Billionaire Howard Marks’ 170-stock portfolio

Howard Marks is an American investor, author, and co-founder of Oaktree Capital Management, a global investment firm. 

He is known for his investment memos, which are widely read by investors and analysts. Marks is a proponent of value investing and emphasizes the importance of risk management. He is also a strong advocate for shareholder rights.

Marks was born in New York City in 1946. He attended the Wharton School of the University of Pennsylvania and the University of Chicago Booth School of Business. 

After graduating from business school, Marks worked as a research analyst at TCW Group. In 1995, he co-founded Oaktree Capital Management.

Oaktree is a global investment firm that invests in high-yield bonds and convertible securities and is the world’s largest investor in distressed securities. 

The firm has been very successful, and funds led by Marks have produced long-term returns of 19% per year. His personal net worth is $2.2 billion.

Through his work at Oaktree, Marks has become one of the most respected investors in the world. 

Oaktree’s portfolio

Oaktree has a massive portfolio that consists of around 170 stocks and is valued at $7,289,053,000.

The portfolio is very active. In Q1 2023, the firm bought 23 new stocks – though none of which constitute more than 1% of its portfolio.

One of the firm’s biggest moves in the first quarter was adding 101.35% to his stake in Alvotech, a Luxembourg-based biotech company which now comprises 2.26% of Oaktree’s portfolio.

The firm also reduced its stake in one of the world’s largest oil services companies, Weatherford International, by 48.12%.

Of local relevance is Oaktree’s 4.39% addition to its stake in South Africa-based AngloGold Ashanti.

Despite all the firm’s activity, its top three holdings have remained consistent for the past three quarters. These three companies are:

  1. TORM: A shipping company based in Copenhagen, Denmark, that owns and operates product tankers. This company comprises 22.70% of Oaktree’s portfolio.
  2. Chesapeake Energy: A US-based energy company that produces petroleum and natural gas. This company comprises 8.95% of Oaktree’s portfolio, and the firm reduced its stake by 0.58% in Q1 2023.
  3. Vistra: Another energy company based in the US. Vistra is a retail electricity and power generation company which comprises 7.65% of Oaktree’s portfolio. The firm reduced its share by 8.55% in Q1 2023.

Below is an overview of Oaktree’s top 20 holdings in Q1 2023.

StockPortfolio percentageActivitySharesValue
TRMD – Torm Plc22.7No change53,812,988$1,654,444,000
CHK – Chesapeake Energy8.95Reduce 0.58%8,579,879$652,414,000
VST – Vistra Corp.7.65Reduce 8.55%23,228,843$557,492,000
SBLK – Star Bulk Carriers Corp.7.55No change26,067,483$550,545,000
STR – Sitio Royalties Corp A4.01No change12,935,120$292,334,000
RWAY – Runway Growth Finance Corp3.5No change21,054,667$255,393,000
INFN – Infinera Corp.2.68No change25,175,384$195,361,000
EGLE – Eagle Bulk Shipping2.36No change3,781,561$172,061,000
ALVO – Alvotech SA2.26Add 101.35%12,762,633$164,638,000
STKL – SunOpta Inc.2.19No change20,726,126$159,591,000
ALLY – Ally Financial Inc.2.14No change6,124,687$156,118,000
AU – AngloGold Ashanti Ltd.1.85Add 4.39%5,582,382$135,038,000
VALE – Vale SA1.81Add 4.03%8,372,867$132,124,000
FCX – Freeport-McMoran Inc.1.51Add 4.39%2,692,705$110,159,000
NMIH – NMI Holdings1.5No change4,900,000$109,417,000
WFRD – Weatherford International plc1.5Reduce 48.12%1,843,818$109,431,000
CBL – CBL & Associates Pptys Inc.1.4No change3,983,966$102,149,000
FYBR – Frontier Communications Parent Inc.1.24No change3,982,849$90,689,000
PCG – PG&E Corp.1.24Reduce 27.74%5,600,000$90,552,000
IBN – ICICI Bank Ltd.1.2Add 4.07%4,069,268$87,815,000


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