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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
PLTN
76
DELISTED
Plutonian Acquisition Corp. Common Stock
PLTN
$1.22M 0.02%
115,000
– –
GODN
77
DELISTED
Golden Star Acquisition Corporation Ordinary Shares
GODN
$1.04M 0.02%
+100,000
New +$1.02M
OAKU
78
DELISTED
Oak Woods Acquisition Corp
OAKU
$941K 0.01%
90,000
– –
TMTC
79
DELISTED
TMT Acquisition Corp Ordinary Shares
TMTC
$783K 0.01%
75,000
– –
ALLY icon
80
Ally Financial
ALLY
$13.1B
– –
-4,600,000
Closed -$124M
EMCG
81
DELISTED
Embrace Change Acquisition Corp
EMCG
– –
-245,000
Closed -$2.59M
EVF
82
Eaton Vance Senior Income Trust
EVF
$89.9M
– –
-103,278
Closed -$564K
HSPO
83
DELISTED
Horizon Space Acquisition I Corp
HSPO
– –
-250,000
Closed -$2.61M
RDZN icon
84
Roadzen
RDZN
$132M
– –
-50,000
Closed -$533K
VVR icon
85
Invesco Senior Income Trust
VVR
$454M
– –
-6,300,000
Closed -$24.3M
YPF icon
86
YPF Sociedad Anonima ADS
YPF
$20.1B
– –
-764,952
Closed -$11.4M
CNTM
87
DELISTED
ConnectM Technology Solutions, Inc. Common Stock
CNTM
– –
-792,000
Closed -$8.29M
OSRH
88
OSR Health
OSRH
$9.73M
– –
-175,000
Closed -$1.8M
YOTA
89
DELISTED
Yotta Acquisition Corporation Common Stock
YOTA
– –
-398,000
Closed -$4.17M
DECA
90
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
– –
-225,000
Closed -$2.41M
MSSA
91
DELISTED
Metal Sky Star Acquisition Corporation Ordinary shares
MSSA
– –
-496,000
Closed -$5.62M
GDST
92
DELISTED
Goldenstone Acquisition Limited Common Stock
GDST
– –
-350,000
Closed -$3.71M
PLAO
93
DELISTED
Patria Latin American Opportunity Acquisition Corp. Class A Ordinary Shares
PLAO
– –
-50,000
Closed -$537K
FTII
94
DELISTED
FutureTech II Acquisition Corp. Class A Common Stock
FTII
– –
-410,000
Closed -$4.38M
EVGR
95
DELISTED
Evergreen Corporation Class A Ordinary Share
EVGR
– –
-450,000
Closed -$4.88M
GODNU
96
DELISTED
Golden Star Acquisition Corporation Unit
GODNU
– –
-100,000
Closed -$1.04M
PPYA
97
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
– –
-250,000
Closed -$2.65M
CSLM
98
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
– –
-400,000
Closed -$4.2M
ALSA
99
DELISTED
Alpha Star Acquisition Corp
ALSA
– –
-400,000
Closed -$4.29M
WEL
100
DELISTED
Integrated Wellness Acquisition Corp
WEL
– –
-100,000
Closed -$1.07M
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.