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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
-5.6%
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
$8.61B
AUM Growth
-$981M
Cap. Flow
-$822M
Cap. Flow %
-9.55%
Top 10 Hldgs %
52.28%
Holding
418
New
64
Increased
15
Reduced
21
Closed
36

Top Buys

Rank Stock Value
1
ALVO icon
Alvotech
ALVO
+$59M
2
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
+$49.3M
3
PBR icon
Petrobras
PBR
+$29.5M
4
TOL icon
Toll Brothers
TOL
+$27.9M
5
PHM icon
Pultegroup
PHM
+$26.1M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$86.5M
2
HTZ icon
Hertz
HTZ
+$63.1M
3
EXE
Expand Energy Corp
EXE
+$45.2M
4
CX icon
Cemex
CX
+$42.8M
5
ALLY icon
Ally Financial
ALLY
+$30M

Sector Composition

Rank Sector Weight
1 Energy 24.26%
2 Financials 13.77%
3 Industrials 13.42%
4 Utilities 10.2%
5 Materials 4.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EONR
101
EON Resources
EONR
$24M
$4.23M 0.05%
+425,000
New +$4.25M
FTII
102
DELISTED
FutureTech II Acquisition Corp. Class A Common Stock
FTII
$4.1M 0.05%
+410,000
New +$4.1M
GTI
103
DELISTED
Graphjet Technology
GTI
$4.02M 0.05%
6,667
– –
ICNC
104
DELISTED
Iconic Sports Acquisition Corp.
ICNC
$4M 0.05%
400,000
– –
DTI icon
105
Drilling Tools International
DTI
$92.1M
$3.98M 0.05%
400,000
– –
FXCO
106
DELISTED
Financial Strategies Acquisition Corp. Class A Common Stock
FXCO
$3.98M 0.05%
400,000
– –
GDNR
107
DELISTED
Gardiner Healthcare Acquisitions Corp. Common Stock
GDNR
$3.98M 0.05%
400,000
– –
ALSA
108
DELISTED
Alpha Star Acquisition Corp
ALSA
$3.97M 0.05%
400,000
– –
YOTAU
109
DELISTED
Yotta Acquisition Corporation Unit
YOTAU
$3.97M 0.05%
+398,000
New +$3.98M
IGTA
110
DELISTED
Inception Growth Acquisition Limited Common Stock
IGTA
$3.96M 0.05%
400,000
– –
RFAC
111
DELISTED
RF Acquisition Corp. Class A Common Stock
RFAC
$3.94M 0.05%
+400,000
New +$3.94M
ALVOW icon
112
Alvotech Warrant
ALVOW
$66.4M
$3.92M 0.05%
+4,666,667
New +$4.22M
CSLM
113
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$3.91M 0.05%
400,000
– –
BGB
114
Blackstone Strategic Credit 2027 Term Fund
BGB
$504M
$3.91M 0.05%
+350,000
New +$4.21M
AVAC
115
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$3.75M 0.04%
375,000
– –
REVE
116
DELISTED
Alpine Acquisition Corp
REVE
$3.55M 0.04%
350,000
– –
UWMC icon
117
UWM Holdings
UWMC
$2.25B
$3.54M 0.04%
1,000,000
– –
SANB
118
DELISTED
Sanaby Health Acquisition Corp. I Class A Common Stock
SANB
$3.51M 0.04%
350,000
– –
DSAQ
119
DELISTED
Direct Selling Acquisition Corp.
DSAQ
$3.51M 0.04%
350,000
– –
SHAP
120
DELISTED
Spree Acquisition Corp. 1 Limited
SHAP
$3.49M 0.04%
350,000
– –
RRAC
121
DELISTED
Rigel Resource Acquisition Corp.
RRAC
$3.48M 0.04%
350,000
– –
GLLI
122
DELISTED
Globalink Investment Inc. Common Stock
GLLI
$3.47M 0.04%
350,000
– –
GDST
123
DELISTED
Goldenstone Acquisition Limited Common Stock
GDST
$3.46M 0.04%
+350,000
New +$3.47M
LIBY
124
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
$3.25M 0.04%
325,000
– –
GENQ
125
DELISTED
Genesis Unicorn Capital Corp. Class A Common Stock
GENQ
$3.18M 0.04%
+320,000
New +$3.18M
3 4
5
6 7

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Howard Marks's Q2 2022 Portfolio in Review

As of Q2 2022, Howard Marks held 418 positions worth $8.61B, down 10% from $9.59B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $822M in Q2 2022, closing 36 positions and reducing 21 holdings. Its most notable exit was Sociedad Química y Minera de Chile, an estimated $29.7M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 22% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Alvotech worth $52M.

  • Howard Marks's largest Q2 2022 buy was Alvotech: 6,338,660 shares worth $52M.
  • Howard Marks added most to Petrobras in Q2 2022, an estimated $29.5M increase.
  • Howard Marks's biggest Q2 2022 reduction was Vistra, cutting an estimated $86.5M.
  • Howard Marks fully exited Sociedad Química y Minera de Chile in Q2 2022, selling an estimated $29.7M.
  • Howard Marks's ten largest holdings make up 52% of its $8.61B portfolio in Q2 2022.
  • Howard Marks opened 64 new positions and closed 36 in Q2 2022.
  • Howard Marks's portfolio value fell 10% quarter-over-quarter to $8.61B.

Based on Oaktree Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.