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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
+16.23%
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
$9.51B
AUM Growth
+$404M
Cap. Flow
-$1.66B
Cap. Flow %
-17.41%
Top 10 Hldgs %
55.21%
Holding
397
New
19
Increased
23
Reduced
16
Closed
52

Top Buys

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$35.4M
2
PBR icon
Petrobras
PBR
+$11.2M
3
ECDA
ECD Automotive Design
ECDA
+$9.92M
4
KRC icon
Kilroy Realty
KRC
+$9.68M
5
BBD icon
Banco Bradesco
BBD
+$5.96M

Top Sells

Rank Stock Value
1
PCG icon
PG&E
PCG
+$257M
2
EXE
Expand Energy Corp
EXE
+$116M
3
WFRD icon
Weatherford International
WFRD
+$90.9M
4
HTZ icon
Hertz
HTZ
+$66.8M
5
CIVI
Civitas Resources
CIVI
+$66.7M

Sector Composition

Rank Sector Weight
1 Energy 33.56%
2 Financials 11.22%
3 Industrials 9.63%
4 Utilities 7.6%
5 Materials 4.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FLFVW
226
DELISTED
Feutune Light Acquisition Corporation Warrant
FLFVW
$22.1K ﹤0.01%
735,000
– –
ECDAW
227
DELISTED
ECD Automotive Design Warrant
ECDAW
$15.8K ﹤0.01%
+990,000
New +$22.9K
COOP
228
DELISTED
Mr. Cooper
COOP
– –
-575,000
Closed -$23.3M
EUDA icon
229
EUDA Health Holdings
EUDA
$39.6M
– –
-5,000
Closed -$1M
LBTYK icon
230
Liberty Global Class C
LBTYK
$3.55B
– –
-1,875,000
Closed -$30.9M
NE icon
231
Noble Corp
NE
$7.39B
– –
-19,979
Closed -$590K
SMH icon
232
PUT
VanEck Semiconductor ETF
SMH
$68.6B
– –
-200,000
Closed -$18.5M
TYGO icon
233
Tigo Energy
TYGO
$83.7M
– –
-200,000
Closed -$2.01M
UWMC icon
234
UWM Holdings
UWMC
$2.25B
– –
-1,000,000
Closed -$2.93M
ZVSA
235
DELISTED
ZyVersa Therapeutics
ZVSA
– –
-571
Closed -$2M
GTI
236
DELISTED
Graphjet Technology
GTI
– –
-6,667
Closed -$4.06M
VSEE
237
DELISTED
VSEE HEALTH INC
VSEE
– –
-500,000
Closed -$5.07M
EXEEW
238
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
– –
-75,810
Closed -$6.09M
EXEEL
239
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
– –
-808,001
Closed -$59.4M
EXEEZ
240
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
– –
-150,000
Closed -$11.5M
GATE
241
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
– –
-100,000
Closed -$995K
WINV
242
DELISTED
WinVest Acquisition Corp. Common Stock
WINV
– –
-300,000
Closed -$3M
GLSTU
243
DELISTED
Global Star Acquisition, Inc. Unit
GLSTU
– –
-280,000
Closed -$2.8M
KACL
244
DELISTED
Kairous Acquisition Corp. Limited Ordinary Shares
KACL
– –
-150,000
Closed -$1.51M
MCAG
245
DELISTED
Mountain Crest Acquisition Corp. V Common Stock
MCAG
– –
-75,000
Closed -$747K
PTWOU
246
DELISTED
Pono Capital Two, Inc. Unit
PTWOU
– –
-250,000
Closed -$2.53M
CLOE
247
DELISTED
Clover Leaf Capital Corp. Class A Common Stock
CLOE
– –
-200,000
Closed -$2.06M
SPEC
248
DELISTED
Spectaire Holdings, Inc. Common Stock
SPEC
– –
-150,000
Closed -$1.52M
SEPA
249
DELISTED
SEP Acquisition Corp Class A Common Stock
SEPA
– –
-200,000
Closed -$1.99M
CNGL
250
DELISTED
Canna-Global Acquisition Corp. Class A Common Stock
CNGL
– –
-1,100,000
Closed -$11.1M
8 9
10
11 12

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Howard Marks's Q4 2022 Portfolio in Review

As of Q4 2022, Howard Marks held 397 positions worth $9.51B, up 4.4% from $9.11B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.66B in Q4 2022, closing 52 positions and reducing 16 holdings. Its most notable exit was Expand Energy Corp Class C Warrants, an estimated $59.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 34% of assets, up from 32% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $36.8M.

  • Howard Marks's largest Q4 2022 buy was Liberty Global Class A: 1,946,000 shares worth $36.8M.
  • Howard Marks added most to Petrobras in Q4 2022, an estimated $11.2M increase.
  • Howard Marks's biggest Q4 2022 reduction was PG&E, cutting an estimated $257M.
  • Howard Marks fully exited Expand Energy Corp Class C Warrants in Q4 2022, selling an estimated $59.4M.
  • Howard Marks's ten largest holdings make up 55% of its $9.51B portfolio in Q4 2022.
  • Howard Marks opened 19 new positions and closed 52 in Q4 2022.
  • Howard Marks's portfolio value rose 4.4% quarter-over-quarter to $9.51B.

Based on Oaktree Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.