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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
+16.23%
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
$9.51B
AUM Growth
+$404M
Cap. Flow
-$1.66B
Cap. Flow %
-17.41%
Top 10 Hldgs %
55.21%
Holding
397
New
19
Increased
23
Reduced
16
Closed
52

Top Buys

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$35.4M
2
PBR icon
Petrobras
PBR
+$11.2M
3
ECDA
ECD Automotive Design
ECDA
+$9.92M
4
KRC icon
Kilroy Realty
KRC
+$9.68M
5
BBD icon
Banco Bradesco
BBD
+$5.96M

Top Sells

Rank Stock Value
1
PCG icon
PG&E
PCG
+$257M
2
EXE
Expand Energy Corp
EXE
+$116M
3
WFRD icon
Weatherford International
WFRD
+$90.9M
4
HTZ icon
Hertz
HTZ
+$66.8M
5
CIVI
Civitas Resources
CIVI
+$66.7M

Sector Composition

Rank Sector Weight
1 Energy 33.56%
2 Financials 11.22%
3 Industrials 9.63%
4 Utilities 7.6%
5 Materials 4.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ICNC
101
DELISTED
Iconic Sports Acquisition Corp.
ICNC
$4.13M 0.04%
400,000
– –
GDNR
102
DELISTED
Gardiner Healthcare Acquisitions Corp. Common Stock
GDNR
$4.11M 0.04%
400,000
– –
ALSA
103
DELISTED
Alpha Star Acquisition Corp
ALSA
$4.1M 0.04%
400,000
– –
DTI icon
104
Drilling Tools International
DTI
$92.1M
$4.1M 0.04%
400,000
– –
HMAC
105
DELISTED
Hainan Manaslu Acquisition Corp. Ordinary shares
HMAC
$4.08M 0.04%
+400,000
New +$4.04M
CSLM
106
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$4.06M 0.04%
400,000
– –
RFAC
107
DELISTED
RF Acquisition Corp. Class A Common Stock
RFAC
$4.06M 0.04%
400,000
– –
IGTA
108
DELISTED
Inception Growth Acquisition Limited Common Stock
IGTA
$4.06M 0.04%
400,000
– –
YOTA
109
DELISTED
Yotta Acquisition Corporation Common Stock
YOTA
$4M 0.04%
398,000
– –
AVAC
110
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$3.84M 0.04%
375,000
– –
REVE
111
DELISTED
Alpine Acquisition Corp
REVE
$3.65M 0.04%
350,000
– –
RRAC
112
DELISTED
Rigel Resource Acquisition Corp.
RRAC
$3.6M 0.04%
350,000
– –
DSAQ
113
DELISTED
Direct Selling Acquisition Corp.
DSAQ
$3.6M 0.04%
350,000
– –
SHAP
114
DELISTED
Spree Acquisition Corp. 1 Limited
SHAP
$3.59M 0.04%
350,000
– –
GDST
115
DELISTED
Goldenstone Acquisition Limited Common Stock
GDST
$3.58M 0.04%
350,000
– –
GLLI
116
DELISTED
Globalink Investment Inc. Common Stock
GLLI
$3.57M 0.04%
350,000
– –
LIBY
117
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
$3.32M 0.03%
325,000
– –
EFR
118
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$3.29M 0.03%
300,938
+54,529
+22% +$610K
GENQ
119
DELISTED
Genesis Unicorn Capital Corp. Class A Common Stock
GENQ
$3.27M 0.03%
320,000
– –
MCAA
120
DELISTED
Mountain & Co. I Acquisition Corp. Class A Ordinary Shares
MCAA
$3.12M 0.03%
300,000
– –
GOGN
121
DELISTED
GoGreen Investments Corporation
GOGN
$3.11M 0.03%
300,000
– –
JMAC
122
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
$3.11M 0.03%
300,000
– –
ONYX
123
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$3.1M 0.03%
300,000
– –
ACDI
124
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
$3.1M 0.03%
300,000
– –
TGR
125
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
$3.09M 0.03%
300,000
– –
3 4
5
6 7

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Howard Marks's Q4 2022 Portfolio in Review

As of Q4 2022, Howard Marks held 397 positions worth $9.51B, up 4.4% from $9.11B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.66B in Q4 2022, closing 52 positions and reducing 16 holdings. Its most notable exit was Expand Energy Corp Class C Warrants, an estimated $59.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 34% of assets, up from 32% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $36.8M.

  • Howard Marks's largest Q4 2022 buy was Liberty Global Class A: 1,946,000 shares worth $36.8M.
  • Howard Marks added most to Petrobras in Q4 2022, an estimated $11.2M increase.
  • Howard Marks's biggest Q4 2022 reduction was PG&E, cutting an estimated $257M.
  • Howard Marks fully exited Expand Energy Corp Class C Warrants in Q4 2022, selling an estimated $59.4M.
  • Howard Marks's ten largest holdings make up 55% of its $9.51B portfolio in Q4 2022.
  • Howard Marks opened 19 new positions and closed 52 in Q4 2022.
  • Howard Marks's portfolio value rose 4.4% quarter-over-quarter to $9.51B.

Based on Oaktree Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.