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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
+7.42%
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
$4.6B
AUM Growth
+$95M
Cap. Flow
-$969M
Cap. Flow %
-21.07%
Top 10 Hldgs %
52.47%
Holding
200
New
9
Increased
10
Reduced
19
Closed
11

Top Buys

Rank Stock Value
1
ONT
Onterris Inc
ONT
+$110M
2
VALE icon
Vale
VALE
+$48.9M
3
UNIT
Uniti Group
UNIT
+$43.3M
4
CEO
CNOOC Limited
CEO
+$35.4M
5
AMX icon
America Movil
AMX
+$34.7M

Top Sells

Rank Stock Value
1
CZR
Caesars Entertainment Corporation
CZR
+$185M
2
TMHC
Taylor Morrison
TMHC
+$124M
3
TSM icon
TSMC
TSM
+$96.2M
4
BABA icon
Alibaba
BABA
+$60.9M
5
CCS icon
Century Communities
CCS
+$37.8M

Sector Composition

Rank Sector Weight
1 Utilities 17.01%
2 Financials 14.76%
3 Technology 11.3%
4 Energy 11.13%
5 Industrials 10.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CEO
26
DELISTED
CNOOC Limited
CEO
$30.9M 0.67%
+321,925
New +$35.4M
PBR icon
27
Petrobras
PBR
$123B
$28.9M 0.63%
4,057,859
-52,807
-1% -$449K
MELI icon
28
Mercado Libre
MELI
$97.5B
$28.4M 0.62%
26,200
-6,500
-20% -$7.05M
MTG icon
29
MGIC Investment
MTG
$6.34B
$26.8M 0.58%
3,020,000
– –
BBD icon
30
Banco Bradesco
BBD
$33.9B
$25.2M 0.55%
8,883,822
-112,596
-1% -$369K
BATL icon
31
Battalion Oil
BATL
$77.9M
$23.8M 0.52%
3,009,912
– –
AZUL
32
DELISTED
Azul
AZUL
$22M 0.48%
1,672,154
-21,784
-1% -$280K
KC
33
Kingsoft Cloud Holdings
KC
$3.33B
$21.8M 0.47%
737,476
+168,720
+30% +$5.77M
SQM icon
34
Sociedad Química y Minera de Chile
SQM
$23.4B
$19.3M 0.42%
596,273
-7,747
-1% -$241K
JQC icon
35
Nuveen Credit Strategies Income Fund
JQC
$702M
$16.5M 0.36%
2,798,386
+1,417,414
+103% +$8.49M
TEO icon
36
Telecom Argentina
TEO
$5.66B
$14.8M 0.32%
2,260,500
– –
VMRK
37
Vivmark Residential
VMRK
$25B
$14.6M 0.32%
+285,000
New +$15.8M
CCS icon
38
Century Communities
CCS
$1.98B
$14M 0.3%
330,000
-1,035,000
-76% -$37.8M
TV icon
39
Televisa
TV
$1.47B
$13.4M 0.29%
2,168,000
+30,000
+1% +$183K
GTX icon
40
Garrett Motion
GTX
$4.96B
$12.4M 0.27%
+3,593,111
New +$19.1M
GLIBA
41
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$12.3M 0.27%
150,000
– –
OAC.WS
42
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$11.8M 0.26%
4,016,667
– –
XEC
43
DELISTED
CIMAREX ENERGY CO
XEC
$10.1M 0.22%
415,735
– –
PAM icon
44
Pampa Energía
PAM
$4.26B
$8.77M 0.19%
849,000
– –
TGS icon
45
Transportadora de Gas del Sur
TGS
$4.23B
$8.3M 0.18%
1,994,729
– –
GTH
46
DELISTED
Genetron Holdings Limited ADS
GTH
$7.71M 0.17%
215,337
-2,477
-1% -$95.3K
TSQ icon
47
Townsquare Media
TSQ
$108M
$7.43M 0.16%
1,595,224
– –
VIST icon
48
Vista Energy
VIST
$7.7B
$7.05M 0.15%
3,133,000
– –
BAC.PRL icon
49
Bank of America Series L
BAC.PRL
$3.95B
$7.01M 0.15%
4,709
+901
+24% +$1.32M
FRA icon
50
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
$5.85M 0.13%
508,353
-18,974
-4% -$218K
1
2
3 4

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Howard Marks's Q3 2020 Portfolio in Review

As of Q3 2020, Howard Marks held 200 positions worth $4.6B, up 2.1% from $4.5B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $969M in Q3 2020, closing 11 positions and reducing 19 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $185M position sold in full.

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

Against the trend, Howard Marks opened a new position in Onterris Inc worth $103M.

  • Howard Marks's largest Q3 2020 buy was Onterris Inc: 4,322,644 shares worth $103M.
  • Howard Marks added most to TORM in Q3 2020, an estimated $11.1M increase.
  • Howard Marks's biggest Q3 2020 reduction was TSMC, cutting an estimated $96.2M.
  • Howard Marks fully exited Caesars Entertainment Corporation in Q3 2020, selling an estimated $185M.
  • Howard Marks's ten largest holdings make up 52% of its $4.6B portfolio in Q3 2020.
  • Howard Marks opened 9 new positions and closed 11 in Q3 2020.
  • Howard Marks's portfolio value rose 2.1% quarter-over-quarter to $4.6B.

Based on Oaktree Capital Management's 13F filing for Q3 2020, filed 16 Nov 2020.