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 |
Garrett Motion
GTX
|
+$325M |
| 2 |
Infosys
INFY
|
+$57.9M |
| 3 |
JD.com
JD
|
+$36.8M |
| 4 |
Sociedad Química y Minera de Chile
SQM
|
+$35.9M |
| 5 |
Banco Bradesco
BBD
|
+$29.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$612M |
| 2 |
EGLE
Eagle Bulk Shipping Inc.
EGLE
|
+$172M |
| 3 |
Vistra
VST
|
+$152M |
| 4 |
Weatherford International
WFRD
|
+$109M |
| 5 |
EXE
Expand Energy Corp
EXE
|
+$98.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.31% |
| 2 | Financials | 12.75% |
| 3 | Industrials | 8.58% |
| 4 | Materials | 6.45% |
| 5 | Utilities | 5.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AZUL
26
DELISTED
Azul
AZUL
| $58.1M | 0.76% |
4,241,923
-704,231
| -14% | -$6.41M |
|
27
Kilroy Realty
KRC
$4.25B
| $55.7M | 0.73% |
1,850,011
| – | – |
|
28
Alvotech
ALVO
$1.5B
| $52.3M | 0.69% |
6,759,160
-1,003,473
| -13% | -$9.34M |
|
29
Itaú Unibanco
ITUB
$82.4B
| $48.3M | 0.64% |
9,274,329
-8,358,949
| -47% | -$39.5M |
|
|
BRY
30
DELISTED
Berry Corp
BRY
| $46.1M | 0.61% |
6,697,000
| – | – |
|
31
Credicorp
BAP
$30.1B
| $41.6M | 0.55% |
281,632
-143,535
| -34% | -$19.7M |
|
|
DQ
32
Daqo New Energy
DQ
$919M
| $40.9M | 0.54% |
1,029,621
-26,500
| -3% | -$1.11M |
|
33
Ternium
TX
$10.9B
| $39.6M | 0.52% |
999,923
+510,546
| +104% | +$20.6M |
|
|
34
Sociedad Química y Minera de Chile
SQM
$23.4B
| $36.7M | 0.48% |
+505,135
| New | +$35.9M |
|
35
Oaktree Specialty Lending
OCSL
$1.14B
| $36M | 0.47% |
1,852,456
+180,953
| +11% | +$3.4M |
|
|
36
JD.com
JD
$39.7B
| $34.5M | 0.45% |
+1,011,730
| New | +$36.8M |
|
37
Liberty Global Class A
LBTYA
$3.63B
| $32.8M | 0.43% |
1,946,000
| – | – |
|
38
Magnachip Semiconductor
MX
$121M
| $31.9M | 0.42% |
2,849,858
+549,858
| +24% | +$5.38M |
|
39
SmartRent
SMRT
$274M
| $28.7M | 0.38% |
7,505,294
| – | – |
|
40
Pampa Energía
PAM
$4.26B
| $27.7M | 0.36% |
639,421
| – | – |
|
41
Invesco Senior Income Trust
VVR
$454M
| $24.3M | 0.32% |
6,300,000
-433,373
| -6% | -$1.61M |
|
42
Transportadora de Gas del Sur
TGS
$4.23B
| $23.2M | 0.31% |
1,686,238
-98,174
| -6% | -$1.18M |
|
43
MGIC Investment
MTG
$6.34B
| $18.9M | 0.25% |
1,200,000
| – | – |
|
44
Hertz
HTZ
$802M
| $18.4M | 0.24% |
1,000,000
-3,997,100
| -80% | -$65.5M |
|
|
ONIT
45
Onity Group
ONIT
$301M
| $17.4M | 0.23% |
581,006
-46,360
| -7% | -$1.33M |
|
46
Battalion Oil
BATL
$77.9M
| $17.2M | 0.23% |
3,009,912
| – | – |
|
47
Nuveen Credit Strategies Income Fund
JQC
$702M
| $16.8M | 0.22% |
3,333,949
| – | – |
|
|
UNIT
48
Uniti Group
UNIT
$2.42B
| $15.7M | 0.21% |
3,397,592
| – | – |
|
49
Star Holdings Shares of Beneficial Interest
STHO
$118M
| $14.7M | 0.19% |
1,000,000
+250,150
| +33% | +$3.96M |
|
50
Telecom Argentina
TEO
$5.66B
| $12.4M | 0.16% |
2,033,741
| – | – |
|
Similar funds
Howard Marks's Q2 2023 Portfolio in Review
As of Q2 2023, Howard Marks held 304 positions worth $7.6B, down 16% from $9.04B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $1.92B in Q2 2023, closing 66 positions and reducing 20 holdings. Its most notable exit was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock, an estimated $612M position sold in full.
By sector, the portfolio is most concentrated in Energy at 33% of assets, up from 33% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Infosys worth $59.5M.
- Howard Marks's largest Q2 2023 buy was Infosys: 3,701,358 shares worth $59.5M.
- Howard Marks added most to Garrett Motion in Q2 2023, an estimated $325M increase.
- Howard Marks's biggest Q2 2023 reduction was Vistra, cutting an estimated $152M.
- Howard Marks fully exited Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock in Q2 2023, selling an estimated $612M.
- Howard Marks's ten largest holdings make up 55% of its $7.6B portfolio in Q2 2023.
- Howard Marks opened 7 new positions and closed 66 in Q2 2023.
- Howard Marks's portfolio value fell 16% quarter-over-quarter to $7.6B.
Based on Oaktree Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.