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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
+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
RRAC
101
DELISTED
Rigel Resource Acquisition Corp.
RRAC
– –
-350,000
Closed -$3.75M
ZPTA
102
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
– –
-100,000
Closed -$1.06M
ASCB
103
DELISTED
A SPAC II Acquisition Corp. Ordinary Shares
ASCB
– –
-675,000
Closed -$7.12M
AOGO
104
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
– –
-300,000
Closed -$3.16M
BWAQ
105
DELISTED
Blue World Acquisition Corporation Class A Ordinary Shares
BWAQ
– –
-550,000
Closed -$5.84M
CMLS
106
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
– –
-28,937
Closed -$119K
ASCA
107
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
– –
-290,000
Closed -$3.07M
KYCH
108
DELISTED
Keyarch Acquisition Corporation Ordinary Shares
KYCH
– –
-290,000
Closed -$3.03M
ARIZ
109
DELISTED
Arisz Acquisition Corp. Common Stock
ARIZ
– –
-200,000
Closed -$2.12M
MOBV
110
DELISTED
Mobiv Acquisition Corp Class A Common Stock
MOBV
– –
-245,000
Closed -$2.59M
LIVB
111
DELISTED
LIV Capital Acquisition Corp. II Class A Ordinary Shares
LIVB
– –
-60,000
Closed -$636K
KNSW
112
DELISTED
KnightSwan Acquisition Corporation
KNSW
– –
-150,000
Closed -$1.59M
BIOS
113
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
– –
-100,000
Closed -$1.06M
HMAC
114
DELISTED
Hainan Manaslu Acquisition Corp. Ordinary shares
HMAC
– –
-400,000
Closed -$4.24M
NSL
115
DELISTED
NUVEEN SENIOR INCM FD
NSL
– –
-1,669,270
Closed -$7.65M
HMA
116
DELISTED
Heartland Media Acquisition Corp.
HMA
– –
-100,000
Closed -$1.05M
WTMA
117
DELISTED
Welsbach Technology Metals Acquisition Corp. Common Stock
WTMA
– –
-450,000
Closed -$4.78M
MNTN
118
DELISTED
Everest Consolidator Acquisition Corporation
MNTN
– –
-200,000
Closed -$2.13M
DUET
119
DELISTED
DUET Acquisition Corp. Class A Common Stock
DUET
– –
-500,000
Closed -$5.27M
HUDA
120
DELISTED
Hudson Acquisition I Corp. Common Stock
HUDA
– –
-240,000
Closed -$2.49M
JRO
121
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
– –
-793,641
Closed -$6.19M
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.