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 |
Freeport-McMoran
FCX
|
+$64.6M |
| 2 |
Kilroy Realty
KRC
|
+$42.1M |
| 3 |
Oaktree Specialty Lending
OCSL
|
+$29.7M |
| 4 |
Banco Bradesco
BBD
|
+$14.3M |
| 5 |
AngloGold Ashanti
AU
|
+$14.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Americold
COLD
|
+$446M |
| 2 |
Shoals Technologies Group
SHLS
|
+$177M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$22.6M |
| 4 |
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
|
+$16.6M |
| 5 |
MGIC Investment
MTG
|
+$9.59M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 23.01% |
| 2 | Financials | 13.33% |
| 3 | Industrials | 13.12% |
| 4 | Utilities | 11.17% |
| 5 | Materials | 5.59% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EXE
1
Expand Energy Corp
EXE
$22.2B
| $735M | 10.27% |
11,939,117
| – | – |
|
2
Star Bulk Carriers
SBLK
$3.41B
| $625M | 8.73% |
25,993,242
| – | – |
|
3
Vistra
VST
$45.7B
| $512M | 7.15% |
29,941,385
+4,783
| +0% | +$88.4K |
|
4
TORM
TRMD
$3.26B
| $414M | 5.78% |
53,812,988
| – | – |
|
5
Ally Financial
ALLY
$13.1B
| $351M | 4.9% |
6,874,687
| – | – |
|
6
PG&E
PCG
$38.8B
| $288M | 4.02% |
30,000,000
| – | – |
|
|
INFN
7
DELISTED
Infinera Corporation Common Stock
INFN
| $209M | 2.92% |
25,175,384
| – | – |
|
|
EGLE
8
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $191M | 2.66% |
3,781,561
| – | – |
|
|
STKL
9
DELISTED
SunOpta
STKL
| $185M | 2.58% |
20,726,126
| – | – |
|
10
Cemex
CX
$16B
| $175M | 2.45% |
24,468,125
+594,367
| +2% | +$4.69M |
|
11
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $136M | 1.9% |
+317,000
| New | +$140M |
|
12
Weatherford International
WFRD
$6.49B
| – | – |
0
| – | – |
|
13
NMI Holdings
NMIH
$3.4B
| $120M | 1.68% |
5,320,000
+455,000
| +9% | +$10M |
|
14
Itaú Unibanco
ITUB
$82.4B
| $112M | 1.57% |
29,272,559
+681,304
| +2% | +$2.79M |
|
|
FYBR
15
DELISTED
Frontier Communications
FYBR
| $111M | 1.55% |
3,982,849
| – | – |
|
|
16
Kilroy Realty
KRC
$4.25B
| $102M | 1.42% |
1,535,011
+625,000
| +69% | +$42.1M |
|
17
ICICI Bank
IBN
$107B
| $99.4M | 1.39% |
5,266,217
+195,908
| +4% | +$3.67M |
|
|
BRY
18
DELISTED
Berry Corp
BRY
| $93.1M | 1.3% |
12,913,313
| – | – |
|
19
Petrobras
PBR
$123B
| $91M | 1.27% |
8,800,432
+326,265
| +4% | +$3.47M |
|
20
Vale
VALE
$62.1B
| $83.5M | 1.17% |
5,982,790
-262,786
| -4% | -$5.15M |
|
21
Super Micro Computer
SMCI
$24.1B
| $78.1M | 1.09% |
21,350,000
-1,286,100
| -6% | -$4.67M |
|
|
22
Banco Bradesco
BBD
$33.9B
| $77.9M | 1.09% |
22,361,174
+3,590,704
| +19% | +$14.3M |
|
|
EXEEL
23
CALL
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $76.7M | 1.07% |
+1,607,672
| New | +$38.7M |
|
|
24
AngloGold Ashanti
AU
$61.3B
| $66M | 0.92% |
4,129,408
+822,601
| +25% | +$14.2M |
|
|
XOG
25
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
| $62.9M | 0.88% |
1,113,995
| – | – |
|
Similar funds
Howard Marks's Q3 2021 Portfolio in Review
As of Q3 2021, Howard Marks held 279 positions worth $7.16B, down 3.8% from $7.45B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Howard Marks withdrew a net $1.04B in Q3 2021, closing 17 positions and reducing 5 holdings. Its most notable exit was Americold, an estimated $446M position sold in full.
By sector, the portfolio is most concentrated in Energy at 23% of assets, up from 20% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Freeport-McMoran worth $59.6M.
- Howard Marks's largest Q3 2021 buy was Freeport-McMoran: 1,833,550 shares worth $59.6M.
- Howard Marks added most to Kilroy Realty in Q3 2021, an estimated $42.1M increase.
- Howard Marks's biggest Q3 2021 reduction was MGIC Investment, cutting an estimated $9.59M.
- Howard Marks fully exited Americold in Q3 2021, selling an estimated $446M.
- Howard Marks's ten largest holdings make up 51% of its $7.16B portfolio in Q3 2021.
- Howard Marks opened 105 new positions and closed 17 in Q3 2021.
- Howard Marks's portfolio value fell 3.8% quarter-over-quarter to $7.16B.
Based on Oaktree Capital Management's 13F filing for Q3 2021, filed 15 Nov 2021.