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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$623M |
| 2 |
CMBT
CMB.TECH NV
CMBT
|
+$83.3M |
| 3 |
VanEck Semiconductor ETF
SMH
|
+$73.1M |
| 4 |
Petrobras Class A
PBR.A
|
+$25.3M |
| 5 |
TRCO
TRIBUNE MEDIA COMPANY CLASS A
TRCO
|
+$23M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$92.9M |
| 2 |
Vistra
VST
|
+$89.3M |
| 3 |
GNRT
Gener8 Maritime, Inc.
GNRT
|
+$73.8M |
| 4 |
DYN
Dynegy, Inc.
DYN
|
+$64.1M |
| 5 |
VICI Properties
VICI
|
+$55.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 15.04% |
| 2 | Financials | 7.71% |
| 3 | Technology | 6.9% |
| 4 | Industrials | 5.99% |
| 5 | Communication Services | 4.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Vishay Intertechnology
VSH
$4.85B
| – | – |
-455,000
| Closed | -$8.46M |
|
|
FRGI
77
DELISTED
Fiesta Restaurant Group, Inc.
FRGI
| – | – |
-1,325,000
| Closed | -$24.5M |
|
|
CCI.PRA
78
DELISTED
Crown Castle International Corp. 6.875% Mandatory Convertible Preferred Stock, Series A
CCI.PRA
| – | – |
-28,509
| Closed | -$31.9M |
|
|
SWP
79
DELISTED
Stanley Black & Decker, Inc. Corporate Units
SWP
| – | – |
-100,417
| Closed | -$11.6M |
|
|
NSM
80
CALL
DELISTED
Nationstar Mortgage Holdings
NSM
| – | – |
-250,000
| Closed | -$4.49M |
|
|
GNRT
81
DELISTED
Gener8 Maritime, Inc.
GNRT
| – | – |
-13,062,118
| Closed | -$73.8M |
|
|
ANTX
82
DELISTED
Anthem, Inc.
ANTX
| – | – |
-200,000
| Closed | -$10.7M |
|
|
DYN
83
DELISTED
Dynegy, Inc.
DYN
| – | – |
-4,741,904
| Closed | -$64.1M |
|
Similar funds
Howard Marks's Q2 2018 Portfolio in Review
As of Q2 2018, Howard Marks held 218 positions worth $7.15B, up 13% from $6.3B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Howard Marks withdrew a net $1B in Q2 2018, closing 15 positions and reducing 13 holdings. Its most notable exit was Alibaba, an estimated $92.9M position sold in full.
By sector, the portfolio is most concentrated in Utilities at 15% of assets, down from 17% a quarter earlier, followed by Financials and Technology.
Against the trend, Howard Marks opened a new position in State Street SPDR S&P 500 ETF Trust worth $626M.
- Howard Marks's largest Q2 2018 buy was State Street SPDR S&P 500 ETF Trust: 2,306,500 shares worth $626M.
- Howard Marks added most to Petrobras Class A in Q2 2018, an estimated $25.3M increase.
- Howard Marks's biggest Q2 2018 reduction was Vistra, cutting an estimated $89.3M.
- Howard Marks fully exited Alibaba in Q2 2018, selling an estimated $92.9M.
- Howard Marks's ten largest holdings make up 49% of its $7.15B portfolio in Q2 2018.
- Howard Marks opened 13 new positions and closed 15 in Q2 2018.
- Howard Marks's portfolio value rose 13% quarter-over-quarter to $7.15B.
Based on Oaktree Capital Management's 13F filing for Q2 2018, filed 14 Aug 2018.