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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
+23.64%
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
$4.5B
AUM Growth
+$947M
Cap. Flow
-$350M
Cap. Flow %
-7.78%
Top 10 Hldgs %
53.93%
Holding
206
New
9
Increased
25
Reduced
7
Closed
17

Top Buys

Rank Stock Value
1
PCG icon
PG&E
PCG
+$245M
2
ITUB icon
Itaú Unibanco
ITUB
+$26.5M
3
TMHC
Taylor Morrison
TMHC
+$25.3M
4
TRMD icon
TORM
TRMD
+$23.1M
5
CX icon
Cemex
CX
+$20.5M

Top Sells

Rank Stock Value
1
PBR.A icon
Petrobras Class A
PBR.A
+$33M
2
CEO
CNOOC Limited
CEO
+$30.3M
3
BABA icon
Alibaba
BABA
+$22.5M
4
SRLP
SPRAGUE RESOURCES LP
SRLP
+$17.7M
5
CZR icon
Caesars Entertainment
CZR
+$15.2M

Sector Composition

Rank Sector Weight
1 Utilities 16.95%
2 Financials 12.74%
3 Technology 11.47%
4 Energy 11.41%
5 Consumer Discretionary 9.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BELFB
51
Bel Fuse Inc Class B
BELFB
$3.69B
$4.96M 0.11%
462,679
– –
ASC icon
52
Ardmore Shipping
ASC
$752M
$4.88M 0.11%
1,125,709
+599,015
+114% +$3.21M
BAK icon
53
Braskem
BAK
$793M
$4.49M 0.1%
519,550
+240,000
+86% +$2.07M
API
54
Agora
API
$369M
$4.36M 0.1%
+98,645
New +$4.66M
INDA icon
55
iShares MSCI India ETF
INDA
$6.61B
$4.01M 0.09%
138,300
+28,800
+26% +$771K
HFRO
56
Highland Opportunities and Income Fund
HFRO
$391M
$3.78M 0.08%
470,000
– –
EFT
57
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$3.4M 0.08%
297,900
-272,100
-48% -$2.99M
VEON icon
58
VEON
VEON
$4.09B
$3.38M 0.08%
75,156
– –
EFR
59
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$2.88M 0.06%
254,100
+84,100
+49% +$911K
OCSI
60
DELISTED
Oaktree Strategic Income Corporation
OCSI
$2.48M 0.06%
392,000
– –
OIBR.C
61
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$2.31M 0.05%
2,201,646
– –
SPHR icon
62
Sphere Entertainment
SPHR
$5.69B
$2.25M 0.05%
+30,000
New +$2.31M
CCO icon
63
Clear Channel Outdoor Holdings
CCO
$1.21B
$1.75M 0.04%
1,681,898
– –
VTA
64
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
$1.66M 0.04%
+185,968
New +$1.58M
LOMA
65
Loma Negra
LOMA
$1.09B
$1.46M 0.03%
342,000
– –
OCSL icon
66
Oaktree Specialty Lending
OCSL
$1.14B
$1.23M 0.03%
92,000
– –
SIGA icon
67
SIGA Technologies
SIGA
$218M
$944K 0.02%
159,782
– –
BELFA icon
68
Bel Fuse Inc Class A
BELFA
$3.09B
$717K 0.02%
71,613
– –
SRNE
69
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$631K 0.01%
+100,500
New +$385K
DHR.PRA
70
DELISTED
Danaher Corporation 4.75% Mandatory Convertible Preferred Stock, Series A
DHR.PRA
$574K 0.01%
461
– –
AMPY icon
71
Amplify Energy
AMPY
$200M
$504K 0.01%
410,041
– –
CCI.PRA
72
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
$484K 0.01%
326
-500
-61% -$714K
CIVI
73
DELISTED
Civitas Resources
CIVI
$414K 0.01%
28,000
-713,726
-96% -$11.6M
CCEC
74
Capital Clean Energy Carriers
CCEC
$1.36B
$259K 0.01%
32,142
– –
IEA
75
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$187K ﹤0.01%
46,904
+27,978
+148% +$62K
1 2
3
4

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Howard Marks's Q2 2020 Portfolio in Review

As of Q2 2020, Howard Marks held 206 positions worth $4.5B, up 27% from $3.56B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Howard Marks withdrew a net $350M in Q2 2020, closing 17 positions and reducing 7 holdings. Its most notable exit was Petrobras Class A, an estimated $33M position sold in full.

By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 14% a quarter earlier, followed by Financials and Technology.

Against the trend, Howard Marks opened a new position in PG&E worth $200M.

  • Howard Marks's largest Q2 2020 buy was PG&E: 22,500,000 shares worth $200M.
  • Howard Marks added most to Itaú Unibanco in Q2 2020, an estimated $26.5M increase.
  • Howard Marks's biggest Q2 2020 reduction was Alibaba, cutting an estimated $22.5M.
  • Howard Marks fully exited Petrobras Class A in Q2 2020, selling an estimated $33M.
  • Howard Marks's ten largest holdings make up 54% of its $4.5B portfolio in Q2 2020.
  • Howard Marks opened 9 new positions and closed 17 in Q2 2020.
  • Howard Marks's portfolio value rose 27% quarter-over-quarter to $4.5B.

Based on Oaktree Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.