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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
1-Year Est. Return
45.97%
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.
This Fund
S&P 500
This Quarter Est. Return
-0.47%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$6.3B
AUM Growth
-$66M
(-1%)
Cap. Flow
-$831M
Cap. Flow % of AUM
Cap. Flow %
-13.2%
Top 10 Holdings %
Top 10 Hldgs %
65.56%
Holding
163
New
7
Increased
18
Reduced
13
Closed
11
Avg Time Held
Equity + Options
1.7
years
Top 10 Avg Time Held
Equity + Options
2.3
years
Top 20 Avg Time Held
Equity + Options
2.1
years
Avg Time Held Equity only
1.7
years
Top 10 Avg Time Held Equity only
2.4
years
Top 20 Avg Time Held Equity only
2.1
years
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 |
Supernus, Inc. Common Stock
SUPN
|
+$20.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TORM
TRMD
|
+$247M |
| 2 |
ICICI Bank
IBN
|
+$75.3M |
| 3 |
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 | Miscellaneous | 16.91% |
| 3 | Materials | 9.26% |
| 4 | Consumer Discretionary | 8.44% |
| 5 | Financials | 5.07% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
TORM
TRMD
$3.55B
| $1.72B | 27.39% |
44,109,986
-6,896,552
| -14% | -$247M |
2018 Q3
23 quarters
|
|
2
Expand Energy Corp
EXE
$19.9B
| $565M | 8.97% |
6,870,884
-113,200
| -2% | -$10M |
2021 Q1
13 quarters
|
|
3
Garrett Motion
GTX
$3.75B
| $379M | 6.02% |
44,082,816
| – | – |
2021 Q2
12 quarters
|
|
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$793B
| $378M | 6.01% |
695,000
+467,000
| +205% | +$244M |
2021 Q3
11 quarters
|
|
5
DELISTED
Sitio Royalties
STR
| $305M | 4.85% |
12,935,120
| – | – |
2022 Q3
7 quarters
|
|
|
6
Star Bulk Carriers
SBLK
$3.15B
| $194M | 3.09% |
7,966,426
+1,858,443
| +30% | +$46.2M |
2013 Q3
43 quarters
|
|
7
AngloGold Ashanti
AU
$47.7B
| $159M | 2.53% |
6,328,888
+328,837
| +5% | +$7.8M |
2013 Q4
42 quarters
|
|
8
DELISTED
Infinera Corporation Common Stock
INFN
| $153M | 2.44% |
25,175,384
| – | – |
2018 Q4
22 quarters
|
|
9
Vale
VALE
$48.9B
| $142M | 2.26% |
12,753,203
+1,236,334
| +11% | +$14.9M |
2020 Q3
15 quarters
|
|
|
10
Runway Growth Finance
RWAY
$271M
| $127M | 2.01% |
10,779,667
-4,712,500
| -30% | -$57.3M |
2021 Q4
10 quarters
|
|
11
Freeport-McMoran
FCX
$86.3B
| $118M | 1.87% |
2,417,907
-555,806
| -19% | -$28M |
2021 Q3
11 quarters
|
|
12
Vista Energy
VIST
$6.16B
| $114M | 1.81% |
2,503,714
+64,000
| +3% | +$2.83M |
2019 Q3
19 quarters
|
|
|
STKL
13
DELISTED
SunOpta
STKL
| $112M | 1.78% |
20,726,126
| – | – |
2017 Q1
29 quarters
|
|
14
Cemex
CX
$15.8B
| $93.9M | 1.49% |
14,689,032
+700,000
| +5% | +$5.36M |
2018 Q2
24 quarters
|
|
15
CBL Properties
CBL
$1.52B
| $93.6M | 1.49% |
4,005,126
-7,131
| -0.2% | -$158K |
2021 Q4
10 quarters
|
|
16
Banco Bradesco
BBD
$28.8B
| $78M | 1.24% |
34,811,777
-236,347
| -0.7% | -$611K |
2019 Q4
18 quarters
|
|
17
JD.com
JD
$38.1B
| $72.9M | 1.16% |
2,820,695
+602,538
| +27% | +$17.7M |
2023 Q2
4 quarters
|
|
|
18
Supernus, Inc. Common Stock
SUPN
$1.61B
| $70.4M | 1.12% |
4,493,173
+1,141,937
| +34% | +$20.6M |
2024 Q1
1 quarter
|
|
|
19
Liberty Global Class A
LBTYA
$3.39B
| $66.3M | 1.05% |
+3,801,637
| New | +$64.3M |
2024 Q2
0 quarters
|
|
20
Petrobras
PBR
$117B
| $65.3M | 1.04% |
4,506,453
-593,056
| -12% | -$9.23M |
2020 Q1
17 quarters
|
|
21
PUT
NRG Energy
NRG
$20.1B
| $62.3M | 0.99% |
+800,000
| New | +$62M |
2024 Q2
0 quarters
|
|
22
Kilroy Realty
KRC
$4.18B
| $57.7M | 0.92% |
1,850,011
| – | – |
2021 Q1
13 quarters
|
|
23
Huazhu Hotels Group
HTHT
$15.8B
| $43.1M | 0.68% |
1,292,410
+66,920
| +5% | +$2.52M |
2023 Q4
2 quarters
|
|
24
Itaú Unibanco
ITUB
$81.8B
| $38.8M | 0.62% |
7,530,106
-3,112,447
| -29% | -$17M |
2014 Q3
39 quarters
|
|
25
PUT
Constellation Energy
CEG
$94.1B
| $36M | 0.57% |
+180,000
| New | +$36.7M |
2024 Q2
0 quarters
|
|
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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 $831M 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 Miscellaneous and Materials.
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.