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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
CTOR
101
Citius Oncology
CTOR
$78.7M
$1.42M 0.02%
135,000
– –
DIST
102
DELISTED
Distoken Acquisition Corp
DIST
$1.29M 0.02%
125,000
– –
PLTN
103
DELISTED
Plutonian Acquisition Corp. Common Stock
PLTN
$1.19M 0.02%
115,000
– –
WEL
104
DELISTED
Integrated Wellness Acquisition Corp
WEL
$1.07M 0.01%
100,000
– –
BIOS
105
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$1.06M 0.01%
100,000
– –
ZPTA
106
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$1.06M 0.01%
100,000
– –
HMA
107
DELISTED
Heartland Media Acquisition Corp.
HMA
$1.05M 0.01%
100,000
– –
GODNU
108
DELISTED
Golden Star Acquisition Corporation Unit
GODNU
$1.04M 0.01%
+100,000
New +$1.02M
OAKU
109
DELISTED
Oak Woods Acquisition Corp
OAKU
$925K 0.01%
+90,000
New +$919K
TMTC
110
DELISTED
TMT Acquisition Corp Ordinary Shares
TMTC
$770K 0.01%
+75,000
New +$766K
LIVB
111
DELISTED
LIV Capital Acquisition Corp. II Class A Ordinary Shares
LIVB
$636K 0.01%
60,000
– –
EVF
112
Eaton Vance Senior Income Trust
EVF
$89.9M
$564K 0.01%
103,278
– –
PLAO
113
DELISTED
Patria Latin American Opportunity Acquisition Corp. Class A Ordinary Shares
PLAO
$537K 0.01%
50,000
– –
RDZN icon
114
Roadzen
RDZN
$132M
$533K 0.01%
50,000
– –
CMLS
115
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$119K ﹤0.01%
28,937
– –
BGB
116
Blackstone Strategic Credit 2027 Term Fund
BGB
$504M
– –
-512,113
Closed -$5.45M
BSL
117
Blackstone Senior Floating Rate 2027 Term Fund
BSL
$169M
– –
-160,871
Closed -$2.04M
DISTR
118
DELISTED
Distoken Acquisition Corporation Right
DISTR
– –
-125,000
Closed -$16.3K
DISTW
119
DELISTED
Distoken Acquisition Corporation Warrant
DISTW
– –
-125,000
Closed -$6.25K
ECDA
120
DELISTED
ECD Automotive Design
ECDA
– –
-4,950
Closed -$10.2M
HWH icon
121
HWH International
HWH
$16.1M
– –
-147,000
Closed -$7.55M
JFR icon
122
Nuveen Floating Rate Income Fund
JFR
$1.21B
– –
-991,759
Closed -$8.13M
KBH icon
123
KB Home
KBH
$3.39B
– –
-333,992
Closed -$13.4M
PCG icon
124
PG&E
PCG
$38.8B
– –
-5,600,000
Closed -$90.6M
PSQH icon
125
PSQ Holdings
PSQH
$20.3M
– –
-3,333
Closed -$507K
3 4
5
6 7

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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.