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 |
Banco Bradesco
BBD
|
+$48.1M |
| 2 |
Alibaba
BABA
|
+$30.4M |
| 3 |
TSMC
TSM
|
+$8.36M |
| 4 |
Itaú Unibanco
ITUB
|
+$5.64M |
| 5 |
AVGOP
Broadcom Inc. 8.00% Mandatory Convertible Preferred Stock, Series A
AVGOP
|
+$5.62M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CMBT
CMB.TECH NV
CMBT
|
+$69.9M |
| 2 |
Infosys
INFY
|
+$40.8M |
| 3 |
ICICI Bank
IBN
|
+$34.7M |
| 4 |
Petrobras
PBR
|
+$31M |
| 5 |
VRS
Verso Corporation
VRS
|
+$18.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 17.11% |
| 2 | Financials | 14.93% |
| 3 | Industrials | 12.15% |
| 4 | Utilities | 11.84% |
| 5 | Technology | 8.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Vistra
VST
$45.7B
| $627M | 11.81% |
27,278,055
| – | – |
|
2
TORM
TRMD
$3.26B
| $540M | 10.18% |
48,263,921
| – | – |
|
3
Star Bulk Carriers
SBLK
$3.41B
| $450M | 8.47% |
38,063,697
| – | – |
|
4
Ally Financial
ALLY
$13.1B
| $334M | 6.3% |
10,943,541
| – | – |
|
|
CZR
5
DELISTED
Caesars Entertainment Corporation
CZR
| $207M | 3.91% |
15,250,000
| – | – |
|
|
6
TSMC
TSM
$2.17T
| $175M | 3.29% |
3,006,193
+157,621
| +6% | +$8.36M |
|
|
INFN
7
DELISTED
Infinera Corporation Common Stock
INFN
| $167M | 3.14% |
20,975,384
| – | – |
|
8
PUT
Micron Technology
MU
$1.09T
| $150M | 2.83% |
2,795,000
+835,000
| +43% | +$39.9M |
|
9
NMI Holdings
NMIH
$3.4B
| $146M | 2.75% |
4,400,000
-575,911
| -12% | -$18M |
|
|
EGLE
10
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $136M | 2.56% |
4,220,591
| – | – |
|
|
BRY
11
DELISTED
Berry Corp
BRY
| $122M | 2.29% |
12,913,313
+21,596
| +0.2% | +$202K |
|
|
12
Itaú Unibanco
ITUB
$82.4B
| $113M | 2.12% |
16,930,575
+900,342
| +6% | +$5.64M |
|
|
13
ICICI Bank
IBN
$107B
| $87.7M | 1.65% |
5,808,890
-2,556,504
| -31% | -$34.7M |
|
|
14
Petrobras Class A
PBR.A
$111B
| $85.9M | 1.62% |
5,758,517
+302,587
| +6% | +$4.29M |
|
|
CEO
15
DELISTED
CNOOC Limited
CEO
| $59.4M | 1.12% |
356,638
+18,564
| +5% | +$2.84M |
|
16
Super Micro Computer
SMCI
$24.1B
| $57.6M | 1.09% |
24,000,000
| – | – |
|
17
AngloGold Ashanti
AU
$61.3B
| $53M | 1% |
2,374,581
-25,931
| -1% | -$522K |
|
|
18
Banco Bradesco
BBD
$33.9B
| $51.6M | 0.97% |
+7,676,019
| New | +$48.1M |
|
19
Century Communities
CCS
$1.98B
| $49.7M | 0.94% |
1,819,003
| – | – |
|
|
BRFS
20
DELISTED
BRF SA
BRFS
| $49.2M | 0.93% |
5,653,531
+208,957
| +4% | +$1.8M |
|
|
AZUL
21
DELISTED
Azul
AZUL
| $46.8M | 0.88% |
1,093,638
+57,200
| +6% | +$2.2M |
|
22
Magnachip Semiconductor
MX
$121M
| $36.8M | 0.69% |
3,170,729
-79,271
| -2% | -$929K |
|
|
23
Alibaba
BABA
$286B
| $34.4M | 0.65% |
+161,982
| New | +$30.4M |
|
24
Cemex
CX
$16B
| $32.7M | 0.62% |
8,657,927
+1,046,467
| +14% | +$3.99M |
|
25
MGIC Investment
MTG
$6.34B
| $31.5M | 0.59% |
2,220,000
| – | – |
|
Similar funds
Howard Marks's Q4 2019 Portfolio in Review
As of Q4 2019, Howard Marks held 207 positions worth $5.31B, up 4.1% from $5.1B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $1.15B in Q4 2019, closing 14 positions and reducing 17 holdings. Its most notable exit was CMB.TECH NV, an estimated $69.9M 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 Industrials.
Against the trend, Howard Marks opened a new position in Banco Bradesco worth $51.6M.
- Howard Marks's largest Q4 2019 buy was Banco Bradesco: 7,676,019 shares worth $51.6M.
- Howard Marks added most to TSMC in Q4 2019, an estimated $8.36M increase.
- Howard Marks's biggest Q4 2019 reduction was ICICI Bank, cutting an estimated $34.7M.
- Howard Marks fully exited CMB.TECH NV in Q4 2019, selling an estimated $69.9M.
- Howard Marks's ten largest holdings make up 55% of its $5.31B portfolio in Q4 2019.
- Howard Marks opened 5 new positions and closed 14 in Q4 2019.
- Howard Marks's portfolio value rose 4.1% quarter-over-quarter to $5.31B.
Based on Oaktree Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.