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Howard Marks Oaktree Capital Management

AUM $7.21B
1-Year Est. Return 45.97%
 

Howard Marks is co-founder of Oaktree Capital Management, a leading firm in credit, distressed debt, and alternative credit strategies. He is equally well known for his widely read client memos on market cycles, risk, and investor psychology. Marks’s investing philosophy stresses second-level thinking, asymmetric risk/reward, and the importance of understanding where markets sit in the credit cycle.

This Fund
S&P 500
This Quarter Est. Return
-5.6%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$8.61B
AUM Growth
-$981M
Cap. Flow
-$822M
Cap. Flow %
-9.55%
Top 10 Hldgs %
52.28%
Holding
418
New
64
Increased
15
Reduced
21
Closed
36

Top Buys

Rank Stock Value
1
ALVO icon
Alvotech
ALVO
+$59M
2
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
+$49.3M
3
PBR icon
Petrobras
PBR
+$29.5M
4
TOL icon
Toll Brothers
TOL
+$27.9M
5
PHM icon
Pultegroup
PHM
+$26.1M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$86.5M
2
HTZ icon
Hertz
HTZ
+$63.1M
3
EXE
Expand Energy Corp
EXE
+$45.2M
4
CX icon
Cemex
CX
+$42.8M
5
ALLY icon
Ally Financial
ALLY
+$30M

Sector Composition

Rank Sector Weight
1 Energy 24.26%
2 Financials 13.77%
3 Industrials 13.42%
4 Utilities 10.2%
5 Materials 4.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRAQ
226
DELISTED
Trine II Acquisition Corp.
TRAQ
$994K 0.01%
100,000
– –
BCSA
227
DELISTED
Blockchain Coinvestors Acquisition Corp. I Class A Ordinary Shares
BCSA
$992K 0.01%
100,000
-100,000
-50% -$995K
GWII
228
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
$991K 0.01%
100,000
– –
MTVC
229
DELISTED
Motive Capital Corp II
MTVC
$989K 0.01%
100,000
– –
GATE
230
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
$988K 0.01%
100,000
– –
EUDA icon
231
EUDA Health Holdings
EUDA
$39.6M
$987K 0.01%
5,000
– –
NKGN
232
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
$971K 0.01%
100,000
– –
HWEL
233
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
$968K 0.01%
100,000
– –
ZEO
234
Zeo Energy
ZEO
$15.5M
$753K 0.01%
75,000
– –
PCX
235
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
$753K 0.01%
75,000
– –
MOBX icon
236
Mobix Labs
MOBX
$20.5M
$748K 0.01%
7,500
– –
SOAR icon
237
Volato Group
SOAR
$8.36M
$741K 0.01%
3,000
– –
MCAG
238
DELISTED
Mountain Crest Acquisition Corp. V Common Stock
MCAG
$740K 0.01%
75,000
– –
LIVB
239
DELISTED
LIV Capital Acquisition Corp. II Class A Ordinary Shares
LIVB
$597K 0.01%
60,000
– –
NE icon
240
Noble Corp
NE
$7.39B
$506K 0.01%
19,979
– –
GVCI
241
DELISTED
Green Visor Financial Technology Acquisition Corp. I Class A Ordinary Shares
GVCI
$503K 0.01%
50,000
– –
PLAO
242
DELISTED
Patria Latin American Opportunity Acquisition Corp. Class A Ordinary Shares
PLAO
$501K 0.01%
+50,000
New +$502K
LFAC
243
DELISTED
LF Capital Acquisition Corp. II Class A Common Stock
LFAC
$501K 0.01%
50,000
– –
RDZN icon
244
Roadzen
RDZN
$132M
$499K 0.01%
50,000
– –
AFAC
245
DELISTED
Arena Fortify Acquisition Corp. Class A Common Stock
AFAC
$499K 0.01%
50,000
– –
LGVC
246
DELISTED
LAMF Global Ventures Corp. I Class A Ordinary Shares
LGVC
$498K 0.01%
50,000
– –
SGII
247
DELISTED
Seaport Global Acquisition II Corp. Class A Common Stock
SGII
$497K 0.01%
50,000
– –
SHQA
248
DELISTED
Shelter Acquisition Corporation I Class A Common Stock
SHQA
$491K 0.01%
50,000
– –
PSQH icon
249
PSQ Holdings
PSQH
$20.3M
$486K 0.01%
3,333
– –
BSL
250
Blackstone Senior Floating Rate 2027 Term Fund
BSL
$169M
$485K 0.01%
+36,467
New +$519K
8 9
10
11 12

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Howard Marks's Q2 2022 Portfolio in Review

As of Q2 2022, Howard Marks held 418 positions worth $8.61B, down 10% from $9.59B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $822M in Q2 2022, closing 36 positions and reducing 21 holdings. Its most notable exit was Sociedad Química y Minera de Chile, an estimated $29.7M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 22% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Alvotech worth $52M.

  • Howard Marks's largest Q2 2022 buy was Alvotech: 6,338,660 shares worth $52M.
  • Howard Marks added most to Petrobras in Q2 2022, an estimated $29.5M increase.
  • Howard Marks's biggest Q2 2022 reduction was Vistra, cutting an estimated $86.5M.
  • Howard Marks fully exited Sociedad Química y Minera de Chile in Q2 2022, selling an estimated $29.7M.
  • Howard Marks's ten largest holdings make up 52% of its $8.61B portfolio in Q2 2022.
  • Howard Marks opened 64 new positions and closed 36 in Q2 2022.
  • Howard Marks's portfolio value fell 10% quarter-over-quarter to $8.61B.

Based on Oaktree Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.