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
|
+$64.3M |
| 2 |
Star Bulk Carriers
SBLK
|
+$46.2M |
| 3 |
Trip.com Group
TCOM
|
+$29.8M |
| 4 |
Gerdau
GGB
|
+$20.8M |
| 5 |
Indivior Pharmaceuticals
INDV
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TORM
TRMD
|
+$247M |
| 2 |
ICICI Bank
IBN
|
+$75.3M |
| 3 |
EGLE
Eagle Bulk Shipping Inc.
EGLE
|
+$68.6M |
| 4 |
Runway Growth Finance
RWAY
|
+$57.3M |
| 5 |
Baidu
BIDU
|
+$44.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.2% |
| 2 | Materials | 9.26% |
| 3 | Consumer Discretionary | 8.44% |
| 4 | Financials | 5.07% |
| 5 | Industrials | 3.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TORM
TRMD
$3.26B
| $1.72B | 27.39% |
44,109,986
-6,896,552
| -14% | -$247M |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $565M | 8.97% |
6,870,884
-113,200
| -2% | -$10M |
|
3
Garrett Motion
GTX
$4.96B
| $379M | 6.02% |
44,082,816
| – | – |
|
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $378M | 6.01% |
695,000
+467,000
| +205% | +$244M |
|
|
STR
5
DELISTED
Sitio Royalties
STR
| $305M | 4.85% |
12,935,120
| – | – |
|
|
6
Star Bulk Carriers
SBLK
$3.41B
| $194M | 3.09% |
7,966,426
+1,858,443
| +30% | +$46.2M |
|
7
AngloGold Ashanti
AU
$61.3B
| $159M | 2.53% |
6,328,888
+328,837
| +5% | +$7.8M |
|
|
INFN
8
DELISTED
Infinera Corporation Common Stock
INFN
| $153M | 2.44% |
25,175,384
| – | – |
|
9
Vale
VALE
$62.1B
| $142M | 2.26% |
12,753,203
+1,236,334
| +11% | +$14.9M |
|
|
10
Runway Growth Finance
RWAY
$278M
| $127M | 2.01% |
10,779,667
-4,712,500
| -30% | -$57.3M |
|
11
Freeport-McMoran
FCX
$110B
| $118M | 1.87% |
2,417,907
-555,806
| -19% | -$28M |
|
12
Vista Energy
VIST
$7.7B
| $114M | 1.81% |
2,503,714
+64,000
| +3% | +$2.83M |
|
|
STKL
13
DELISTED
SunOpta
STKL
| $112M | 1.78% |
20,726,126
| – | – |
|
14
Cemex
CX
$16B
| $93.9M | 1.49% |
14,689,032
+700,000
| +5% | +$5.36M |
|
|
CBL
15
CBL Properties
CBL
$1.71B
| $93.6M | 1.49% |
4,005,126
-7,131
| -0.2% | -$158K |
|
16
Banco Bradesco
BBD
$33.9B
| $78M | 1.24% |
34,811,777
-236,347
| -0.7% | -$611K |
|
17
JD.com
JD
$39.7B
| $72.9M | 1.16% |
2,820,695
+602,538
| +27% | +$17.7M |
|
|
18
Indivior Pharmaceuticals
INDV
$4.35B
| $70.4M | 1.12% |
4,493,173
+1,141,937
| +34% | +$20.6M |
|
|
19
Liberty Global Class A
LBTYA
$3.63B
| $66.3M | 1.05% |
+3,801,637
| New | +$64.3M |
|
20
Petrobras
PBR
$123B
| $65.3M | 1.04% |
4,506,453
-593,056
| -12% | -$9.23M |
|
21
PUT
NRG Energy
NRG
$23.8B
| $62.3M | 0.99% |
+800,000
| New | +$62M |
|
22
Kilroy Realty
KRC
$4.25B
| $57.7M | 0.92% |
1,850,011
| – | – |
|
23
Huazhu Hotels Group
HTHT
$15.1B
| $43.1M | 0.68% |
1,292,410
+66,920
| +5% | +$2.52M |
|
24
Itaú Unibanco
ITUB
$82.4B
| $38.8M | 0.62% |
7,530,106
-3,112,447
| -29% | -$17M |
|
25
PUT
Constellation Energy
CEG
$96.7B
| $36M | 0.57% |
+180,000
| New | +$36.7M |
|
Similar funds
Howard Marks's Q2 2024 Portfolio in Review
As of Q2 2024, Howard Marks held 163 positions worth $6.3B, down 1% from $6.36B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Howard Marks withdrew a net $475M in Q2 2024, closing 11 positions and reducing 13 holdings. Its most notable exit was ICICI Bank, an estimated $75.3M position sold in full.
By sector, the portfolio is most concentrated in Energy at 45% of assets, down from 46% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $66.3M.
- Howard Marks's largest Q2 2024 buy was Liberty Global Class A: 3,801,637 shares worth $66.3M.
- Howard Marks added most to Star Bulk Carriers in Q2 2024, an estimated $46.2M increase.
- Howard Marks's biggest Q2 2024 reduction was TORM, cutting an estimated $247M.
- Howard Marks fully exited ICICI Bank in Q2 2024, selling an estimated $75.3M.
- Howard Marks's ten largest holdings make up 66% of its $6.3B portfolio in Q2 2024.
- Howard Marks opened 7 new positions and closed 11 in Q2 2024.
- Howard Marks's portfolio value fell 1% quarter-over-quarter to $6.3B.
Based on Oaktree Capital Management's 13F filing for Q2 2024, filed 14 Aug 2024.