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 |
EXE
Expand Energy Corp
EXE
|
+$526M |
| 2 |
STKL
SunOpta
STKL
|
+$181M |
| 3 |
Shoals Technologies Group
SHLS
|
+$176M |
| 4 |
Hims & Hers Health
HIMS
|
+$63.2M |
| 5 |
Kilroy Realty
KRC
|
+$56.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Ally Financial
ALLY
|
+$119M |
| 2 |
TSMC
TSM
|
+$43.5M |
| 3 |
America Movil
AMX
|
+$40.4M |
| 4 |
Lufax Holding
LU
|
+$37.6M |
| 5 |
KC
Kingsoft Cloud Holdings
KC
|
+$22M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 17.8% |
| 2 | Financials | 14.03% |
| 3 | Industrials | 11.45% |
| 4 | Utilities | 11.03% |
| 5 | Real Estate | 8.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Star Bulk Carriers
SBLK
$3.41B
| $573M | 7.97% |
39,006,017
| – | – |
|
2
Vistra
VST
$45.7B
| $529M | 7.37% |
29,936,602
-341,453
| -1% | -$6.79M |
|
|
EXE
3
Expand Energy Corp
EXE
$22.2B
| $518M | 7.21% |
+11,939,117
| New | +$526M |
|
|
4
Ally Financial
ALLY
$13.1B
| $505M | 7.03% |
11,174,687
-2,851,854
| -20% | -$119M |
|
5
TORM
TRMD
$3.26B
| $492M | 6.84% |
53,812,988
| – | – |
|
6
Americold
COLD
$4.35B
| $453M | 6.3% |
11,771,646
| – | – |
|
|
STKL
7
DELISTED
SunOpta
STKL
| $306M | 4.26% |
20,726,126
+12,633,427
| +156% | +$181M |
|
8
PG&E
PCG
$38.8B
| $263M | 3.67% |
22,500,000
| – | – |
|
|
INFN
9
DELISTED
Infinera Corporation Common Stock
INFN
| $242M | 3.37% |
25,175,384
| – | – |
|
|
10
Shoals Technologies Group
SHLS
$1.19B
| $173M | 2.41% |
+4,977,751
| New | +$176M |
|
11
Cemex
CX
$16B
| $167M | 2.32% |
23,951,583
-535,751
| -2% | -$3.46M |
|
|
EGLE
12
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $140M | 1.95% |
3,887,224
-333,367
| -8% | -$9.43M |
|
13
Itaú Unibanco
ITUB
$82.4B
| $124M | 1.73% |
34,477,437
-881,726
| -2% | -$3.33M |
|
14
NMI Holdings
NMIH
$3.4B
| $115M | 1.6% |
4,865,000
-99,000
| -2% | -$2.31M |
|
15
Super Micro Computer
SMCI
$24.1B
| $111M | 1.55% |
28,500,000
-4,691,760
| -14% | -$16M |
|
16
Vale
VALE
$62.1B
| $111M | 1.54% |
6,368,157
-388,839
| -6% | -$6.79M |
|
17
ICICI Bank
IBN
$107B
| $82.8M | 1.15% |
5,167,262
-986,791
| -16% | -$16.1M |
|
18
Petrobras
PBR
$123B
| $81M | 1.13% |
9,548,807
+3,237,598
| +51% | +$30.9M |
|
19
Banco Bradesco
BBD
$33.9B
| $74.3M | 1.03% |
19,137,217
+1,881,178
| +11% | +$7.23M |
|
20
AngloGold Ashanti
AU
$61.3B
| $74M | 1.03% |
3,370,107
+268,121
| +9% | +$6.01M |
|
|
BRY
21
DELISTED
Berry Corp
BRY
| $71.2M | 0.99% |
12,913,313
| – | – |
|
22
Magnachip Semiconductor
MX
$121M
| $70.5M | 0.98% |
2,831,537
-383,000
| -12% | -$7.52M |
|
|
VMRK
23
Vivmark Residential
VMRK
$25B
| $66.4M | 0.92% |
927,000
+450,000
| +94% | +$29.8M |
|
|
24
Kilroy Realty
KRC
$4.25B
| $59.7M | 0.83% |
+910,011
| New | +$56.3M |
|
|
COOP
25
DELISTED
Mr. Cooper
COOP
| $52.4M | 0.73% |
1,507,286
| – | – |
|
Similar funds
Howard Marks's Q1 2021 Portfolio in Review
As of Q1 2021, Howard Marks held 194 positions worth $7.18B, up 24% from $5.81B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks's Q1 2021 filing shows 11 new, 7 increased, 18 reduced and 9 closed positions. Its largest new stake was Expand Energy Corp: 11,939,117 shares worth $518M. The largest sale was Ally Financial, an estimated $119M.
By sector, the portfolio is most concentrated in Energy at 18% of assets, up from 10% a quarter earlier, followed by Financials and Industrials.
- Howard Marks's largest Q1 2021 buy was Expand Energy Corp: 11,939,117 shares worth $518M.
- Howard Marks added most to SunOpta in Q1 2021, an estimated $181M increase.
- Howard Marks's biggest Q1 2021 reduction was Ally Financial, cutting an estimated $119M.
- Howard Marks fully exited TSMC in Q1 2021, selling an estimated $43.5M.
- Howard Marks's ten largest holdings make up 56% of its $7.18B portfolio in Q1 2021.
- Howard Marks opened 11 new positions and closed 9 in Q1 2021.
- Howard Marks's portfolio value rose 24% quarter-over-quarter to $7.18B.
Based on Oaktree Capital Management's 13F filing for Q1 2021, filed 17 May 2021.