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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
+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
EFT
76
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$4.82M 0.05%
419,051
– –
TETE
77
DELISTED
Technology & Telecommunication Acquisition Corporation Class A Ordinary Shares
TETE
$4.81M 0.05%
450,000
– –
FEXD
78
DELISTED
Fintech Ecosystem Development Corp. Class A Common Stock
FEXD
$4.74M 0.05%
450,000
– –
EVGR
79
DELISTED
Evergreen Corporation Class A Ordinary Share
EVGR
$4.72M 0.05%
450,000
– –
AFT
80
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$4.71M 0.05%
372,824
– –
WTMA
81
DELISTED
Welsbach Technology Metals Acquisition Corp. Common Stock
WTMA
$4.68M 0.05%
450,000
– –
GRML
82
Greenland Mines Ltd
GRML
$644K
$4.65M 0.05%
450,000
– –
EONR
83
EON Resources
EONR
$24M
$4.44M 0.05%
425,000
– –
FTII
84
DELISTED
FutureTech II Acquisition Corp. Class A Common Stock
FTII
$4.29M 0.05%
410,000
– –
ICNC
85
DELISTED
Iconic Sports Acquisition Corp.
ICNC
$4.2M 0.05%
400,000
– –
ALSA
86
DELISTED
Alpha Star Acquisition Corp
ALSA
$4.2M 0.05%
400,000
– –
CSLM
87
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$4.14M 0.05%
400,000
– –
HMAC
88
DELISTED
Hainan Manaslu Acquisition Corp. Ordinary shares
HMAC
$4.14M 0.05%
400,000
– –
RFAC
89
DELISTED
RF Acquisition Corp. Class A Common Stock
RFAC
$4.12M 0.05%
400,000
– –
YOTA
90
DELISTED
Yotta Acquisition Corporation Common Stock
YOTA
$4.1M 0.05%
398,000
– –
AVAC
91
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$3.91M 0.04%
375,000
– –
RSVR
92
Reservoir Media
RSVR
$652M
$3.76M 0.04%
576,518
-253,897
-31% -$1.68M
SHAP
93
DELISTED
Spree Acquisition Corp. 1 Limited
SHAP
$3.74M 0.04%
350,000
– –
RRAC
94
DELISTED
Rigel Resource Acquisition Corp.
RRAC
$3.66M 0.04%
350,000
– –
GLLI
95
DELISTED
Globalink Investment Inc. Common Stock
GLLI
$3.64M 0.04%
350,000
– –
GDST
96
DELISTED
Goldenstone Acquisition Limited Common Stock
GDST
$3.63M 0.04%
350,000
– –
LIBY
97
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
$3.41M 0.04%
325,000
– –
EFR
98
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$3.41M 0.04%
300,938
– –
PTHRU
99
DELISTED
Pono Capital Three, Inc. Unit
PTHRU
$3.23M 0.04%
+315,000
New +$3.22M
GOGN
100
DELISTED
GoGreen Investments Corporation
GOGN
$3.17M 0.04%
300,000
– –
2 3
4
5 6

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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.