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 |
Liberty Global Class A
LBTYA
|
+$35.4M |
| 2 |
Petrobras
PBR
|
+$11.2M |
| 3 |
ECDA
ECD Automotive Design
ECDA
|
+$9.92M |
| 4 |
Kilroy Realty
KRC
|
+$9.68M |
| 5 |
Banco Bradesco
BBD
|
+$5.96M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$257M |
| 2 |
EXE
Expand Energy Corp
EXE
|
+$116M |
| 3 |
Weatherford International
WFRD
|
+$90.9M |
| 4 |
Hertz
HTZ
|
+$66.8M |
| 5 |
CIVI
Civitas Resources
CIVI
|
+$66.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.56% |
| 2 | Financials | 11.22% |
| 3 | Industrials | 9.63% |
| 4 | Utilities | 7.6% |
| 5 | Materials | 4.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $1.53B | 16.11% |
53,812,988
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $814M | 8.56% |
8,629,879
-1,170,121
| -12% | -$116M |
|
|
GTXAP
3
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $599M | 6.3% |
68,834,814
| – | – |
|
4
Vistra
VST
$45.7B
| $589M | 6.19% |
25,399,812
| – | – |
|
5
Star Bulk Carriers
SBLK
$3.41B
| $501M | 5.27% |
26,067,483
+46,026
| +0.2% | +$896K |
|
|
STR
6
DELISTED
Sitio Royalties
STR
| $373M | 3.92% |
12,935,120
| – | – |
|
7
Runway Growth Finance
RWAY
$278M
| $244M | 2.57% |
21,054,667
| – | – |
|
8
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $229M | 2.41% |
599,000
-126,000
| -17% | -$48.4M |
|
|
EGLE
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $189M | 1.99% |
3,781,561
| – | – |
|
|
10
Weatherford International
WFRD
$6.49B
| $181M | 1.9% |
3,554,107
-2,204,809
| -38% | -$90.9M |
|
|
STKL
11
DELISTED
SunOpta
STKL
| $175M | 1.84% |
20,726,126
| – | – |
|
|
INFN
12
DELISTED
Infinera Corporation Common Stock
INFN
| $170M | 1.78% |
25,175,384
| – | – |
|
13
Ally Financial
ALLY
$13.1B
| $150M | 1.57% |
6,124,687
| – | – |
|
14
Vale
VALE
$62.1B
| $137M | 1.44% |
8,048,699
-693,720
| -8% | -$10.4M |
|
|
15
PG&E
PCG
$38.8B
| $126M | 1.32% |
7,750,000
-17,000,000
| -69% | -$257M |
|
16
Itaú Unibanco
ITUB
$82.4B
| $107M | 1.13% |
25,817,733
-3,954,739
| -13% | -$18M |
|
17
AngloGold Ashanti
AU
$61.3B
| $104M | 1.09% |
5,347,449
+263,928
| +5% | +$4.33M |
|
18
NMI Holdings
NMIH
$3.4B
| $102M | 1.08% |
4,900,000
-420,000
| -8% | -$8.8M |
|
|
FYBR
19
DELISTED
Frontier Communications
FYBR
| $101M | 1.07% |
3,982,849
| – | – |
|
|
20
Hertz
HTZ
$802M
| $100M | 1.05% |
6,500,000
-3,968,579
| -38% | -$66.8M |
|
21
Freeport-McMoran
FCX
$110B
| $98M | 1.03% |
2,579,424
+126,464
| +5% | +$4.42M |
|
|
CBL
22
CBL Properties
CBL
$1.71B
| $91.9M | 0.97% |
3,983,966
| – | – |
|
23
ICICI Bank
IBN
$107B
| $85.6M | 0.9% |
3,910,197
-151,467
| -4% | -$3.37M |
|
|
24
Petrobras
PBR
$123B
| $82.1M | 0.86% |
7,705,955
+928,378
| +14% | +$11.2M |
|
|
25
Kilroy Realty
KRC
$4.25B
| $71.5M | 0.75% |
1,850,011
+235,000
| +15% | +$9.68M |
|
Similar funds
Howard Marks's Q4 2022 Portfolio in Review
As of Q4 2022, Howard Marks held 397 positions worth $9.51B, up 4.4% from $9.11B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $1.66B in Q4 2022, closing 52 positions and reducing 16 holdings. Its most notable exit was Expand Energy Corp Class C Warrants, an estimated $59.4M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, up from 32% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $36.8M.
- Howard Marks's largest Q4 2022 buy was Liberty Global Class A: 1,946,000 shares worth $36.8M.
- Howard Marks added most to Petrobras in Q4 2022, an estimated $11.2M increase.
- Howard Marks's biggest Q4 2022 reduction was PG&E, cutting an estimated $257M.
- Howard Marks fully exited Expand Energy Corp Class C Warrants in Q4 2022, selling an estimated $59.4M.
- Howard Marks's ten largest holdings make up 55% of its $9.51B portfolio in Q4 2022.
- Howard Marks opened 19 new positions and closed 52 in Q4 2022.
- Howard Marks's portfolio value rose 4.4% quarter-over-quarter to $9.51B.
Based on Oaktree Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.