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 |
STR
Sitio Royalties
STR
|
+$335M |
| 2 |
PagSeguro Digital
PAGS
|
+$20.1M |
| 3 |
Valaris
VAL
|
+$15.4M |
| 4 |
Vale
VALE
|
+$13.1M |
| 5 |
Invesco Senior Income Trust
VVR
|
+$11.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXE
Expand Energy Corp
EXE
|
+$65.9M |
| 2 |
Petrobras
PBR
|
+$57.2M |
| 3 |
PG&E
PCG
|
+$49.8M |
| 4 |
Super Micro Computer
SMCI
|
+$26.2M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
26
Freeport-McMoran
FCX
$110B
| $67M | 0.74% |
2,452,960
+41,802
| +2% | +$1.22M |
|
|
CIVI
27
DELISTED
Civitas Resources
CIVI
| $66M | 0.72% |
1,150,000
-38,000
| -3% | -$2.24M |
|
|
EXEEL
28
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $59.4M | 0.65% |
808,001
| – | – |
|
29
Cemex
CX
$16B
| $50.3M | 0.55% |
14,676,326
-745,450
| -5% | -$2.95M |
|
30
Credicorp
BAP
$30.1B
| $47.5M | 0.52% |
386,898
-12,087
| -3% | -$1.55M |
|
31
Alvotech
ALVO
$1.5B
| $42.8M | 0.47% |
6,338,660
| – | – |
|
32
Banco Bradesco
BBD
$33.9B
| $42.8M | 0.47% |
11,637,489
-339,615
| -3% | -$1.2M |
|
33
Par Pacific Holdings
PARR
$3.96B
| $36.3M | 0.4% |
2,210,000
| – | – |
|
34
Battalion Oil
BATL
$77.9M
| $35.8M | 0.39% |
3,009,912
| – | – |
|
|
AZUL
35
DELISTED
Azul
AZUL
| $35.6M | 0.39% |
4,377,824
-67,100
| -2% | -$565K |
|
36
Liberty Global Class C
LBTYK
$3.55B
| $30.9M | 0.34% |
1,875,000
| – | – |
|
37
FTAI Aviation
FTAI
$21.5B
| $30.5M | 0.33% |
2,033,110
-347,662
| -15% | -$6M |
|
38
Oaktree Specialty Lending
OCSL
$1.14B
| $30.1M | 0.33% |
1,671,504
| – | – |
|
39
Vista Energy
VIST
$7.7B
| $27.2M | 0.3% |
2,884,674
-490,132
| -15% | -$4.21M |
|
40
Toll Brothers
TOL
$13.7B
| $25.1M | 0.28% |
597,000
| – | – |
|
|
41
Invesco Senior Income Trust
VVR
$454M
| $24.6M | 0.27% |
6,602,596
+3,050,998
| +86% | +$11.7M |
|
|
UNIT
42
Uniti Group
UNIT
$2.42B
| $23.6M | 0.26% |
3,397,592
| – | – |
|
43
Magnachip Semiconductor
MX
$121M
| $23.6M | 0.26% |
2,300,000
| – | – |
|
|
COOP
44
DELISTED
Mr. Cooper
COOP
| $23.3M | 0.26% |
575,000
-382,286
| -40% | -$16.2M |
|
45
Pultegroup
PHM
$24.6B
| $23.2M | 0.25% |
619,000
| – | – |
|
|
CVT
46
DELISTED
Cvent Holding Corp. Common Stock
CVT
| $21M | 0.23% |
4,000,000
-1,000,000
| -20% | -$5.68M |
|
47
Garrett Motion
GTX
$4.96B
| $20.3M | 0.22% |
3,593,111
| – | – |
|
|
48
PagSeguro Digital
PAGS
$2.38B
| $19.9M | 0.22% |
+1,507,880
| New | +$20.1M |
|
49
Afya
AFYA
$1.27B
| $19.5M | 0.21% |
1,439,270
-76,320
| -5% | -$912K |
|
50
PUT
VanEck Semiconductor ETF
SMH
$68.6B
| $18.5M | 0.2% |
+200,000
| New | +$21.8M |
|
Similar funds
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.