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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
HWH icon
76
HWH International
HWH
$16.1M
$7.26M 0.08%
147,000
– –
GACQ
77
DELISTED
Global Consumer Acquisition Corp. Common Stock
GACQ
$7.14M 0.08%
700,000
– –
ASCB
78
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
$6.73M 0.07%
675,000
– –
RACY
79
DELISTED
Relativity Acquisition Corp. Class A Common Stock
RACY
$6.49M 0.07%
645,000
– –
LBRDK
80
DELISTED
Liberty Broadband Class C
LBRDK
$6.42M 0.07%
86,999
– –
JRO
81
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$6.19M 0.07%
767,730
+127,222
+20% +$1.08M
EXEEW
82
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
$6.09M 0.07%
75,810
– –
AXAC
83
DELISTED
AXIOS Sustainable Growth Acquisition Corporation
AXAC
$6.07M 0.07%
600,000
– –
CDT icon
84
CDT Equity Inc
CDT
$2.25M
– –
0
– –
JSD
85
DELISTED
NUVEEN SHORT DURATION CREDIT OPPORTUNITIES FUND
JSD
$6.02M 0.07%
509,049
+28,611
+6% +$355K
BZAI
86
Blaize Holdings
BZAI
$69.3M
$6M 0.07%
600,000
– –
FRA icon
87
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
$5.72M 0.06%
519,542
+32,072
+7% +$383K
VGAS icon
88
Verde Clean Fuels
VGAS
$27.1M
$5.55M 0.06%
550,000
– –
BWAQ
89
DELISTED
Blue World Acquisition Corporation Class A Ordinary Shares
BWAQ
$5.51M 0.06%
550,000
– –
BRAC
90
DELISTED
Broad Capital Acquisition Corp Common Stock
BRAC
$5.49M 0.06%
550,000
– –
AXH
91
DELISTED
Industrial Human Capital, Inc.
AXH
$5.08M 0.06%
500,000
– –
VSEE
92
DELISTED
VSEE HEALTH INC
VSEE
$5.07M 0.06%
500,000
– –
JWAC
93
DELISTED
Jupiter Wellness Acquisition Corp. Class A Common Stock
JWAC
$5.01M 0.06%
500,000
– –
CYCU
94
Cycurion Inc
CYCU
$16.9M
$4.99M 0.05%
16,800
– –
DUET
95
DELISTED
DUET Acquisition Corp. Class A Common Stock
DUET
$4.97M 0.05%
500,000
– –
MSSA
96
DELISTED
Metal Sky Star Acquisition Corporation Ordinary shares
MSSA
$4.93M 0.05%
496,000
– –
SAGA
97
DELISTED
Sagaliam Acquisition Corp. Class A Common Stock
SAGA
$4.75M 0.05%
475,000
– –
TETE
98
DELISTED
Technology & Telecommunication Acquisition Corporation Class A Ordinary Shares
TETE
$4.55M 0.05%
450,000
– –
EVGR
99
DELISTED
Evergreen Corporation Class A Ordinary Share
EVGR
$4.54M 0.05%
450,000
– –
FEXD
100
DELISTED
Fintech Ecosystem Development Corp. Class A Common Stock
FEXD
$4.53M 0.05%
450,000
– –
2 3
4
5 6

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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.