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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
MELI icon
76
Mercado Libre
MELI
$97.5B
– –
-11,998
Closed -$17.7M
TLT icon
77
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$45.5B
– –
-4,000
Closed -$542K
EXEEL
78
CALL
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
– –
-916,741
Closed -$15.6M
USWSW
79
CALL
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
– –
-1,500,000
Closed -$270K
IEA
80
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
– –
-431,184
Closed -$7.03M
OCSI
81
DELISTED
Oaktree Strategic Income Corporation
OCSI
– –
-392,000
Closed -$3.33M
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.