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 |
Alvotech
ALVO
|
+$59M |
| 2 |
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
|
+$49.3M |
| 3 |
Petrobras
PBR
|
+$29.5M |
| 4 |
Toll Brothers
TOL
|
+$27.9M |
| 5 |
Pultegroup
PHM
|
+$26.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$86.5M |
| 2 |
Hertz
HTZ
|
+$63.1M |
| 3 |
EXE
Expand Energy Corp
EXE
|
+$45.2M |
| 4 |
Cemex
CX
|
+$42.8M |
| 5 |
Ally Financial
ALLY
|
+$30M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 24.26% |
| 2 | Financials | 13.77% |
| 3 | Industrials | 13.42% |
| 4 | Utilities | 10.2% |
| 5 | Materials | 4.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EXE
1
Expand Energy Corp
EXE
$22.2B
| $852M | 9.89% |
10,501,153
-500,000
| -5% | -$45.2M |
|
2
TORM
TRMD
$3.26B
| $727M | 8.45% |
53,812,988
| – | – |
|
3
Star Bulk Carriers
SBLK
$3.41B
| $650M | 7.55% |
26,021,457
| – | – |
|
|
4
Vistra
VST
$45.7B
| $580M | 6.74% |
25,399,812
-3,500,000
| -12% | -$86.5M |
|
|
GTXAP
5
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $566M | 6.57% |
68,834,814
| – | – |
|
6
PG&E
PCG
$38.8B
| $289M | 3.36% |
29,000,000
-1,000,000
| -3% | -$11.8M |
|
7
Runway Growth Finance
RWAY
$278M
| $238M | 2.77% |
21,054,667
| – | – |
|
|
8
Ally Financial
ALLY
$13.1B
| $205M | 2.38% |
6,124,687
-750,000
| -11% | -$30M |
|
|
EGLE
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $196M | 2.28% |
3,781,561
| – | – |
|
|
COOP
10
CALL
DELISTED
Mr. Cooper
COOP
| $196M | 2.28% |
520,000
-780,000
| -60% | -$33M |
|
|
11
Hertz
HTZ
$802M
| $184M | 2.13% |
11,598,279
-3,196,658
| -22% | -$63.1M |
|
|
STKL
12
DELISTED
SunOpta
STKL
| $161M | 1.87% |
20,726,126
| – | – |
|
|
INFN
13
DELISTED
Infinera Corporation Common Stock
INFN
| $135M | 1.57% |
25,175,384
| – | – |
|
|
14
Petrobras
PBR
$123B
| $130M | 1.51% |
11,097,068
+2,134,609
| +24% | +$29.5M |
|
15
Weatherford International
WFRD
$6.49B
| $123M | 1.43% |
5,828,716
-255,200
| -4% | -$8.12M |
|
16
Itaú Unibanco
ITUB
$82.4B
| $114M | 1.33% |
30,193,802
+4,571,034
| +18% | +$20.3M |
|
17
Vale
VALE
$62.1B
| $113M | 1.32% |
7,743,766
-53,080
| -0.7% | -$907K |
|
|
FYBR
18
DELISTED
Frontier Communications
FYBR
| $93.8M | 1.09% |
3,982,849
| – | – |
|
|
CBL
19
CBL Properties
CBL
$1.71B
| $93.6M | 1.09% |
3,983,966
-585,735
| -13% | -$16.4M |
|
20
ICICI Bank
IBN
$107B
| $90.8M | 1.05% |
5,116,196
+948,607
| +23% | +$17.7M |
|
21
NMI Holdings
NMIH
$3.4B
| $88.6M | 1.03% |
5,320,000
| – | – |
|
|
BRY
22
DELISTED
Berry Corp
BRY
| $88.6M | 1.03% |
11,622,000
-1,291,313
| -10% | -$13.6M |
|
23
Kilroy Realty
KRC
$4.25B
| $84.5M | 0.98% |
1,615,011
+80,000
| +5% | +$5.08M |
|
24
AngloGold Ashanti
AU
$61.3B
| $77.4M | 0.9% |
5,230,821
+920,400
| +21% | +$17.5M |
|
25
Freeport-McMoran
FCX
$110B
| $70.5M | 0.82% |
2,411,158
+399,700
| +20% | +$16M |
|
Similar funds
Howard Marks's Q2 2022 Portfolio in Review
As of Q2 2022, Howard Marks held 418 positions worth $8.61B, down 10% from $9.59B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Howard Marks withdrew a net $822M in Q2 2022, closing 36 positions and reducing 21 holdings. Its most notable exit was Sociedad Química y Minera de Chile, an estimated $29.7M position sold in full.
By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 22% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Alvotech worth $52M.
- Howard Marks's largest Q2 2022 buy was Alvotech: 6,338,660 shares worth $52M.
- Howard Marks added most to Petrobras in Q2 2022, an estimated $29.5M increase.
- Howard Marks's biggest Q2 2022 reduction was Vistra, cutting an estimated $86.5M.
- Howard Marks fully exited Sociedad Química y Minera de Chile in Q2 2022, selling an estimated $29.7M.
- Howard Marks's ten largest holdings make up 52% of its $8.61B portfolio in Q2 2022.
- Howard Marks opened 64 new positions and closed 36 in Q2 2022.
- Howard Marks's portfolio value fell 10% quarter-over-quarter to $8.61B.
Based on Oaktree Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.