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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
PAM icon
51
Pampa Energía
PAM
$4.26B
$17M 0.2%
829,000
– –
TX icon
52
Ternium
TX
$10.9B
$16.6M 0.19%
+460,249
New +$19.6M
MTG icon
53
MGIC Investment
MTG
$6.34B
$15.1M 0.18%
1,200,000
-1,158,000
-49% -$15.2M
AFYA icon
54
Afya
AFYA
$1.27B
$15.1M 0.18%
1,515,590
-30,479
-2% -$377K
HIMS icon
55
Hims & Hers Health
HIMS
$7.88B
$14.8M 0.17%
3,271,279
– –
JQC icon
56
Nuveen Credit Strategies Income Fund
JQC
$702M
$14.7M 0.17%
+2,830,381
New +$15.9M
VVR icon
57
Invesco Senior Income Trust
VVR
$454M
$13.8M 0.16%
+3,551,598
New +$14.3M
SMRT icon
58
SmartRent
SMRT
$274M
$13.6M 0.16%
3,006,807
+1,435,760
+91% +$7.25M
CNGL
59
DELISTED
Canna-Global Acquisition Corp. Class A Common Stock
CNGL
$11M 0.13%
1,100,000
+48,959
+5% +$490K
TEO icon
60
Telecom Argentina
TEO
$5.66B
$10.1M 0.12%
2,220,500
– –
TGS icon
61
Transportadora de Gas del Sur
TGS
$4.23B
$10.1M 0.12%
1,963,576
– –
LBRDK
62
DELISTED
Liberty Broadband Class C
LBRDK
$10.1M 0.12%
86,999
– –
DHAI
63
DELISTED
DIH Holdings US
DHAI
$9.42M 0.11%
38,000
– –
CURR
64
Currenc Group
CURR
$394M
$9.03M 0.1%
900,000
+300,000
+50% +$3M
EXEEZ
65
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
$8.49M 0.1%
+150,000
New +$9.77M
MHO icon
66
M/I Homes
MHO
$3.85B
$8.33M 0.1%
+210,000
New +$9.12M
MCACU
67
DELISTED
Monterey Capital Acquisition Corporation Unit
MCACU
$7.89M 0.09%
+792,000
New +$7.88M
NVAC
68
DELISTED
NorthView Acquisition Corporation Common Stock
NVAC
$7.4M 0.09%
750,000
– –
FLFVU
69
DELISTED
Feutune Light Acquisition Corporation Unit
FLFVU
$7.32M 0.09%
+735,000
New +$7.33M
HWH icon
70
HWH International
HWH
$16.1M
$7.26M 0.08%
147,000
– –
BELFB
71
Bel Fuse Inc Class B
BELFB
$3.69B
$7.2M 0.08%
462,679
– –
GACQ
72
DELISTED
Global Consumer Acquisition Corp. Common Stock
GACQ
$7.06M 0.08%
700,000
+100,000
+17% +$1M
ASCB
73
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
$6.64M 0.08%
+675,000
New +$6.64M
RACY
74
DELISTED
Relativity Acquisition Corp. Class A Common Stock
RACY
$6.5M 0.08%
+645,000
New +$6.44M
RSVR
75
Reservoir Media
RSVR
$652M
$6.08M 0.07%
931,889
-68,111
-7% -$533K
1 2
3
4 5

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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.