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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
+14%
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
$7.18B
AUM Growth
+$1.38B
Cap. Flow
-$176M
Cap. Flow %
-2.44%
Top 10 Hldgs %
56.44%
Holding
194
New
11
Increased
7
Reduced
18
Closed
9

Top Buys

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$526M
2
STKL
SunOpta
STKL
+$181M
3
SHLS icon
Shoals Technologies Group
SHLS
+$176M
4
HIMS icon
Hims & Hers Health
HIMS
+$63.2M
5
KRC icon
Kilroy Realty
KRC
+$56.3M

Top Sells

Rank Stock Value
1
ALLY icon
Ally Financial
ALLY
+$119M
2
TSM icon
TSMC
TSM
+$43.5M
3
AMX icon
America Movil
AMX
+$40.4M
4
LU icon
Lufax Holding
LU
+$37.6M
5
KC
Kingsoft Cloud Holdings
KC
+$22M

Sector Composition

Rank Sector Weight
1 Energy 17.8%
2 Financials 14.03%
3 Industrials 11.45%
4 Utilities 11.03%
5 Real Estate 8.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OIBR.C
51
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$3.65M 0.05%
2,201,646
– –
OCSI
52
DELISTED
Oaktree Strategic Income Corporation
OCSI
$3.33M 0.05%
392,000
– –
VEON icon
53
VEON
VEON
$4.09B
$2.97M 0.04%
67,109
-8,047
-11% -$353K
SRNE
54
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$2.65M 0.04%
+320,000
New +$3.38M
LOMA
55
Loma Negra
LOMA
$1.09B
$2.16M 0.03%
342,000
– –
OCSL icon
56
Oaktree Specialty Lending
OCSL
$1.14B
$1.71M 0.02%
92,000
– –
BELFA icon
57
Bel Fuse Inc Class A
BELFA
$3.09B
$1.33M 0.02%
71,613
– –
AMPY icon
58
Amplify Energy
AMPY
$200M
$1.14M 0.02%
410,041
– –
CRC icon
59
California Resources
CRC
$4.73B
$653K 0.01%
27,162
-145,303
-84% -$3.6M
TLT icon
60
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$45.5B
$542K 0.01%
+4,000
New +$580K
USWSW
61
CALL
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$270K ﹤0.01%
+1,500,000
New +$282K
AMX icon
62
America Movil
AMX
$71.3B
– –
-2,778,470
Closed -$40.4M
CHRD icon
63
Chord Energy
CHRD
$8.09B
– –
-285,918
Closed -$10.6M
HFRO
64
Highland Opportunities and Income Fund
HFRO
$391M
– –
-400,000
Closed -$4.11M
KC
65
Kingsoft Cloud Holdings
KC
$3.33B
– –
-505,676
Closed -$22M
LEA icon
66
Lear
LEA
$8.56B
– –
-14,587
Closed -$2.32M
LU icon
67
Lufax Holding
LU
$1.2B
– –
-661,413
Closed -$37.6M
TSM icon
68
TSMC
TSM
$2.17T
– –
-398,949
Closed -$43.5M
TSQ icon
69
Townsquare Media
TSQ
$108M
– –
-1,595,224
Closed -$10.6M
OAC.WS
70
DELISTED
Oaktree Acquisition Corp. Warrants, each whole warrant exercisable for one Class A Ordinary Share at
OAC.WS
– –
-4,016,667
Closed -$15.7M
1 2
3

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Howard Marks's Q1 2021 Portfolio in Review

As of Q1 2021, Howard Marks held 194 positions worth $7.18B, up 24% from $5.81B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks's Q1 2021 filing shows 11 new, 7 increased, 18 reduced and 9 closed positions. Its largest new stake was Expand Energy Corp: 11,939,117 shares worth $518M. The largest sale was Ally Financial, an estimated $119M.

By sector, the portfolio is most concentrated in Energy at 18% of assets, up from 10% a quarter earlier, followed by Financials and Industrials.

  • Howard Marks's largest Q1 2021 buy was Expand Energy Corp: 11,939,117 shares worth $518M.
  • Howard Marks added most to SunOpta in Q1 2021, an estimated $181M increase.
  • Howard Marks's biggest Q1 2021 reduction was Ally Financial, cutting an estimated $119M.
  • Howard Marks fully exited TSMC in Q1 2021, selling an estimated $43.5M.
  • Howard Marks's ten largest holdings make up 56% of its $7.18B portfolio in Q1 2021.
  • Howard Marks opened 11 new positions and closed 9 in Q1 2021.
  • Howard Marks's portfolio value rose 24% quarter-over-quarter to $7.18B.

Based on Oaktree Capital Management's 13F filing for Q1 2021, filed 17 May 2021.