Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alvotech
ALVO
|
+$59M |
| 2 |
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
|
+$49.3M |
| 3 |
Petrobras
PBR
|
+$29.5M |
| 4 |
Toll Brothers
TOL
|
+$27.9M |
| 5 |
Pultegroup
PHM
|
+$26.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$86.5M |
| 2 |
Hertz
HTZ
|
+$63.1M |
| 3 |
EXE
Expand Energy Corp
EXE
|
+$45.2M |
| 4 |
Cemex
CX
|
+$42.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
CIVI
26
DELISTED
Civitas Resources
CIVI
| $62.1M | 0.72% |
1,188,000
-12,000
| -1% | -$783K |
|
|
27
Cemex
CX
$16B
| $60.5M | 0.7% |
15,421,776
-9,972,782
| -39% | -$42.8M |
|
|
28
Alvotech
ALVO
$1.5B
| $52M | 0.6% |
+6,338,660
| New | +$59M |
|
29
Credicorp
BAP
$30.1B
| $47.8M | 0.56% |
398,985
+66,373
| +20% | +$9.12M |
|
|
EXEEL
30
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $42.4M | 0.49% |
+808,001
| New | +$49.3M |
|
31
Liberty Global Class C
LBTYK
$3.55B
| $41.4M | 0.48% |
1,875,000
| – | – |
|
32
FTAI Aviation
FTAI
$21.5B
| $39.3M | 0.46% |
2,380,772
| – | – |
|
33
Banco Bradesco
BBD
$33.9B
| $39M | 0.45% |
11,977,104
+2,084,580
| +21% | +$8.01M |
|
|
COOP
34
DELISTED
Mr. Cooper
COOP
| $35.2M | 0.41% |
957,286
| – | – |
|
35
Par Pacific Holdings
PARR
$3.96B
| $34.5M | 0.4% |
2,210,000
| – | – |
|
36
Magnachip Semiconductor
MX
$121M
| $33.4M | 0.39% |
2,300,000
| – | – |
|
37
Oaktree Specialty Lending
OCSL
$1.14B
| $32.8M | 0.38% |
1,671,504
| – | – |
|
|
UNIT
38
Uniti Group
UNIT
$2.42B
| $32M | 0.37% |
3,397,592
| – | – |
|
|
AZUL
39
DELISTED
Azul
AZUL
| $31.6M | 0.37% |
4,444,924
+629,100
| +16% | +$7.58M |
|
40
Garrett Motion
GTX
$4.96B
| $27.8M | 0.32% |
3,593,111
| – | – |
|
|
41
Toll Brothers
TOL
$13.7B
| $26.6M | 0.31% |
+597,000
| New | +$27.9M |
|
42
Super Micro Computer
SMCI
$24.1B
| $26.2M | 0.3% |
6,500,000
-2,300,000
| -26% | -$10.5M |
|
43
Battalion Oil
BATL
$77.9M
| $25.7M | 0.3% |
3,009,912
| – | – |
|
44
Vista Energy
VIST
$7.7B
| $24.9M | 0.29% |
3,374,806
+159,804
| +5% | +$1.36M |
|
|
45
Pultegroup
PHM
$24.6B
| $24.5M | 0.29% |
+619,000
| New | +$26.1M |
|
|
CVT
46
DELISTED
Cvent Holding Corp. Common Stock
CVT
| $23.1M | 0.27% |
5,000,000
| – | – |
|
|
ONIT
47
Onity Group
ONIT
$301M
| $20.7M | 0.24% |
756,870
| – | – |
|
48
Televisa
TV
$1.47B
| $19.3M | 0.22% |
2,364,174
| – | – |
|
49
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $18.4M | 0.21% |
500,000
-81,000
| -14% | -$33.2M |
|
50
KB Home
KBH
$3.39B
| $17.2M | 0.2% |
+605,000
| New | +$19.3M |
|
Similar funds
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.