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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
PSQH icon
251
PSQ Holdings
PSQH
$20.3M
$487K 0.01%
3,333
– –
SHLS icon
252
Shoals Technologies Group
SHLS
$1.19B
$258K ﹤0.01%
11,980
– –
USCT
253
DELISTED
Roth CH Acquisition Co. Class A Ordinary Shares
USCT
$253K ﹤0.01%
25,000
– –
SZZL
254
DELISTED
Sizzle Acquisition Corp. Common stock
SZZL
$251K ﹤0.01%
25,000
– –
GCTS
255
GCT Semiconductor Holding
GCTS
$188M
$250K ﹤0.01%
25,000
– –
SRNE
256
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$210K ﹤0.01%
134,000
– –
CMLS
257
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$203K ﹤0.01%
28,937
– –
EVF
258
Eaton Vance Senior Income Trust
EVF
$89.9M
$108K ﹤0.01%
+20,584
New +$115K
FLFVR
259
DELISTED
Feutune Light Acquisition Corporation Right
FLFVR
$44K ﹤0.01%
+735,000
New +$54.3K
FLFVW
260
DELISTED
Feutune Light Acquisition Corporation Warrant
FLFVW
$32K ﹤0.01%
+735,000
New +$36.8K
BELFB
261
Bel Fuse Inc Class B
BELFB
$3.69B
– –
-462,679
Closed -$7.2M
CLDI icon
262
Calidi Biotherapeutics
CLDI
$3.46M
– –
-156
Closed -$2.98M
COOP
263
CALL
DELISTED
Mr. Cooper
COOP
– –
-520,000
Closed -$196M
DFLI icon
264
Dragonfly Energy
DFLI
$18M
– –
-2,500
Closed -$2.28M
JTAI icon
265
Jet.AI
JTAI
$2.25M
– –
-6
Closed -$2.5M
MOBX icon
266
Mobix Labs
MOBX
$20.5M
– –
-7,500
Closed -$748K
SHFS icon
267
SHF Holdings
SHFS
$2.03M
– –
-7,500
Closed -$1.59M
SMCI icon
268
Super Micro Computer
SMCI
$24.1B
– –
-6,500,000
Closed -$26.2M
DHAIW
269
DELISTED
DIH Holding US Inc Warrants
DHAIW
– –
-950,000
Closed -$35K
EONR.WS
270
EON Resources Warrants
EONR.WS
– –
-425,000
Closed -$48K
CYCUW
271
Cycurion Inc Warrant
CYCUW
$315K
– –
-500,000
Closed -$50K
CLRCR
272
DELISTED
ClimateRock Right
CLRCR
– –
-140,000
Closed -$15K
MSSAW
273
DELISTED
Metal Sky Star Acquisition Corporation Warrant
MSSAW
– –
-496,000
Closed -$32K
MSSAR
274
DELISTED
Metal Sky Star Acquisition Corporation Right
MSSAR
– –
-496,000
Closed -$59K
GDSTW
275
DELISTED
Goldenstone Acquisition Limited Warrants
GDSTW
– –
-350,000
Closed -$28K
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.