Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Global Class A
LBTYA
|
+$64.3M |
| 2 |
Star Bulk Carriers
SBLK
|
+$46.2M |
| 3 |
Trip.com Group
TCOM
|
+$29.8M |
| 4 |
Gerdau
GGB
|
+$20.8M |
| 5 |
Indivior Pharmaceuticals
INDV
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TORM
TRMD
|
+$247M |
| 2 |
ICICI Bank
IBN
|
+$75.3M |
| 3 |
EGLE
Eagle Bulk Shipping Inc.
EGLE
|
+$68.6M |
| 4 |
Runway Growth Finance
RWAY
|
+$57.3M |
| 5 |
Baidu
BIDU
|
+$44.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.2% |
| 2 | Materials | 9.26% |
| 3 | Consumer Discretionary | 8.44% |
| 4 | Financials | 5.07% |
| 5 | Industrials | 3.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Bausch Health
BHC
$2.41B
| $8.85M | 0.14% |
1,270,000
-30,000
| -2% | -$227K |
|
52
Alibaba
BABA
$286B
| $8.83M | 0.14% |
122,575
+329
| +0.3% | +$25.2K |
|
|
VCSA
53
DELISTED
Vacasa, Inc. Class A Common Stock
VCSA
| $6.7M | 0.11% |
1,375,448
+978,160
| +246% | +$5.39M |
|
54
HDFC Bank
HDB
$121B
| $3.38M | 0.05% |
104,956
+52,544
| +100% | +$1.54M |
|
|
ECDA
55
DELISTED
ECD Automotive Design
ECDA
| $90.8K | ﹤0.01% |
375
| – | – |
|
|
56
Baidu
BIDU
$31.6B
| – | – |
-422,866
| Closed | -$44.5M |
|
57
iShares MSCI Mexico ETF
EWW
$1.86B
| – | – |
-17,568
| Closed | -$1.22M |
|
58
Hertz
HTZ
$802M
| – | – |
-1,000,000
| Closed | -$7.83M |
|
|
59
ICICI Bank
IBN
$107B
| – | – |
-2,851,796
| Closed | -$75.3M |
|
60
iShares MSCI India ETF
INDA
$6.61B
| – | – |
-10,945
| Closed | -$565K |
|
61
Li Auto
LI
$12.8B
| – | – |
-983,320
| Closed | -$29.8M |
|
62
NMI Holdings
NMIH
$3.4B
| – | – |
-1,057,790
| Closed | -$34.2M |
|
63
PUT
Valley National Bancorp
VLY
$7.82B
| – | – |
-500,000
| Closed | -$3.98M |
|
64
Yum China
YUMC
$16.9B
| – | – |
-486,057
| Closed | -$19.3M |
|
|
EONR
65
EON Resources
EONR
$24M
| – | – |
-220,080
| Closed | -$588K |
|
|
EGLE
66
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| – | – |
-1,098,819
| Closed | -$68.6M |
|
Similar funds
Howard Marks's Q2 2024 Portfolio in Review
As of Q2 2024, Howard Marks held 163 positions worth $6.3B, down 1% from $6.36B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Howard Marks withdrew a net $475M in Q2 2024, closing 11 positions and reducing 13 holdings. Its most notable exit was ICICI Bank, an estimated $75.3M position sold in full.
By sector, the portfolio is most concentrated in Energy at 45% of assets, down from 46% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $66.3M.
- Howard Marks's largest Q2 2024 buy was Liberty Global Class A: 3,801,637 shares worth $66.3M.
- Howard Marks added most to Star Bulk Carriers in Q2 2024, an estimated $46.2M increase.
- Howard Marks's biggest Q2 2024 reduction was TORM, cutting an estimated $247M.
- Howard Marks fully exited ICICI Bank in Q2 2024, selling an estimated $75.3M.
- Howard Marks's ten largest holdings make up 66% of its $6.3B portfolio in Q2 2024.
- Howard Marks opened 7 new positions and closed 11 in Q2 2024.
- Howard Marks's portfolio value fell 1% quarter-over-quarter to $6.3B.
Based on Oaktree Capital Management's 13F filing for Q2 2024, filed 14 Aug 2024.