Super-investor Howard Marks’ share portfolio revealed

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 Capital Management’s portfolio

Oaktree has a massive portfolio of around 113 stocks and is valued at $6,351,586,000. However, this is a significant decrease from its Q1 2023 portfolio, which held about 170 stocks and was valued at $7,289,053,000.

The portfolio is very active. In Q2 2023, the firm bought seven new stocks – though none constitute more than 1% of its portfolio – and sold many others.

One of the firm’s biggest moves in the first quarter was adding 1126.87% to its stake in Garrett Motion, a Switzerland-based manufacturing company which now comprises 5.25% of Oaktree’s portfolio.

Of local relevance is Oaktree’s 15.29% reduction in its stake in South Africa-based AngloGold Ashanti.

In Q2 2023, the firm saw the first change to its top three holdings in the past three quarters. Previously, these three companies were Torm Plc, Chesapeake Energy and Vistra.

Now, the firm’s top three holdings are Torm Plc, Chesapeake Energy and Star Bulk Carriers Corp, a Greece-based global shipping company.

Below is an overview of Oaktree’s top 20 holdings in Q2 2023 –

StockPercentage of Portfolio ActivityValue
TRMD – Torm Plc20.38%No change$1,294,694,000
CHK – Chesapeake Energy9.68%Reduce 14.33%$615,048,000
SBLK – Star Bulk Carriers Corp.7.26%No change$461,394,000
VST – Vistra Corp.7.03%Reduce 26.82%$446,250,000
STR – Sitio Royalties Corp A5.35%No change$339,806,000
GTX – Garrett Motion Inc.5.25%Add 1,126.87%$333,707,000
RWAY – Runway Growth Finance Corp4.09%No change$260,025,000
STKL – SunOpta Inc.2.18%No change$138,658,000
NMIH – NMI Holdings1.99%No change$126,518,000
ALLY – Ally Financial Inc.1.96%Reduce 24.89%$124,246,000
INFN – Infinera Corp.1.91%No change$121,597,000
PBR – Petroleo Brasileiro 1.71%Reduce 2.43%$108,792,000
BBD – Banco Bradesco1.68%Add 44.71%$106,621,000
FCX – Freeport-McMoran Inc.1.65%Reduce 2.41%$105,112,000
VALE – Vale SA1.64%Reduce 7.05%$104,448,000
CX – Cemex1.62%No change$102,582,000
AU – AngloGold Ashanti Ltd.1.57%Reduce 15.29%$99,727,000
IBN – ICICI Bank Ltd.1.45%Reduce 2.14%$91,904,000
CBL – CBL & Associates Pptys Inc.1.38%No change$87,807,000
FYBR – Frontier Communications Parent Inc.1.17%No change$74,240,000
Source: Dataroma


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