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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
FHLT
251
DELISTED
Future Health ESG Corp. Common stock
FHLT
– –
-250,000
Closed -$2.5M
OSI
252
DELISTED
Osiris Acquisition Corp.
OSI
– –
-150,000
Closed -$1.47M
PMGM
253
DELISTED
Priveterra Acquisition Corp. II Class A Common Stock
PMGM
– –
-150,000
Closed -$1.5M
SAGA
254
DELISTED
Sagaliam Acquisition Corp. Class A Common Stock
SAGA
– –
-475,000
Closed -$4.75M
MOBVU
255
DELISTED
Mobiv Acquisition Corp Unit
MOBVU
– –
-245,000
Closed -$2.48M
MTRY
256
DELISTED
Monterey Innovation Acquisition Corp. Common Stock
MTRY
– –
-150,000
Closed -$1.6M
ACAQ
257
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
– –
-100,000
Closed -$1.01M
FXCO
258
DELISTED
Financial Strategies Acquisition Corp. Class A Common Stock
FXCO
– –
-400,000
Closed -$4.01M
HMACU
259
DELISTED
Hainan Manaslu Acquisition Corp. Unit
HMACU
– –
-400,000
Closed -$4.03M
BMAQ
260
DELISTED
Blockchain Moon Acquisition Corp. Common Stock
BMAQ
– –
-275,000
Closed -$2.75M
GWII
261
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
– –
-100,000
Closed -$1M
RNER
262
DELISTED
Mount Rainier Acquisition Corp. Common Stock
RNER
– –
-150,000
Closed -$1.51M
DTRT
263
DELISTED
DTRT Health Acquisition Corp. Class A Common Stock
DTRT
– –
-150,000
Closed -$1.52M
ARCK
264
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
– –
-100,000
Closed -$1.01M
GACQ
265
DELISTED
Global Consumer Acquisition Corp. Common Stock
GACQ
– –
-700,000
Closed -$7.14M
DAOO
266
DELISTED
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
– –
-200,000
Closed -$2.01M
SHQA
267
DELISTED
Shelter Acquisition Corporation I Class A Common Stock
SHQA
– –
-50,000
Closed -$495K
ARGU
268
DELISTED
Argus Capital Corp. Class A Common Stock
ARGU
– –
-100,000
Closed -$1M
FLYA
269
DELISTED
SOAR Technology Acquisition Corp.
FLYA
– –
-250,000
Closed -$2.58M
PAFO
270
DELISTED
Pacifico Acquisition Corp. Common Stock
PAFO
– –
-225,000
Closed -$2.27M
SIER
271
DELISTED
Sierra Lake Acquisition Corp. Class A Common Stock
SIER
– –
-250,000
Closed -$2.5M
PCX
272
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
– –
-75,000
Closed -$759K
AFAC
273
DELISTED
Arena Fortify Acquisition Corp. Class A Common Stock
AFAC
– –
-50,000
Closed -$503K
EFHTU
274
DELISTED
EF Hutton Acquisition Corporation I Unit
EFHTU
– –
-990,000
Closed -$9.9M
AXH
275
DELISTED
Industrial Human Capital, Inc.
AXH
– –
-500,000
Closed -$5.08M
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.