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 |
ONT
Onterris Inc
ONT
|
+$110M |
| 2 |
Vale
VALE
|
+$48.9M |
| 3 |
UNIT
Uniti Group
UNIT
|
+$43.3M |
| 4 |
CEO
CNOOC Limited
CEO
|
+$35.4M |
| 5 |
America Movil
AMX
|
+$34.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
CZR
Caesars Entertainment Corporation
CZR
|
+$185M |
| 2 |
TMHC
Taylor Morrison
TMHC
|
+$124M |
| 3 |
TSMC
TSM
|
+$96.2M |
| 4 |
Alibaba
BABA
|
+$60.9M |
| 5 |
Century Communities
CCS
|
+$37.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Utilities | 17.01% |
| 2 | Financials | 14.76% |
| 3 | Technology | 11.3% |
| 4 | Energy | 11.13% |
| 5 | Industrials | 10.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Vistra
VST
$45.7B
| $571M | 12.42% |
30,278,055
| – | – |
|
2
TORM
TRMD
$3.26B
| $361M | 7.86% |
53,346,436
+1,541,511
| +3% | +$11.1M |
|
3
Ally Financial
ALLY
$13.1B
| $359M | 7.81% |
14,318,541
| – | – |
|
4
Star Bulk Carriers
SBLK
$3.41B
| $269M | 5.84% |
39,006,017
| – | – |
|
5
PG&E
PCG
$38.8B
| $211M | 4.59% |
22,500,000
| – | – |
|
|
6
TSMC
TSM
$2.17T
| $206M | 4.47% |
2,538,033
-1,265,446
| -33% | -$96.2M |
|
|
INFN
7
DELISTED
Infinera Corporation Common Stock
INFN
| $155M | 3.37% |
25,175,384
| – | – |
|
|
ONT
8
Onterris Inc
ONT
$557M
| $103M | 2.24% |
+4,322,644
| New | +$110M |
|
9
Cemex
CX
$16B
| $91M | 1.98% |
23,937,114
-1,002
| -0% | -$3.28K |
|
10
Super Micro Computer
SMCI
$24.1B
| $86.7M | 1.89% |
32,846,360
| – | – |
|
11
NMI Holdings
NMIH
$3.4B
| $86.6M | 1.88% |
4,865,000
+465,000
| +11% | +$7.59M |
|
12
Itaú Unibanco
ITUB
$82.4B
| $78.9M | 1.72% |
27,240,035
+1,112,504
| +4% | +$3.78M |
|
13
AngloGold Ashanti
AU
$61.3B
| $75.8M | 1.65% |
2,871,986
-340,295
| -11% | -$10.2M |
|
|
EGLE
14
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $69.1M | 1.5% |
4,220,591
| – | – |
|
|
STKL
15
DELISTED
SunOpta
STKL
| $60M | 1.31% |
8,092,699
| – | – |
|
16
ICICI Bank
IBN
$107B
| $59.5M | 1.29% |
6,050,513
+799,502
| +15% | +$7.96M |
|
17
Baidu
BIDU
$31.6B
| $53.1M | 1.15% |
419,297
-4,010
| -0.9% | -$497K |
|
18
Afya
AFYA
$1.27B
| $47.7M | 1.04% |
1,751,540
-7,126
| -0.4% | -$179K |
|
|
UNIT
19
Uniti Group
UNIT
$2.42B
| $47.1M | 1.03% |
+4,474,624
| New | +$43.3M |
|
|
20
Vale
VALE
$62.1B
| $46.1M | 1% |
+4,353,472
| New | +$48.9M |
|
21
Liberty Global Class C
LBTYK
$3.55B
| $41.1M | 0.89% |
2,000,000
| – | – |
|
|
BRY
22
DELISTED
Berry Corp
BRY
| $40.9M | 0.89% |
12,913,313
| – | – |
|
23
Magnachip Semiconductor
MX
$121M
| $40.3M | 0.88% |
2,939,537
| – | – |
|
|
COOP
24
DELISTED
Mr. Cooper
COOP
| $38.7M | 0.84% |
1,734,789
-192,755
| -10% | -$3.32M |
|
|
25
America Movil
AMX
$71.3B
| $34.1M | 0.74% |
+2,731,037
| New | +$34.7M |
|
Similar funds
Howard Marks's Q3 2020 Portfolio in Review
As of Q3 2020, Howard Marks held 200 positions worth $4.6B, up 2.1% from $4.5B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Howard Marks withdrew a net $969M in Q3 2020, closing 11 positions and reducing 19 holdings. Its most notable exit was Caesars Entertainment Corporation, an estimated $185M position sold in full.
By sector, the portfolio is most concentrated in Utilities at 17% of assets, up from 17% a quarter earlier, followed by Financials and Technology.
Against the trend, Howard Marks opened a new position in Onterris Inc worth $103M.
- Howard Marks's largest Q3 2020 buy was Onterris Inc: 4,322,644 shares worth $103M.
- Howard Marks added most to TORM in Q3 2020, an estimated $11.1M increase.
- Howard Marks's biggest Q3 2020 reduction was TSMC, cutting an estimated $96.2M.
- Howard Marks fully exited Caesars Entertainment Corporation in Q3 2020, selling an estimated $185M.
- Howard Marks's ten largest holdings make up 52% of its $4.6B portfolio in Q3 2020.
- Howard Marks opened 9 new positions and closed 11 in Q3 2020.
- Howard Marks's portfolio value rose 2.1% quarter-over-quarter to $4.6B.
Based on Oaktree Capital Management's 13F filing for Q3 2020, filed 16 Nov 2020.