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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
NUBIU
301
DELISTED
Nubia Brand International Corp. Unit
NUBIU
– –
-255,000
Closed -$2.55M
ACAXW
302
CALL
DELISTED
Alset Capital Acquisition Corp Warrant
ACAXW
– –
-367,500
Closed -$66K
CLINU
303
DELISTED
Clean Earth Acquisitions Corp. Unit
CLINU
– –
-300,000
Closed -$3.01M
LIVBW
304
CALL
DELISTED
LIV Capital Acquisition Corp. II Warrants
LIVBW
– –
-45,000
Closed -$8K
ALOR
305
DELISTED
ALSP Orchid Acquisition Corp I
ALOR
– –
-75,000
Closed -$748K
MURFU
306
DELISTED
Murphy Canyon Acquisition Corp. Unit
MURFU
– –
-600,000
Closed -$6.06M
GENQU
307
DELISTED
Genesis Unicorn Capital Corp. Unit
GENQU
– –
-320,000
Closed -$3.2M
CPAQU
308
DELISTED
Counter Press Acquisition Corporation Unit
CPAQU
– –
-100,000
Closed -$1.01M
RVAC
309
DELISTED
Riverview Acquisition Corp. Class A Common Stock
RVAC
– –
-100,000
Closed -$978K
OACB.WS
310
CALL
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
– –
-4,666,667
Closed -$3.03M
HNRA.U
311
DELISTED
HNR Acquisition Corp Units, each consisting of one share of Common Stock, and one redeemable Warrant
HNRA.U
– –
-425,000
Closed -$4.27M
GDSTU
312
DELISTED
Goldenstone Acquisition Limited Units
GDSTU
– –
-350,000
Closed -$3.51M
PLAOU
313
DELISTED
Patria Latin American Opportunity Acquisition Corp. Unit
PLAOU
– –
-50,000
Closed -$502K
RACYU
314
DELISTED
Relativity Acquisition Corp. Unit
RACYU
– –
-645,000
Closed -$6.5M
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.