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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
+3.38%
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
$6.89B
AUM Growth
-$704M
Cap. Flow
-$1.36B
Cap. Flow %
-19.76%
Top 10 Hldgs %
58.47%
Holding
244
New
6
Increased
13
Reduced
20
Closed
42

Top Buys

Rank Stock Value
1
JD icon
JD.com
JD
+$24.2M
2
AU icon
AngloGold Ashanti
AU
+$13.2M
3
VALE icon
Vale
VALE
+$12.4M
4
DQ
Daqo New Energy
DQ
+$11.4M
5
DBD icon
Diebold Nixdorf
DBD
+$11.2M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$240M
2
SBLK icon
Star Bulk Carriers
SBLK
+$178M
3
ALLY icon
Ally Financial
ALLY
+$124M
4
EXE
Expand Energy Corp
EXE
+$29.7M
5
IBN icon
ICICI Bank
IBN
+$28M

Sector Composition

Rank Sector Weight
1 Energy 38.15%
2 Financials 10.6%
3 Materials 6.79%
4 Industrials 6.16%
5 Consumer Discretionary 5.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JFR icon
51
Nuveen Floating Rate Income Fund
JFR
$1.21B
$9.79M 0.14%
+1,192,691
New +$9.61M
LBRDK
52
DELISTED
Liberty Broadband Class C
LBRDK
$7.94M 0.12%
86,999
– –
ALVOW icon
53
Alvotech Warrant
ALVOW
$66.4M
$7.79M 0.11%
4,666,667
– –
HIMS icon
54
Hims & Hers Health
HIMS
$7.88B
$6.62M 0.1%
1,053,214
– –
M icon
55
Macy's
M
$6B
$6.16M 0.09%
+530,675
New +$7.44M
AFT
56
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$4.94M 0.07%
367,821
-5,003
-1% -$66.1K
FEXD
57
DELISTED
Fintech Ecosystem Development Corp. Class A Common Stock
FEXD
$4.79M 0.07%
450,000
– –
EONR
58
EON Resources
EONR
$24M
$4.63M 0.07%
425,000
– –
EFT
59
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$4.3M 0.06%
349,427
-69,624
-17% -$842K
JQC icon
60
Nuveen Credit Strategies Income Fund
JQC
$702M
$4.1M 0.06%
811,208
-2,522,741
-76% -$12.8M
AIEV
61
DELISTED
Thunder Power Holdings, Inc. Common Stock
AIEV
$3.57M 0.05%
335,000
-400,000
-54% -$4.25M
RSVR
62
Reservoir Media
RSVR
$652M
$3.52M 0.05%
576,518
– –
HOVR icon
63
New Horizon Aircraft
HOVR
$125M
$3.32M 0.05%
315,000
– –
GLST
64
DELISTED
Global Star Acquisition, Inc. Class A Common Stock
GLST
$2.98M 0.04%
280,000
– –
EFR
65
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$2.98M 0.04%
245,996
-54,942
-18% -$661K
SBC
66
SBC Medical Group
SBC
$411M
$2.67M 0.04%
250,000
– –
ATMC
67
DELISTED
AlphaTime Acquisition Corp
ATMC
$2.64M 0.04%
250,000
– –
AQU
68
DELISTED
Aquaron Acquisition Corp. Common Stock
AQU
$2.41M 0.04%
225,000
– –
TPIC
69
DELISTED
TPI Composites
TPIC
$1.86M 0.03%
700,739
– –
CETU
70
DELISTED
Cetus Capital Acquisition Corp. Class A Common Stock
CETU
$1.78M 0.03%
170,000
– –
AMCI
71
AMC Robotics
AMCI
$147M
$1.59M 0.02%
150,000
– –
MARX
72
DELISTED
Mars Acquisition Corp. Ordinary Shares
MARX
$1.59M 0.02%
150,000
– –
CTOR
73
Citius Oncology
CTOR
$78.7M
$1.45M 0.02%
135,000
– –
LOMA
74
Loma Negra
LOMA
$1.09B
$1.42M 0.02%
235,403
– –
DIST
75
DELISTED
Distoken Acquisition Corp
DIST
$1.31M 0.02%
125,000
– –
1 2
3
4 5

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Howard Marks's Q3 2023 Portfolio in Review

As of Q3 2023, Howard Marks held 244 positions worth $6.89B, down 9.3% from $7.6B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Howard Marks withdrew a net $1.36B in Q3 2023, closing 42 positions and reducing 20 holdings. Its most notable exit was Ally Financial, an estimated $124M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, up from 33% a quarter earlier, followed by Financials and Materials.

Against the trend, Howard Marks opened a new position in Diebold Nixdorf worth $11.2M.

  • Howard Marks's largest Q3 2023 buy was Diebold Nixdorf: 590,774 shares worth $11.2M.
  • Howard Marks added most to JD.com in Q3 2023, an estimated $24.2M increase.
  • Howard Marks's biggest Q3 2023 reduction was Vistra, cutting an estimated $240M.
  • Howard Marks fully exited Ally Financial in Q3 2023, selling an estimated $124M.
  • Howard Marks's ten largest holdings make up 58% of its $6.89B portfolio in Q3 2023.
  • Howard Marks opened 6 new positions and closed 42 in Q3 2023.
  • Howard Marks's portfolio value fell 9.3% quarter-over-quarter to $6.89B.

Based on Oaktree Capital Management's 13F filing for Q3 2023, filed 13 Nov 2023.