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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
+11.06%
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
$7.45B
AUM Growth
+$262M
Cap. Flow
-$1.36B
Cap. Flow %
-18.24%
Top 10 Hldgs %
53.95%
Holding
201
New
20
Increased
3
Reduced
19
Closed
9

Top Buys

Rank Stock Value
1
FYBR
Frontier Communications
FYBR
+$100M
2
PCG icon
PG&E
PCG
+$80.5M
3
VAL icon
Valaris
VAL
+$27.1M
4
GTX icon
Garrett Motion
GTX
+$26.4M
5
CXP
COLUMBIA PROPERTY TRUST, INC.
CXP
+$23.8M

Top Sells

Rank Stock Value
1
SBLK icon
Star Bulk Carriers
SBLK
+$257M
2
ALLY icon
Ally Financial
ALLY
+$221M
3
VMRK
Vivmark Residential
VMRK
+$66.4M
4
ITUB icon
Itaú Unibanco
ITUB
+$23.7M
5
SMCI icon
Super Micro Computer
SMCI
+$21.6M

Sector Composition

Rank Sector Weight
1 Energy 19.98%
2 Industrials 12.16%
3 Financials 11.58%
4 Utilities 11.55%
5 Technology 7.64%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ASC icon
51
Ardmore Shipping
ASC
$752M
$6.75M 0.09%
1,600,000
– –
BELFB
52
Bel Fuse Inc Class B
BELFB
$3.69B
$6.66M 0.09%
462,679
– –
OACB.WS
53
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
$5.74M 0.08%
4,666,667
– –
RERE
54
ATRenew
RERE
$921M
$5.35M 0.07%
+357,722
New +$5.22M
FLG.PRU
55
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$4.64M 0.06%
89,250
– –
EXEEZ
56
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
$3.67M 0.05%
+150,000
New +$3.5M
OIBR.C
57
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$3.28M 0.04%
2,201,646
– –
VEON icon
58
VEON
VEON
$4.09B
$3.07M 0.04%
67,109
– –
LOMA
59
Loma Negra
LOMA
$1.09B
$2.33M 0.03%
342,000
– –
EXEEW
60
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
$2.04M 0.03%
+75,810
New +$1.97M
EOCW.U
61
DELISTED
Elliott Opportunity II Corp. Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant
EOCW.U
$2M 0.03%
+200,000
New +$2M
CLBR.U
62
DELISTED
Colombier Acquisition Corp. Units, each consisting of one share of Class A common stock, and one-third of one redeemable warrant
CLBR.U
$1.98M 0.03%
+200,000
New +$1.98M
MITAU
63
DELISTED
Coliseum Acquisition Corp. Unit
MITAU
$1.98M 0.03%
+200,000
New +$1.98M
OCSL icon
64
Oaktree Specialty Lending
OCSL
$1.14B
$1.85M 0.02%
92,000
– –
AMPY icon
65
Amplify Energy
AMPY
$200M
$1.66M 0.02%
410,041
– –
SHQAU
66
DELISTED
Shelter Acquisition Corporation I Units
SHQAU
$1.5M 0.02%
+150,000
New +$1.5M
THCPU
67
DELISTED
Thunder Bridge Capital Partners IV, Inc. Unit
THCPU
$1.49M 0.02%
+150,000
New +$1.49M
SRNE
68
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$1.3M 0.02%
134,000
-186,000
-58% -$1.48M
BELFA icon
69
Bel Fuse Inc Class A
BELFA
$3.09B
$1.02M 0.01%
71,613
– –
FTVIU
70
DELISTED
FinTech Acquisition Corp. VI Units
FTVIU
$1.01M 0.01%
+100,000
New +$1.01M
NE icon
71
Noble Corp
NE
$7.39B
$494K 0.01%
+19,979
New +$493K
USWSW
72
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
$272K ﹤0.01%
+1,500,000
New +$249K
CRC icon
73
California Resources
CRC
$4.73B
– –
-27,162
Closed -$653K
VMRK
74
Vivmark Residential
VMRK
$25B
– –
-927,000
Closed -$66.4M
INDA icon
75
iShares MSCI India ETF
INDA
$6.61B
– –
-86,900
Closed -$3.67M
1 2
3
4

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Howard Marks's Q2 2021 Portfolio in Review

As of Q2 2021, Howard Marks held 201 positions worth $7.45B, up 3.6% from $7.18B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Howard Marks withdrew a net $1.36B in Q2 2021, closing 9 positions and reducing 19 holdings. Its most notable exit was Vivmark Residential, an estimated $66.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 20% of assets, up from 18% a quarter earlier, followed by Industrials and Financials.

Against the trend, Howard Marks opened a new position in Frontier Communications worth $105M.

  • Howard Marks's largest Q2 2021 buy was Frontier Communications: 3,982,849 shares worth $105M.
  • Howard Marks added most to PG&E in Q2 2021, an estimated $80.5M increase.
  • Howard Marks's biggest Q2 2021 reduction was Star Bulk Carriers, cutting an estimated $257M.
  • Howard Marks fully exited Vivmark Residential in Q2 2021, selling an estimated $66.4M.
  • Howard Marks's ten largest holdings make up 54% of its $7.45B portfolio in Q2 2021.
  • Howard Marks opened 20 new positions and closed 9 in Q2 2021.
  • Howard Marks's portfolio value rose 3.6% quarter-over-quarter to $7.45B.

Based on Oaktree Capital Management's 13F filing for Q2 2021, filed 16 Aug 2021.