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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
SRNE
251
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$269K ﹤0.01%
134,000
-16,000
-11% -$27.7K
USCT
252
DELISTED
Roth CH Acquisition Co. Class A Ordinary Shares
USCT
$251K ﹤0.01%
25,000
– –
SZZL
253
DELISTED
Sizzle Acquisition Corp. Common stock
SZZL
$249K ﹤0.01%
25,000
– –
GCTS
254
GCT Semiconductor Holding
GCTS
$188M
$248K ﹤0.01%
25,000
– –
CMLS
255
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$223K ﹤0.01%
+28,937
New +$339K
SHLS icon
256
Shoals Technologies Group
SHLS
$1.19B
$197K ﹤0.01%
+11,980
New +$177K
SAGAR
257
DELISTED
Sagaliam Acquisition Corp. Rights
SAGAR
$94K ﹤0.01%
698,577
-1,423
-0.2% -$245
NVACR
258
DELISTED
NorthView Acquisition Corporation Rights
NVACR
$78K ﹤0.01%
750,000
– –
ASCBR
259
DELISTED
A SPAC II Acquisition Corp. Right
ASCBR
$77K ﹤0.01%
+675,000
New +$69.7K
BWAQR
260
DELISTED
Blue World Acquisition Corporation Right
BWAQR
$71K ﹤0.01%
550,000
– –
MSSAR
261
DELISTED
Metal Sky Star Acquisition Corporation Right
MSSAR
$59K ﹤0.01%
+496,000
New +$60.4K
RWODR
262
DELISTED
Redwoods Acquisition Corp. Rights
RWODR
$56K ﹤0.01%
+450,000
New +$57.8K
CYCUW
263
Cycurion Inc Warrant
CYCUW
$315K
$50K ﹤0.01%
+500,000
New +$68.1K
EONR.WS
264
EON Resources Warrants
EONR.WS
$48K ﹤0.01%
+425,000
New +$55.8K
RFACR
265
DELISTED
RF Acquisition Corp. Rights
RFACR
$46K ﹤0.01%
+400,000
New +$47.3K
ALSAR
266
DELISTED
Alpha Star Acquisition Corp Rights
ALSAR
$38K ﹤0.01%
400,000
– –
DHAIW
267
DELISTED
DIH Holding US Inc Warrants
DHAIW
$35K ﹤0.01%
+950,000
New +$51.8K
EVGRW
268
DELISTED
Evergreen Corporation Warrant
EVGRW
$35K ﹤0.01%
+450,000
New +$55.6K
FTIIW
269
DELISTED
FutureTech II Acquisition Corp. Warrant
FTIIW
$33K ﹤0.01%
+410,000
New +$49K
ACAXR
270
DELISTED
Alset Capital Acquisition Corp Right
ACAXR
$33K ﹤0.01%
367,500
-367,500
-50% -$45K
MSSAW
271
DELISTED
Metal Sky Star Acquisition Corporation Warrant
MSSAW
$32K ﹤0.01%
+496,000
New +$38.6K
GDSTW
272
DELISTED
Goldenstone Acquisition Limited Warrants
GDSTW
$28K ﹤0.01%
+350,000
New +$33.2K
LBBBR
273
DELISTED
Lakeshore Acquisition II Corp. Rights
LBBBR
$19K ﹤0.01%
+175,000
New +$33.6K
ASCAR
274
DELISTED
A SPAC I Acquisition Corp. Right
ASCAR
$18K ﹤0.01%
145,000
– –
CLRCR
275
DELISTED
ClimateRock Right
CLRCR
$15K ﹤0.01%
+140,000
New +$16.4K
9 10
11
12 13

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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.