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 |
DQ
Daqo New Energy
DQ
|
+$48.5M |
| 2 |
Banco Bradesco
BBD
|
+$20.8M |
| 3 |
Alvotech
ALVO
|
+$18.2M |
| 4 |
YPF Sociedad Anonima ADS
YPF
|
+$15.2M |
| 5 |
Star Holdings Shares of Beneficial Interest
STHO
|
+$14.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Weatherford International
WFRD
|
+$100M |
| 2 |
Vistra
VST
|
+$50.3M |
| 3 |
Itaú Unibanco
ITUB
|
+$34.7M |
| 4 |
PG&E
PCG
|
+$34M |
| 5 |
Pultegroup
PHM
|
+$28.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 32.74% |
| 2 | Financials | 11.29% |
| 3 | Industrials | 10.53% |
| 4 | Utilities | 7.2% |
| 5 | Materials | 5.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $1.65B | 18.3% |
53,812,988
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $652M | 7.22% |
8,579,879
-50,000
| -0.6% | -$4.12M |
|
|
GTXAP
3
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $612M | 6.77% |
68,834,814
| – | – |
|
|
4
Vistra
VST
$45.7B
| $557M | 6.17% |
23,228,843
-2,170,969
| -9% | -$50.3M |
|
5
Star Bulk Carriers
SBLK
$3.41B
| $551M | 6.09% |
26,067,483
| – | – |
|
|
STR
6
DELISTED
Sitio Royalties
STR
| $292M | 3.23% |
12,935,120
| – | – |
|
7
Runway Growth Finance
RWAY
$278M
| $255M | 2.82% |
21,054,667
| – | – |
|
|
INFN
8
DELISTED
Infinera Corporation Common Stock
INFN
| $195M | 2.16% |
25,175,384
| – | – |
|
|
EGLE
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $172M | 1.9% |
3,781,561
| – | – |
|
|
STKL
10
DELISTED
SunOpta
STKL
| $160M | 1.77% |
20,726,126
| – | – |
|
11
Ally Financial
ALLY
$13.1B
| $156M | 1.73% |
6,124,687
| – | – |
|
12
AngloGold Ashanti
AU
$61.3B
| $135M | 1.49% |
5,582,382
+234,933
| +4% | +$4.76M |
|
13
Vale
VALE
$62.1B
| $132M | 1.46% |
8,372,867
+324,168
| +4% | +$5.49M |
|
14
Freeport-McMoran
FCX
$110B
| $110M | 1.22% |
2,692,705
+113,281
| +4% | +$4.71M |
|
|
15
Weatherford International
WFRD
$6.49B
| $109M | 1.21% |
1,843,818
-1,710,289
| -48% | -$100M |
|
16
NMI Holdings
NMIH
$3.4B
| $109M | 1.21% |
4,900,000
| – | – |
|
17
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $102M | 1.13% |
250,000
-349,000
| -58% | -$139M |
|
|
CBL
18
CBL Properties
CBL
$1.71B
| $102M | 1.13% |
3,983,966
| – | – |
|
|
19
Alvotech
ALVO
$1.5B
| $100M | 1.11% |
7,762,633
+1,423,973
| +22% | +$18.2M |
|
|
FYBR
20
DELISTED
Frontier Communications
FYBR
| $90.7M | 1% |
3,982,849
| – | – |
|
|
21
PG&E
PCG
$38.8B
| $90.6M | 1% |
5,600,000
-2,150,000
| -28% | -$34M |
|
22
ICICI Bank
IBN
$107B
| $87.8M | 0.97% |
4,069,268
+159,071
| +4% | +$3.32M |
|
23
Petrobras
PBR
$123B
| $84.1M | 0.93% |
8,062,539
+356,584
| +5% | +$3.88M |
|
24
Hertz
HTZ
$802M
| $81.4M | 0.9% |
4,997,100
-1,502,900
| -23% | -$26.2M |
|
25
Cemex
CX
$16B
| $80.1M | 0.89% |
14,489,032
-187,294
| -1% | -$952K |
|
Similar funds
Howard Marks's Q1 2023 Portfolio in Review
As of Q1 2023, Howard Marks held 377 positions worth $9.04B, down 4.9% from $9.51B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks withdrew a net $1.47B in Q1 2023, closing 75 positions and reducing 21 holdings. Its most notable exit was Pultegroup, an estimated $28.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 33% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.
Against the trend, Howard Marks opened a new position in Daqo New Energy worth $49.5M.
- Howard Marks's largest Q1 2023 buy was Daqo New Energy: 1,056,121 shares worth $49.5M.
- Howard Marks added most to Banco Bradesco in Q1 2023, an estimated $20.8M increase.
- Howard Marks's biggest Q1 2023 reduction was Weatherford International, cutting an estimated $100M.
- Howard Marks fully exited Pultegroup in Q1 2023, selling an estimated $28.2M.
- Howard Marks's ten largest holdings make up 56% of its $9.04B portfolio in Q1 2023.
- Howard Marks opened 23 new positions and closed 75 in Q1 2023.
- Howard Marks's portfolio value fell 4.9% quarter-over-quarter to $9.04B.
Based on Oaktree Capital Management's 13F filing for Q1 2023, filed 15 May 2023.