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 |
Nokia
NOK
|
+$91.8M |
| 2 |
TransAlta
TAC
|
+$61.9M |
| 3 |
Grab
GRAB
|
+$47.9M |
| 4 |
Bilibili
BILI
|
+$37M |
| 5 |
Itaú Unibanco
ITUB
|
+$36M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
INFN
Infinera Corporation Common Stock
INFN
|
+$165M |
| 2 |
EXE
Expand Energy Corp
EXE
|
+$143M |
| 3 |
SNRE
Sunrise Communications AG American Depositary Shares representing Class A shares
SNRE
|
+$62.1M |
| 4 |
Trip.com Group
TCOM
|
+$49.2M |
| 5 |
Yum China
YUMC
|
+$42.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 34.84% |
| 2 | Materials | 10.4% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Financials | 4.2% |
| 5 | Communication Services | 4.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $663M | 12.82% |
40,581,120
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $619M | 11.98% |
5,562,364
-1,375,000
| -20% | -$143M |
|
3
Garrett Motion
GTX
$4.96B
| $369M | 7.14% |
44,082,816
| – | – |
|
|
STR
4
DELISTED
Sitio Royalties
STR
| $257M | 4.97% |
12,935,120
| – | – |
|
5
AngloGold Ashanti
AU
$61.3B
| $203M | 3.92% |
5,464,851
-92,700
| -2% | -$2.85M |
|
6
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $190M | 3.68% |
340,000
+20,000
| +6% | +$11.8M |
|
7
Runway Growth Finance
RWAY
$278M
| $112M | 2.16% |
10,779,667
| – | – |
|
8
Cemex
CX
$16B
| $109M | 2.1% |
19,383,729
+4,794,697
| +33% | +$29M |
|
9
Indivior Pharmaceuticals
INDV
$4.35B
| $103M | 2% |
11,009,125
+2,275,577
| +26% | +$23.9M |
|
10
Vista Energy
VIST
$7.7B
| $102M | 1.97% |
2,184,561
-109,000
| -5% | -$5.64M |
|
|
STKL
11
DELISTED
SunOpta
STKL
| $101M | 1.95% |
20,726,126
| – | – |
|
|
12
Nokia
NOK
$57B
| $98.8M | 1.91% |
+18,752,227
| New | +$91.8M |
|
13
Star Bulk Carriers
SBLK
$3.41B
| $83.6M | 1.62% |
5,373,631
| – | – |
|
14
Freeport-McMoran
FCX
$110B
| $83M | 1.6% |
2,191,108
+428,105
| +24% | +$16.4M |
|
15
Liberty Global Class A
LBTYA
$3.63B
| $82.9M | 1.6% |
7,204,190
| – | – |
|
|
CBL
16
CBL Properties
CBL
$1.71B
| $79.9M | 1.55% |
3,005,126
| – | – |
|
|
TLN
17
Talen Energy Corp
TLN
$15.1B
| $63.9M | 1.24% |
319,829
-76,795
| -19% | -$16.7M |
|
18
Kilroy Realty
KRC
$4.25B
| $60.6M | 1.17% |
1,850,011
| – | – |
|
19
California Resources
CRC
$4.73B
| $60.5M | 1.17% |
1,376,753
-670,000
| -33% | -$31.8M |
|
20
Vale
VALE
$62.1B
| $60M | 1.16% |
6,014,782
-1,177,223
| -16% | -$11.1M |
|
|
TLN
21
CALL
Talen Energy Corp
TLN
$15.1B
| $55.9M | 1.08% |
280,000
+40,000
| +17% | +$8.68M |
|
|
22
TransAlta
TAC
$3.86B
| $52.1M | 1.01% |
+5,585,253
| New | +$61.9M |
|
|
B
23
Barrick Mining
B
$78.3B
| $48.9M | 0.95% |
2,516,658
+1,501,595
| +148% | +$26.3M |
|
|
24
Grab
GRAB
$14.2B
| $46.6M | 0.9% |
+10,275,995
| New | +$47.9M |
|
25
Huazhu Hotels Group
HTHT
$15.1B
| $45.5M | 0.88% |
1,229,399
+84,130
| +7% | +$2.91M |
|
Similar funds
Howard Marks's Q1 2025 Portfolio in Review
As of Q1 2025, Howard Marks held 183 positions worth $5.17B, down 8.3% from $5.64B the previous quarter. Its ten largest holdings account for 53% of the portfolio.
Howard Marks withdrew a net $1.08B in Q1 2025, closing 15 positions and reducing 16 holdings. Its most notable exit was Infinera Corporation Common Stock, an estimated $165M position sold in full.
By sector, the portfolio is most concentrated in Energy at 35% of assets, down from 37% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in Nokia worth $98.8M.
- Howard Marks's largest Q1 2025 buy was Nokia: 18,752,227 shares worth $98.8M.
- Howard Marks added most to Cemex in Q1 2025, an estimated $29M increase.
- Howard Marks's biggest Q1 2025 reduction was Expand Energy Corp, cutting an estimated $143M.
- Howard Marks fully exited Infinera Corporation Common Stock in Q1 2025, selling an estimated $165M.
- Howard Marks's ten largest holdings make up 53% of its $5.17B portfolio in Q1 2025.
- Howard Marks opened 9 new positions and closed 15 in Q1 2025.
- Howard Marks's portfolio value fell 8.3% quarter-over-quarter to $5.17B.
Based on Oaktree Capital Management's 13F filing for Q1 2025, filed 15 May 2025.