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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
+9.06%
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
$6.88B
AUM Growth
-$10.1M
Cap. Flow
-$1.54B
Cap. Flow %
-22.34%
Top 10 Hldgs %
55.97%
Holding
204
New
8
Increased
16
Reduced
13
Closed
16

Top Buys

Rank Stock Value
1
AMX icon
America Movil
AMX
+$40.4M
2
HTHT icon
Huazhu Hotels Group
HTHT
+$39M
3
LBTYA icon
Liberty Global Class A
LBTYA
+$12.7M
4
JD icon
JD.com
JD
+$12.6M
5
TPIC
TPI Composites
TPIC
+$10.1M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$299M
2
SBLK icon
Star Bulk Carriers
SBLK
+$196M
3
TRMD icon
TORM
TRMD
+$82.8M
4
RWAY icon
Runway Growth Finance
RWAY
+$57.1M
5
FYBR
Frontier Communications
FYBR
+$43.8M

Sector Composition

Rank Sector Weight
1 Energy 37.96%
2 Financials 10.03%
3 Consumer Discretionary 7.83%
4 Materials 7.76%
5 Industrials 3.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BABA icon
51
Alibaba
BABA
$286B
$9.32M 0.14%
+120,271
New +$9.58M
LBRDK
52
DELISTED
Liberty Broadband Class C
LBRDK
$7.01M 0.1%
86,999
– –
HOVR icon
53
New Horizon Aircraft
HOVR
$125M
$5.89M 0.09%
555,000
+240,000
+76% +$2.53M
FEXD
54
DELISTED
Fintech Ecosystem Development Corp. Class A Common Stock
FEXD
$4.86M 0.07%
450,000
– –
EONR
55
EON Resources
EONR
$24M
$4.65M 0.07%
425,000
– –
AIEV
56
DELISTED
Thunder Power Holdings, Inc. Common Stock
AIEV
$3.62M 0.05%
335,000
– –
GLST
57
DELISTED
Global Star Acquisition, Inc. Class A Common Stock
GLST
$2.97M 0.04%
280,000
– –
SBC
58
SBC Medical Group
SBC
$411M
$2.68M 0.04%
250,000
– –
AQU
59
DELISTED
Aquaron Acquisition Corp. Common Stock
AQU
$2.4M 0.03%
225,000
– –
GLACU
60
DELISTED
Global Lights Acquisition Corp Unit
GLACU
$2.05M 0.03%
+200,000
New +$2.04M
TMTC
61
DELISTED
TMT Acquisition Corp Ordinary Shares
TMTC
$1.85M 0.03%
175,000
+100,000
+133% +$1.05M
CETU
62
DELISTED
Cetus Capital Acquisition Corp. Class A Common Stock
CETU
$1.78M 0.03%
170,000
– –
MARX
63
DELISTED
Mars Acquisition Corp. Ordinary Shares
MARX
$1.59M 0.02%
150,000
– –
LOMA
64
Loma Negra
LOMA
$1.09B
$1.56M 0.02%
220,403
-15,000
-6% -$95.6K
CTOR
65
Citius Oncology
CTOR
$78.7M
$1.48M 0.02%
135,000
– –
PLTN
66
DELISTED
Plutonian Acquisition Corp. Common Stock
PLTN
$1.23M 0.02%
115,000
– –
GODN
67
DELISTED
Golden Star Acquisition Corporation Ordinary Shares
GODN
$1.04M 0.02%
100,000
– –
OAKU
68
DELISTED
Oak Woods Acquisition Corp
OAKU
$950K 0.01%
90,000
– –
QETAU icon
69
Quetta Acquisition Corp Unit
QETAU
$296K ﹤0.01%
+29,000
New +$294K
AITRU
70
DELISTED
AI Transportation Acquisition Corp Unit
AITRU
$204K ﹤0.01%
+20,000
New +$204K
ECDA
71
DELISTED
ECD Automotive Design
ECDA
$92.3K ﹤0.01%
+375
New +$572K
ATMC
72
DELISTED
AlphaTime Acquisition Corp
ATMC
– –
-250,000
Closed -$2.64M
AMCI
73
AMC Robotics
AMCI
$147M
– –
-150,000
Closed -$1.59M
BAP icon
74
Credicorp
BAP
$30.1B
– –
-289,825
Closed -$37.1M
DBD icon
75
Diebold Nixdorf
DBD
$2.37B
– –
-590,774
Closed -$11.2M
1 2
3
4

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Howard Marks's Q4 2023 Portfolio in Review

As of Q4 2023, Howard Marks held 204 positions worth $6.88B, down 0.15% from $6.89B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks withdrew a net $1.54B in Q4 2023, closing 16 positions and reducing 13 holdings. Its most notable exit was Vistra, an estimated $299M position sold in full.

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

Against the trend, Howard Marks opened a new position in America Movil worth $42.6M.

  • Howard Marks's largest Q4 2023 buy was America Movil: 2,298,858 shares worth $42.6M.
  • Howard Marks added most to Liberty Global Class A in Q4 2023, an estimated $12.7M increase.
  • Howard Marks's biggest Q4 2023 reduction was Star Bulk Carriers, cutting an estimated $196M.
  • Howard Marks fully exited Vistra in Q4 2023, selling an estimated $299M.
  • Howard Marks's ten largest holdings make up 56% of its $6.88B portfolio in Q4 2023.
  • Howard Marks opened 8 new positions and closed 16 in Q4 2023.
  • Howard Marks's portfolio value fell 0.15% quarter-over-quarter to $6.88B.

Based on Oaktree Capital Management's 13F filing for Q4 2023, filed 13 Feb 2024.