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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
+7.55%
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
$9.11B
AUM Growth
+$500M
Cap. Flow
-$708M
Cap. Flow %
-7.77%
Top 10 Hldgs %
52.56%
Holding
415
New
17
Increased
20
Reduced
27
Closed
35

Top Buys

Rank Stock Value
1
STR
Sitio Royalties
STR
+$335M
2
PAGS icon
PagSeguro Digital
PAGS
+$20.1M
3
VAL icon
Valaris
VAL
+$15.4M
4
VALE icon
Vale
VALE
+$13.1M
5
VVR icon
Invesco Senior Income Trust
VVR
+$11.7M

Top Sells

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$65.9M
2
PBR icon
Petrobras
PBR
+$57.2M
3
PCG icon
PG&E
PCG
+$49.8M
4
SMCI icon
Super Micro Computer
SMCI
+$26.2M
5
IBN icon
ICICI Bank
IBN
+$22.3M

Sector Composition

Rank Sector Weight
1 Energy 31.57%
2 Financials 12.87%
3 Industrials 10.03%
4 Utilities 9.35%
5 Materials 3.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARGU
226
DELISTED
Argus Capital Corp. Class A Common Stock
ARGU
$1M 0.01%
100,000
– –
BIOS
227
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$1M 0.01%
100,000
– –
EUDA icon
228
EUDA Health Holdings
EUDA
$39.6M
$1M 0.01%
5,000
– –
TRAQ
229
DELISTED
Trine II Acquisition Corp.
TRAQ
$1M 0.01%
100,000
– –
GWII
230
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
$1M 0.01%
100,000
– –
HMA
231
DELISTED
Heartland Media Acquisition Corp.
HMA
$999K 0.01%
100,000
– –
MTVC
232
DELISTED
Motive Capital Corp II
MTVC
$999K 0.01%
100,000
– –
GATE
233
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
$995K 0.01%
100,000
– –
NKGN
234
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
$975K 0.01%
100,000
– –
HWEL
235
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
$973K 0.01%
100,000
– –
BSL
236
Blackstone Senior Floating Rate 2027 Term Fund
BSL
$169M
$781K 0.01%
62,206
+25,739
+71% +$343K
ZEO
237
Zeo Energy
ZEO
$15.5M
$761K 0.01%
75,000
– –
PCX
238
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
$759K 0.01%
75,000
– –
SOAR icon
239
Volato Group
SOAR
$8.36M
$749K 0.01%
3,000
– –
MCAG
240
DELISTED
Mountain Crest Acquisition Corp. V Common Stock
MCAG
$747K 0.01%
75,000
– –
LIVB
241
DELISTED
LIV Capital Acquisition Corp. II Class A Ordinary Shares
LIVB
$604K 0.01%
60,000
– –
NE icon
242
Noble Corp
NE
$7.39B
$590K 0.01%
19,979
– –
PLAO
243
DELISTED
Patria Latin American Opportunity Acquisition Corp. Class A Ordinary Shares
PLAO
$509K 0.01%
50,000
– –
GVCI
244
DELISTED
Green Visor Financial Technology Acquisition Corp. I Class A Ordinary Shares
GVCI
$506K 0.01%
50,000
– –
LGVC
245
DELISTED
LAMF Global Ventures Corp. I Class A Ordinary Shares
LGVC
$504K 0.01%
50,000
– –
RDZN icon
246
Roadzen
RDZN
$132M
$503K 0.01%
50,000
– –
AFAC
247
DELISTED
Arena Fortify Acquisition Corp. Class A Common Stock
AFAC
$503K 0.01%
50,000
– –
LFAC
248
DELISTED
LF Capital Acquisition Corp. II Class A Common Stock
LFAC
$502K 0.01%
50,000
– –
SGII
249
DELISTED
Seaport Global Acquisition II Corp. Class A Common Stock
SGII
$500K 0.01%
50,000
– –
SHQA
250
DELISTED
Shelter Acquisition Corporation I Class A Common Stock
SHQA
$495K 0.01%
50,000
– –
8 9
10
11 12

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Howard Marks's Q3 2022 Portfolio in Review

As of Q3 2022, Howard Marks held 415 positions worth $9.11B, up 5.8% from $8.61B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $708M in Q3 2022, closing 35 positions and reducing 27 holdings. Its most notable exit was Super Micro Computer, an estimated $26.2M position sold in full.

By sector, the portfolio is most concentrated in Energy at 32% of assets, up from 24% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Sitio Royalties worth $286M.

  • Howard Marks's largest Q3 2022 buy was Sitio Royalties: 12,935,120 shares worth $286M.
  • Howard Marks added most to Valaris in Q3 2022, an estimated $15.4M increase.
  • Howard Marks's biggest Q3 2022 reduction was Expand Energy Corp, cutting an estimated $65.9M.
  • Howard Marks fully exited Super Micro Computer in Q3 2022, selling an estimated $26.2M.
  • Howard Marks's ten largest holdings make up 53% of its $9.11B portfolio in Q3 2022.
  • Howard Marks opened 17 new positions and closed 35 in Q3 2022.
  • Howard Marks's portfolio value rose 5.8% quarter-over-quarter to $9.11B.

Based on Oaktree Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.