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 |
JD.com
JD
|
+$24.2M |
| 2 |
AngloGold Ashanti
AU
|
+$13.2M |
| 3 |
Vale
VALE
|
+$12.4M |
| 4 |
DQ
Daqo New Energy
DQ
|
+$11.4M |
| 5 |
Diebold Nixdorf
DBD
|
+$11.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$240M |
| 2 |
Star Bulk Carriers
SBLK
|
+$178M |
| 3 |
Ally Financial
ALLY
|
+$124M |
| 4 |
EXE
Expand Energy Corp
EXE
|
+$29.7M |
| 5 |
ICICI Bank
IBN
|
+$28M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 38.15% |
| 2 | Financials | 10.6% |
| 3 | Materials | 6.79% |
| 4 | Industrials | 6.16% |
| 5 | Consumer Discretionary | 5.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $1.46B | 21.21% |
53,812,988
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $604M | 8.76% |
7,000,067
-349,933
| -5% | -$29.7M |
|
3
Garrett Motion
GTX
$4.96B
| $347M | 5.04% |
44,082,816
| – | – |
|
|
STR
4
DELISTED
Sitio Royalties
STR
| $313M | 4.54% |
12,935,120
| – | – |
|
|
5
Star Bulk Carriers
SBLK
$3.41B
| $310M | 4.49% |
16,067,483
-10,000,000
| -38% | -$178M |
|
|
6
Vistra
VST
$45.7B
| $299M | 4.33% |
9,000,000
-8,000,000
| -47% | -$240M |
|
7
Runway Growth Finance
RWAY
$278M
| $270M | 3.92% |
21,054,667
| – | – |
|
8
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.93B
| $177M | 2.56% |
1,195,000
+250,000
| +26% | +$35.8M |
|
9
NMI Holdings
NMIH
$3.4B
| $133M | 1.93% |
4,900,000
| – | – |
|
|
10
Vale
VALE
$62.1B
| $117M | 1.69% |
8,694,367
+911,385
| +12% | +$12.4M |
|
11
PUT
Caterpillar
CAT
$381B
| $109M | 1.58% |
+400,000
| New | +$109M |
|
|
INFN
12
DELISTED
Infinera Corporation Common Stock
INFN
| $105M | 1.53% |
25,175,384
| – | – |
|
13
Freeport-McMoran
FCX
$110B
| $101M | 1.46% |
2,706,305
+78,500
| +3% | +$3.16M |
|
14
Petrobras
PBR
$123B
| $93.1M | 1.35% |
6,210,843
-1,655,559
| -21% | -$23.5M |
|
15
Cemex
CX
$16B
| $90.9M | 1.32% |
13,989,032
-500,000
| -3% | -$3.71M |
|
16
Banco Bradesco
BBD
$33.9B
| $90.5M | 1.31% |
31,742,126
+926,807
| +3% | +$2.93M |
|
17
Vista Energy
VIST
$7.7B
| $87.7M | 1.27% |
2,884,674
| – | – |
|
|
18
AngloGold Ashanti
AU
$61.3B
| $85.8M | 1.24% |
5,428,819
+700,197
| +15% | +$13.2M |
|
|
CBL
19
CBL Properties
CBL
$1.71B
| $83.6M | 1.21% |
3,983,966
| – | – |
|
|
STKL
20
DELISTED
SunOpta
STKL
| $69.8M | 1.01% |
20,726,126
| – | – |
|
21
Infosys
INFY
$48.4B
| $65.2M | 0.95% |
3,809,087
+107,729
| +3% | +$1.84M |
|
|
22
ICICI Bank
IBN
$107B
| $64.6M | 0.94% |
2,792,458
-1,189,531
| -30% | -$28M |
|
23
FTAI Aviation
FTAI
$21.5B
| $64.4M | 0.93% |
1,811,533
-221,577
| -11% | -$7.61M |
|
24
Kilroy Realty
KRC
$4.25B
| $58.5M | 0.85% |
1,850,011
| – | – |
|
|
25
JD.com
JD
$39.7B
| $49.7M | 0.72% |
1,706,910
+695,180
| +69% | +$24.2M |
|
Similar funds
Howard Marks's Q3 2023 Portfolio in Review
As of Q3 2023, Howard Marks held 244 positions worth $6.89B, down 9.3% from $7.6B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Howard Marks withdrew a net $1.36B in Q3 2023, closing 42 positions and reducing 20 holdings. Its most notable exit was Ally Financial, an estimated $124M position sold in full.
By sector, the portfolio is most concentrated in Energy at 38% of assets, up from 33% a quarter earlier, followed by Financials and Materials.
Against the trend, Howard Marks opened a new position in Diebold Nixdorf worth $11.2M.
- Howard Marks's largest Q3 2023 buy was Diebold Nixdorf: 590,774 shares worth $11.2M.
- Howard Marks added most to JD.com in Q3 2023, an estimated $24.2M increase.
- Howard Marks's biggest Q3 2023 reduction was Vistra, cutting an estimated $240M.
- Howard Marks fully exited Ally Financial in Q3 2023, selling an estimated $124M.
- Howard Marks's ten largest holdings make up 58% of its $6.89B portfolio in Q3 2023.
- Howard Marks opened 6 new positions and closed 42 in Q3 2023.
- Howard Marks's portfolio value fell 9.3% quarter-over-quarter to $6.89B.
Based on Oaktree Capital Management's 13F filing for Q3 2023, filed 13 Nov 2023.