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 |
Vistra
VST
|
+$103M |
| 2 |
BRY
Berry Corp
BRY
|
+$57.6M |
| 3 |
Petrobras
PBR
|
+$33.6M |
| 4 |
Star Bulk Carriers
SBLK
|
+$16.3M |
| 5 |
HUYA
Huya Inc
HUYA
|
+$12.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$63.8M |
| 2 |
Yum China
YUMC
|
+$33.4M |
| 3 |
VICI Properties
VICI
|
+$32.8M |
| 4 |
NMI Holdings
NMIH
|
+$19.7M |
| 5 |
ICICI Bank
IBN
|
+$19.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 16.55% |
| 2 | Financials | 14.08% |
| 3 | Utilities | 12.47% |
| 4 | Industrials | 10.73% |
| 5 | Technology | 5.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vistra
VST
$45.7B
| $637M | 11.95% |
28,151,399
+4,100,000
| +17% | +$103M |
|
2
TORM
TRMD
$3.26B
| $414M | 7.76% |
47,600,172
| – | – |
|
|
3
Star Bulk Carriers
SBLK
$3.41B
| $361M | 6.77% |
37,413,697
+2,029,500
| +6% | +$16.3M |
|
4
Ally Financial
ALLY
$13.1B
| $339M | 6.36% |
10,943,541
-200,000
| -2% | -$5.9M |
|
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $237M | 4.45% |
810,000
+310,000
| +62% | +$89.3M |
|
|
CZR
6
DELISTED
Caesars Entertainment Corporation
CZR
| $180M | 3.38% |
15,250,000
| – | – |
|
|
EGLE
7
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $142M | 2.66% |
3,862,012
+109,517
| +3% | +$3.88M |
|
|
8
NMI Holdings
NMIH
$3.4B
| $141M | 2.65% |
4,975,911
-706,081
| -12% | -$19.7M |
|
|
BRY
9
DELISTED
Berry Corp
BRY
| $137M | 2.56% |
12,891,717
+5,085,000
| +65% | +$57.6M |
|
10
TSMC
TSM
$2.17T
| $114M | 2.14% |
2,919,573
+19,221
| +0.7% | +$791K |
|
11
Itaú Unibanco
ITUB
$82.4B
| $112M | 2.11% |
16,387,040
-194,143
| -1% | -$1.22M |
|
|
12
ICICI Bank
IBN
$107B
| $109M | 2.04% |
8,635,910
-1,677,173
| -16% | -$19.4M |
|
13
PUT
VanEck Semiconductor ETF
SMH
$68.6B
| $82.6M | 1.55% |
+1,500,000
| New | +$81.6M |
|
|
14
Petrobras Class A
PBR.A
$111B
| $79.3M | 1.49% |
5,587,814
+42,346
| +0.8% | +$583K |
|
|
CMBT
15
CMB.TECH NV
CMBT
$5.24B
| $76.5M | 1.43% |
8,107,246
| – | – |
|
|
INFN
16
DELISTED
Infinera Corporation Common Stock
INFN
| $61M | 1.14% |
20,975,384
| – | – |
|
|
CEO
17
DELISTED
CNOOC Limited
CEO
| $59.1M | 1.11% |
346,997
+2,616
| +0.8% | +$455K |
|
18
PUT
Micron Technology
MU
$1.09T
| $57.9M | 1.09% |
1,500,000
-750,000
| -33% | -$28.6M |
|
19
AngloGold Ashanti
AU
$61.3B
| $53.4M | 1% |
2,998,204
-172,029
| -5% | -$2.31M |
|
|
AZUL
20
DELISTED
Azul
AZUL
| $50.7M | 0.95% |
1,516,668
+36,800
| +2% | +$1.07M |
|
21
Century Communities
CCS
$1.98B
| $48.3M | 0.91% |
1,819,003
| – | – |
|
22
Super Micro Computer
SMCI
$24.1B
| $46.4M | 0.87% |
24,000,000
+4,000,000
| +20% | +$7.74M |
|
|
BRFS
23
DELISTED
BRF SA
BRFS
| $42.5M | 0.8% |
5,597,803
-373,221
| -6% | -$2.7M |
|
24
Infosys
INFY
$48.4B
| $39.3M | 0.74% |
3,672,938
+32,473
| +0.9% | +$344K |
|
|
25
Petrobras
PBR
$123B
| $34.3M | 0.64% |
+2,200,848
| New | +$33.6M |
|
Similar funds
Howard Marks's Q2 2019 Portfolio in Review
As of Q2 2019, Howard Marks held 214 positions worth $5.33B, up 1.3% from $5.27B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Howard Marks withdrew a net $1.04B in Q2 2019, closing 9 positions and reducing 26 holdings. Its most notable exit was Alibaba, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Energy at 17% of assets, up from 14% a quarter earlier, followed by Financials and Utilities.
Against the trend, Howard Marks opened a new position in Petrobras worth $34.3M.
- Howard Marks's largest Q2 2019 buy was Petrobras: 2,200,848 shares worth $34.3M.
- Howard Marks added most to Vistra in Q2 2019, an estimated $103M increase.
- Howard Marks's biggest Q2 2019 reduction was NMI Holdings, cutting an estimated $19.7M.
- Howard Marks fully exited Alibaba in Q2 2019, selling an estimated $63.8M.
- Howard Marks's ten largest holdings make up 51% of its $5.33B portfolio in Q2 2019.
- Howard Marks opened 9 new positions and closed 9 in Q2 2019.
- Howard Marks's portfolio value rose 1.3% quarter-over-quarter to $5.33B.
Based on Oaktree Capital Management's 13F filing for Q2 2019, filed 14 Aug 2019.