Howard Marks - Oaktree Capital Management
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Howard Marks - Oaktree Capital Management Q2 2024 Portfolio
Oaktree Capital, an asset management fund managed by Howard Marks, disclosed 57 security holdings in their SEC 13F filing for the second quarter of 2024, with a total portfolio value of $5,244,774,000
As of Q2 2024, Howard Marks’ Oaktree Capital Management portfolio reflects strategic movements with both additions and reductions across various sectors, particularly in energy, transportation, and mining. Below is a detailed overview of
the top holdings:
TRMD – Torm Plc
- Portfolio Allocation: 32.88%
- Recent Activity: Reduced holdings by 13.52%.
- Shares Held: 44,109,986.
- Reported Price: $39.09 per share.
- Value at Reported Price: $1,724,284,000.
- Current Price: $37.67 per share.
- Price Change: -3.63%.
- 52-Week Range: $21.31 – $40.47.
Torm Plc remains the largest holding in the portfolio, despite a reduction in shares. The decrease in the current price suggests a slight pullback in the shipping sector, though it remains near its 52-week high, indicating overall strength.
CHK – Chesapeake Energy
- Portfolio Allocation: 10.77%
- Recent Activity: Reduced holdings by 1.62%.
- Shares Held: 6,870,884.
- Reported Price: $82.19 per share.
- Value at Reported Price: $564,718,000.
- Current Price: $73.06 per share.
- Price Change: -11.11%.
- 52-Week Range: $68.87 – $92.23.
Chesapeake Energy’s position was slightly reduced, likely due to the decline in its current price. The energy sector has faced volatility, reflected in the 11.11% drop from the reported price.
GTX – Garrett Motion Inc.
- Portfolio Allocation: 7.22%
- Recent Activity: No change reported.
- Shares Held: 44,082,816.
- Reported Price: $8.59 per share.
- Value at Reported Price: $378,671,000.
- Current Price: $8.09 per share.
- Price Change: -5.82%.
- 52-Week Range: $6.43 – $10.16.
Garrett Motion remains a significant holding with no recent changes. The current price shows a slight decline, but it remains within a stable range close to its 52-week high.
STR – Sitio Royalties Corp A
- Portfolio Allocation: 5.82%
- Recent Activity: No change reported.
- Shares Held: 12,935,120.
- Reported Price: $23.61 per share.
- Value at Reported Price: $305,398,000.
- Current Price: $22.41 per share.
- Price Change: -5.08%.
- 52-Week Range: $19.18 – $25.64.
Sitio Royalties Corp A shows a slight decrease from its reported price, reflecting minor fluctuations in the energy royalty sector. The position remains stable, indicating long-term confidence.
SBLK – Star Bulk Carriers Corp.
- Portfolio Allocation: 3.7%
- Recent Activity: Added 30.43%.
- Shares Held: 7,966,426.
- Reported Price: $24.38 per share.
- Value at Reported Price: $194,221,000.
- Current Price: $21.26 per share.
- Price Change: -12.80%.
- 52-Week Range: $15.93 – $26.70.
The significant addition to Star Bulk Carriers reflects a bullish outlook on the shipping sector, despite the current price drop. The investment suggests confidence in the long-term potential of global shipping.
AU – AngloGold Ashanti Ltd.
- Portfolio Allocation: 3.03%
- Recent Activity: Added 5.48%.
- Shares Held: 6,328,888.
- Reported Price: $25.13 per share.
- Value at Reported Price: $159,045,000.
- Current Price: $30.40 per share.
- Price Change: +20.97%.
- 52-Week Range: $14.79 – $31.35.
The addition to AngloGold Ashanti, combined with its current price increase, shows strong confidence in the gold mining sector. The substantial price rise suggests positive market conditions for gold.
INFN – Infinera Corp.
- Portfolio Allocation: 2.92%
- Recent Activity: No change reported.
- Shares Held: 25,175,384.
- Reported Price: $6.09 per share.
- Value at Reported Price: $153,318,000.
- Current Price: $5.86 per share.
- Price Change: -3.78%.
- 52-Week Range: $2.82 – $6.62.
Infinera Corp remains a stable position with no changes, despite a slight decrease in price. The position indicates a steady outlook on the telecommunications equipment sector.
VALE – Vale SA
- Portfolio Allocation: 2.72%
- Recent Activity: Added 10.73%.
- Shares Held: 12,753,203.
- Reported Price: $11.17 per share.
- Value at Reported Price: $142,453,000.
- Current Price: $10.21 per share.
- Price Change: -8.59%.
- 52-Week Range: $9.66 – $14.85.
The increase in Vale shares reflects a positive view of the mining and metals sector, despite the current price being lower than the reported price. The addition suggests anticipation of future growth.
RWAY – Runway Growth Finance Corp
- Portfolio Allocation: 2.42%
- Recent Activity: Reduced holdings by 30.42%.
- Shares Held: 10,779,667.
- Reported Price: $11.76 per share.
- Value at Reported Price: $126,769,000.
- Current Price: $10.58 per share.
- Price Change: -10.03%.
- 52-Week Range: $9.87 – $12.65.
The substantial reduction in Runway Growth Finance shares indicates a cautious approach, possibly due to the declining price. The decision suggests a reassessment of the company’s growth potential.
FCX – Freeport-McMoran Inc.
- Portfolio Allocation: 2.24%
- Recent Activity: Reduced holdings by 18.69%.
- Shares Held: 2,417,907.
- Reported Price: $48.60 per share.
- Value at Reported Price: $117,510,000.
- Current Price: $43.58 per share.
- Price Change: -10.33%.
- 52-Week Range: $32.60 – $55.07.
The reduction in Freeport-McMoran shares suggests a strategic move to take profits or rebalance the portfolio, given the decline in price. This reduction could indicate concerns over volatility in the mining sector.
Analysis of Top Holdings:
1. Torm Plc: The largest position, slightly reduced, with a minor price drop indicating continued confidence in the shipping sector.
2. Chesapeake Energy: A slight reduction suggests caution amid price volatility in the energy sector.
3. Garrett Motion Inc.: Stable position, with a slight price decline, indicating a steady outlook on automotive technology.
4. Sitio Royalties Corp A: Stable holding in energy royalties, with a small price decrease.
5. Star Bulk Carriers Corp.: Significant addition despite a current price drop, indicating confidence in long-term shipping prospects.
6. AngloGold Ashanti Ltd.: Added shares with a strong price increase, reflecting bullish sentiment in the gold mining sector.
7. Infinera Corp.: Stable position with a minor price drop, suggesting steady confidence in telecommunications equipment.
8. Vale SA: Added shares despite a price drop, indicating confidence in the mining sector’s long-term prospects.
9. Runway Growth Finance Corp: Substantial reduction amid price decline, reflecting a more cautious outlook.
10. Freeport-McMoran Inc.: Reduced shares, likely due to price volatility in the mining sector.
Overall, Howard Marks’ Q2 2024 portfolio reflects strategic adjustments, with a mix of profit-taking, cautious reductions, and confident additions in key sectors such as energy, mining, and transportation. The portfolio is positioned to balance potential risks with long-term growth opportunities.