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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
MCAA
126
DELISTED
Mountain & Co. I Acquisition Corp. Class A Ordinary Shares
MCAA
$3.04M 0.04%
300,000
– –
JMAC
127
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
$3.02M 0.04%
300,000
– –
GOGN
128
DELISTED
GoGreen Investments Corporation
GOGN
$3.01M 0.03%
300,000
– –
TGR
129
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
$3.01M 0.03%
300,000
– –
ACDI
130
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
$3M 0.03%
300,000
– –
ONYX
131
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$3M 0.03%
300,000
– –
EFT
132
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$2.99M 0.03%
+253,979
New +$3.16M
AOGO
133
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
$2.99M 0.03%
300,000
– –
WINV
134
DELISTED
WinVest Acquisition Corp. Common Stock
WINV
$2.98M 0.03%
300,000
– –
BRD
135
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
$2.98M 0.03%
300,000
– –
CLDI icon
136
Calidi Biotherapeutics
CLDI
$3.46M
$2.98M 0.03%
156
– –
ALCE
137
DELISTED
Alternus Clean Energy Inc
ALCE
$2.95M 0.03%
+12,000
New +$2.95M
ASCA
138
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
$2.88M 0.03%
290,000
– –
KYCH
139
DELISTED
Keyarch Acquisition Corporation Ordinary Shares
KYCH
$2.84M 0.03%
290,000
– –
FRLA
140
DELISTED
Fortune Rise Acquisition Corporation Class A Common Stock
FRLA
$2.77M 0.03%
275,000
– –
MEOA
141
DELISTED
Minority Equality Opportunities Acquisition Inc. Class A Common Stock
MEOA
$2.77M 0.03%
275,000
– –
EFR
142
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$2.75M 0.03%
+224,450
New +$2.81M
BMAQ
143
DELISTED
Blockchain Moon Acquisition Corp. Common Stock
BMAQ
$2.72M 0.03%
275,000
– –
BGT icon
144
BlackRock Floating Rate Income Trust
BGT
$324M
$2.59M 0.03%
+235,032
New +$2.74M
STI icon
145
Solidion Technology
STI
$65M
$2.54M 0.03%
+5,100
New +$2.54M
FLYA
146
DELISTED
SOAR Technology Acquisition Corp.
FLYA
$2.54M 0.03%
250,000
– –
AWIN
147
DELISTED
AERWINS Technologies Inc
AWIN
$2.53M 0.03%
2,500
– –
GSD
148
DELISTED
Global Systems Dynamics Inc. Class A Common Stock
GSD
$2.52M 0.03%
250,000
– –
JTAI icon
149
Jet.AI
JTAI
$2.25M
$2.5M 0.03%
6
– –
PPYA
150
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
$2.5M 0.03%
250,000
– –
4 5
6
7 8

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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.