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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
+2.67%
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
$9.04B
AUM Growth
-$471M
Cap. Flow
-$1.47B
Cap. Flow %
-16.25%
Top 10 Hldgs %
56.42%
Holding
377
New
23
Increased
11
Reduced
21
Closed
75

Top Buys

Rank Stock Value
1
DQ
Daqo New Energy
DQ
+$48.5M
2
BBD icon
Banco Bradesco
BBD
+$20.8M
3
ALVO icon
Alvotech
ALVO
+$18.2M
4
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.2M
5
STHO icon
Star Holdings Shares of Beneficial Interest
STHO
+$14.6M

Top Sells

Rank Stock Value
1
WFRD icon
Weatherford International
WFRD
+$100M
2
VST icon
Vistra
VST
+$50.3M
3
ITUB icon
Itaú Unibanco
ITUB
+$34.7M
4
PCG icon
PG&E
PCG
+$34M
5
PHM icon
Pultegroup
PHM
+$28.2M

Sector Composition

Rank Sector Weight
1 Energy 32.74%
2 Financials 11.29%
3 Industrials 10.53%
4 Utilities 7.2%
5 Materials 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KBH icon
51
KB Home
KBH
$3.39B
$13.4M 0.15%
333,992
-271,008
-45% -$9.89M
STHO icon
52
Star Holdings Shares of Beneficial Interest
STHO
$118M
$13M 0.14%
+749,850
New +$14.6M
HIMS icon
53
Hims & Hers Health
HIMS
$7.88B
$13M 0.14%
1,309,560
-1,961,719
-60% -$17.2M
UNIT
54
Uniti Group
UNIT
$2.42B
$12.1M 0.13%
3,397,592
– –
TV icon
55
Televisa
TV
$1.47B
$11.5M 0.13%
2,182,167
-182,007
-8% -$977K
ALVOW icon
56
Alvotech Warrant
ALVOW
$66.4M
$11.1M 0.12%
4,666,667
– –
ECDA
57
DELISTED
ECD Automotive Design
ECDA
$10.2M 0.11%
4,950
– –
TEO icon
58
Telecom Argentina
TEO
$5.66B
$10.1M 0.11%
2,033,741
– –
TPIC
59
DELISTED
TPI Composites
TPIC
$9.14M 0.1%
700,739
– –
JFR icon
60
Nuveen Floating Rate Income Fund
JFR
$1.21B
$8.13M 0.09%
991,759
-104,477
-10% -$871K
CNTM
61
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
$8.13M 0.09%
792,000
– –
NSL
62
DELISTED
NUVEEN SENIOR INCM FD
NSL
$7.7M 0.09%
1,669,270
– –
AIEV
63
DELISTED
Thunder Power Holdings, Inc. Common Stock
AIEV
$7.66M 0.08%
735,000
– –
HWH icon
64
HWH International
HWH
$16.1M
$7.55M 0.08%
147,000
– –
LBRDK
65
DELISTED
Liberty Broadband Class C
LBRDK
$7.11M 0.08%
86,999
– –
ASCB
66
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
$7.02M 0.08%
675,000
– –
JRO
67
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$6.37M 0.07%
793,641
-14,201
-2% -$117K
JSD
68
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
$5.97M 0.07%
509,049
– –
BRAC
69
DELISTED
Broad Capital Acquisition Corp Common Stock
BRAC
$5.92M 0.07%
550,000
– –
FATP
70
DELISTED
Fat Projects Acquisition Corp Class A Ordinary Share
FATP
$5.85M 0.06%
560,000
+350,000
+167% +$3.62M
BWAQ
71
DELISTED
Blue World Acquisition Corporation Class A Ordinary Shares
BWAQ
$5.74M 0.06%
550,000
– –
BGB
72
Blackstone Strategic Credit 2027 Term Fund
BGB
$504M
$5.45M 0.06%
512,113
– –
JWAC
73
DELISTED
Jupiter Wellness Acquisition Corp. Class A Common Stock
JWAC
$5.28M 0.06%
500,000
– –
MSSA
74
DELISTED
Metal Sky Star Acquisition Corporation Ordinary shares
MSSA
$5.18M 0.06%
496,000
– –
DUET
75
DELISTED
DUET Acquisition Corp. Class A Common Stock
DUET
$5.17M 0.06%
500,000
– –
1 2
3
4 5

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Howard Marks's Q1 2023 Portfolio in Review

As of Q1 2023, Howard Marks held 377 positions worth $9.04B, down 4.9% from $9.51B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks withdrew a net $1.47B in Q1 2023, closing 75 positions and reducing 21 holdings. Its most notable exit was Pultegroup, an estimated $28.2M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Daqo New Energy worth $49.5M.

  • Howard Marks's largest Q1 2023 buy was Daqo New Energy: 1,056,121 shares worth $49.5M.
  • Howard Marks added most to Banco Bradesco in Q1 2023, an estimated $20.8M increase.
  • Howard Marks's biggest Q1 2023 reduction was Weatherford International, cutting an estimated $100M.
  • Howard Marks fully exited Pultegroup in Q1 2023, selling an estimated $28.2M.
  • Howard Marks's ten largest holdings make up 56% of its $9.04B portfolio in Q1 2023.
  • Howard Marks opened 23 new positions and closed 75 in Q1 2023.
  • Howard Marks's portfolio value fell 4.9% quarter-over-quarter to $9.04B.

Based on Oaktree Capital Management's 13F filing for Q1 2023, filed 15 May 2023.