Howard Marks Portfolio: Performance, Holdings, and Management Insights

Howard Marks' Oaktree Capital Management has a reputation for delivering strong returns, with an average annual return of 19.1% since its inception in 1995. This impressive track record is a testament to Marks' investment philosophy and expertise.

With over $120 billion in assets under management, Oaktree's portfolio is a closely watched benchmark for investors. Marks' team of experienced managers oversees a range of investment strategies, from distressed debt to value equities.

Marks' investment approach emphasizes the importance of contrarian thinking, seeking out undervalued assets that others may overlook. This philosophy has served him well over the years, as evidenced by the firm's consistently strong performance.

As a seasoned investor, Marks has developed a keen eye for identifying mispriced securities and has built a reputation for making smart, informed investment decisions.

A fresh viewpoint: Investment Portfolio Manager

Howard Marks is a staunch advocate of value investing, seeking undervalued assets with the potential for substantial returns.

He emphasizes the importance of risk management, advocating for a disciplined approach that balances risk and reward. This approach has guided his investment decisions over the years.

Discover more: Portfolio Risk Analysis

Marks is known for his contrarian mindset, often taking positions contrary to the prevailing market sentiment. He believes in capitalizing on market inefficiencies and embracing discomfort, as he famously stated, "Every great investment is born in discomfort."

A contrarian approach can be uncomfortable, but it's a key part of Marks' investment philosophy.

Curious to learn more? Check out: Managing Investment Portfolios

Howard Marks' portfolio has consistently outperformed market benchmarks, delivering outstanding returns to his investors.

His disciplined approach to portfolio management is a key factor in his success, allowing him to make strategic adjustments as market conditions evolve.

Marks closely monitors his holdings, adhering to his long-term investment principles.

This approach has enabled him to achieve impressive performance over the years.

Marks' disciplined approach to portfolio management is a key factor in his success. He closely monitors his holdings, making strategic adjustments as market conditions evolve.

Marks has consistently outperformed market benchmarks, delivering outstanding returns to his investors. He adheres to his long-term investment principles, ensuring a steady and reliable performance.

By monitoring his holdings and making strategic adjustments, Marks is able to adapt to changing market conditions and maintain a strong portfolio.

Consistently outperforming market benchmarks is a hallmark of effective portfolio management. Marks has achieved this through his disciplined approach to portfolio management.

He closely monitors his holdings and makes strategic adjustments as market conditions evolve. This allows him to stay ahead of the curve and adapt to changing market conditions.

Marks adheres to his long-term investment principles, which helps him navigate through market fluctuations. By staying focused on his goals, he avoids making impulsive decisions that could harm his portfolio.

Outperforming market benchmarks requires a deep understanding of market cycles and a commitment to rigorous analysis. Marks's ability to identify value opportunities and manage risk has been a key factor in his success.

His willingness to go against the grain and invest in sectors or companies that are out of favor with the broader market has also contributed to his success. By embracing discomfort and contrarian thinking, Marks has uncovered investment opportunities that others may have overlooked.

Marks's portfolio composition often deviates from mainstream investment trends, reflecting his contrarian mindset. This approach has allowed him to identify value opportunities where others perceive risk.

By diversifying his portfolio, Marks has been able to tap into growth opportunities in various sectors, including technology. His selective exposure to technology companies reflects his recognition that value opportunities can exist across different sectors.

His investment in Super Micro Computer, Inc. (SMCI) is a notable example of this approach. By investing in SMCI, Marks demonstrates his willingness to consider companies with strong growth prospects, provided they meet his stringent criteria for value and risk management.

Portfolio management is all about making informed decisions about your investments. Oaktree Capital Management LP, under the direction of Howard Marks, has filed its 13F form on February 12, 2025, for Q4 2024, disclosing a total portfolio value of $3.91 Billion.

Their top five positions include companies like Torm PLC, Chesapeake Energy Corp, Garrett Motion Inc., Infinera Corp, and Sun Opta Inc. The portfolio value has decreased by $804M from $4.72B to $3.91B.

For more insights, see: Elliott Management 13f

Howard Marks has a long history of successful portfolio management, and his track record is impressive. He co-founded Oaktree Capital Management in 1995, after leaving TCW Group, where he led the groups responsible for investments in high-yield debt and convertible securities.

Marks' experience in distressed debt is particularly notable. In 2007-08, he raised $10.9 billion for a distressed debt fund, which "paid off richly for his investors." This shows that experience and expertise can be key to successful portfolio management.

Here are some key statistics about Oaktree's portfolio:

By studying the portfolios of experienced managers like Howard Marks, we can learn valuable lessons about how to make informed investment decisions.

Howard Marks is a master of portfolio management, and his top holdings reflect his investment strategy. One of his standout investments is TORM PLC-A, which accounts for a significant 30.43% of his portfolio.

Marks has a keen eye for promising companies, and Chesapeake Energy Corp is another notable holding, making up 10.93% of his portfolio. He's clearly bullish on the energy sector, as evidenced by his substantial stake in this company.

Marks is not afraid to make strategic moves, as seen in the third quarter of 2023 when he exited 43 positions and strengthened his existing holdings by increasing stakes in 15 stocks, including TPI Composites.

Here's a snapshot of our current stock holdings, which we'll regularly update to reflect any changes in our portfolio.

We currently hold 150 shares of Apple Inc. (AAPL), which we acquired at an average price of $145.25 per share.

Our holding in Microsoft Corporation (MSFT) has been a steady performer, with 200 shares purchased at an average price of $225.50 per share.

We also have a significant stake in Amazon.com, Inc. (AMZN), with 300 shares held at an average price of $3,000.00 per share.

Howard Marks' stock portfolio is a well-diversified collection of 169 holdings, with a total value of $5.8 billion.

The energy sector is a prominent part of his portfolio, reflecting his long-term optimism about energy companies.

Chesapeake Energy Corp (CHK) and Garrett Motion Inc (GTX) are two notable energy stocks that feature among his top holdings.

The industrials sector also receives significant attention from Marks, with companies like TORM PLC-A (TRMD) occupying a substantial portion of his portfolio.

TORM PLC-A is a prominent player in the international shipping industry, highlighting Marks' interest in this sector.

Marks has invested in various technology companies, showcasing his ability to identify value opportunities across diverse sectors.

Marks' top holdings are dominated by TORM PLC-A (TRMD), making up 30.43% of his portfolio as of March 31, 2024.

This substantial investment in the shipping company demonstrates Marks' confidence in its long-term prospects.

Chesapeake Energy Corp (CHK) is another notable holding, accounting for 10.93% of Marks' portfolio.

Marks has shown his faith in the energy sector by maintaining a significant position in Chesapeake Energy Corp.

In the third quarter of 2023, Marks made significant changes to his portfolio by exiting 43 positions, including Ally Financial Inc (ALLY) and Vistra Corp.

Citicorp was a significant part of Marks' professional journey, where he worked from 1969 until 1978 as an equity research analyst and then as the company's Director of Research.

Marks then served as a Vice President and senior portfolio manager at Citicorp from 1978 to 1985, overseeing convertible and high-yield debt.

Citicorp allowed Marks to relocate to Los Angeles in 1980 to manage a high-yield fund, which likely provided valuable experience in managing investments remotely.

Marks' experience at Citicorp laid the groundwork for his future career, and he had already met Michael Milken in 1979, setting the stage for future collaborations.

Howard Marks' portfolio showcases his focus on resilient businesses with strong competitive advantages. One such example is his investment in TORM PLC-A, an international shipping company that specializes in transporting refined oil products.

TORM's ability to weather industry cycles and capitalize on emerging opportunities in the transportation of energy products is a key factor in Marks' investment decision. The shipping industry's essential role in global trade and commerce provides a degree of stability and long-term growth potential.

By investing in a well-established player like TORM, Marks likely recognized the company's potential for sustained growth and profitability.

The energy sector is a prime example of how value opportunities can be seized.

Marks has consistently focused on this sector, as seen in his investment in Chesapeake Energy Corp (CHK), a leading energy company.

A contrarian approach is key to identifying value opportunities, which involves going against the prevailing market sentiment.

By taking a long-term perspective, Marks recognized the potential for a turnaround in the energy market, positioning himself to benefit from the eventual recovery.

Marks saw value in Chesapeake Energy at a time when the energy sector was out of favor with many investors.

A cyclical industry like energy often presents opportunities for contrarian investors like Marks.

His investment in Chesapeake Energy is a testament to his ability to identify value opportunities in industries that are out of favor.

Industrials are a sector that offer a degree of stability and long-term growth potential, making them an attractive investment option.

TORM PLC-A, an international shipping company, is a prominent holding in Marks portfolio, highlighting his appreciation for resilient businesses with strong competitive advantages.

The shipping industry is an essential component of global trade and commerce, providing a steady stream of revenue for companies like TORM.

Investing in well-established players like TORM allows investors to capitalize on emerging opportunities in the transportation of energy products.

TORM's ability to weather industry cycles is a testament to the company's strong competitive position in the market.

The transportation of refined oil products is a critical component of global trade, making companies like TORM essential to the economy.

By investing in TORM, Marks likely recognized the company's potential for long-term growth and stability.

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