Great investors · Howard Marks · Q3 2024
What Howard Marks bought and sold in Q3 2024
Oaktree Capital 13F portfolio as of Sep 30, 2024: 58 positions worth $5.3 bn. Largest: TRMD, EXE, GTX, Sitio Royalties. Filed with the SEC on Nov 14, 2024.
The 13F is filed by Oaktree Capital, not by Howard Marks personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
- NewTalen EnergyTLN+2.3 pp
- NewCalifornia ResourcesCRC+2.0 pp
- IncreasedIndiviorINDV+0.9 pp
- IncreasedLiberty GlobalLBTYA+0.9 pp
- NewYum China HoldingsYUMC+0.8 pp
- NewPDD HoldingsPDD+0.7 pp
- NewInfosysINFY+0.7 pp
- NewEnlink Midstream LLC.com Unit REP0E41+0.7 pp
- NewKanzhunBZ+0.7 pp
Sells in Q3 2024
- ReducedTormTRMD−2.3 pp
- ReducedBank BradescoBBD−1.0 pp
- ReducedStar Bulk CarriersSBLK−1.0 pp
- ReducedVALEVALE−1.0 pp
- ReducedJD.comJD−0.8 pp
14 companies with material moves, out of 34 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Oaktree Capital's Q3 2024 13F lists 58 lines of US-listed securities worth $5.3 bn; the largest is TRMD at 26.0% of the portfolio. It was accepted by the SEC on Nov 14, 2024 at 2:03 PM ET.
Against the previous quarter, it opened 10 positions (TLN, CRC, YUMC and PDD and 6 more), closed 3 (GGB, STHO and Azul), added to 10 (INDV, LBTYA, ITUB and BABA and 6 more) and trimmed 11 (TRMD, SBLK, VALE and JD and 7 more). 27 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 40.6 M | $1.4 bn | 26.0% | −8% |
| 2 | Expand Energy EXE | 6.9 M | $565M | 10.6% | no change |
| 3 | Garrett Motion GTX | 44.1 M | $361M | 6.79% | no change |
| 4 | Sitio Royalties | 12.9 M | $270M | 5.07% | no change |
| 5 | Infinera | 25.2 M | $170M | 3.20% | no change |
| 6 | AngloGold Ashanti AU | 5.7 M | $151M | 2.84% | −11% |
| 7 | Star Bulk Carriers SBLK | 5.7 M | $135M | 2.55% | −28% |
| 8 | Sunopta STKL | 20.7 M | $132M | 2.49% | no change |
| 9 | Liberty Global LBTYA | 6.0 M | $126M | 2.37% | +57% |
| 10 | Talen Energy TLN | 696,676 | $124M | 2.34% | new |
| 11 | Freeport-McMoRan FCX | 2.4 M | $121M | 2.28% | no change |
| 12 | Runway Growth Finance RWAY | 10.8 M | $111M | 2.09% | no change |
| 13 | Vista Energy, S.A.B. de C.V. VIST | 2.5 M | $111M | 2.08% | no change |
| 14 | California Resources CRC | 2.0 M | $107M | 2.02% | new |
| 15 | CBL & Associates Properties CBL | 4.0 M | $101M | 1.90% | no change |
| 16 | VALE VALE | 8.2 M | $95.8M | 1.80% | −36% |
| 17 | Indivior INDV | 9.5 M | $94.1M | 1.77% | +112% |
| 18 | Cemex SAB De CV CX | 14.7 M | $89.6M | 1.69% | no change |
| 19 | Kilroy Realty KRC | 1.9 M | $71.6M | 1.35% | no change |
| 20 | JD.com JD | 1.8 M | $70.4M | 1.33% | −38% |
| 21 | Itau Unibanco Holding ITUB | 9.1 M | $60.4M | 1.14% | +37% |
| 22 | Petrobras - Petroleo Brasileiro PBR | 4.1 M | $58.6M | 1.10% | −9.7% |
| 23 | Trip.com Group TCOM | 791,523 | $47.0M | 0.89% | +35% |
| 24 | Yum China Holdings YUMC | 976,906 | $44.0M | 0.83% | new |
| 25 | H World Group HTHT | 1.2 M | $43.4M | 0.82% | −9.6% |
| 26 | PDD Holdings PDD | 283,267 | $38.2M | 0.72% | new |
| 27 | Infosys INFY | 1.7 M | $38.1M | 0.72% | new |
| 28 | Bank Bradesco BBD | 14.1 M | $37.5M | 0.71% | −59% |
| 29 | Enlink Midstream LLC.com Unit REP | 2.5 M | $36.6M | 0.69% | new |
| 30 | Kanzhun BZ | 2.0 M | $34.9M | 0.66% | new |
| 31 | JOYY JOYY | 882,590 | $32.0M | 0.60% | +30% |
| 32 | Ternium TX | 844,909 | $31.2M | 0.59% | −9.6% |
| 33 | Oaktree Specialty Lending OCSL | 1.9 M | $30.2M | 0.57% | no change |
| 34 | Alvotech ALVO | 2.5 M | $30.1M | 0.57% | no change |
| 35 | Macro Bank BMA | 464,300 | $29.5M | 0.56% | no change |
| 36 | Alibaba Group Holding BABA | 224,719 | $23.8M | 0.45% | +83% |
| 37 | Telecom Argentina TEO | 3.1 M | $23.2M | 0.44% | +2% |
| 38 | Netease NTES | 232,594 | $21.7M | 0.41% | new |
| 39 | TPI Composites | 4.6 M | $21.0M | 0.39% | no change |
| 40 | Battalion Oil BATL | 3.0 M | $20.1M | 0.38% | no change |
| 41 | Uniti Group | 3.4 M | $19.2M | 0.36% | no change |
| 42 | Berry Corporation (bry) BRY | 3.7 M | $19.0M | 0.36% | no change |
| 43 | Optimum Communications OPTU | 7.5 M | $18.5M | 0.35% | +26% |
| 44 | Braskem BAK | 2.5 M | $18.3M | 0.34% | +2% |
| 45 | Transportadora De Gas DEL SU TGS | 923,183 | $16.9M | 0.32% | −5.1% |
| 46 | Onity Group ONIT | 451,029 | $14.4M | 0.27% | no change |
| 47 | Alvotech ALVOW | 4.7 M | $14.2M | 0.27% | no change |
| 48 | Magnachip Semiconductor MX | 2.8 M | $13.3M | 0.25% | no change |
| 49 | Smartrent SMRT | 7.5 M | $13.0M | 0.24% | no change |
| 50 | Daqo New Energy DQ | 604,939 | $12.3M | 0.23% | new |
| 51 | HIMS & Hers Health HIMS | 666,962 | $12.3M | 0.23% | no change |
| 52 | Pampa Energy PAM | 203,767 | $12.2M | 0.23% | no change |
| 53 | YPF Sociedad Anonima YPF | 551,128 | $11.7M | 0.22% | −42% |
| 54 | Bausch Health Companies BHC | 1.3 M | $10.4M | 0.20% | no change |
| 55 | XP XP | 510,764 | $9.2M | 0.17% | new |
| 56 | Vacasa | 1.4 M | $3.9M | 0.07% | no change |
| 57 | Hdfc Bank HDB | 54,040 | $3.4M | 0.06% | +3% |
| 58 | ECD Automotive Design | 75,000 | $89.3K | 0.00% | no change |
Positions it closed (3)
- Gerdau GGBwas 0.37% · 5.9 M shares
- Star Holdings STHOwas 0.22% · 966,868 shares
- Azul was 0.19% · 2.4 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Oaktree Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.