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Oaktree Capital

Q4 2018 13F · by Howard Marks, chairman

As of
Dec 31, 2018
Filed
Feb 15, 2019
US stock
$7.0B · prev $4.0B
Positions
80 · prev 79
Options notional
$541M
Documents
2· 1 amendment

Picture63.7% US stock

Partial picture · of what this 13F reports is US stock

  • US stock listed on a US exchange 63.7%
  • Foreign stock not listed in the US 0.3%
  • Notes debt, at principal 31.1%
  • Puts at notional value 4.9%
  • Calls at notional value 0.0%

Moves98 since the prior filing

+12.0 pp in · −12.1 pp out

Options: 7 moves on a notional base, in the table below.

The book

Concentrated · behaves like 14 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

High turnover · 91% a year, about 1.1 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions49% of US stock

  1. VST Vistra Corp. added−2.44 pp added−2.4419.7%
  2. TRMD TORM plc Class A added+2.00 pp added+2.009.1%
  3. SBLK Star Bulk Carriers Corp. added−2.09 pp added−2.098.9%
  4. ALLY Ally Financial Inc. added+1.83 pp added+1.837.6%
  5. TSM Taiwan Semiconductor Manufacturing Company Ltd. added+0.06 pp added+0.064.0%

Revealed late, restated

revealed late 1 name revealed after the original — carried back to this quarter, never shown as a new buy 13F-HR/A · Feb 15, 2019 ↗

Positions80 in this filing · 11 exited

VSTVistra Corp.19.68%60,315,754$1.4Badded+69%−2.44 pp7 q
TRMDTORM plc Class A9.12%95,200,344$639Madded×2.0+2.00 pp2 q
SBLKStar Bulk Carriers Corp.8.90%68,323,502$624Madded×2.2−2.09 pp11 q
ALLYAlly Financial Inc.7.57%23,447,082$531Madded×2.7+1.83 pp19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.4.05%7,697,154$284Madded×2.1+0.06 pp23 q
EGLEEagle Bulk Shipping Inc3.43%52,219,072$241Madded×66.5+3.32 pp10 q
NMIHNMI Holdings Inc.2.89%11,363,984$203Madded×2.0−0.31 pp18 q
ITUBItau Unibanco Holding S.A.2.87%22,005,600$201Madded+95%+0.81 pp18 q
IBNICICI Bank Limited2.76%18,812,484$194Madded+79%+0.53 pp18 q
INFNInfinera Corporation2.39%41,950,768$167Mnew+2.39 ppnew
CZRCaesars Entertainment, Inc.1.94%20,000,000$136Mnew+1.94 ppnew
PBR.APetroleo Brasileiro S.A.-Petrobras1.83%11,104,232$129Madded+36%−0.29 pp7 q
CMBTCmb.tech NV1.82%18,382,138$127Madded×2.0−0.17 pp3 q
VICIVICI Properties Inc.1.53%5,722,638$107Madded+60%−0.39 pp4 q
CEOCNOOC Limited1.37%631,674$96Madded×2.3+0.01 pp13 q
BABAAlibaba Group Holding Limited1.24%636,760$87Mnew+1.24 ppnew
unresolvedAzul Sa-adr1.14%2,884,728$80Madded+54%+0.31 pp7 q
VALEVale S.a.1.13%6,033,850$80Madded+83%−0.09 pp13 q
AUAngloGold Ashanti plc1.10%6,152,476$77Madded+57%+0.27 pp21 q
unresolvedBonanza Creek Energy Inc1.00%3,400,312$70Madded×6.0+0.58 pp4 q
CCSCentury Communities, Inc.0.90%3,638,006$63Madded×2.0−0.29 pp17 q
INFYInfosys Limited0.90%6,616,998$63Madded+42%−0.28 pp8 q
STKLSunOpta, Inc.0.89%16,185,398$63Madded×2.0−0.59 pp8 q
BRFSNBrf Sa-adr0.88%10,861,810$62Madded×2.1+0.18 pp7 q
YUMCYum China Holdings, Inc.0.86%1,800,336$60Madded×2.9+0.32 pp2 q
PCGPG&E Corporation0.82%2,430,000$58Madded×2.0−0.57 pp3 q
AABAAltaba Inc.0.80%967,732$56Madded×2.0−0.02 pp7 q
CXCemex S.A.B. de C.V.0.79%11,518,430$56Madded×2.4−0.05 pp3 q
Nextera Energy Incconvertible0.79%962,780$55Madded×2.1+0.13 pp7 q
Dominion Energy Incconvertible0.73%1,071,000$51Madded×11.0+0.62 pp2 q
WBWeibo Corporation0.72%863,200$50Madded×2.1−0.02 pp2 q
Crown Castle Intl Corpconvertible0.70%46,374$49Madded+45%−0.17 pp2 q
unresolvedContura Energy Inc0.67%711,180$47Mnew+0.67 ppnew
MTGMGIC Investment Corp.0.66%4,440,000$46Madded×2.7+0.12 pp23 q
COOPMr. Cooper Group Inc.0.64%3,855,088$45Mnew+0.64 ppnew
VRSVerso Corporation0.61%1,922,638$43Madded×2.0−0.20 pp10 q
XECCimarex Energy Co0.60%683,260$42Madded×4.8+0.27 pp3 q
MXMagnachip Semiconductor Corp.0.58%6,500,000$40Madded×2.0−0.22 pp8 q
HKHalcon Resources Corporation0.56%23,000,000$39Madded×18.1+0.42 pp2 q
Sempra Energyconvertible0.56%406,020$39Madded×2.4+0.14 pp2 q
CJC&J Energy Services, Inc.0.51%2,650,000$36Mnew+0.51 ppnew
NBISNebius Group N.V. Class A0.47%1,201,806$33Mnew+0.47 ppnew
TEOTelecom Argentina S.A.0.42%1,878,000$29Madded×2.6+0.11 pp3 q
Qts Realty Trust Incconvertible0.41%306,680$29Madded×2.1+0.02 pp2 q
BATRKAtlanta Braves Holdings, Inc. Series C0.40%1,140,204$28Madded×2.0+0.01 pp11 q
SMCISuper Micro Computer, Inc.0.39%2,000,000$28Madded+33%−0.38 pp2 q
Becton Dickinson And Coconvertible0.37%449,640$26Mtrimmed−31%−0.70 pp7 q
NXPINXP Semiconductors N.V.0.37%352,600$26Madded×2.1+0.02 pp2 q
unresolvedRowan Cos PLC0.33%2,788,292$23Mnew+0.33 ppnew
Dte Energy Coconvertible0.32%430,000$22Mnew+0.32 ppnew
PAMPampa Energia S.a.0.31%677,000$22Madded×2.8+0.12 pp2 q
Intl Flavor & Fragrancesconvertible0.27%379,000$19Madded+52%−0.07 pp2 q
unresolvedStonemor Partners LP0.27%8,955,714$19Madded×2.0−0.30 pp9 q
YETIYETI Holdings, Inc.0.27%1,267,876$19Mnew+0.27 ppnew
Vistra Energy Corpconvertible0.26%200,800$18Madded×3.3+0.11 pp3 q
TGSTransportadora de Gas del Sur S.A.0.22%1,006,000$15Madded×3.1+0.10 pp2 q
WFC.PRLWells Fargo & Company0.21%11,638$15Madded+85%+0.01 pp7 q
TSQTownsquare Media, Inc.0.19%3,190,448$13Madded×2.0−0.12 pp18 q
GLIBAGci Liberty Inc - Class A0.18%300,000$12Madded×2.0−0.01 pp4 q
BAC.PRLBank Of America Corp0.17%9,400$12Madded+24%−0.07 pp8 q
HYGiShares iBoxx $ High Yield Corporate Bond ETF0.14%123,000$10Mnew+0.14 ppnew
NOGNorthern Oil and Gas, Inc.0.12%3,579,334$8Mtrimmed−18%−0.32 pp3 q
South Jersey Industriesconvertible0.12%186,000$9Mtrimmed−38%−0.30 pp2 q
unresolvedVeon Ltd0.11%3,357,800$8Madded×2.0−0.01 pp8 q
OIBR/USDOi Sa-adr0.10%4,403,292$7Madded×2.1−0.04 pp2 q
BELFBBel Fuse Inc0.09%350,120$6Madded×2.0−0.03 pp4 q
OCSIOaktree Strategic Income Cor0.09%784,000$6Madded×2.0+0.01 pp5 q
MBTMobile TeleSystems Public Joint Stock Company0.06%597,000$4Madded×2.00.00 pp23 q
FPIFarmland Partners Inc.0.05%700,000$3Madded×2.20.00 pp2 q
TRCOTribune Media Company Class A0.05%79,102$4Mtrimmed−99%−5.16 pp17 q
unresolvedCapital Product Partners LP0.05%1,638,456$3Madded×2.0−0.01 pp18 q
unresolvedBellatrix Exploration Ltd0.04%6,700,000$3Madded×2.0−0.05 pp6 q
MPOAmplify Energy Corp.0.04%380,614$3Madded×2.00.00 pp9 q
BELFABel Fuse Inc0.03%143,226$2Madded×2.0−0.01 pp3 q
INDAiShares MSCI India ETF0.03%66,600$2Madded×2.10.00 pp9 q
FSCOaktree Specialty Lending Corporation0.03%552,000$2Madded×2.00.00 pp5 q
SDSandRidge Energy, Inc.0.03%270,000$2Madded×2.0−0.01 pp9 q
unresolvedUS Well Services Inc0.03%3,000,000$2Mnew+0.03 ppnew
XOGExtraction Oil & Gas Inc0.02%345,574$1Madded×2.0−0.03 pp9 q
UPLUltra Petroleum Corp.0.01%1,272,450$972,000added+86%−0.01 pp7 q
Fortive Corporationconvertible—−30,577—exited−0.82 pp—
unresolvedEnergy Xxi Gulf Coast Inc—−3,910,545—exited−0.81 pp—
unresolvedWmih Corp—−23,130,531—exited−0.80 pp—
BBDBanco Bradesco S.A.—−3,936,583—exited−0.69 pp—
Hess Corpconvertible—−336,700—exited−0.67 pp—
CTRPTrip.com Group Limited—−593,153—exited−0.55 pp—
unresolvedMatlin And Partners Acquisition Corp—−1,500,000—exited−0.40 pp—
Sempra Energyconvertible—−152,340—exited−0.38 pp—
Stanley Black & Decker Iconvertible—−120,000—exited−0.33 pp—
SIGASIGA Technologies Inc.—−602,886—exited−0.10 pp—
CMLSQCumulus Media Inc A—−42,075—exited−0.02 pp—

Other 13(f) securities

Options 5

Contract% of notionalSharesNotional
HYG PUT29.97%2,000,000$162M
SPY PUT27.49%600,000$149M
SMH PUT27.30%1,700,000$148M
AVGO PUT14.07%300,000$76M
MU PUT1.17%200,000$6M

Notes 107

Issue% of notesPrincipalValue
Akamai Technologies Inc4.02%137,810,000$137M
Royal Gold Inc2.86%97,098,000$98M
Macquarie Infrastructure2.84%97,506,000$97M
Acres Commercial Realty2.61%92,128,000$89M
Spirit Realty Capital In2.44%83,234,000$83M
Teva Pharm Fin Co LLC2.31%86,786,000$79M
Pattern Energy Group Inc2.29%79,244,000$78M
Electronics For Imaging2.12%74,090,000$72M
Blackstone Mortgage Tr2.08%72,692,000$71M
Navistar Intl Corp2.05%70,174,000$70M
Apollo Cmmrl Real Est Fi2.00%72,676,000$68M
Ssr Mining Inc1.98%67,962,000$68M
Weatherford Intl Ltd1.96%104,924,000$67M
Tesla Inc1.92%58,210,000$66M
Kb Home1.91%65,238,000$65M
Huron Consulting Group I1.86%64,520,000$64M
Ionis Pharmaceuticals In1.83%58,100,000$62M
Cardtronics Inc1.79%65,894,000$61M
Intercept Pharmas1.75%64,452,000$60M
Golar Lng Ltd1.74%64,262,000$59M
Twitter Inc1.59%55,992,000$54M
Ares Capital Corp1.51%51,498,000$52M
Nxp Semiconductor NV1.40%47,778,000$48M
Seacor Holdings Inc1.40%51,718,000$48M
Colony Capital Inc1.39%51,156,000$48M
Horizon Pharma Inv Ltd1.39%47,408,000$47M
Pennymac Corp1.39%47,748,000$47M
Booking Holdings Inc1.33%41,128,000$45M
Osi Systems Inc1.30%47,580,000$44M
Rwt Holdings Inc1.30%43,986,000$44M
Innoviva Inc1.29%40,800,000$44M
Pandora Media LLC1.27%45,774,000$43M
Verint Systems Inc1.26%44,122,000$43M
Whiting Petroleum Corp1.26%45,440,000$43M
Illumina Inc1.25%34,932,000$43M
New Mountain Finance Cor1.16%39,562,000$40M
Assertio Therapeutics In1.10%55,710,000$38M
Pra Group Inc1.10%40,600,000$37M
Dish Network Corp1.07%45,250,000$37M
On Semiconductor Corp1.07%33,000,000$36M
Nuance Communications1.03%40,450,000$35M
Inphi Corp0.99%31,950,000$34M
Green Plains Inc0.96%37,196,000$33M
Ezcorp Inc0.94%32,694,000$32M
Exact Sciences Corp0.92%28,556,000$31M
Workday Inc0.91%25,316,000$31M
Trip.com Group Ltd0.89%31,190,000$30M
Forestar Group Inc0.85%29,580,000$29M
Redwood Trust Inc0.82%29,720,000$28M
Finisar Corp0.76%27,278,000$26M
Blackrock Tcp Cap Corp0.76%25,756,000$26M
Tesla Energy Operations0.74%26,878,000$25M
Allscripts Healthcare So0.73%25,970,000$25M
Citrix Systems Inc0.71%17,058,000$24M
Goldman Sachs Bdc Inc0.66%23,262,000$23M
Hci Group Inc0.65%22,108,000$22M
Ih Merger Sub LLC0.62%20,656,000$21M
Mandiant Inc0.58%20,532,000$20M
Tpg Specialty Lending In0.57%19,274,000$19M
Echo Global Logistics0.56%19,552,000$19M
Pacira Biosciences Inc0.56%19,390,000$19M
Vector Group Ltd0.56%19,150,000$19M
Titan Machinery Inc0.53%18,394,000$18M
New York Mortgage Trust0.52%17,834,000$18M
Arconic Inc0.50%17,014,000$17M
Hercules Capital Inc0.49%17,786,000$17M
Encore Capital Group Inc0.48%19,728,000$16M
Hannon Armstrong Sustain0.47%17,538,000$16M
Blackrock Capital Invest0.44%15,270,000$15M
Cemex Sab De Cv0.44%15,206,000$15M
Biomarin Pharmaceutical0.43%13,120,000$15M
Biomarin Pharmaceutical0.43%14,800,000$15M
Vitamin Shoppe Inc0.43%15,320,000$15M
Granite Point Mtge Trst0.42%14,410,000$14M
Microchip Technology Inc0.40%14,000,000$14M
Pra Group Inc0.39%15,930,000$13M
Qiagen NV0.37%12,800,000$13M
Canadian Solar Inc0.36%12,540,000$12M
Western Asset Mtge Cap0.35%12,582,000$12M
Cowen Inc0.33%11,340,000$11M
Acorda Therapeutics Inc0.32%13,000,000$11M
Dht Holdings Inc0.32%11,028,000$11M
Two Harbors Inv Corp0.29%10,112,000$10M
Sfl Corp Ltd0.29%10,740,000$10M
Novavax Inc0.27%14,990,000$9M
Helix Energy Solutions0.26%9,612,000$9M
Nuvasive Inc0.26%8,520,000$9M
Expand Energy Corp0.25%10,760,000$9M
Pdl Biopharma Inc0.25%8,280,000$8M
Vitamin Oldco Holdings0.24%11,332,000$8M
Calamp Corp0.23%8,330,000$8M
Macquarie Infrastructure0.23%8,880,000$8M
Array Bio Inc0.21%6,000,000$7M
Clovis Oncology Inc0.17%6,710,000$6M
Jazz Investments I Ltd0.17%5,888,000$6M
Cheniere Energy Inc0.16%8,040,000$6M
Prospect Capital Corp0.16%5,372,000$5M
Viavi Solutions Inc0.16%5,400,000$5M
Cemex Sab De Cv0.15%5,240,000$5M
Qiagen NV0.15%4,400,000$5M
Eeg Glider Inc0.14%6,570,000$5M
Veeco Instruments Inc0.14%6,328,000$5M
Sunpower Corp0.11%4,748,000$4M
Pretium Resources Inc0.10%3,740,000$3M
Synchronoss Technologies0.09%3,050,000$3M
Hci Group Inc0.08%2,810,000$3M
Ensco Jersey Finance Ltd0.05%2,504,000$2M

Source

Forms
13F-HR · 13F-HR/A
Reading
0 defects · 9 unresolved
Accession
0000949509-19-000003
0000949509-19-000004
SEC cross-check
SEC data set not published yet