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 |
EGLE
Eagle Bulk Shipping Inc.
EGLE
|
+$64.1M |
| 2 |
Indivior Pharmaceuticals
INDV
|
+$63M |
| 3 |
Baidu
BIDU
|
+$45M |
| 4 |
Li Auto
LI
|
+$32.5M |
| 5 |
Vale
VALE
|
+$28.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
NMI Holdings
NMIH
|
+$109M |
| 2 |
Infosys
INFY
|
+$63.5M |
| 3 |
FTAI Aviation
FTAI
|
+$54.2M |
| 4 |
Liberty Global Class A
LBTYA
|
+$48.5M |
| 5 |
America Movil
AMX
|
+$42.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.86% |
| 2 | Consumer Discretionary | 9.5% |
| 3 | Materials | 9.45% |
| 4 | Financials | 8.39% |
| 5 | Industrials | 4.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $1.73B | 27.17% |
51,006,538
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $620M | 9.75% |
6,984,084
-15,983
| -0.2% | -$1.28M |
|
3
Garrett Motion
GTX
$4.96B
| $438M | 6.89% |
44,082,816
| – | – |
|
|
STR
4
DELISTED
Sitio Royalties
STR
| $320M | 5.03% |
12,935,120
| – | – |
|
5
Runway Growth Finance
RWAY
$278M
| $188M | 2.95% |
15,492,167
-1,000,000
| -6% | -$12.9M |
|
|
INFN
6
DELISTED
Infinera Corporation Common Stock
INFN
| $152M | 2.39% |
25,175,384
| – | – |
|
7
Star Bulk Carriers
SBLK
$3.41B
| $146M | 2.29% |
6,107,983
| – | – |
|
|
STKL
8
DELISTED
SunOpta
STKL
| $142M | 2.24% |
20,726,126
| – | – |
|
|
9
Vale
VALE
$62.1B
| $140M | 2.21% |
11,516,869
+2,116,982
| +23% | +$28.6M |
|
10
Freeport-McMoran
FCX
$110B
| $140M | 2.2% |
2,973,713
+55,800
| +2% | +$2.25M |
|
11
AngloGold Ashanti
AU
$61.3B
| $133M | 2.09% |
6,000,051
+125,100
| +2% | +$2.36M |
|
12
Cemex
CX
$16B
| $126M | 1.98% |
13,989,032
| – | – |
|
13
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $119M | 1.87% |
228,000
-297,000
| -57% | -$148M |
|
14
Vista Energy
VIST
$7.7B
| $101M | 1.59% |
2,439,714
+43,000
| +2% | +$1.5M |
|
15
Banco Bradesco
BBD
$33.9B
| $100M | 1.58% |
35,048,124
+717,580
| +2% | +$2.14M |
|
|
CBL
16
CBL Properties
CBL
$1.71B
| $91.9M | 1.45% |
4,012,257
| – | – |
|
17
Petrobras
PBR
$123B
| $77.6M | 1.22% |
5,099,509
+332,904
| +7% | +$5.42M |
|
18
ICICI Bank
IBN
$107B
| $75.3M | 1.18% |
2,851,796
-181,073
| -6% | -$4.52M |
|
|
19
Indivior Pharmaceuticals
INDV
$4.35B
| $71.7M | 1.13% |
+3,351,236
| New | +$63M |
|
|
EGLE
20
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $68.6M | 1.08% |
+1,098,819
| New | +$64.1M |
|
21
Kilroy Realty
KRC
$4.25B
| $67.4M | 1.06% |
1,850,011
| – | – |
|
22
Itaú Unibanco
ITUB
$82.4B
| $65.1M | 1.02% |
10,642,553
+248,329
| +2% | +$1.49M |
|
23
JD.com
JD
$39.7B
| $60.8M | 0.96% |
2,218,157
+45,259
| +2% | +$1.11M |
|
24
Huazhu Hotels Group
HTHT
$15.1B
| $47.4M | 0.75% |
1,225,490
+134,695
| +12% | +$4.69M |
|
|
25
Baidu
BIDU
$31.6B
| $44.5M | 0.7% |
+422,866
| New | +$45M |
|
Similar funds
Howard Marks's Q1 2024 Portfolio in Review
As of Q1 2024, Howard Marks held 194 positions worth $6.36B, down 7.6% from $6.88B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Howard Marks withdrew a net $1.35B in Q1 2024, closing 25 positions and reducing 11 holdings. Its most notable exit was Infosys, an estimated $63.5M position sold in full.
By sector, the portfolio is most concentrated in Energy at 46% of assets, up from 38% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Howard Marks opened a new position in Eagle Bulk Shipping Inc. worth $68.6M.
- Howard Marks's largest Q1 2024 buy was Eagle Bulk Shipping Inc.: 1,098,819 shares worth $68.6M.
- Howard Marks added most to Vale in Q1 2024, an estimated $28.6M increase.
- Howard Marks's biggest Q1 2024 reduction was NMI Holdings, cutting an estimated $109M.
- Howard Marks fully exited Infosys in Q1 2024, selling an estimated $63.5M.
- Howard Marks's ten largest holdings make up 63% of its $6.36B portfolio in Q1 2024.
- Howard Marks opened 13 new positions and closed 25 in Q1 2024.
- Howard Marks's portfolio value fell 7.6% quarter-over-quarter to $6.36B.
Based on Oaktree Capital Management's 13F filing for Q1 2024, filed 14 May 2024.