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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
+7.55%
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
$9.11B
AUM Growth
+$500M
Cap. Flow
-$708M
Cap. Flow %
-7.77%
Top 10 Hldgs %
52.56%
Holding
415
New
17
Increased
20
Reduced
27
Closed
35

Top Buys

Rank Stock Value
1
STR
Sitio Royalties
STR
+$335M
2
PAGS icon
PagSeguro Digital
PAGS
+$20.1M
3
VAL icon
Valaris
VAL
+$15.4M
4
VALE icon
Vale
VALE
+$13.1M
5
VVR icon
Invesco Senior Income Trust
VVR
+$11.7M

Top Sells

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$65.9M
2
PBR icon
Petrobras
PBR
+$57.2M
3
PCG icon
PG&E
PCG
+$49.8M
4
SMCI icon
Super Micro Computer
SMCI
+$26.2M
5
IBN icon
ICICI Bank
IBN
+$22.3M

Sector Composition

Rank Sector Weight
1 Energy 31.57%
2 Financials 12.87%
3 Industrials 10.03%
4 Utilities 9.35%
5 Materials 3.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GDST
126
DELISTED
Goldenstone Acquisition Limited Common Stock
GDST
$3.49M 0.04%
350,000
– –
GLLI
127
DELISTED
Globalink Investment Inc. Common Stock
GLLI
$3.49M 0.04%
350,000
– –
AFT
128
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$3.45M 0.04%
276,091
+99,485
+56% +$1.3M
LIBY
129
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
$3.28M 0.04%
325,000
– –
ALVOW icon
130
Alvotech Warrant
ALVOW
$66.4M
$3.25M 0.04%
4,666,667
– –
GENQ
131
DELISTED
Genesis Unicorn Capital Corp. Class A Common Stock
GENQ
$3.2M 0.04%
320,000
– –
MCAA
132
DELISTED
Mountain & Co. I Acquisition Corp. Class A Ordinary Shares
MCAA
$3.07M 0.03%
300,000
– –
GOGN
133
DELISTED
GoGreen Investments Corporation
GOGN
$3.04M 0.03%
300,000
– –
ACDI
134
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
$3.04M 0.03%
300,000
– –
TGR
135
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
$3.04M 0.03%
300,000
– –
ONYX
136
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$3.04M 0.03%
300,000
– –
JMAC
137
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
$3.03M 0.03%
300,000
– –
BRD
138
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
$3.02M 0.03%
300,000
– –
WINV
139
DELISTED
WinVest Acquisition Corp. Common Stock
WINV
$3M 0.03%
300,000
– –
AOGO
140
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
$2.98M 0.03%
300,000
– –
ALCE
141
DELISTED
Alternus Clean Energy Inc
ALCE
$2.96M 0.03%
12,000
– –
UWMC icon
142
UWM Holdings
UWMC
$2.25B
$2.93M 0.03%
1,000,000
– –
ASCA
143
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
$2.91M 0.03%
290,000
– –
KYCH
144
DELISTED
Keyarch Acquisition Corporation Ordinary Shares
KYCH
$2.89M 0.03%
290,000
– –
GLSTU
145
DELISTED
Global Star Acquisition, Inc. Unit
GLSTU
$2.8M 0.03%
+280,000
New +$2.79M
FRLA
146
DELISTED
Fortune Rise Acquisition Corporation Class A Common Stock
FRLA
$2.8M 0.03%
275,000
– –
MEOA
147
DELISTED
Minority Equality Opportunities Acquisition Inc. Class A Common Stock
MEOA
$2.8M 0.03%
275,000
– –
BMAQ
148
DELISTED
Blockchain Moon Acquisition Corp. Common Stock
BMAQ
$2.75M 0.03%
275,000
– –
EFR
149
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$2.74M 0.03%
246,409
+21,959
+10% +$266K
BGT icon
150
BlackRock Floating Rate Income Trust
BGT
$324M
$2.61M 0.03%
240,282
+5,250
+2% +$60.2K
4 5
6
7 8

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Howard Marks's Q3 2022 Portfolio in Review

As of Q3 2022, Howard Marks held 415 positions worth $9.11B, up 5.8% from $8.61B the previous quarter. Its ten largest holdings account for 53% of the portfolio.

Howard Marks withdrew a net $708M in Q3 2022, closing 35 positions and reducing 27 holdings. Its most notable exit was Super Micro Computer, an estimated $26.2M position sold in full.

By sector, the portfolio is most concentrated in Energy at 32% of assets, up from 24% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Sitio Royalties worth $286M.

  • Howard Marks's largest Q3 2022 buy was Sitio Royalties: 12,935,120 shares worth $286M.
  • Howard Marks added most to Valaris in Q3 2022, an estimated $15.4M increase.
  • Howard Marks's biggest Q3 2022 reduction was Expand Energy Corp, cutting an estimated $65.9M.
  • Howard Marks fully exited Super Micro Computer in Q3 2022, selling an estimated $26.2M.
  • Howard Marks's ten largest holdings make up 53% of its $9.11B portfolio in Q3 2022.
  • Howard Marks opened 17 new positions and closed 35 in Q3 2022.
  • Howard Marks's portfolio value rose 5.8% quarter-over-quarter to $9.11B.

Based on Oaktree Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.