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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
FTIIW
276
DELISTED
FutureTech II Acquisition Corp. Warrant
FTIIW
– –
-410,000
Closed -$33K
RFACR
277
DELISTED
RF Acquisition Corp. Rights
RFACR
– –
-400,000
Closed -$46K
EVGRW
278
DELISTED
Evergreen Corporation Warrant
EVGRW
– –
-450,000
Closed -$35K
ALSAW
279
DELISTED
Alpha Star Acquisition Corp Warrants
ALSAW
– –
-400,000
Closed -$15K
ALSAR
280
DELISTED
Alpha Star Acquisition Corp Rights
ALSAR
– –
-400,000
Closed -$38K
NVACR
281
DELISTED
NorthView Acquisition Corporation Rights
NVACR
– –
-750,000
Closed -$78K
PLAOW
282
DELISTED
Patria Latin American Opportunity Acquisition Corp. Warrant
PLAOW
– –
-25,000
Closed -$3K
ASCBR
283
DELISTED
A SPAC II Acquisition Corp. Right
ASCBR
– –
-675,000
Closed -$77K
MCACU
284
DELISTED
Monterey Capital Acquisition Corporation Unit
MCACU
– –
-792,000
Closed -$7.89M
BWAQR
285
DELISTED
Blue World Acquisition Corporation Right
BWAQR
– –
-550,000
Closed -$71K
RWODR
286
DELISTED
Redwoods Acquisition Corp. Rights
RWODR
– –
-450,000
Closed -$56K
FLFVU
287
DELISTED
Feutune Light Acquisition Corporation Unit
FLFVU
– –
-735,000
Closed -$7.32M
ASCAR
288
DELISTED
A SPAC I Acquisition Corp. Right
ASCAR
– –
-145,000
Closed -$18K
LBBBR
289
DELISTED
Lakeshore Acquisition II Corp. Rights
LBBBR
– –
-175,000
Closed -$19K
SAGAR
290
DELISTED
Sagaliam Acquisition Corp. Rights
SAGAR
– –
-698,577
Closed -$94K
NUBIW
291
DELISTED
Nubia Brand International Corp. Warrant
NUBIW
– –
-127,500
Closed -$10K
ACAXR
292
DELISTED
Alset Capital Acquisition Corp Right
ACAXR
– –
-367,500
Closed -$33K
PSTH
293
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
– –
-100,000
Closed -$2M
RICO
294
DELISTED
Agrico Acquisition Corp
RICO
– –
-200,000
Closed -$2.04M
YOTAU
295
DELISTED
Yotta Acquisition Corporation Unit
YOTAU
– –
-398,000
Closed -$3.97M
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.