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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
+2.67%
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
$9.04B
AUM Growth
-$471M
Cap. Flow
-$1.47B
Cap. Flow %
-16.25%
Top 10 Hldgs %
56.42%
Holding
377
New
23
Increased
11
Reduced
21
Closed
75

Top Buys

Rank Stock Value
1
DQ
Daqo New Energy
DQ
+$48.5M
2
BBD icon
Banco Bradesco
BBD
+$20.8M
3
ALVO icon
Alvotech
ALVO
+$18.2M
4
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.2M
5
STHO icon
Star Holdings Shares of Beneficial Interest
STHO
+$14.6M

Top Sells

Rank Stock Value
1
WFRD icon
Weatherford International
WFRD
+$100M
2
VST icon
Vistra
VST
+$50.3M
3
ITUB icon
Itaú Unibanco
ITUB
+$34.7M
4
PCG icon
PG&E
PCG
+$34M
5
PHM icon
Pultegroup
PHM
+$28.2M

Sector Composition

Rank Sector Weight
1 Energy 32.74%
2 Financials 11.29%
3 Industrials 10.53%
4 Utilities 7.2%
5 Materials 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NETC
226
DELISTED
Nabors Energy Transition Corp.
NETC
– –
-200,000
Closed -$2.05M
GDNR
227
DELISTED
Gardiner Healthcare Acquisitions Corp. Common Stock
GDNR
– –
-400,000
Closed -$4.11M
EFHTR
228
DELISTED
EF Hutton Acquisition Corporation I Rights
EFHTR
– –
-990,000
Closed -$124K
SGII
229
DELISTED
Seaport Global Acquisition II Corp. Class A Common Stock
SGII
– –
-50,000
Closed -$510K
LFAC
230
DELISTED
LF Capital Acquisition Corp. II Class A Common Stock
LFAC
– –
-50,000
Closed -$513K
MPRA
231
DELISTED
Mercato Partners Acquisition Corporation Class A Common Stock
MPRA
– –
-250,000
Closed -$2.56M
CCAI
232
DELISTED
Cascadia Acquisition Corp. Class A Common Stock
CCAI
– –
-150,000
Closed -$1.51M
GENQ
233
DELISTED
Genesis Unicorn Capital Corp. Class A Common Stock
GENQ
– –
-320,000
Closed -$3.27M
BLNG
234
DELISTED
Belong Acquisition Corp. Class A Common Stock
BLNG
– –
-200,000
Closed -$1.98M
GGAA
235
DELISTED
Genesis Growth Tech Acquisition Corp. Class A Ordinary Shares
GGAA
– –
-201,400
Closed -$2.09M
CVT
236
DELISTED
Cvent Holding Corp. Common Stock
CVT
– –
-4,000,000
Closed -$21.6M
AXAC
237
DELISTED
AXIOS Sustainable Growth Acquisition Corporation
AXAC
– –
-600,000
Closed -$6.18M
IQMD
238
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
– –
-100,000
Closed -$1.03M
REVE
239
DELISTED
Alpine Acquisition Corp
REVE
– –
-350,000
Closed -$3.65M
JMAC
240
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
– –
-300,000
Closed -$3.11M
LION
241
DELISTED
Lionheart III Corp Class A Common Stock
LION
– –
-250,000
Closed -$2.56M
FPAC
242
DELISTED
Far Peak Acquisition Corporation
FPAC
– –
-250,000
Closed -$2.51M
FTEV
243
DELISTED
FinTech Evolution Acquisition Group
FTEV
– –
-150,000
Closed -$1.51M
CPAQ
244
DELISTED
Counter Press Acquisition Corporation Class A Ordinary Share
CPAQ
– –
-100,000
Closed -$1.03M
ACDI
245
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
– –
-300,000
Closed -$3.1M
PRBM
246
DELISTED
Parabellum Acquisition Corp.
PRBM
– –
-200,000
Closed -$2.04M
THAC
247
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
– –
-100,000
Closed -$1.03M
NVAC
248
DELISTED
NorthView Acquisition Corporation Common Stock
NVAC
– –
-750,000
Closed -$7.62M
HUDAU
249
DELISTED
Hudson Acquisition I Corp. Unit
HUDAU
– –
-240,000
Closed -$2.45M
ATMVU
250
DELISTED
AlphaVest Acquisition Corp Unit
ATMVU
– –
-150,000
Closed -$1.51M
6 7 8 9
10

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Howard Marks's Q1 2023 Portfolio in Review

As of Q1 2023, Howard Marks held 377 positions worth $9.04B, down 4.9% from $9.51B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks withdrew a net $1.47B in Q1 2023, closing 75 positions and reducing 21 holdings. Its most notable exit was Pultegroup, an estimated $28.2M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Daqo New Energy worth $49.5M.

  • Howard Marks's largest Q1 2023 buy was Daqo New Energy: 1,056,121 shares worth $49.5M.
  • Howard Marks added most to Banco Bradesco in Q1 2023, an estimated $20.8M increase.
  • Howard Marks's biggest Q1 2023 reduction was Weatherford International, cutting an estimated $100M.
  • Howard Marks fully exited Pultegroup in Q1 2023, selling an estimated $28.2M.
  • Howard Marks's ten largest holdings make up 56% of its $9.04B portfolio in Q1 2023.
  • Howard Marks opened 23 new positions and closed 75 in Q1 2023.
  • Howard Marks's portfolio value fell 4.9% quarter-over-quarter to $9.04B.

Based on Oaktree Capital Management's 13F filing for Q1 2023, filed 15 May 2023.