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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
+0.23%
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
$5.17B
AUM Growth
-$465M
Cap. Flow
-$1.08B
Cap. Flow %
-20.86%
Top 10 Hldgs %
52.74%
Holding
183
New
9
Increased
7
Reduced
16
Closed
15

Top Buys

Rank Stock Value
1
NOK icon
Nokia
NOK
+$91.8M
2
TAC icon
TransAlta
TAC
+$61.9M
3
GRAB icon
Grab
GRAB
+$47.9M
4
BILI icon
Bilibili
BILI
+$37M
5
ITUB icon
Itaú Unibanco
ITUB
+$36M

Top Sells

Rank Stock Value
1
INFN
Infinera Corporation Common Stock
INFN
+$165M
2
EXE
Expand Energy Corp
EXE
+$143M
3
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
+$62.1M
4
TCOM icon
Trip.com Group
TCOM
+$49.2M
5
YUMC icon
Yum China
YUMC
+$42.3M

Sector Composition

Rank Sector Weight
1 Energy 34.84%
2 Materials 10.4%
3 Consumer Discretionary 8.78%
4 Financials 4.2%
5 Communication Services 4.03%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALVOW icon
51
Alvotech Warrant
ALVOW
$66.4M
$7.05M 0.14%
4,666,667
– –
DQ
52
Daqo New Energy
DQ
$919M
$6.24M 0.12%
344,819
-206,188
-37% -$4.04M
HDB icon
53
HDFC Bank
HDB
$121B
$5.96M 0.12%
179,394
– –
BATL icon
54
Battalion Oil
BATL
$77.9M
$3.91M 0.08%
3,009,912
– –
TPIC
55
DELISTED
TPI Composites
TPIC
$3.72M 0.07%
4,610,003
– –
CPNG icon
56
Coupang
CPNG
$29.6B
– –
-241,544
Closed -$5.31M
ECDA
57
DELISTED
ECD Automotive Design
ECDA
– –
-375
Closed -$72K
INFY icon
58
Infosys
INFY
$48.4B
– –
-1,677,679
Closed -$36.8M
LBTYA icon
59
CALL
Liberty Global Class A
LBTYA
$3.63B
– –
-500,000
Closed -$6.38M
MESO
60
Mesoblast
MESO
$2.2B
– –
-179,593
Closed -$3.56M
NTES icon
61
NetEase
NTES
$82.1B
– –
-399,694
Closed -$35.7M
PAM icon
62
Pampa Energía
PAM
$4.26B
– –
-131,086
Closed -$11.5M
PDD icon
63
Pinduoduo
PDD
$126B
– –
-277,767
Closed -$26.9M
PWR icon
64
PUT
Quanta Services
PWR
$96.1B
– –
-120,000
Closed -$37.9M
TCOM icon
65
Trip.com Group
TCOM
$29B
– –
-717,222
Closed -$49.2M
VST icon
66
PUT
Vistra
VST
$45.7B
– –
-660,000
Closed -$91M
YUMC icon
67
Yum China
YUMC
$16.9B
– –
-877,830
Closed -$42.3M
SNRE
68
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
– –
-1,440,836
Closed -$62.1M
INFN
69
DELISTED
Infinera Corporation Common Stock
INFN
– –
-25,175,384
Closed -$165M
ENLC
70
DELISTED
ENLINK MIDSTREAM, LLC
ENLC
– –
-2,499,111
Closed -$35.4M
1 2
3

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Howard Marks's Q1 2025 Portfolio in Review

As of Q1 2025, Howard Marks held 183 positions worth $5.17B, down 8.3% from $5.64B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $1.08B in Q1 2025, closing 15 positions and reducing 16 holdings. Its most notable exit was Infinera Corporation Common Stock, an estimated $165M position sold in full.

By sector, the portfolio is most concentrated in Energy at 35% of assets, down from 37% a quarter earlier, followed by Materials and Consumer Discretionary.

Against the trend, Howard Marks opened a new position in Nokia worth $98.8M.

  • Howard Marks's largest Q1 2025 buy was Nokia: 18,752,227 shares worth $98.8M.
  • Howard Marks added most to Cemex in Q1 2025, an estimated $29M increase.
  • Howard Marks's biggest Q1 2025 reduction was Expand Energy Corp, cutting an estimated $143M.
  • Howard Marks fully exited Infinera Corporation Common Stock in Q1 2025, selling an estimated $165M.
  • Howard Marks's ten largest holdings make up 53% of its $5.17B portfolio in Q1 2025.
  • Howard Marks opened 9 new positions and closed 15 in Q1 2025.
  • Howard Marks's portfolio value fell 8.3% quarter-over-quarter to $5.17B.

Based on Oaktree Capital Management's 13F filing for Q1 2025, filed 15 May 2025.