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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
+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
TGR
101
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
$3.16M 0.03%
300,000
– –
AOGO
102
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
$3.14M 0.03%
300,000
– –
BRD
103
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
$3.11M 0.03%
300,000
– –
ALCE
104
DELISTED
Alternus Clean Energy Inc
ALCE
$3.08M 0.03%
12,000
– –
ASCA
105
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
$3.04M 0.03%
290,000
– –
KYCH
106
DELISTED
Keyarch Acquisition Corporation Ordinary Shares
KYCH
$3M 0.03%
290,000
– –
FRLA
107
DELISTED
Fortune Rise Acquisition Corporation Class A Common Stock
FRLA
$2.93M 0.03%
275,000
– –
GLST
108
DELISTED
Global Star Acquisition, Inc. Class A Common Stock
GLST
$2.88M 0.03%
280,000
– –
SBC
109
SBC Medical Group
SBC
$411M
$2.61M 0.03%
250,000
– –
PPYA
110
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
$2.6M 0.03%
250,000
– –
ABP
111
DELISTED
Abpro Holdings
ABP
$2.6M 0.03%
8,333
– –
JUN
112
DELISTED
Juniper II Corp.
JUN
$2.6M 0.03%
250,000
– –
TCVA
113
DELISTED
TCV Acquisition Corp. Class A Ordinary Shares
TCVA
$2.56M 0.03%
+250,000
New +$2.54M
HSPO
114
DELISTED
Horizon Space Acquisition I Corp
HSPO
$2.56M 0.03%
+250,000
New +$2.54M
EMCG
115
DELISTED
Embrace Change Acquisition Corp
EMCG
$2.56M 0.03%
245,000
– –
ATMC
116
DELISTED
AlphaTime Acquisition Corp
ATMC
$2.56M 0.03%
+250,000
New +$2.54M
MOBV
117
DELISTED
Mobiv Acquisition Corp Class A Common Stock
MOBV
$2.55M 0.03%
245,000
– –
HUDA
118
DELISTED
Hudson Acquisition I Corp. Common Stock
HUDA
$2.46M 0.03%
+240,000
New +$2.44M
DECA
119
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
$2.36M 0.03%
225,000
– –
AQU
120
DELISTED
Aquaron Acquisition Corp. Common Stock
AQU
$2.33M 0.03%
225,000
– –
FNVT
121
DELISTED
Finnovate Acquisition Corp. Class A Ordinary Shares
FNVT
$2.3M 0.03%
220,000
– –
HCMA
122
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
$2.1M 0.02%
200,000
– –
GTAC
123
DELISTED
Global Technology Acquisition Corp. I Class A Ordinary Shares
GTAC
$2.09M 0.02%
200,000
– –
MNTN
124
DELISTED
Everest Consolidator Acquisition Corporation
MNTN
$2.09M 0.02%
200,000
– –
BPAC
125
DELISTED
Bullpen Parlay Acquisition Company Class A Ordinary Share
BPAC
$2.08M 0.02%
200,000
– –
3 4
5
6 7

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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.