저자: Justin · 외국인
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Howard Marks(Oaktree Capital) 2022년 3분기 13F 포트폴리오 분석 영상으로, 새 투자 전망 제시는 거의 없고 실적과 보유 구조를 설명한다. 포트폴리오 개요: 운용자산 약 73억 달러, 보유 종목 약 257개(13F 기준, 미국 거래소 종목만 포함). 3분기에 34개 종목을 전량 매도, 26개 축소, 16개 신규 편입. 슈퍼투자자 성과 비교: 사이트 stock circle 소개. Howard Marks는 10년 수익률 약 1,060%, 5년 38%, 3년 44%, 1년 22%로 영상 기준 가장 높은 수익률. 워런 버핏(버크셔)은 10년 134%, 1년 -4%. 캐시 우드(ARK)는 10년 64%, 1년 -61%. 투자 스타일: 인수합병(M&A) 관련 기업, 파산 후 재편 기업 등 특수상황에 집중하며 대형 기술주(구글, 메타, 넷플릭스, 애플, 마이크로소프트)는 보유하지 않음. 주요 종목: Chesapeake Energy(파산 후 2021년 3월 매수, 주가 약 45달러→102달러, 비중 약 13%로 확대). 신규 매수 City of Royalty(상장 후 소형주, 비중 약 4%, 매수 후 주가 약 40% 상승). Reservoir Media(비중 0.05%, 음악 출판). Toll Brothers, KB Home 등 homebuilder 언급. 향후 전망 발언: 없음. 시장 방향 예측이나 대상 자산에 대한 1~3개월 가격 전망은 제시되지 않음. Phil Town 포트폴리오 영상 예고만 있음.
다듬은 글
hey everybody welcome back to the channel my name is Justin and today we're taking a look at Howard marks from Oak Tree Capital seeing what his portfolio looks like at the end of Q3 2022 so that is September 30th 2022 to be more specific he manages over seven billion dollars in his portfolio he has over 200 positions in his portfolio he sold out of 34 different positions entirely in the last quarter he added 16 new positions and that doesn't even take into consideration the stocks that he currently owned in the previous quarter that he reduced or added to so a lot of movement going on in his portfolio this last quarter overall and I'm also going to show you guys a new website that I just came across the last 24 hours that is really around stock gurus and super investors you can actually take a look at what their performance is over the last one year three year years five years and tenures which I have found pretty valuable I think is pretty cool so I'll show you that to you guys today in this video as well if you like this video get some value out of it please hit that like button it really helps out the channel a lot and this video and let's just jump right into this thing all right so the first thing I want to show you guys is this new website that I just stumbled upon the last 24 hours I'm not an affiliate of this website at all in fact I never even heard of it before yesterday but I thought it was pretty cool it's called stock Circle so curious if any of you guys have heard of this website at all you can search stocks different gurus what I really found helpful is really figuring out what the performance of super investors over a specific period of time so for example down here you can click on different things you can see who's the most popular best performers over the last year for stock gurus growth investors value investors short sellers long term this is a free website too so you can just go to and just mess around and play with it but for example if we click on Warren Buffett here and then you can see there's 48 different stocks in this portfolio you can see all the stocks here which is pretty interesting we're also going to go over and take a look at data Aroma in second two that's usually where I go go to look this uh stuff up but this one certainly is interesting because you go to the performance section and then see what what has Warren Buffett done over the last 10 years he has 134 percent return so if you would have put a hundred dollars into Berkshire Hathaway 10 years ago you have a hundred and thirty four dollars and 58 cents today a five-year you know performance is 63 percent three years 41 and one year is negative four percent keep in mind s p I think is down around 20 year to date so he definitely has done better than the s p uh so far the last year now if we go take a look at you know say another investor let's uh let's just pick one randomly let's say like uh like a Kathy Wood which is from Arc invest you know she is up 64 10 years up seven percent over the last five years but she's down 16 over the last three years and down 61 over the past year if we go take a look at Howard marks from Oakwood capital or oak tree Capital excuse me and we take a look at his performance he's up one thousand sixty percent over the last 10 years up 38 over the last five years uh 44 last three years then up 22 percent over last year so being up at all over the last year is extremely impressive with s p being down as much as it is and then being up 22 percent is absolutely phenomenal and I've looked up probably 30 or 40 super investors on this website so far and Howard Marx has the highest return that I've seen over the last uh 10 years so that really impressive so definitely go check this out I've not back tested any of these numbers um so I'm just going off that this is accurate um if you guys use this you found that this is accurate uh comment down below uh let us know you guys's thoughts that'd be awesome all right so now let's go take a look at data Roma this is the website I typically go to when I look at Value investors can I see what their portfolio is and all the different activity another free website a great one to check out and you can see as of the last quarter hit out 257 stocks as a portfolio about 7.3 billion dollars uh the only I'd say you know negative thing or caveat about that Aromas these are only positions that show up in their portfolio that are in 13f filings 13 of filings are positions on the American Stock Exchange either the NASDAQ or the New York Stock Exchange so they own stock in or on a International Stock Exchange say like European Stock Exchange or say like a Chinese stock exchange it's not going to show up here so just keep that in mind so he probably owns a lot more than 257 positions these are just on his 13 F filings and like I mentioned before he had 34 different stocks that he completely sold out of uh during the quarter which um is a lot uh obviously and he reduced 26 positions uh during the quarter so a lot of selling going on um and be honest with you a lot of these I've never even heard of uh one thing about Howard marks he has a niche and a couple of things so one is he likes to buy companies that are or tailor themselves to mergers or Acquisitions so they're trying to find you know a company to to merge with to come public and he has been very successful full on doing that that is not my Niche I don't understand that is so far from my my circle of confidence but uh he's been very uh very good uh or successful on doing that another thing he's been very successful too is finding companies that have gone through bankruptcy and the market just does not want anything to do with at all but he is able to look at those special situations say hey this company you know it's going to get rid of all their debt or most of their debt they're going to come out stronger on the other end of the bankruptcy and they're going to do really well and he's been very successful on doing that too so when I see that he's bought into a stock and it's more than five percent of his portfolio right up front um that gets me very very interested um he has done very well uh overall on those type of of buys um but you know I'm not going to go through each one of these cells that he had um again mostly I haven't even heard of and they're just mostly uh companies that tailor themselves to do Acquisitions or mergers with with other companies um there's some oil and gas stuff in here as well too um but you know nothing that jumps out to me that um is uh really interesting now Chesapeake Energy that is a large position in its portfolio so you did reduce that a little bit but he's had a lot of gains there if you look at the the Buys in the quarter uh he has 16 new uh companies here you know most of these again are companies that tear themselves in Acquisitions or mergers again completely out of my my circle competence so all these all the way up to um this one here so this one actually uh was a decent sized position that he added to now he's up 40 percent it looks like from quarter end I don't know exactly where he bought this but he should be up this is city of royalty if we go take a look at that it's Str and let's see so the stock is at 31 dollars right now this is a company that went public in June so brand new company uh usually right there I'll just kind of ignore it for that I usually don't dig into those too much small company uh 400 million dollar market cap so he owns a good chunk of this company because he's he's put a a good amount of money into I think around 200 million dollars something like that um it might be more than that we'll look at in a second here but this is a company that operates as oil and gas mineral royalty Company the company acquires oil weighted rights and productive uh and productive in the United States basins this is out of my circle of confidence I can tell you that right now as as well too but that that was a pretty decent sized position um that he bought into so if we look at his Holdings right now so that is one two three four five so number six so six biggest position about almost four percent of his portfolio but it's up forty percent uh since the you know enter the last quarter so it may have been like a I don't know uh you know two percent of his portfolio or two and a half percent but it's gone up quite a bit since the last quarter so obviously he's done uh very well on that another thing too I always like to look at with Howard marks is smaller companies that he's buying into that uh you know I might have a circle of confidence or my interest me so uh keep in mind his portfolio is massive over seven billion dollars over 200 stocks uh but keep in mind that you know so one two three four so this top five positions was that 10 17 30.
so 45 of his portfolios is top four position so I still would consider him you know a a super investor that is concentrated even though he has 200 stocks his top four positions are 45 percent of his total portfolio uh kind of similar to Warren Buffett I mean what I think Apple's like 40 of his portfolio uh you know 70 80 percent of his portfolios in his top four or five positions uh so I would consider Warren Buffett a concentrated uh hedge fund manager as well uh but you know I like to look at companies that Howard Mark is buying into that are really small unfortunately most of these are these you know acquisition companies that just don't interest me because I just don't understand fandom but if one does come up like for example he bought into Toll Brothers and AKB home a lot of these home builders a couple of cores ago that really interested me he bought Reservoir media which is a really small little company as well that's in the music publishing business um he's got so many in here it's hard to even find where it's at I probably already passed it um or might be down here um all right here so Reservoir media so it's only point zero five percent is portfolio so companies like that that that that also pop up because if you keep it you know just keep in mind that even though it's only .05 percent of its portfolio uh you know it's still putting a lot of money into that I mean you're talking three and a half million dollars four million dollars into that company that is significant uh and a lot of times these hedge fund managers don't want to put more than 10 percent into a company because then also they have to do more filings more paperwork which costs money so they kind of steer away from that for the most part uh but so so if they're buying a small company say it's only a 500 million dollar company all sudden if they put uh you know 51 million dollars of money into that company there's special requirements that they have to do so I kind of like to look at the smaller ones but nothing really popped up this quarter that I found um you know that was kind of interesting at all there so that was his his portfolio in a nutshell for you know the quarter if we look at the top you know five positions uh torn PLC uh Chesapeake Energy now I think Chesapeake Energy if I remember correctly this is one of those companies that went through a bankruptcy that he ended up purchasing I think like I think he initially did six or seven percent of his portfolio now it's all the way up to almost 13 percent of his portfolio he's made a ton of money on the stock actually let's go take a look at it believe this is the one see independent exploration and product production company engages in the acquisition exploration development of properties for the production of oil Natural Gas Oklahoma City is where it's founded yeah so I believe uh so I believe this company went into bankruptcy and then emerged from the bankruptcy and I think that was back it looks like it in March 2021 he ended up biting buying into it like immediately so he bought around forty five dollars and it's 102 dollars here today so he has more than doubled his position so again if it's a position that he adds to his portfolio it's over five percent right off the bat I am extremely interested I'm doing a ton of research on it unfortunately a lot of times I don't understand it so I stay away from it but that gets me very interested when he does that overall another thing that's really interesting about how our marks is he does not invest into these large tech companies so you're not seeing Google on here you're not seeing meta on here you're not seeing you know Netflix Apple Microsoft he tends to stay away from those companies which is also interesting and it goes back to you know the the super investors that beat the market and beat the market handily really really understand what they do well and they really tailor their investing investing strategy around that so obviously Howard Marx is good at looking at companies that are acquisition type companies are trying to merge companies or acquire companies companies that come out of bankruptcy that maybe the Market's just not looking at those type of things and he's really really really um good and has been successful doing that overall so curious from you guys I mean what do you think about his portfolio at the end of Q3 you know what about him buying 16 new positions selling off 34 positions what about this uh big buy that he did the city of royalty do you guys own this one do you know anything about it um this guy interested from your take on that standpoint there's another video you want me to do on a super investor uh throw it down in the comment section as well I'm always reading those I know a lot of you out there have talked about me or asked me to do one on Phil Town his portfolio hasn't come out out yet the last quarter it came out on August 25th today is November 27th so I'm hoping in the next couple days his portfolio is going to come up and I can go do a video on that because I've heard from people that taken this course that has changed considerably since the last quarter so I'm really really excited and interested to see what that that looks like but there's another one want me to do it on another Super investor drop it down in the comment section thank you so much for watching I'll catch you on the other side take care and God bless
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