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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
+7.55%
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
$9.11B
AUM Growth
+$500M
Cap. Flow
-$708M
Cap. Flow %
-7.77%
Top 10 Hldgs %
52.56%
Holding
415
New
17
Increased
20
Reduced
27
Closed
35

Top Buys

Rank Stock Value
1
STR
Sitio Royalties
STR
+$335M
2
PAGS icon
PagSeguro Digital
PAGS
+$20.1M
3
VAL icon
Valaris
VAL
+$15.4M
4
VALE icon
Vale
VALE
+$13.1M
5
VVR icon
Invesco Senior Income Trust
VVR
+$11.7M

Top Sells

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$65.9M
2
PBR icon
Petrobras
PBR
+$57.2M
3
PCG icon
PG&E
PCG
+$49.8M
4
SMCI icon
Super Micro Computer
SMCI
+$26.2M
5
IBN icon
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
HIMS icon
51
Hims & Hers Health
HIMS
$7.88B
$18.3M 0.2%
3,271,279
– –
VAL icon
52
Valaris
VAL
$6.09B
$18.1M 0.2%
370,355
+320,355
+641% +$15.4M
JQC icon
53
Nuveen Credit Strategies Income Fund
JQC
$702M
$16.8M 0.18%
3,295,962
+465,581
+16% +$2.49M
PAM icon
54
Pampa Energía
PAM
$4.26B
$16.4M 0.18%
718,421
-110,579
-13% -$2.61M
ONIT
55
Onity Group
ONIT
$301M
$16.1M 0.18%
693,976
-62,894
-8% -$1.82M
KBH icon
56
KB Home
KBH
$3.39B
$15.7M 0.17%
605,000
– –
MTG icon
57
MGIC Investment
MTG
$6.34B
$15.4M 0.17%
1,200,000
– –
TGS icon
58
Transportadora de Gas del Sur
TGS
$4.23B
$13.2M 0.14%
1,784,412
-179,164
-9% -$1.13M
TV icon
59
Televisa
TV
$1.47B
$12.7M 0.14%
2,364,174
– –
TX icon
60
Ternium
TX
$10.9B
$12.2M 0.13%
445,949
-14,300
-3% -$460K
EXEEZ
61
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
$11.5M 0.13%
150,000
– –
CNGL
62
DELISTED
Canna-Global Acquisition Corp. Class A Common Stock
CNGL
$11.1M 0.12%
1,100,000
– –
EFHTU
63
DELISTED
EF Hutton Acquisition Corporation I Unit
EFHTU
$9.9M 0.11%
+990,000
New +$9.86M
DHAI
64
DELISTED
DIH Holdings US
DHAI
$9.53M 0.1%
38,000
– –
CURR
65
Currenc Group
CURR
$394M
$9.13M 0.1%
900,000
– –
JFR icon
66
Nuveen Floating Rate Income Fund
JFR
$1.21B
$8.4M 0.09%
1,036,236
+311,175
+43% +$2.68M
SMRT icon
67
SmartRent
SMRT
$274M
$8.38M 0.09%
3,693,140
+686,333
+23% +$2.71M
TEO icon
68
Telecom Argentina
TEO
$5.66B
$8.15M 0.09%
2,033,741
-186,759
-8% -$818K
FCT
69
DELISTED
First Trust Senior Floating Rate Income Fund II
FCT
$8.08M 0.09%
809,115
+587,910
+266% +$6M
TPIC
70
DELISTED
TPI Composites
TPIC
$7.9M 0.09%
+700,739
New +$11.1M
CNTM
71
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
$7.84M 0.09%
+792,000
New +$7.81M
MHO icon
72
M/I Homes
MHO
$3.85B
$7.61M 0.08%
210,000
– –
NSL
73
DELISTED
NUVEEN SENIOR INCM FD
NSL
$7.58M 0.08%
1,623,448
+603,751
+59% +$2.98M
NVAC
74
DELISTED
NorthView Acquisition Corporation Common Stock
NVAC
$7.46M 0.08%
750,000
– –
AIEV
75
DELISTED
Thunder Power Holdings, Inc. Common Stock
AIEV
$7.32M 0.08%
+735,000
New +$7.32M
1 2
3
4 5

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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.