Howard Marks’ Investing Strategy In The Current Risk Environment

Let’s now take a closer look at Howard Marks’ highly-regarded investor memos. His most recent memo, dated September 9, suggested that the high volatility and correction that occurred in August was a result of investors surrendering to their own anxiety. Specifically, Marks outlined in the memo that “emotion is one of the investor’s greatest enemies”. He also pinpointed that “something about which I feel strongly is that it’s not the things you buy and sell that make you money; it’s the things you hold”. Having said that, we will now take a quick look at Howard Marks’ top stock picks at the end of the June quarter.

Even though Oaktree Capital Management decreased its stake in STORE Capital Corp (NYSE:STOR) by 12% during the second quarter, the stock still represents the firm’s largest holding. To be more specific, the investment firm owns 74.44 million shares of STORE Capital, which account for 16.86% of the value of its portfolio. Furthermore, Tribune Media Co (NYSE:TRCO) is Marks’ second-largest holding, consisting of 14.15 million shares. However, it’s worth noting that Oaktree Capital decreased its stake in Tribune Media by approximately 25% over the period. Finally, Howard Marks’ investment firm reported owning 113.14 million shares of Star Bulk Carriers Corp (NASDAQ:SBLK) valued at $332.62 million as of June 30, making it the third-largest holding in Marks’ portfolio.

Disclosure: None