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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
ALSAW
276
DELISTED
Alpha Star Acquisition Corp Warrants
ALSAW
$15K ﹤0.01%
+400,000
New +$20.9K
NUBIW
277
DELISTED
Nubia Brand International Corp. Warrant
NUBIW
$10K ﹤0.01%
+127,500
New +$17.5K
PLAOW
278
DELISTED
Patria Latin American Opportunity Acquisition Corp. Warrant
PLAOW
$3K ﹤0.01%
+25,000
New +$4.25K
ASC icon
279
Ardmore Shipping
ASC
$752M
– –
-1,600,000
Closed -$7.2M
BAC.PRL icon
280
Bank of America Series L
BAC.PRL
$3.95B
– –
-11,114
Closed -$14.6M
SQM icon
281
Sociedad Química y Minera de Chile
SQM
$23.4B
– –
-346,485
Closed -$29.7M
WFC.PRL icon
282
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
– –
-5,557
Closed -$7.36M
DHAIW
283
CALL
DELISTED
DIH Holding US Inc Warrants
DHAIW
– –
-950,000
Closed -$76K
EXEEW
284
CALL
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
– –
-75,810
Closed -$4.84M
EXEEL
285
CALL
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
– –
-808,001
Closed -$44.9M
EXEEZ
286
CALL
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
– –
-150,000
Closed -$8.93M
FLG.PRU
287
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
– –
-87,636
Closed -$4.35M
FTIIU
288
DELISTED
FutureTech II Acquisition Corp. Unit
FTIIU
– –
-410,000
Closed -$4.11M
PWUPU
289
DELISTED
PowerUp Acquisition Corp. Unit
PWUPU
– –
-300,000
Closed -$3.02M
RFACU
290
DELISTED
RF Acquisition Corp. Unit
RFACU
– –
-400,000
Closed -$4.01M
EVGRU
291
DELISTED
Evergreen Corporation Unit
EVGRU
– –
-450,000
Closed -$4.52M
WAVSU
292
DELISTED
Western Acquisition Ventures Corp. Unit
WAVSU
– –
-500,000
Closed -$5M
ALSAW
293
CALL
DELISTED
Alpha Star Acquisition Corp Warrants
ALSAW
– –
-400,000
Closed -$28K
PHYT
294
DELISTED
Pyrophyte Acquisition Corp.
PHYT
– –
-100,000
Closed -$996K
IXAQ
295
DELISTED
IX Acquisition Corp. Class A Ordinary Share
IXAQ
– –
-200,000
Closed -$1.96M
AAGR
296
DELISTED
African Agriculture Holdings Inc
AAGR
– –
-69,750
Closed -$491K
RWODU
297
DELISTED
Redwoods Acquisition Corp. Unit
RWODU
– –
-450,000
Closed -$4.51M
ASCAW
298
CALL
DELISTED
A SPAC I Acquisition Corp. Warrant
ASCAW
– –
-108,750
Closed -$13K
KYCHR
299
DELISTED
Keyarch Acquisition Corporation Rights
KYCHR
– –
-145,000
Closed -$20K
LBBBU
300
DELISTED
Lakeshore Acquisition II Corp. Unit
LBBBU
– –
-175,000
Closed -$1.75M
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.