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HM

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
-1.47%
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
$7.6B
AUM Growth
-$1.45B
Cap. Flow
-$1.92B
Cap. Flow %
-25.24%
Top 10 Hldgs %
54.51%
Holding
304
New
7
Increased
7
Reduced
20
Closed
66

Top Buys

Rank Stock Value
1
GTX icon
Garrett Motion
GTX
+$325M
2
INFY icon
Infosys
INFY
+$57.9M
3
JD icon
JD.com
JD
+$36.8M
4
SQM icon
Sociedad Química y Minera de Chile
SQM
+$35.9M
5
BBD icon
Banco Bradesco
BBD
+$29.4M

Top Sells

Rank Stock Value
1
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
+$612M
2
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$172M
3
VST icon
Vistra
VST
+$152M
4
WFRD icon
Weatherford International
WFRD
+$109M
5
EXE
Expand Energy Corp
EXE
+$98.1M

Sector Composition

Rank Sector Weight
1 Energy 33.31%
2 Financials 12.75%
3 Industrials 8.58%
4 Materials 6.45%
5 Utilities 5.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
YPF icon
51
YPF Sociedad Anonima ADS
YPF
$20.1B
$11.4M 0.15%
764,952
-613,402
-45% -$7.44M
HIMS icon
52
Hims & Hers Health
HIMS
$7.88B
$9.9M 0.13%
1,053,214
-256,346
-20% -$2.54M
CNTM
53
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
$8.29M 0.11%
792,000
– –
AIEV
54
DELISTED
Thunder Power Holdings, Inc. Common Stock
AIEV
$7.72M 0.1%
735,000
– –
NSL
55
DELISTED
NUVEEN SENIOR INCM FD
NSL
$7.65M 0.1%
1,669,270
– –
TPIC
56
DELISTED
TPI Composites
TPIC
$7.27M 0.1%
700,739
– –
ASCB
57
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
$7.12M 0.09%
675,000
– –
LBRDK
58
DELISTED
Liberty Broadband Class C
LBRDK
$6.97M 0.09%
86,999
– –
JRO
59
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$6.19M 0.08%
793,641
– –
BWAQ
60
DELISTED
Blue World Acquisition Corporation Class A Ordinary Shares
BWAQ
$5.84M 0.08%
550,000
– –
ALVOW icon
61
Alvotech Warrant
ALVOW
$66.4M
$5.79M 0.08%
4,666,667
– –
MSSA
62
DELISTED
Metal Sky Star Acquisition Corporation Ordinary shares
MSSA
$5.62M 0.07%
496,000
– –
DUET
63
DELISTED
DUET Acquisition Corp. Class A Common Stock
DUET
$5.27M 0.07%
500,000
– –
EFT
64
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$4.89M 0.06%
419,051
– –
EVGR
65
DELISTED
Evergreen Corporation Class A Ordinary Share
EVGR
$4.88M 0.06%
450,000
– –
AFT
66
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$4.81M 0.06%
372,824
– –
WTMA
67
DELISTED
Welsbach Technology Metals Acquisition Corp. Common Stock
WTMA
$4.78M 0.06%
450,000
– –
FEXD
68
DELISTED
Fintech Ecosystem Development Corp. Class A Common Stock
FEXD
$4.75M 0.06%
450,000
– –
EONR
69
EON Resources
EONR
$24M
$4.51M 0.06%
425,000
– –
FTII
70
DELISTED
FutureTech II Acquisition Corp. Class A Common Stock
FTII
$4.38M 0.06%
410,000
– –
ALSA
71
DELISTED
Alpha Star Acquisition Corp
ALSA
$4.29M 0.06%
400,000
– –
HMAC
72
DELISTED
Hainan Manaslu Acquisition Corp. Ordinary shares
HMAC
$4.24M 0.06%
400,000
– –
CSLM
73
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$4.2M 0.06%
400,000
– –
YOTA
74
DELISTED
Yotta Acquisition Corporation Common Stock
YOTA
$4.17M 0.05%
398,000
– –
RRAC
75
DELISTED
Rigel Resource Acquisition Corp.
RRAC
$3.75M 0.05%
350,000
– –
1 2
3
4 5

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Howard Marks's Q2 2023 Portfolio in Review

As of Q2 2023, Howard Marks held 304 positions worth $7.6B, down 16% from $9.04B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.92B in Q2 2023, closing 66 positions and reducing 20 holdings. Its most notable exit was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock, an estimated $612M position sold in full.

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

Against the trend, Howard Marks opened a new position in Infosys worth $59.5M.

  • Howard Marks's largest Q2 2023 buy was Infosys: 3,701,358 shares worth $59.5M.
  • Howard Marks added most to Garrett Motion in Q2 2023, an estimated $325M increase.
  • Howard Marks's biggest Q2 2023 reduction was Vistra, cutting an estimated $152M.
  • Howard Marks fully exited Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock in Q2 2023, selling an estimated $612M.
  • Howard Marks's ten largest holdings make up 55% of its $7.6B portfolio in Q2 2023.
  • Howard Marks opened 7 new positions and closed 66 in Q2 2023.
  • Howard Marks's portfolio value fell 16% quarter-over-quarter to $7.6B.

Based on Oaktree Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.