Insight into Howard Marks (Trades, Portfolio)' Strategic Moves in Q4 2024

Howard Marks (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2024, providing insights into his investment moves during this period. As the Chairman of Oaktree Capital Management LP, Marks has been instrumental in steering the firm since its inception in 1995. Known for his disciplined approach, Marks ensures the firm adheres to its core investment philosophy, focusing on less efficient markets and alternative investments. Oaktree Capital is renowned for its investments in debt, preferred stocks, and convertible bonds, making it a significant player in the financial landscape.

Summary of New Buy

Howard Marks (Trades, Portfolio) added a total of four stocks to his portfolio in the fourth quarter of 2024. The most significant addition was Barrick Gold Corp (GOLD, Financial), with 1,015,063 shares, accounting for 0.32% of the portfolio and a total value of $15.73 million. The second largest addition was Expand Energy Corp (EXEEL, Financial), consisting of 95,294 shares, representing approximately 0.17% of the portfolio, with a total value of $8.24 million. The third largest addition was Coupang Inc (CPNG, Financial), with 241,544 shares, accounting for 0.11% of the portfolio and a total value of $5.31 million.

Key Position Increases

Howard Marks (Trades, Portfolio) also increased stakes in a total of five stocks. The most notable increase was in Liberty Global Ltd (LBTYA, Financial), with an additional 1,230,932 shares, bringing the total to 7,204,190 shares. This adjustment represents a significant 20.61% increase in share count, a 0.32% impact on the current portfolio, with a total value of $91.93 million. The second largest increase was in NetEase Inc (NTES, Financial), with an additional 167,100 shares, bringing the total to 399,694. This adjustment represents a significant 71.84% increase in share count, with a total value of $35.66 million.

Summary of Sold Out

Howard Marks (Trades, Portfolio) completely exited seven holdings in the fourth quarter of 2024. Notably, he sold all 9,076,407 shares of Itau Unibanco Holding SA (ITUB, Financial), resulting in a -1.09% impact on the portfolio. Additionally, he liquidated all 14,114,711 shares of Bank Bradesco SA (BBD, Financial), causing a -0.68% impact on the portfolio.

Key Position Reduces

Howard Marks (Trades, Portfolio) also reduced his position in 26 stocks. The most significant changes include a reduction in Talen Energy Corp (TLN, Financial) by 300,052 shares, resulting in a -43.07% decrease in shares and a -0.96% impact on the portfolio. The stock traded at an average price of $195.31 during the quarter and has returned 14.47% over the past three months and 18.63% year-to-date. Additionally, he reduced Freeport-McMoRan Inc (FCX, Financial) by 662,236 shares, resulting in a -27.31% reduction in shares and a -0.6% impact on the portfolio. The stock traded at an average price of $44.64 during the quarter and has returned -12.33% over the past three months and 0.38% year-to-date.

Portfolio Overview

At the end of the fourth quarter of 2024, Howard Marks (Trades, Portfolio)'s portfolio included 61 stocks. The top holdings included 16.08% in TORM PLC (TRMD, Financial), 14.24% in Expand Energy Corp (EXE, Financial), 8.21% in Garrett Motion Inc (GTX, Financial), 5.11% in Sitio Royalties Corp (STR, Financial), and 3.41% in Infinera Corp (INFN, Financial).

The holdings are mainly concentrated in 11 industries: Energy, Consumer Cyclical, Basic Materials, Communication Services, Technology, Financial Services, Real Estate, Healthcare, Consumer Defensive, Utilities, and Industrials.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.