Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Freeport-McMoran
FCX
|
+$64.6M |
| 2 |
Kilroy Realty
KRC
|
+$42.1M |
| 3 |
Oaktree Specialty Lending
OCSL
|
+$29.7M |
| 4 |
Banco Bradesco
BBD
|
+$14.3M |
| 5 |
AngloGold Ashanti
AU
|
+$14.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Americold
COLD
|
+$446M |
| 2 |
Shoals Technologies Group
SHLS
|
+$177M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$22.6M |
| 4 |
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
|
+$16.6M |
| 5 |
MGIC Investment
MTG
|
+$9.59M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 23.01% |
| 2 | Financials | 13.33% |
| 3 | Industrials | 13.12% |
| 4 | Utilities | 11.17% |
| 5 | Materials | 5.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
COOP
26
DELISTED
Mr. Cooper
COOP
| $62.1M | 0.87% |
1,507,286
| – | – |
|
|
27
Freeport-McMoran
FCX
$110B
| $59.6M | 0.83% |
+1,833,550
| New | +$64.6M |
|
28
Liberty Global Class C
LBTYK
$3.55B
| $55.2M | 0.77% |
1,875,000
| – | – |
|
29
FTAI Aviation
FTAI
$21.5B
| $51.6M | 0.72% |
2,380,772
+222,490
| +10% | +$5.33M |
|
|
AZUL
30
DELISTED
Azul
AZUL
| $42.1M | 0.59% |
2,099,524
+242,185
| +13% | +$5.31M |
|
|
UNIT
31
Uniti Group
UNIT
$2.42B
| $42M | 0.59% |
3,397,592
| – | – |
|
|
COOP
32
CALL
DELISTED
Mr. Cooper
COOP
| $41.2M | 0.57% |
+1,000,000
| New | +$37.7M |
|
33
Valaris
VAL
$6.09B
| $37.7M | 0.53% |
1,080,184
| – | – |
|
34
Magnachip Semiconductor
MX
$121M
| $35.6M | 0.5% |
2,006,537
| – | – |
|
|
35
MGIC Investment
MTG
$6.34B
| $35.3M | 0.49% |
2,358,000
-662,000
| -22% | -$9.59M |
|
36
Par Pacific Holdings
PARR
$3.96B
| $34.7M | 0.49% |
2,210,000
+910,000
| +70% | +$14.1M |
|
37
Afya
AFYA
$1.27B
| $32.6M | 0.46% |
1,651,812
+19,132
| +1% | +$434K |
|
|
38
Oaktree Specialty Lending
OCSL
$1.14B
| $31.7M | 0.44% |
1,496,789
+1,404,789
| +1,527% | +$29.7M |
|
39
Televisa
TV
$1.47B
| $31M | 0.43% |
2,821,801
+170,000
| +6% | +$2.19M |
|
40
Battalion Oil
BATL
$77.9M
| $29.3M | 0.41% |
3,009,912
| – | – |
|
41
Hims & Hers Health
HIMS
$7.88B
| $28.5M | 0.4% |
3,773,437
| – | – |
|
|
SHQAW
42
CALL
DELISTED
Shelter Acquisition Corporation I Warrants
SHQAW
| $28.3M | 0.4% |
+727,270
| New | +$376K |
|
43
Garrett Motion
GTX
$4.96B
| $26.5M | 0.37% |
3,593,111
| – | – |
|
|
CXP
44
DELISTED
COLUMBIA PROPERTY TRUST, INC.
CXP
| $25.1M | 0.35% |
1,320,000
| – | – |
|
|
CFLT
45
PUT
DELISTED
Confluent
CFLT
| $21.5M | 0.3% |
+360,000
| New | +$18.7M |
|
|
ONIT
46
Onity Group
ONIT
$301M
| $16.8M | 0.23% |
596,870
| – | – |
|
47
Vista Energy
VIST
$7.7B
| $16.3M | 0.23% |
3,245,002
+112,002
| +4% | +$491K |
|
|
LBRDK
48
DELISTED
Liberty Broadband Class C
LBRDK
| $15M | 0.21% |
86,999
| – | – |
|
49
Pampa Energía
PAM
$4.26B
| $14.5M | 0.2% |
829,000
| – | – |
|
50
Braskem
BAK
$793M
| $11.3M | 0.16% |
519,550
| – | – |
|
Similar funds
Howard Marks's Q3 2021 Portfolio in Review
As of Q3 2021, Howard Marks held 279 positions worth $7.16B, down 3.8% from $7.45B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Howard Marks withdrew a net $1.04B in Q3 2021, closing 17 positions and reducing 5 holdings. Its most notable exit was Americold, an estimated $446M position sold in full.
By sector, the portfolio is most concentrated in Energy at 23% of assets, up from 20% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Freeport-McMoran worth $59.6M.
- Howard Marks's largest Q3 2021 buy was Freeport-McMoran: 1,833,550 shares worth $59.6M.
- Howard Marks added most to Kilroy Realty in Q3 2021, an estimated $42.1M increase.
- Howard Marks's biggest Q3 2021 reduction was MGIC Investment, cutting an estimated $9.59M.
- Howard Marks fully exited Americold in Q3 2021, selling an estimated $446M.
- Howard Marks's ten largest holdings make up 51% of its $7.16B portfolio in Q3 2021.
- Howard Marks opened 105 new positions and closed 17 in Q3 2021.
- Howard Marks's portfolio value fell 3.8% quarter-over-quarter to $7.16B.
Based on Oaktree Capital Management's 13F filing for Q3 2021, filed 15 Nov 2021.