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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
SANB
276
DELISTED
Sanaby Health Acquisition Corp. I Class A Common Stock
SANB
– –
-350,000
Closed -$3.54M
MEOA
277
DELISTED
Minority Equality Opportunities Acquisition Inc. Class A Common Stock
MEOA
– –
-275,000
Closed -$2.8M
RACY
278
DELISTED
Relativity Acquisition Corp. Class A Common Stock
RACY
– –
-645,000
Closed -$6.49M
EMCGU
279
DELISTED
Embrace Change Acquisition Corp Unit
EMCGU
– –
-245,000
Closed -$2.48M
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.