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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
-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
GDST
76
DELISTED
Goldenstone Acquisition Limited Common Stock
GDST
$3.71M 0.05%
350,000
– –
EFR
77
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$3.54M 0.05%
300,938
– –
RSVR
78
Reservoir Media
RSVR
$652M
$3.47M 0.05%
576,518
– –
HOVR icon
79
New Horizon Aircraft
HOVR
$125M
$3.27M 0.04%
+315,000
New +$3.25M
AOGO
80
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
$3.16M 0.04%
300,000
– –
ASCA
81
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
$3.07M 0.04%
290,000
– –
KYCH
82
DELISTED
Keyarch Acquisition Corporation Ordinary Shares
KYCH
$3.03M 0.04%
290,000
– –
GLST
83
DELISTED
Global Star Acquisition, Inc. Class A Common Stock
GLST
$2.93M 0.04%
280,000
– –
PPYA
84
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
$2.65M 0.03%
250,000
– –
HSPO
85
DELISTED
Horizon Space Acquisition I Corp
HSPO
$2.61M 0.03%
250,000
– –
ATMC
86
DELISTED
AlphaTime Acquisition Corp
ATMC
$2.6M 0.03%
250,000
– –
EMCG
87
DELISTED
Embrace Change Acquisition Corp
EMCG
$2.59M 0.03%
245,000
– –
MOBV
88
DELISTED
Mobiv Acquisition Corp Class A Common Stock
MOBV
$2.59M 0.03%
245,000
– –
SBC
89
SBC Medical Group
SBC
$411M
$2.57M 0.03%
250,000
– –
HUDA
90
DELISTED
Hudson Acquisition I Corp. Common Stock
HUDA
$2.49M 0.03%
240,000
– –
DECA
91
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
$2.41M 0.03%
225,000
– –
AQU
92
DELISTED
Aquaron Acquisition Corp. Common Stock
AQU
$2.35M 0.03%
225,000
– –
MNTN
93
DELISTED
Everest Consolidator Acquisition Corporation
MNTN
$2.13M 0.03%
200,000
– –
ARIZ
94
DELISTED
Arisz Acquisition Corp. Common Stock
ARIZ
$2.12M 0.03%
200,000
– –
OSRH
95
OSR Health
OSRH
$9.73M
$1.8M 0.02%
175,000
– –
CETU
96
DELISTED
Cetus Capital Acquisition Corp. Class A Common Stock
CETU
$1.75M 0.02%
170,000
– –
LOMA
97
Loma Negra
LOMA
$1.09B
$1.6M 0.02%
235,403
– –
KNSW
98
DELISTED
KnightSwan Acquisition Corporation
KNSW
$1.59M 0.02%
150,000
– –
AMCI
99
AMC Robotics
AMCI
$147M
$1.57M 0.02%
150,000
– –
MARX
100
DELISTED
Mars Acquisition Corp. Ordinary Shares
MARX
$1.56M 0.02%
150,000
– –
2 3
4
5 6

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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.