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 |
YPF Sociedad Anonima ADS
YPF
|
+$18.6M |
| 2 |
Afya
AFYA
|
+$18M |
| 3 |
EGLE
Eagle Bulk Shipping Inc.
EGLE
|
+$11.9M |
| 4 |
Vista Energy
VIST
|
+$11.8M |
| 5 |
iHeartMedia
IHRT
|
+$10.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Weibo
WB
|
+$23.2M |
| 2 |
Vistra
VST
|
+$20.8M |
| 3 |
AZUL
Azul
AZUL
|
+$18M |
| 4 |
AngloGold Ashanti
AU
|
+$11.9M |
| 5 |
CIVI
Civitas Resources
CIVI
|
+$6.74M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 16.59% |
| 2 | Financials | 14.64% |
| 3 | Utilities | 14.5% |
| 4 | Industrials | 10.98% |
| 5 | Technology | 7.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vistra
VST
$45.7B
| $729M | 14.29% |
27,278,055
-873,344
| -3% | -$20.8M |
|
2
TORM
TRMD
$3.26B
| $409M | 8.01% |
48,263,921
+663,749
| +1% | +$5.4M |
|
3
Star Bulk Carriers
SBLK
$3.41B
| $383M | 7.51% |
38,063,697
+650,000
| +2% | +$6.62M |
|
4
Ally Financial
ALLY
$13.1B
| $363M | 7.11% |
10,943,541
| – | – |
|
|
CZR
5
DELISTED
Caesars Entertainment Corporation
CZR
| $178M | 3.49% |
15,250,000
| – | – |
|
6
TSMC
TSM
$2.17T
| $132M | 2.6% |
2,848,572
-71,001
| -2% | -$3.03M |
|
7
NMI Holdings
NMIH
$3.4B
| $131M | 2.56% |
4,975,911
| – | – |
|
|
EGLE
8
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $129M | 2.53% |
4,220,591
+358,579
| +9% | +$11.9M |
|
|
BRY
9
DELISTED
Berry Corp
BRY
| $121M | 2.37% |
12,891,717
| – | – |
|
|
INFN
10
DELISTED
Infinera Corporation Common Stock
INFN
| $114M | 2.24% |
20,975,384
| – | – |
|
11
ICICI Bank
IBN
$107B
| $102M | 2% |
8,365,394
-270,516
| -3% | -$3.17M |
|
12
Itaú Unibanco
ITUB
$82.4B
| $98.1M | 1.92% |
16,030,233
-356,807
| -2% | -$2.32M |
|
13
PUT
VanEck Semiconductor ETF
SMH
$68.6B
| $89.3M | 1.75% |
1,500,000
| – | – |
|
14
PUT
Micron Technology
MU
$1.09T
| $84M | 1.65% |
1,960,000
+460,000
| +31% | +$20.8M |
|
15
Petrobras Class A
PBR.A
$111B
| $71.7M | 1.41% |
5,455,930
-131,884
| -2% | -$1.76M |
|
|
CMBT
16
CMB.TECH NV
CMBT
$5.24B
| $69.9M | 1.37% |
7,601,881
-505,365
| -6% | -$4.28M |
|
17
Century Communities
CCS
$1.98B
| $55.7M | 1.09% |
1,819,003
| – | – |
|
|
CEO
18
DELISTED
CNOOC Limited
CEO
| $51.5M | 1.01% |
338,074
-8,923
| -3% | -$1.4M |
|
|
BRFS
19
DELISTED
BRF SA
BRFS
| $49.9M | 0.98% |
5,444,574
-153,229
| -3% | -$1.39M |
|
20
Super Micro Computer
SMCI
$24.1B
| $46.1M | 0.9% |
24,000,000
| – | – |
|
|
21
AngloGold Ashanti
AU
$61.3B
| $43.9M | 0.86% |
2,400,512
-597,692
| -20% | -$11.9M |
|
22
Infosys
INFY
$48.4B
| $40.8M | 0.8% |
3,587,835
-85,103
| -2% | -$958K |
|
|
AZUL
23
DELISTED
Azul
AZUL
| $37.1M | 0.73% |
1,036,438
-480,230
| -32% | -$18M |
|
24
Magnachip Semiconductor
MX
$121M
| $33M | 0.65% |
3,250,000
| – | – |
|
|
25
Petrobras
PBR
$123B
| $31M | 0.61% |
2,144,121
-56,727
| -3% | -$833K |
|
Similar funds
Howard Marks's Q3 2019 Portfolio in Review
As of Q3 2019, Howard Marks held 210 positions worth $5.1B, down 4.4% from $5.33B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
Howard Marks withdrew a net $1.25B in Q3 2019, closing 8 positions and reducing 16 holdings. Its most notable exit was Weibo, an estimated $23.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 17% of assets, up from 17% a quarter earlier, followed by Financials and Utilities.
Against the trend, Howard Marks opened a new position in YPF Sociedad Anonima ADS worth $13.3M.
- Howard Marks's largest Q3 2019 buy was YPF Sociedad Anonima ADS: 1,442,103 shares worth $13.3M.
- Howard Marks added most to Eagle Bulk Shipping Inc. in Q3 2019, an estimated $11.9M increase.
- Howard Marks's biggest Q3 2019 reduction was Vistra, cutting an estimated $20.8M.
- Howard Marks fully exited Weibo in Q3 2019, selling an estimated $23.2M.
- Howard Marks's ten largest holdings make up 53% of its $5.1B portfolio in Q3 2019.
- Howard Marks opened 11 new positions and closed 8 in Q3 2019.
- Howard Marks's portfolio value fell 4.4% quarter-over-quarter to $5.1B.
Based on Oaktree Capital Management's 13F filing for Q3 2019, filed 13 Nov 2019.