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 |
America Movil
AMX
|
+$40.4M |
| 2 |
Huazhu Hotels Group
HTHT
|
+$39M |
| 3 |
Liberty Global Class A
LBTYA
|
+$12.7M |
| 4 |
JD.com
JD
|
+$12.6M |
| 5 |
TPIC
TPI Composites
TPIC
|
+$10.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$299M |
| 2 |
Star Bulk Carriers
SBLK
|
+$196M |
| 3 |
TORM
TRMD
|
+$82.8M |
| 4 |
Runway Growth Finance
RWAY
|
+$57.1M |
| 5 |
FYBR
Frontier Communications
FYBR
|
+$43.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 37.96% |
| 2 | Financials | 10.03% |
| 3 | Consumer Discretionary | 7.83% |
| 4 | Materials | 7.76% |
| 5 | Industrials | 3.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
DIST
76
DELISTED
Distoken Acquisition Corp
DIST
| – | – |
-125,000
| Closed | -$1.31M |
|
|
DQ
77
Daqo New Energy
DQ
$919M
| – | – |
-1,350,410
| Closed | -$40.9M |
|
|
EFR
78
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
| – | – |
-245,996
| Closed | -$2.98M |
|
|
EFT
79
Eaton Vance Floating-Rate Income Trust
EFT
$285M
| – | – |
-349,427
| Closed | -$4.3M |
|
|
FYBR
80
DELISTED
Frontier Communications
FYBR
| – | – |
-2,800,846
| Closed | -$43.8M |
|
81
Nuveen Floating Rate Income Fund
JFR
$1.21B
| – | – |
-1,192,691
| Closed | -$9.79M |
|
82
Nuveen Credit Strategies Income Fund
JQC
$702M
| – | – |
-811,208
| Closed | -$4.1M |
|
83
Macy's
M
$6B
| – | – |
-530,675
| Closed | -$6.16M |
|
|
RSVR
84
Reservoir Media
RSVR
$652M
| – | – |
-576,518
| Closed | -$3.52M |
|
85
Sociedad Química y Minera de Chile
SQM
$23.4B
| – | – |
-621,630
| Closed | -$37.1M |
|
|
86
Vistra
VST
$45.7B
| – | – |
-9,000,000
| Closed | -$299M |
|
|
AFT
87
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
| – | – |
-367,821
| Closed | -$4.94M |
|
Similar funds
Howard Marks's Q4 2023 Portfolio in Review
As of Q4 2023, Howard Marks held 204 positions worth $6.88B, down 0.15% from $6.89B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks withdrew a net $1.54B in Q4 2023, closing 16 positions and reducing 13 holdings. Its most notable exit was Vistra, an estimated $299M position sold in full.
By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 38% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in America Movil worth $42.6M.
- Howard Marks's largest Q4 2023 buy was America Movil: 2,298,858 shares worth $42.6M.
- Howard Marks added most to Liberty Global Class A in Q4 2023, an estimated $12.7M increase.
- Howard Marks's biggest Q4 2023 reduction was Star Bulk Carriers, cutting an estimated $196M.
- Howard Marks fully exited Vistra in Q4 2023, selling an estimated $299M.
- Howard Marks's ten largest holdings make up 56% of its $6.88B portfolio in Q4 2023.
- Howard Marks opened 8 new positions and closed 16 in Q4 2023.
- Howard Marks's portfolio value fell 0.15% quarter-over-quarter to $6.88B.
Based on Oaktree Capital Management's 13F filing for Q4 2023, filed 13 Feb 2024.