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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
+14%
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
$7.18B
AUM Growth
+$1.38B
Cap. Flow
-$176M
Cap. Flow %
-2.44%
Top 10 Hldgs %
56.44%
Holding
194
New
11
Increased
7
Reduced
18
Closed
9

Top Buys

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$526M
2
STKL
SunOpta
STKL
+$181M
3
SHLS icon
Shoals Technologies Group
SHLS
+$176M
4
HIMS icon
Hims & Hers Health
HIMS
+$63.2M
5
KRC icon
Kilroy Realty
KRC
+$56.3M

Top Sells

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$119M
2
TSM icon
TSMC
TSM
+$43.5M
3
AMX icon
America Movil
AMX
+$40.4M
4
LU icon
Lufax Holding
LU
+$37.6M
5
KC
Kingsoft Cloud Holdings
KC
+$22M

Sector Composition

Rank Sector Weight
1 Energy 17.8%
2 Financials 14.03%
3 Industrials 11.45%
4 Utilities 11.03%
5 Real Estate 8.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LBTYK icon
26
Liberty Global Class C
LBTYK
$3.55B
$51.1M 0.71%
2,000,000
-20,000
-1% -$500K
HIMS icon
27
Hims & Hers Health
HIMS
$7.88B
$49.9M 0.69%
+3,773,437
New +$63.2M
FTAI icon
28
FTAI Aviation
FTAI
$21.5B
$46.3M 0.64%
+1,924,082
New +$43M
AZUL
29
DELISTED
Azul
AZUL
$43.1M 0.6%
2,133,957
-128,497
-6% -$2.8M
MTG icon
30
MGIC Investment
MTG
$6.34B
$41.8M 0.58%
3,020,000
-73,000
-2% -$931K
XOG
31
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
$40M 0.56%
+1,113,995
New +$36.3M
UNIT
32
Uniti Group
UNIT
$2.42B
$37.5M 0.52%
3,397,592
– –
BATL icon
33
Battalion Oil
BATL
$77.9M
$32.7M 0.46%
3,009,912
– –
AFYA icon
34
Afya
AFYA
$1.27B
$30.9M 0.43%
1,661,906
-118,134
-7% -$2.67M
XEC
35
DELISTED
CIMAREX ENERGY CO
XEC
$24.7M 0.34%
415,735
– –
TV icon
36
Televisa
TV
$1.47B
$23M 0.32%
2,596,801
-103,349
-4% -$878K
MELI icon
37
Mercado Libre
MELI
$97.5B
$17.7M 0.25%
11,998
-896
-7% -$1.52M
EXEEL
38
CALL
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
$15.6M 0.22%
+916,741
New +$16.3M
LBRDK
39
DELISTED
Liberty Broadband Class C
LBRDK
$13.1M 0.18%
86,999
– –
PAM icon
40
Pampa Energía
PAM
$4.26B
$12.6M 0.18%
849,000
– –
TEO icon
41
Telecom Argentina
TEO
$5.66B
$12.5M 0.17%
2,260,500
– –
TGS icon
42
Transportadora de Gas del Sur
TGS
$4.23B
$9.63M 0.13%
1,994,729
– –
BELFB
43
Bel Fuse Inc Class B
BELFB
$3.69B
$9.2M 0.13%
462,679
– –
VIST icon
44
Vista Energy
VIST
$7.7B
$8.02M 0.11%
3,133,000
– –
BAK icon
45
Braskem
BAK
$793M
$7.39M 0.1%
519,550
– –
ASC icon
46
Ardmore Shipping
ASC
$752M
$7.26M 0.1%
1,600,000
– –
IEA
47
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$7.03M 0.1%
431,184
+384,280
+819% +$6.94M
OACB.WS
48
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
$5.83M 0.08%
4,666,667
– –
FLG.PRU
49
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$4.46M 0.06%
+89,250
New +$4.23M
INDA icon
50
iShares MSCI India ETF
INDA
$6.61B
$3.67M 0.05%
86,900
+6,100
+8% +$256K
1
2
3

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Howard Marks's Q1 2021 Portfolio in Review

As of Q1 2021, Howard Marks held 194 positions worth $7.18B, up 24% from $5.81B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks's Q1 2021 filing shows 11 new, 7 increased, 18 reduced and 9 closed positions. Its largest new stake was Expand Energy Corp: 11,939,117 shares worth $518M. The largest sale was Ally Financial, an estimated $119M.

By sector, the portfolio is most concentrated in Energy at 18% of assets, up from 10% a quarter earlier, followed by Financials and Industrials.

  • Howard Marks's largest Q1 2021 buy was Expand Energy Corp: 11,939,117 shares worth $518M.
  • Howard Marks added most to SunOpta in Q1 2021, an estimated $181M increase.
  • Howard Marks's biggest Q1 2021 reduction was Ally Financial, cutting an estimated $119M.
  • Howard Marks fully exited TSMC in Q1 2021, selling an estimated $43.5M.
  • Howard Marks's ten largest holdings make up 56% of its $7.18B portfolio in Q1 2021.
  • Howard Marks opened 11 new positions and closed 9 in Q1 2021.
  • Howard Marks's portfolio value rose 24% quarter-over-quarter to $7.18B.

Based on Oaktree Capital Management's 13F filing for Q1 2021, filed 17 May 2021.