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 |
Americold
COLD
|
+$423M |
| 2 |
Lufax Holding
LU
|
+$39.6M |
| 3 |
Vale
VALE
|
+$32M |
| 4 |
Banco Bradesco
BBD
|
+$30.6M |
| 5 |
Itaú Unibanco
ITUB
|
+$30.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$203M |
| 2 |
ONT
Onterris Inc
ONT
|
+$103M |
| 3 |
Baidu
BIDU
|
+$53.1M |
| 4 |
CEO
CNOOC Limited
CEO
|
+$30.9M |
| 5 |
Sociedad Química y Minera de Chile
SQM
|
+$19.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 18.33% |
| 2 | Utilities | 15.08% |
| 3 | Energy | 10.17% |
| 4 | Real Estate | 8.74% |
| 5 | Industrials | 8.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Vistra
VST
$45.7B
| $595M | 10.25% |
30,278,055
| – | – |
|
2
Ally Financial
ALLY
$13.1B
| $500M | 8.61% |
14,026,541
-292,000
| -2% | -$8.83M |
|
|
3
Americold
COLD
$4.35B
| $439M | 7.57% |
+11,771,646
| New | +$423M |
|
4
TORM
TRMD
$3.26B
| $398M | 6.86% |
53,812,988
+466,552
| +0.9% | +$3.32M |
|
5
Star Bulk Carriers
SBLK
$3.41B
| $344M | 5.93% |
39,006,017
| – | – |
|
6
PG&E
PCG
$38.8B
| $280M | 4.83% |
22,500,000
| – | – |
|
|
INFN
7
DELISTED
Infinera Corporation Common Stock
INFN
| $264M | 4.54% |
25,175,384
| – | – |
|
|
8
Itaú Unibanco
ITUB
$82.4B
| $157M | 2.7% |
35,359,163
+8,119,128
| +30% | +$30.4M |
|
9
Cemex
CX
$16B
| $127M | 2.18% |
24,487,334
+550,220
| +2% | +$2.52M |
|
|
10
Vale
VALE
$62.1B
| $113M | 1.95% |
6,756,996
+2,403,524
| +55% | +$32M |
|
11
NMI Holdings
NMIH
$3.4B
| $112M | 1.94% |
4,964,000
+99,000
| +2% | +$2.26M |
|
12
Super Micro Computer
SMCI
$24.1B
| $105M | 1.81% |
33,191,760
+345,400
| +1% | +$974K |
|
|
STKL
13
DELISTED
SunOpta
STKL
| $94.4M | 1.63% |
8,092,699
| – | – |
|
14
ICICI Bank
IBN
$107B
| $91.4M | 1.58% |
6,154,053
+103,540
| +2% | +$1.3M |
|
|
EGLE
15
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $80.2M | 1.38% |
4,220,591
| – | – |
|
|
16
Banco Bradesco
BBD
$33.9B
| $75M | 1.29% |
17,256,039
+8,372,217
| +94% | +$30.6M |
|
17
Petrobras
PBR
$123B
| $70.9M | 1.22% |
6,311,209
+2,253,350
| +56% | +$20M |
|
18
AngloGold Ashanti
AU
$61.3B
| $70.2M | 1.21% |
3,101,986
+230,000
| +8% | +$5.52M |
|
|
AZUL
19
DELISTED
Azul
AZUL
| $51.6M | 0.89% |
2,262,454
+590,300
| +35% | +$10.6M |
|
20
Liberty Global Class C
LBTYK
$3.55B
| $47.8M | 0.82% |
2,020,000
+20,000
| +1% | +$433K |
|
|
BRY
21
DELISTED
Berry Corp
BRY
| $47.5M | 0.82% |
12,913,313
| – | – |
|
|
COOP
22
DELISTED
Mr. Cooper
COOP
| $46.8M | 0.81% |
1,507,286
-227,503
| -13% | -$5.83M |
|
23
Afya
AFYA
$1.27B
| $45M | 0.78% |
1,780,040
+28,500
| +2% | +$734K |
|
|
24
TSMC
TSM
$2.17T
| $43.5M | 0.75% |
398,949
-2,139,084
| -84% | -$203M |
|
25
Magnachip Semiconductor
MX
$121M
| $43.5M | 0.75% |
3,214,537
+275,000
| +9% | +$3.79M |
|
Similar funds
Howard Marks's Q4 2020 Portfolio in Review
As of Q4 2020, Howard Marks held 206 positions worth $5.81B, up 26% from $4.6B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $741M in Q4 2020, closing 21 positions and reducing 8 holdings. Its most notable exit was Onterris Inc, an estimated $103M position sold in full.
By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Utilities and Energy.
Against the trend, Howard Marks opened a new position in Americold worth $439M.
- Howard Marks's largest Q4 2020 buy was Americold: 11,771,646 shares worth $439M.
- Howard Marks added most to Vale in Q4 2020, an estimated $32M increase.
- Howard Marks's biggest Q4 2020 reduction was TSMC, cutting an estimated $203M.
- Howard Marks fully exited Onterris Inc in Q4 2020, selling an estimated $103M.
- Howard Marks's ten largest holdings make up 55% of its $5.81B portfolio in Q4 2020.
- Howard Marks opened 6 new positions and closed 21 in Q4 2020.
- Howard Marks's portfolio value rose 26% quarter-over-quarter to $5.81B.
Based on Oaktree Capital Management's 13F filing for Q4 2020, filed 16 Feb 2021.