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 |
FYBR
Frontier Communications
FYBR
|
+$100M |
| 2 |
PG&E
PCG
|
+$80.5M |
| 3 |
Valaris
VAL
|
+$27.1M |
| 4 |
Garrett Motion
GTX
|
+$26.4M |
| 5 |
CXP
COLUMBIA PROPERTY TRUST, INC.
CXP
|
+$23.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Star Bulk Carriers
SBLK
|
+$257M |
| 2 |
Ally Financial
ALLY
|
+$221M |
| 3 |
VMRK
Vivmark Residential
VMRK
|
+$66.4M |
| 4 |
Itaú Unibanco
ITUB
|
+$23.7M |
| 5 |
Super Micro Computer
SMCI
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 19.98% |
| 2 | Industrials | 12.16% |
| 3 | Financials | 11.58% |
| 4 | Utilities | 11.55% |
| 5 | Technology | 7.64% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EXE
1
Expand Energy Corp
EXE
$22.2B
| $620M | 8.32% |
11,939,117
| – | – |
|
|
2
Star Bulk Carriers
SBLK
$3.41B
| $597M | 8.01% |
25,993,242
-13,012,775
| -33% | -$257M |
|
3
Vistra
VST
$45.7B
| $555M | 7.46% |
29,936,602
| – | – |
|
4
TORM
TRMD
$3.26B
| $476M | 6.4% |
53,812,988
| – | – |
|
5
Americold
COLD
$4.35B
| $446M | 5.98% |
11,771,646
| – | – |
|
|
6
Ally Financial
ALLY
$13.1B
| $343M | 4.6% |
6,874,687
-4,300,000
| -38% | -$221M |
|
|
7
PG&E
PCG
$38.8B
| $305M | 4.1% |
30,000,000
+7,500,000
| +33% | +$80.5M |
|
|
INFN
8
DELISTED
Infinera Corporation Common Stock
INFN
| $257M | 3.45% |
25,175,384
| – | – |
|
|
STKL
9
DELISTED
SunOpta
STKL
| $219M | 2.94% |
20,726,126
| – | – |
|
10
Cemex
CX
$16B
| $201M | 2.69% |
23,873,758
-77,825
| -0.3% | -$619K |
|
|
EGLE
11
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $179M | 2.4% |
3,781,561
-105,663
| -3% | -$4.79M |
|
12
Shoals Technologies Group
SHLS
$1.19B
| $177M | 2.37% |
4,977,751
| – | – |
|
13
Vale
VALE
$62.1B
| $142M | 1.91% |
6,245,576
-122,581
| -2% | -$2.56M |
|
|
14
Itaú Unibanco
ITUB
$82.4B
| $125M | 1.68% |
28,591,255
-5,886,182
| -17% | -$23.7M |
|
15
NMI Holdings
NMIH
$3.4B
| $109M | 1.47% |
4,865,000
| – | – |
|
|
FYBR
16
DELISTED
Frontier Communications
FYBR
| $105M | 1.41% |
+3,982,849
| New | +$100M |
|
17
Petrobras
PBR
$123B
| $104M | 1.39% |
8,474,167
-1,074,640
| -11% | -$10.6M |
|
18
Banco Bradesco
BBD
$33.9B
| $87.5M | 1.18% |
18,770,470
-366,747
| -2% | -$1.59M |
|
|
BRY
19
DELISTED
Berry Corp
BRY
| $86.8M | 1.17% |
12,913,313
| – | – |
|
20
ICICI Bank
IBN
$107B
| $86.7M | 1.16% |
5,070,309
-96,953
| -2% | -$1.61M |
|
|
21
Super Micro Computer
SMCI
$24.1B
| $79.6M | 1.07% |
22,636,100
-5,863,900
| -21% | -$21.6M |
|
22
Kilroy Realty
KRC
$4.25B
| $63.4M | 0.85% |
910,011
| – | – |
|
23
FTAI Aviation
FTAI
$21.5B
| $61.8M | 0.83% |
2,158,282
+234,200
| +12% | +$5.9M |
|
24
AngloGold Ashanti
AU
$61.3B
| $61.4M | 0.83% |
3,306,807
-63,300
| -2% | -$1.39M |
|
|
XOG
25
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
| $61.2M | 0.82% |
1,113,995
| – | – |
|
Similar funds
Howard Marks's Q2 2021 Portfolio in Review
As of Q2 2021, Howard Marks held 201 positions worth $7.45B, up 3.6% from $7.18B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Howard Marks withdrew a net $1.36B in Q2 2021, closing 9 positions and reducing 19 holdings. Its most notable exit was Vivmark Residential, an estimated $66.4M position sold in full.
By sector, the portfolio is most concentrated in Energy at 20% of assets, up from 18% a quarter earlier, followed by Industrials and Financials.
Against the trend, Howard Marks opened a new position in Frontier Communications worth $105M.
- Howard Marks's largest Q2 2021 buy was Frontier Communications: 3,982,849 shares worth $105M.
- Howard Marks added most to PG&E in Q2 2021, an estimated $80.5M increase.
- Howard Marks's biggest Q2 2021 reduction was Star Bulk Carriers, cutting an estimated $257M.
- Howard Marks fully exited Vivmark Residential in Q2 2021, selling an estimated $66.4M.
- Howard Marks's ten largest holdings make up 54% of its $7.45B portfolio in Q2 2021.
- Howard Marks opened 20 new positions and closed 9 in Q2 2021.
- Howard Marks's portfolio value rose 3.6% quarter-over-quarter to $7.45B.
Based on Oaktree Capital Management's 13F filing for Q2 2021, filed 16 Aug 2021.