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:
- TORM: A shipping company based in Copenhagen, Denmark, that owns and operates product tankers. This company comprises 22.70% of Oaktree’s portfolio.
- 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.
- 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.
| Stock | Portfolio percentage | Activity | Shares | Value |
| TRMD – Torm Plc | 22.7 | No change | 53,812,988 | $1,654,444,000 |
| CHK – Chesapeake Energy | 8.95 | Reduce 0.58% | 8,579,879 | $652,414,000 |
| VST – Vistra Corp. | 7.65 | Reduce 8.55% | 23,228,843 | $557,492,000 |
| SBLK – Star Bulk Carriers Corp. | 7.55 | No change | 26,067,483 | $550,545,000 |
| STR – Sitio Royalties Corp A | 4.01 | No change | 12,935,120 | $292,334,000 |
| RWAY – Runway Growth Finance Corp | 3.5 | No change | 21,054,667 | $255,393,000 |
| INFN – Infinera Corp. | 2.68 | No change | 25,175,384 | $195,361,000 |
| EGLE – Eagle Bulk Shipping | 2.36 | No change | 3,781,561 | $172,061,000 |
| ALVO – Alvotech SA | 2.26 | Add 101.35% | 12,762,633 | $164,638,000 |
| STKL – SunOpta Inc. | 2.19 | No change | 20,726,126 | $159,591,000 |
| ALLY – Ally Financial Inc. | 2.14 | No change | 6,124,687 | $156,118,000 |
| AU – AngloGold Ashanti Ltd. | 1.85 | Add 4.39% | 5,582,382 | $135,038,000 |
| VALE – Vale SA | 1.81 | Add 4.03% | 8,372,867 | $132,124,000 |
| FCX – Freeport-McMoran Inc. | 1.51 | Add 4.39% | 2,692,705 | $110,159,000 |
| NMIH – NMI Holdings | 1.5 | No change | 4,900,000 | $109,417,000 |
| WFRD – Weatherford International plc | 1.5 | Reduce 48.12% | 1,843,818 | $109,431,000 |
| CBL – CBL & Associates Pptys Inc. | 1.4 | No change | 3,983,966 | $102,149,000 |
| FYBR – Frontier Communications Parent Inc. | 1.24 | No change | 3,982,849 | $90,689,000 |
| PCG – PG&E Corp. | 1.24 | Reduce 27.74% | 5,600,000 | $90,552,000 |
| IBN – ICICI Bank Ltd. | 1.2 | Add 4.07% | 4,069,268 | $87,815,000 |
Comments