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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
-2.6%
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
$5.64B
AUM Growth
-$603M
Cap. Flow
-$760M
Cap. Flow %
-13.49%
Top 10 Hldgs %
53.23%
Holding
172
New
8
Increased
4
Reduced
27
Closed
7

Top Buys

Rank Stock Value
1
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
+$65.9M
2
LBTYA icon
Liberty Global Class A
LBTYA
+$20.5M
3
B
Barrick Mining
B
+$18.5M
4
NTES icon
NetEase
NTES
+$14.6M
5
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
+$7.63M

Top Sells

Rank Stock Value
1
ITUB icon
Itaú Unibanco
ITUB
+$60.4M
2
TLN
Talen Energy Corp
TLN
+$58.5M
3
BBD icon
Banco Bradesco
BBD
+$37.5M
4
JOYY
JOYY Inc
JOYY
+$32M
5
FCX icon
Freeport-McMoran
FCX
+$29.6M

Sector Composition

Rank Sector Weight
1 Energy 36.75%
2 Consumer Discretionary 10.8%
3 Materials 6.94%
4 Communication Services 4.74%
5 Technology 4.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BHC icon
51
Bausch Health
BHC
$2.41B
$10.2M 0.18%
1,270,000
– –
BAK icon
52
Braskem
BAK
$793M
$9.62M 0.17%
2,491,792
– –
TPIC
53
DELISTED
TPI Composites
TPIC
$8.71M 0.15%
4,610,003
– –
EXEEL
54
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
$8.24M 0.15%
+95,294
New +$7.63M
VCSA
55
DELISTED
Vacasa, Inc. Class A Common Stock
VCSA
$6.74M 0.12%
1,375,448
– –
LBTYA icon
56
CALL
Liberty Global Class A
LBTYA
$3.63B
$6.38M 0.11%
500,000
– –
HDB icon
57
HDFC Bank
HDB
$121B
$5.73M 0.1%
179,394
+71,314
+66% +$2.28M
CPNG icon
58
Coupang
CPNG
$29.6B
$5.31M 0.09%
+241,544
New +$5.93M
BATL icon
59
Battalion Oil
BATL
$77.9M
$5.18M 0.09%
3,009,912
– –
MESO
60
Mesoblast
MESO
$2.2B
$3.56M 0.06%
+179,593
New +$1.99M
ECDA
61
DELISTED
ECD Automotive Design
ECDA
$72K ﹤0.01%
375
– –
BABA icon
62
Alibaba
BABA
$286B
– –
-224,719
Closed -$23.8M
BBD icon
63
Banco Bradesco
BBD
$33.9B
– –
-14,114,711
Closed -$37.5M
HIMS icon
64
Hims & Hers Health
HIMS
$7.88B
– –
-666,962
Closed -$12.3M
ITUB icon
65
Itaú Unibanco
ITUB
$82.4B
– –
-10,283,569
Closed -$60.4M
XP icon
66
XP
XP
$8.53B
– –
-510,764
Closed -$9.16M
YPF icon
67
YPF Sociedad Anonima ADS
YPF
$20.1B
– –
-551,128
Closed -$11.7M
JOYY
68
JOYY Inc
JOYY
$3.71B
– –
-882,590
Closed -$32M
1 2
3

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Howard Marks's Q4 2024 Portfolio in Review

As of Q4 2024, Howard Marks held 172 positions worth $5.64B, down 9.7% from $6.24B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $760M in Q4 2024, closing 7 positions and reducing 27 holdings. Its most notable exit was Itaú Unibanco, an estimated $60.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 37% of assets, down from 42% a quarter earlier, followed by Consumer Discretionary and Materials.

Against the trend, Howard Marks opened a new position in Sunrise Communications AG American Depositary Shares representing Class A shares worth $62.1M.

  • Howard Marks's largest Q4 2024 buy was Sunrise Communications AG American Depositary Shares representing Class A shares: 1,440,836 shares worth $62.1M.
  • Howard Marks added most to Liberty Global Class A in Q4 2024, an estimated $20.5M increase.
  • Howard Marks's biggest Q4 2024 reduction was Talen Energy Corp, cutting an estimated $58.5M.
  • Howard Marks fully exited Itaú Unibanco in Q4 2024, selling an estimated $60.4M.
  • Howard Marks's ten largest holdings make up 53% of its $5.64B portfolio in Q4 2024.
  • Howard Marks opened 8 new positions and closed 7 in Q4 2024.
  • Howard Marks's portfolio value fell 9.7% quarter-over-quarter to $5.64B.

Based on Oaktree Capital Management's 13F filing for Q4 2024, filed 12 Feb 2025.