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 |
America Movil
AMX
|
+$40.4M |
| 2 |
Huazhu Hotels Group
HTHT
|
+$39M |
| 3 |
Liberty Global Class A
LBTYA
|
+$12.7M |
| 4 |
JD.com
JD
|
+$12.6M |
| 5 |
TPIC
TPI Composites
TPIC
|
+$10.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$299M |
| 2 |
Star Bulk Carriers
SBLK
|
+$196M |
| 3 |
TORM
TRMD
|
+$82.8M |
| 4 |
Runway Growth Finance
RWAY
|
+$57.1M |
| 5 |
FYBR
Frontier Communications
FYBR
|
+$43.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 37.96% |
| 2 | Financials | 10.03% |
| 3 | Consumer Discretionary | 7.83% |
| 4 | Materials | 7.76% |
| 5 | Industrials | 3.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TORM
TRMD
$3.26B
| $1.54B | 22.43% |
51,006,538
-2,806,450
| -5% | -$82.8M |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $539M | 7.83% |
7,000,067
| – | – |
|
3
Garrett Motion
GTX
$4.96B
| $426M | 6.19% |
44,082,816
| – | – |
|
|
STR
4
DELISTED
Sitio Royalties
STR
| $304M | 4.42% |
12,935,120
| – | – |
|
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $250M | 3.63% |
525,000
+75,000
| +17% | +$33.4M |
|
|
6
Runway Growth Finance
RWAY
$278M
| $208M | 3.02% |
16,492,167
-4,562,500
| -22% | -$57.1M |
|
7
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.93B
| $164M | 2.38% |
1,195,000
| – | – |
|
8
Vale
VALE
$62.1B
| $149M | 2.17% |
9,399,887
+705,520
| +8% | +$10.1M |
|
9
NMI Holdings
NMIH
$3.4B
| $139M | 2.02% |
4,682,823
-217,177
| -4% | -$6.06M |
|
|
10
Star Bulk Carriers
SBLK
$3.41B
| $130M | 1.89% |
6,107,983
-9,959,500
| -62% | -$196M |
|
11
Freeport-McMoran
FCX
$110B
| $124M | 1.8% |
2,917,913
+211,608
| +8% | +$7.81M |
|
12
Banco Bradesco
BBD
$33.9B
| $120M | 1.75% |
34,330,544
+2,588,418
| +8% | +$8.12M |
|
|
INFN
13
DELISTED
Infinera Corporation Common Stock
INFN
| $120M | 1.74% |
25,175,384
| – | – |
|
|
STKL
14
DELISTED
SunOpta
STKL
| $113M | 1.65% |
20,726,126
| – | – |
|
15
AngloGold Ashanti
AU
$61.3B
| $110M | 1.6% |
5,874,951
+446,132
| +8% | +$8.05M |
|
16
Cemex
CX
$16B
| $108M | 1.58% |
13,989,032
| – | – |
|
|
CBL
17
CBL Properties
CBL
$1.71B
| $98M | 1.42% |
4,012,257
+28,291
| +0.7% | +$632K |
|
18
PUT
Caterpillar
CAT
$381B
| $88.7M | 1.29% |
300,000
-100,000
| -25% | -$25.9M |
|
19
Petrobras
PBR
$123B
| $76.1M | 1.11% |
4,766,605
-1,444,238
| -23% | -$22.1M |
|
20
Kilroy Realty
KRC
$4.25B
| $73.7M | 1.07% |
1,850,011
| – | – |
|
21
ICICI Bank
IBN
$107B
| $72.3M | 1.05% |
3,032,869
+240,411
| +9% | +$5.54M |
|
22
Vista Energy
VIST
$7.7B
| $70.7M | 1.03% |
2,396,714
-487,960
| -17% | -$14.4M |
|
23
Itaú Unibanco
ITUB
$82.4B
| $63.8M | 0.93% |
10,394,224
+862,252
| +9% | +$4.57M |
|
24
Infosys
INFY
$48.4B
| $63.5M | 0.92% |
3,453,979
-355,108
| -9% | -$6.18M |
|
|
25
JD.com
JD
$39.7B
| $62.8M | 0.91% |
2,172,898
+465,988
| +27% | +$12.6M |
|
Similar funds
Howard Marks's Q4 2023 Portfolio in Review
As of Q4 2023, Howard Marks held 204 positions worth $6.88B, down 0.15% from $6.89B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks withdrew a net $1.54B in Q4 2023, closing 16 positions and reducing 13 holdings. Its most notable exit was Vistra, an estimated $299M position sold in full.
By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 38% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in America Movil worth $42.6M.
- Howard Marks's largest Q4 2023 buy was America Movil: 2,298,858 shares worth $42.6M.
- Howard Marks added most to Liberty Global Class A in Q4 2023, an estimated $12.7M increase.
- Howard Marks's biggest Q4 2023 reduction was Star Bulk Carriers, cutting an estimated $196M.
- Howard Marks fully exited Vistra in Q4 2023, selling an estimated $299M.
- Howard Marks's ten largest holdings make up 56% of its $6.88B portfolio in Q4 2023.
- Howard Marks opened 8 new positions and closed 16 in Q4 2023.
- Howard Marks's portfolio value fell 0.15% quarter-over-quarter to $6.88B.
Based on Oaktree Capital Management's 13F filing for Q4 2023, filed 13 Feb 2024.