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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
+7.42%
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
$4.6B
AUM Growth
+$95M
Cap. Flow
-$969M
Cap. Flow %
-21.07%
Top 10 Hldgs %
52.47%
Holding
200
New
9
Increased
10
Reduced
19
Closed
11

Top Buys

Rank Stock Value
1
ONT
Onterris Inc
ONT
+$110M
2
VALE icon
Vale
VALE
+$48.9M
3
UNIT
Uniti Group
UNIT
+$43.3M
4
CEO
CNOOC Limited
CEO
+$35.4M
5
AMX icon
America Movil
AMX
+$34.7M

Top Sells

Rank Stock Value
1
CZR
Caesars Entertainment Corporation
CZR
+$185M
2
TMHC
Taylor Morrison
TMHC
+$124M
3
TSM icon
TSMC
TSM
+$96.2M
4
BABA icon
Alibaba
BABA
+$60.9M
5
CCS icon
Century Communities
CCS
+$37.8M

Sector Composition

Rank Sector Weight
1 Utilities 17.01%
2 Financials 14.76%
3 Technology 11.3%
4 Energy 11.13%
5 Industrials 10.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASC icon
51
Ardmore Shipping
ASC
$752M
$5.7M 0.12%
1,600,000
+474,291
+42% +$1.86M
XPEV icon
52
XPeng
XPEV
$11.7B
$5.44M 0.12%
+271,170
New +$5.3M
BELFB
53
Bel Fuse Inc Class B
BELFB
$3.69B
$4.94M 0.11%
462,679
– –
API
54
Agora
API
$369M
$4.13M 0.09%
96,010
-2,635
-3% -$123K
INDA icon
55
iShares MSCI India ETF
INDA
$6.61B
$4.11M 0.09%
121,400
-16,900
-12% -$553K
HFRO
56
Highland Opportunities and Income Fund
HFRO
$391M
$4.04M 0.09%
470,000
– –
BAK icon
57
Braskem
BAK
$793M
$3.88M 0.08%
519,550
– –
JFR icon
58
Nuveen Floating Rate Income Fund
JFR
$1.21B
$3.82M 0.08%
459,633
-474,669
-51% -$3.87M
VVR icon
59
Invesco Senior Income Trust
VVR
$454M
$3.66M 0.08%
1,000,000
-1,969,177
-66% -$7.03M
OIBR.C
60
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$3.19M 0.07%
2,201,646
– –
EFR
61
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$2.59M 0.06%
223,098
-31,002
-12% -$361K
OCSI
62
DELISTED
Oaktree Strategic Income Corporation
OCSI
$2.55M 0.06%
392,000
– –
VEON icon
63
VEON
VEON
$4.09B
$2.37M 0.05%
75,156
– –
SPHR icon
64
Sphere Entertainment
SPHR
$5.69B
$2.05M 0.04%
30,000
– –
VTA
65
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
$1.72M 0.04%
187,296
+1,328
+0.7% +$12.1K
LOMA
66
Loma Negra
LOMA
$1.09B
$1.47M 0.03%
342,000
– –
LEA icon
67
Lear
LEA
$8.56B
$1.47M 0.03%
+13,498
New +$1.54M
OCSL icon
68
Oaktree Specialty Lending
OCSL
$1.14B
$1.33M 0.03%
92,000
– –
SIGA icon
69
SIGA Technologies
SIGA
$218M
$1.1M 0.02%
159,782
– –
BELFA icon
70
Bel Fuse Inc Class A
BELFA
$3.09B
$838K 0.02%
71,613
– –
AMPY icon
71
Amplify Energy
AMPY
$200M
$349K 0.01%
410,041
– –
IEA
72
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$279K 0.01%
46,904
– –
CCEC
73
Capital Clean Energy Carriers
CCEC
$1.36B
$212K ﹤0.01%
32,142
– –
DSSI
74
DELISTED
Diamond S Shipping Inc. Common Shares
DSSI
$151K ﹤0.01%
22,076
– –
BABA icon
75
Alibaba
BABA
$286B
– –
-282,547
Closed -$60.9M
1 2
3
4

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Howard Marks's Q3 2020 Portfolio in Review

As of Q3 2020, Howard Marks held 200 positions worth $4.6B, up 2.1% from $4.5B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $969M in Q3 2020, closing 11 positions and reducing 19 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $185M position sold in full.

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

Against the trend, Howard Marks opened a new position in Onterris Inc worth $103M.

  • Howard Marks's largest Q3 2020 buy was Onterris Inc: 4,322,644 shares worth $103M.
  • Howard Marks added most to TORM in Q3 2020, an estimated $11.1M increase.
  • Howard Marks's biggest Q3 2020 reduction was TSMC, cutting an estimated $96.2M.
  • Howard Marks fully exited Caesars Entertainment Corporation in Q3 2020, selling an estimated $185M.
  • Howard Marks's ten largest holdings make up 52% of its $4.6B portfolio in Q3 2020.
  • Howard Marks opened 9 new positions and closed 11 in Q3 2020.
  • Howard Marks's portfolio value rose 2.1% quarter-over-quarter to $4.6B.

Based on Oaktree Capital Management's 13F filing for Q3 2020, filed 16 Nov 2020.