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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
1-Year Est. Return
45.97%
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.
This Fund
S&P 500
This Quarter Est. Return
+11.06%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$7.45B
AUM Growth
+$262M
(+3.6%)
Cap. Flow
-$1.38B
Cap. Flow % of AUM
Cap. Flow %
-18.48%
Top 10 Holdings %
Top 10 Hldgs %
53.95%
Holding
201
New
20
Increased
3
Reduced
19
Closed
9
Avg Time Held
Equity + Options
1.4
years
Top 10 Avg Time Held
Equity + Options
2.2
years
Top 20 Avg Time Held
Equity + Options
2.1
years
Avg Time Held Equity only
1.4
years
Top 10 Avg Time Held Equity only
2.2
years
Top 20 Avg Time Held Equity only
2.1
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
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 |
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 | Miscellaneous | 16.25% |
| 3 | Industrials | 12.16% |
| 4 | Financials | 11.58% |
| 5 | Utilities | 11.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Expand Energy Corp
EXE
$20.5B
| $620M | 8.32% |
11,939,117
| – | – |
2021 Q1
1 quarter
|
|
|
2
Star Bulk Carriers
SBLK
$3.29B
| $597M | 8.01% |
25,993,242
-13,012,775
| -33% | -$257M |
2013 Q3
31 quarters
|
|
3
Vistra
VST
$45.8B
| $555M | 7.46% |
29,936,602
| – | – |
2017 Q2
16 quarters
|
|
4
TORM
TRMD
$3.71B
| $476M | 6.4% |
53,812,988
| – | – |
2018 Q3
11 quarters
|
|
5
Americold
COLD
$4.55B
| $446M | 5.98% |
11,771,646
| – | – |
2020 Q4
2 quarters
|
|
|
6
Ally Financial
ALLY
$11.3B
| $343M | 4.6% |
6,874,687
-4,300,000
| -38% | -$221M |
2014 Q2
28 quarters
|
|
|
7
PG&E
PCG
$28.7B
| $305M | 4.1% |
30,000,000
+7,500,000
| +33% | +$80.5M |
2020 Q2
4 quarters
|
|
8
DELISTED
Infinera Corporation Common Stock
INFN
| $257M | 3.45% |
25,175,384
| – | – |
2018 Q4
10 quarters
|
|
|
STKL
9
DELISTED
SunOpta
STKL
| $219M | 2.94% |
20,726,126
| – | – |
2017 Q1
17 quarters
|
|
10
Cemex
CX
$15B
| $201M | 2.69% |
23,873,758
-77,825
| -0.3% | -$619K |
2018 Q2
12 quarters
|
|
11
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $179M | 2.4% |
3,781,561
-105,663
| -3% | -$4.79M |
2014 Q4
26 quarters
|
|
12
Shoals Technologies Group
SHLS
$1.41B
| $177M | 2.37% |
4,977,751
| – | – |
2021 Q1
1 quarter
|
|
13
Vale
VALE
$48.3B
| $142M | 1.91% |
6,245,576
-122,581
| -2% | -$2.56M |
2020 Q3
3 quarters
|
|
|
14
Itaú Unibanco
ITUB
$81B
| $125M | 1.68% |
28,591,255
-5,886,182
| -17% | -$23.7M |
2014 Q3
27 quarters
|
|
15
NMI Holdings
NMIH
$2.9B
| $109M | 1.47% |
4,865,000
| – | – |
2014 Q3
27 quarters
|
|
|
16
DELISTED
Frontier Communications
FYBR
| $105M | 1.41% |
+3,982,849
| New | +$100M |
2021 Q2
0 quarters
|
|
17
Petrobras
PBR
$117B
| $104M | 1.39% |
8,474,167
-1,074,640
| -11% | -$10.6M |
2020 Q1
5 quarters
|
|
18
Banco Bradesco
BBD
$28.1B
| $87.5M | 1.18% |
18,770,470
-366,747
| -2% | -$1.59M |
2019 Q4
6 quarters
|
|
19
DELISTED
Berry Corp
BRY
| $86.8M | 1.17% |
12,913,313
| – | – |
2019 Q1
9 quarters
|
|
20
ICICI Bank
IBN
$124B
| $86.7M | 1.16% |
5,070,309
-96,953
| -2% | -$1.61M |
2014 Q3
27 quarters
|
|
|
21
Super Micro Computer
SMCI
$18.1B
| $79.6M | 1.07% |
22,636,100
-5,863,900
| -21% | -$21.6M |
2018 Q3
11 quarters
|
|
22
Kilroy Realty
KRC
$4.2B
| $63.4M | 0.85% |
910,011
| – | – |
2021 Q1
1 quarter
|
|
23
FTAI Aviation
FTAI
$18.9B
| $61.8M | 0.83% |
2,158,282
+234,200
| +12% | +$5.9M |
2021 Q1
1 quarter
|
|
24
AngloGold Ashanti
AU
$44.7B
| $61.4M | 0.83% |
3,306,807
-63,300
| -2% | -$1.39M |
2013 Q4
30 quarters
|
|
|
XOG
25
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
| $61.2M | 0.82% |
1,113,995
| – | – |
2021 Q1
1 quarter
|
|
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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 $1.38B 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 Miscellaneous and Industrials.
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.