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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
+45.86%
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
$5.81B
AUM Growth
+$1.21B
Cap. Flow
-$741M
Cap. Flow %
-12.77%
Top 10 Hldgs %
55.43%
Holding
206
New
6
Increased
19
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
COLD icon
Americold
COLD
+$423M
2
LU icon
Lufax Holding
LU
+$39.6M
3
VALE icon
Vale
VALE
+$32M
4
BBD icon
Banco Bradesco
BBD
+$30.6M
5
ITUB icon
Itaú Unibanco
ITUB
+$30.4M

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$203M
2
ONT
Onterris Inc
ONT
+$103M
3
BIDU icon
Baidu
BIDU
+$53.1M
4
CEO
CNOOC Limited
CEO
+$30.9M
5
SQM icon
Sociedad Química y Minera de Chile
SQM
+$19.3M

Sector Composition

Rank Sector Weight
1 Financials 18.33%
2 Utilities 15.08%
3 Energy 10.17%
4 Real Estate 8.74%
5 Industrials 8.49%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INDA icon
51
iShares MSCI India ETF
INDA
$6.61B
$3.25M 0.06%
80,800
-40,600
-33% -$1.48M
OCSI
52
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.04M 0.05%
392,000
– –
VEON icon
53
VEON
VEON
$4.09B
$2.84M 0.05%
75,156
– –
LEA icon
54
Lear
LEA
$8.56B
$2.32M 0.04%
14,587
+1,089
+8% +$153K
LOMA
55
Loma Negra
LOMA
$1.09B
$2.1M 0.04%
342,000
– –
OCSL icon
56
Oaktree Specialty Lending
OCSL
$1.14B
$1.54M 0.03%
92,000
– –
BELFA icon
57
Bel Fuse Inc Class A
BELFA
$3.09B
$951K 0.02%
71,613
– –
IEA
58
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$777K 0.01%
46,904
– –
AMPY icon
59
Amplify Energy
AMPY
$200M
$537K 0.01%
410,041
– –
API
60
Agora
API
$369M
– –
-96,010
Closed -$4.13M
BAC.PRL icon
61
Bank of America Series L
BAC.PRL
$3.95B
– –
-4,709
Closed -$7.01M
BIDU icon
62
Baidu
BIDU
$31.6B
– –
-419,297
Closed -$53.1M
CCS icon
63
Century Communities
CCS
$1.98B
– –
-330,000
Closed -$14M
EFR
64
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
– –
-223,098
Closed -$2.59M
FRA icon
65
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
– –
-508,353
Closed -$5.85M
GTX icon
66
Garrett Motion
GTX
$4.96B
– –
-3,593,111
Closed -$12.4M
JFR icon
67
Nuveen Floating Rate Income Fund
JFR
$1.21B
– –
-459,633
Closed -$3.82M
JQC icon
68
Nuveen Credit Strategies Income Fund
JQC
$702M
– –
-2,798,386
Closed -$16.5M
ONT
69
Onterris Inc
ONT
$557M
– –
-4,322,644
Closed -$103M
SIGA icon
70
SIGA Technologies
SIGA
$218M
– –
-159,782
Closed -$1.1M
SPHR icon
71
Sphere Entertainment
SPHR
$5.69B
– –
-30,000
Closed -$2.05M
SQM icon
72
Sociedad Química y Minera de Chile
SQM
$23.4B
– –
-596,273
Closed -$19.3M
VVR icon
73
Invesco Senior Income Trust
VVR
$454M
– –
-1,000,000
Closed -$3.66M
XPEV icon
74
XPeng
XPEV
$11.7B
– –
-271,170
Closed -$5.44M
CCEC
75
Capital Clean Energy Carriers
CCEC
$1.36B
– –
-32,142
Closed -$212K
1 2
3
4

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Howard Marks's Q4 2020 Portfolio in Review

As of Q4 2020, Howard Marks held 206 positions worth $5.81B, up 26% from $4.6B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $741M in Q4 2020, closing 21 positions and reducing 8 holdings. Its most notable exit was Onterris Inc, an estimated $103M position sold in full.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Utilities and Energy.

Against the trend, Howard Marks opened a new position in Americold worth $439M.

  • Howard Marks's largest Q4 2020 buy was Americold: 11,771,646 shares worth $439M.
  • Howard Marks added most to Vale in Q4 2020, an estimated $32M increase.
  • Howard Marks's biggest Q4 2020 reduction was TSMC, cutting an estimated $203M.
  • Howard Marks fully exited Onterris Inc in Q4 2020, selling an estimated $103M.
  • Howard Marks's ten largest holdings make up 55% of its $5.81B portfolio in Q4 2020.
  • Howard Marks opened 6 new positions and closed 21 in Q4 2020.
  • Howard Marks's portfolio value rose 26% quarter-over-quarter to $5.81B.

Based on Oaktree Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.