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 |
JD.com
JD
|
+$24.2M |
| 2 |
AngloGold Ashanti
AU
|
+$13.2M |
| 3 |
Vale
VALE
|
+$12.4M |
| 4 |
DQ
Daqo New Energy
DQ
|
+$11.4M |
| 5 |
Diebold Nixdorf
DBD
|
+$11.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$240M |
| 2 |
Star Bulk Carriers
SBLK
|
+$178M |
| 3 |
Ally Financial
ALLY
|
+$124M |
| 4 |
EXE
Expand Energy Corp
EXE
|
+$29.7M |
| 5 |
ICICI Bank
IBN
|
+$28M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 38.15% |
| 2 | Financials | 10.6% |
| 3 | Materials | 6.79% |
| 4 | Industrials | 6.16% |
| 5 | Consumer Discretionary | 5.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Alvotech
ALVO
$1.5B
| $46M | 0.67% |
5,043,505
-1,715,655
| -25% | -$15.9M |
|
27
Itaú Unibanco
ITUB
$82.4B
| $45.2M | 0.66% |
9,531,972
+257,643
| +3% | +$1.28M |
|
|
FYBR
28
DELISTED
Frontier Communications
FYBR
| $43.8M | 0.64% |
2,800,846
-1,182,003
| -30% | -$19.2M |
|
|
DQ
29
Daqo New Energy
DQ
$919M
| $40.9M | 0.59% |
1,350,410
+320,789
| +31% | +$11.4M |
|
30
Oaktree Specialty Lending
OCSL
$1.14B
| $37.3M | 0.54% |
1,852,456
| – | – |
|
31
Sociedad Química y Minera de Chile
SQM
$23.4B
| $37.1M | 0.54% |
621,630
+116,495
| +23% | +$7.86M |
|
32
Credicorp
BAP
$30.1B
| $37.1M | 0.54% |
289,825
+8,193
| +3% | +$1.19M |
|
33
Ternium
TX
$10.9B
| $35.6M | 0.52% |
892,155
-107,768
| -11% | -$4.45M |
|
34
Liberty Global Class A
LBTYA
$3.63B
| $33.3M | 0.48% |
1,946,000
| – | – |
|
|
BRY
35
DELISTED
Berry Corp
BRY
| $30.3M | 0.44% |
3,697,000
-3,000,000
| -45% | -$24M |
|
36
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $30.1M | 0.44% |
450,000
+235,000
| +109% | +$105M |
|
37
Magnachip Semiconductor
MX
$121M
| $23.7M | 0.34% |
2,849,858
| – | – |
|
38
MGIC Investment
MTG
$6.34B
| $20M | 0.29% |
1,200,000
| – | – |
|
39
SmartRent
SMRT
$274M
| $19.6M | 0.28% |
7,505,294
| – | – |
|
40
Battalion Oil
BATL
$77.9M
| $18.6M | 0.27% |
3,009,912
| – | – |
|
41
Pampa Energía
PAM
$4.26B
| $17M | 0.25% |
455,784
-183,637
| -29% | -$7.83M |
|
42
Transportadora de Gas del Sur
TGS
$4.23B
| $16.6M | 0.24% |
1,631,238
-55,000
| -3% | -$674K |
|
|
UNIT
43
Uniti Group
UNIT
$2.42B
| $16M | 0.23% |
3,397,592
| – | – |
|
|
AZUL
44
DELISTED
Azul
AZUL
| $13.6M | 0.2% |
1,580,850
-2,661,073
| -63% | -$26.4M |
|
45
Star Holdings Shares of Beneficial Interest
STHO
$118M
| $12.5M | 0.18% |
1,000,000
| – | – |
|
46
Hertz
HTZ
$802M
| $12.3M | 0.18% |
1,000,000
| – | – |
|
47
Telecom Argentina
TEO
$5.66B
| $11.7M | 0.17% |
2,444,156
+410,415
| +20% | +$2.33M |
|
|
ONIT
48
Onity Group
ONIT
$301M
| $11.7M | 0.17% |
451,029
-129,977
| -22% | -$3.9M |
|
|
49
Diebold Nixdorf
DBD
$2.37B
| $11.2M | 0.16% |
+590,774
| New | +$11.2M |
|
50
Bausch Health
BHC
$2.41B
| $10.7M | 0.16% |
+1,300,000
| New | +$11.2M |
|
Similar funds
Howard Marks's Q3 2023 Portfolio in Review
As of Q3 2023, Howard Marks held 244 positions worth $6.89B, down 9.3% from $7.6B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Howard Marks withdrew a net $1.36B in Q3 2023, closing 42 positions and reducing 20 holdings. Its most notable exit was Ally Financial, an estimated $124M position sold in full.
By sector, the portfolio is most concentrated in Energy at 38% of assets, up from 33% a quarter earlier, followed by Financials and Materials.
Against the trend, Howard Marks opened a new position in Diebold Nixdorf worth $11.2M.
- Howard Marks's largest Q3 2023 buy was Diebold Nixdorf: 590,774 shares worth $11.2M.
- Howard Marks added most to JD.com in Q3 2023, an estimated $24.2M increase.
- Howard Marks's biggest Q3 2023 reduction was Vistra, cutting an estimated $240M.
- Howard Marks fully exited Ally Financial in Q3 2023, selling an estimated $124M.
- Howard Marks's ten largest holdings make up 58% of its $6.89B portfolio in Q3 2023.
- Howard Marks opened 6 new positions and closed 42 in Q3 2023.
- Howard Marks's portfolio value fell 9.3% quarter-over-quarter to $6.89B.
Based on Oaktree Capital Management's 13F filing for Q3 2023, filed 13 Nov 2023.