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 |
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
|
+$65.9M |
| 2 |
Liberty Global Class A
LBTYA
|
+$20.5M |
| 3 |
B
Barrick Mining
B
|
+$18.5M |
| 4 |
NetEase
NTES
|
+$14.6M |
| 5 |
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
|
+$7.63M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Itaú Unibanco
ITUB
|
+$60.4M |
| 2 |
TLN
Talen Energy Corp
TLN
|
+$58.5M |
| 3 |
Banco Bradesco
BBD
|
+$37.5M |
| 4 |
JOYY
JOYY Inc
JOYY
|
+$32M |
| 5 |
Freeport-McMoran
FCX
|
+$29.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 36.75% |
| 2 | Consumer Discretionary | 10.8% |
| 3 | Materials | 6.94% |
| 4 | Communication Services | 4.74% |
| 5 | Technology | 4.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $780M | 13.84% |
40,581,120
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $691M | 12.26% |
6,937,364
+66,480
| +1% | +$6.14M |
|
3
Garrett Motion
GTX
$4.96B
| $398M | 7.06% |
44,082,816
| – | – |
|
|
STR
4
DELISTED
Sitio Royalties
STR
| $248M | 4.4% |
12,935,120
| – | – |
|
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $188M | 3.33% |
320,000
-75,000
| -19% | -$44.2M |
|
|
INFN
6
DELISTED
Infinera Corporation Common Stock
INFN
| $165M | 2.94% |
25,175,384
| – | – |
|
|
STKL
7
DELISTED
SunOpta
STKL
| $159M | 2.83% |
20,726,126
| – | – |
|
8
AngloGold Ashanti
AU
$61.3B
| $128M | 2.28% |
5,557,551
-99,900
| -2% | -$2.61M |
|
9
Vista Energy
VIST
$7.7B
| $124M | 2.2% |
2,293,561
-210,153
| -8% | -$10.8M |
|
10
Runway Growth Finance
RWAY
$278M
| $118M | 2.1% |
10,779,667
| – | – |
|
11
Indivior Pharmaceuticals
INDV
$4.35B
| $112M | 1.99% |
8,733,548
-788,432
| -8% | -$8.11M |
|
12
California Resources
CRC
$4.73B
| $106M | 1.88% |
2,046,753
| – | – |
|
|
13
Liberty Global Class A
LBTYA
$3.63B
| $91.9M | 1.63% |
7,204,190
+1,230,932
| +21% | +$20.5M |
|
14
PUT
Vistra
VST
$45.7B
| $91M | 1.61% |
+660,000
| New | +$91.6M |
|
|
CBL
15
CBL Properties
CBL
$1.71B
| $88.4M | 1.57% |
3,005,126
-1,000,000
| -25% | -$28.3M |
|
16
Cemex
CX
$16B
| $82.3M | 1.46% |
14,589,032
-100,000
| -0.7% | -$568K |
|
17
Star Bulk Carriers
SBLK
$3.41B
| $80.3M | 1.43% |
5,373,631
-338,575
| -6% | -$6.29M |
|
|
TLN
18
Talen Energy Corp
TLN
$15.1B
| $79.9M | 1.42% |
396,624
-300,052
| -43% | -$58.5M |
|
19
Kilroy Realty
KRC
$4.25B
| $74.8M | 1.33% |
1,850,011
| – | – |
|
|
20
Freeport-McMoran
FCX
$110B
| $67.1M | 1.19% |
1,763,003
-662,236
| -27% | -$29.6M |
|
21
Vale
VALE
$62.1B
| $63.8M | 1.13% |
7,192,005
-1,011,461
| -12% | -$10.3M |
|
|
SNRE
22
DELISTED
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
| $62.1M | 1.1% |
+1,440,836
| New | +$65.9M |
|
23
Trip.com Group
TCOM
$29B
| $49.2M | 0.87% |
717,222
-74,301
| -9% | -$4.91M |
|
24
JD.com
JD
$39.7B
| $48.9M | 0.87% |
1,409,952
-350,256
| -20% | -$13.6M |
|
|
TLN
25
CALL
Talen Energy Corp
TLN
$15.1B
| $48.4M | 0.86% |
+240,000
| New | +$46.8M |
|
Similar funds
Howard Marks's Q4 2024 Portfolio in Review
As of Q4 2024, Howard Marks held 172 positions worth $5.64B, down 9.7% from $6.24B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
Howard Marks withdrew a net $760M in Q4 2024, closing 7 positions and reducing 27 holdings. Its most notable exit was Itaú Unibanco, an estimated $60.4M position sold in full.
By sector, the portfolio is most concentrated in Energy at 37% of assets, down from 42% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Howard Marks opened a new position in Sunrise Communications AG American Depositary Shares representing Class A shares worth $62.1M.
- Howard Marks's largest Q4 2024 buy was Sunrise Communications AG American Depositary Shares representing Class A shares: 1,440,836 shares worth $62.1M.
- Howard Marks added most to Liberty Global Class A in Q4 2024, an estimated $20.5M increase.
- Howard Marks's biggest Q4 2024 reduction was Talen Energy Corp, cutting an estimated $58.5M.
- Howard Marks fully exited Itaú Unibanco in Q4 2024, selling an estimated $60.4M.
- Howard Marks's ten largest holdings make up 53% of its $5.64B portfolio in Q4 2024.
- Howard Marks opened 8 new positions and closed 7 in Q4 2024.
- Howard Marks's portfolio value fell 9.7% quarter-over-quarter to $5.64B.
Based on Oaktree Capital Management's 13F filing for Q4 2024, filed 12 Feb 2025.