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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
+45.86%
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
$5.81B
AUM Growth
+$1.21B
Cap. Flow
-$741M
Cap. Flow %
-12.77%
Top 10 Hldgs %
55.43%
Holding
206
New
6
Increased
19
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
COLD icon
Americold
COLD
+$423M
2
LU icon
Lufax Holding
LU
+$39.6M
3
VALE icon
Vale
VALE
+$32M
4
BBD icon
Banco Bradesco
BBD
+$30.6M
5
ITUB icon
Itaú Unibanco
ITUB
+$30.4M

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$203M
2
ONT
Onterris Inc
ONT
+$103M
3
BIDU icon
Baidu
BIDU
+$53.1M
4
CEO
CNOOC Limited
CEO
+$30.9M
5
SQM icon
Sociedad Química y Minera de Chile
SQM
+$19.3M

Sector Composition

Rank Sector Weight
1 Financials 18.33%
2 Utilities 15.08%
3 Energy 10.17%
4 Real Estate 8.74%
5 Industrials 8.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMX icon
26
America Movil
AMX
$71.3B
$40.4M 0.7%
2,778,470
+47,433
+2% +$644K
UNIT
27
Uniti Group
UNIT
$2.42B
$39.9M 0.69%
3,397,592
-1,077,032
-24% -$11.2M
MTG icon
28
MGIC Investment
MTG
$6.34B
$38.8M 0.67%
3,093,000
+73,000
+2% +$826K
LU icon
29
Lufax Holding
LU
$1.2B
$37.6M 0.65%
+661,413
New +$39.6M
VMRK
30
Vivmark Residential
VMRK
$25B
$28.3M 0.49%
477,000
+192,000
+67% +$10.8M
BATL icon
31
Battalion Oil
BATL
$77.9M
$25M 0.43%
3,009,912
– –
TV icon
32
Televisa
TV
$1.47B
$22.2M 0.38%
2,700,150
+532,150
+25% +$4.06M
KC
33
Kingsoft Cloud Holdings
KC
$3.33B
$22M 0.38%
505,676
-231,800
-31% -$8.58M
MELI icon
34
Mercado Libre
MELI
$97.5B
$21.6M 0.37%
12,894
-13,306
-51% -$18.8M
OAC.WS
35
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
$15.7M 0.27%
4,016,667
– –
XEC
36
DELISTED
CIMAREX ENERGY CO
XEC
$15.6M 0.27%
415,735
– –
TEO icon
37
Telecom Argentina
TEO
$5.66B
$14.8M 0.26%
2,260,500
– –
LBRDK
38
DELISTED
Liberty Broadband Class C
LBRDK
$13.8M 0.24%
+86,999
New +$13.2M
PAM icon
39
Pampa Energía
PAM
$4.26B
$11.7M 0.2%
849,000
– –
TSQ icon
40
Townsquare Media
TSQ
$108M
$10.6M 0.18%
1,595,224
– –
CHRD icon
41
Chord Energy
CHRD
$8.09B
$10.6M 0.18%
+285,918
New +$8.41M
TGS icon
42
Transportadora de Gas del Sur
TGS
$4.23B
$10.4M 0.18%
1,994,729
– –
OACB.WS
43
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
$8.91M 0.15%
+4,666,667
New +$6.59M
VIST icon
44
Vista Energy
VIST
$7.7B
$8.02M 0.14%
3,133,000
– –
BELFB
45
Bel Fuse Inc Class B
BELFB
$3.69B
$6.95M 0.12%
462,679
– –
ASC icon
46
Ardmore Shipping
ASC
$752M
$5.23M 0.09%
1,600,000
– –
BAK icon
47
Braskem
BAK
$793M
$4.68M 0.08%
519,550
– –
OIBR.C
48
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$4.47M 0.08%
2,201,646
– –
HFRO
49
Highland Opportunities and Income Fund
HFRO
$391M
$4.11M 0.07%
400,000
-70,000
-15% -$622K
CRC icon
50
California Resources
CRC
$4.73B
$4.07M 0.07%
+172,465
New +$3.17M
1
2
3 4

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Howard Marks's Q4 2020 Portfolio in Review

As of Q4 2020, Howard Marks held 206 positions worth $5.81B, up 26% from $4.6B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $741M in Q4 2020, closing 21 positions and reducing 8 holdings. Its most notable exit was Onterris Inc, an estimated $103M position sold in full.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Utilities and Energy.

Against the trend, Howard Marks opened a new position in Americold worth $439M.

  • Howard Marks's largest Q4 2020 buy was Americold: 11,771,646 shares worth $439M.
  • Howard Marks added most to Vale in Q4 2020, an estimated $32M increase.
  • Howard Marks's biggest Q4 2020 reduction was TSMC, cutting an estimated $203M.
  • Howard Marks fully exited Onterris Inc in Q4 2020, selling an estimated $103M.
  • Howard Marks's ten largest holdings make up 55% of its $5.81B portfolio in Q4 2020.
  • Howard Marks opened 6 new positions and closed 21 in Q4 2020.
  • Howard Marks's portfolio value rose 26% quarter-over-quarter to $5.81B.

Based on Oaktree Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.