You’ll Learn




  • Howard Marks’ Oaktree Invests in Struggling Mortgage Lender

    Howard Marks (Trades, Portfolio)’ Oaktree Capital Management disclosed that it established a position in Ditech Holding Corp. (NYSE:DHCP) on Feb. 28, following the completion of the company’s restructuring plan.


    According to GuruFocus Real-Time Picks, Oaktree invested in 962,455 shares of the Pennsylvania-based company, which was formerly known as Walter Investment Management, for an average price of $10.19 per share, giving it 0.23% portfolio space.

      


  • Howard Marks’ Oaktree Starts 5 New Positions in 4th Quarter

    Howard Marks (Trades, Portfolio)’ Oaktree Capital Management released its fourth-quarter portfolio last week, listing five new holdings.


    The alternative investment management company, which was founded in 1995, says on its website it focuses on delivering superior results while observing its six-tenet investment philosophy: risk control, consistency, market inefficiency, specialization, bottom-up analysis and disavowal of market timing.

      


  • 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.

      


  • Howard Marks on the Truth About Investing

    Howard Marks (Trades, Portfolio) is one of Wall Street’s most astute value investors. He is known in the investment community for his Oaktree memos to clients, which detail investment strategies and insights on the economy. These memos are always highly informative as Marks has an unrivaled view of Wall Street. His Oaktree Capital invests in distressed assets, the very essence of value investing, and in 2008, Oaktree raised $10.9 billion from investors, making it the largest distressed-debt fund in history. Oaktree’s 17 distressed debt funds have achieved annualized returns of 19% per annum after fees for the past 22 years.


    With such a wealth of experience behind him, it always pays to listen to Marks on investing. One of his more recent presentations took place earlier this year when he explained to an audience of CFA analysts in India the so-called “truth about investing.” Here are some extracts from the presentation.

      


  • Oaktree Capital Makes 23 Times Investment on Turnaround Play

    Oaktree Capital Management, which specializes in alternative investments, detailed its return on a food producer more typical of a tech company in a conference call Wednesday – the culmination of a nine-year turnaround.


    The firm, founded by veteran investor Howard Marks (Trades, Portfolio), will sell its 43% stake in AdvancePierre Foods (NYSE:APFH) as part of an announcement Tuesday that the company it would be acquired by Tyson Foods (NYSE:TSN) for $40.25 a share, or $4.2 billion. The buyout gave Oaktree a return around 23 times the capital it originally put up, a fact touted in its first quarter earnings call.

      


  • Oaktree Boosts Stake as Largest Shareholder in SunOpta

    Oaktree, where value investing thought leader Howard Marks (Trades, Portfolio) is co-chairman, increased its stake last Friday in SunOpta Inc. (NASDAQ:STKL), a company where it is pushing for change as the biggest shareholder but where few other prominent value investors have been active.


    Oaktree found opportunity to increase its position when a weak earnings report released March 1 precipitated a decline in the company’s stock price. Shares of SunOpta dropped 15.3% from the market’s close Feb. 28 through March 2, registering their lowest price since August at $6.10 a piece. On March 3, Oaktree bought 3 million additional shares, reflecting a 26.5% holding increase that built his ownership to 14,333,333 shares, or 16.7% of the company.

      


  • Howard Marks' Oaktree Buys Texas Oil Company Reporting Jump in Reserves

    Managers at investor Howard Marks' Oaktree amassed a 10% stake in a Frisco, Texas based oil and gas company, Comstock Resources, on the day it announced a swell in its calculated proved reserves that triggered a pop in its stock price.


    Comstock Resources (NYSE:CRK) said it ended December with reserves of 7.3 million barrels of crude oil and 872 billion cubic feet of natural gas, a 47% jump from the end of last year. Using a 10% discount rate, it estimated the future net cash flows of the reserves, before income taxes, to have a present value of around $431 million. The calculation used modest price estimates of $2.29 per million cubic feet of natural gas and $37.62 per barrel for oil, 2% and 20% lower than figures used in 2015.

      


  • What Does Howard Marks See in AdvancePierre Foods?

    Combing through 13F filings to try and figure out which shares super investors are buying and selling can be a time-consuming but sometimes lucrative process.


    Even though you should never blindly follow investors into positions, as you do not know why they entered the positions or what price and time, 13Fs are extremely useful for finding stock ideas. If you have your own set of investment guidelines and are just looking for ideas, then 13Fs can be extremely helpful in pointing in the right direction. However, if you just blindly follow super investors, you may end up losing more than you bargained for.

      


  • Oaktree Reduces, Eliminates Multiple Positions in the 3rd Quarter

    Howard Marks (Trades, Portfolio) is the chairman of Oaktree Capital Management LP, which was founded in 1995. The firm made the following trades in the third quarter:


    The firm almost closed its position in Allergan PLC (NYSE:AGN), cutting it by 93.18%. The transaction had an impact of -3.07% on the portfolio.

      


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