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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
+16.23%
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
$9.51B
AUM Growth
+$404M
Cap. Flow
-$1.66B
Cap. Flow %
-17.41%
Top 10 Hldgs %
55.21%
Holding
397
New
19
Increased
23
Reduced
16
Closed
52

Top Buys

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$35.4M
2
PBR icon
Petrobras
PBR
+$11.2M
3
ECDA
ECD Automotive Design
ECDA
+$9.92M
4
KRC icon
Kilroy Realty
KRC
+$9.68M
5
BBD icon
Banco Bradesco
BBD
+$5.96M

Top Sells

Rank Stock Value
1
PCG icon
PG&E
PCG
+$257M
2
EXE
Expand Energy Corp
EXE
+$116M
3
WFRD icon
Weatherford International
WFRD
+$90.9M
4
HTZ icon
Hertz
HTZ
+$66.8M
5
CIVI
Civitas Resources
CIVI
+$66.7M

Sector Composition

Rank Sector Weight
1 Energy 33.56%
2 Financials 11.22%
3 Industrials 9.63%
4 Utilities 7.6%
5 Materials 4.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BRD
126
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
$3.06M 0.03%
300,000
– –
AOGO
127
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
$3.04M 0.03%
300,000
– –
ALCE
128
DELISTED
Alternus Clean Energy Inc
ALCE
$3.03M 0.03%
12,000
– –
ASCA
129
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
$2.96M 0.03%
290,000
– –
KYCH
130
DELISTED
Keyarch Acquisition Corporation Ordinary Shares
KYCH
$2.93M 0.03%
290,000
– –
BGT icon
131
BlackRock Floating Rate Income Trust
BGT
$324M
$2.86M 0.03%
261,091
+20,809
+9% +$230K
FRLA
132
DELISTED
Fortune Rise Acquisition Corporation Class A Common Stock
FRLA
$2.84M 0.03%
275,000
– –
GLST
133
DELISTED
Global Star Acquisition, Inc. Class A Common Stock
GLST
$2.84M 0.03%
+280,000
New +$2.82M
AWIN
134
DELISTED
AERWINS Technologies Inc
AWIN
$2.62M 0.03%
2,500
– –
STI icon
135
Solidion Technology
STI
$65M
$2.61M 0.03%
5,100
– –
GSD
136
DELISTED
Global Systems Dynamics Inc. Class A Common Stock
GSD
$2.58M 0.03%
250,000
– –
LION
137
DELISTED
Lionheart III Corp Class A Common Stock
LION
$2.56M 0.03%
250,000
– –
MPRA
138
DELISTED
Mercato Partners Acquisition Corporation Class A Common Stock
MPRA
$2.56M 0.03%
250,000
– –
PPYA
139
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
$2.56M 0.03%
250,000
– –
SBC
140
SBC Medical Group
SBC
$411M
$2.55M 0.03%
+250,000
New +$2.53M
ABP
141
DELISTED
Abpro Holdings
ABP
$2.55M 0.03%
8,333
– –
JUN
142
DELISTED
Juniper II Corp.
JUN
$2.54M 0.03%
250,000
– –
SWSS
143
DELISTED
Clean Energy Special Situations Corp. Common stock
SWSS
$2.53M 0.03%
500,000
– –
AACI
144
DELISTED
Armada Acquisition Corp. I Common Stock
AACI
$2.53M 0.03%
250,000
– –
ATMCU
145
DELISTED
AlphaTime Acquisition Corp Unit
ATMCU
$2.53M 0.03%
+250,000
New +$2.53M
HSPOU
146
DELISTED
Horizon Space Acquisition I Corp Unit
HSPOU
$2.52M 0.03%
+250,000
New +$2.52M
MOBV
147
DELISTED
Mobiv Acquisition Corp Class A Common Stock
MOBV
$2.52M 0.03%
+245,000
New +$2.47M
FPAC
148
DELISTED
Far Peak Acquisition Corporation
FPAC
$2.51M 0.03%
250,000
– –
EMCG
149
DELISTED
Embrace Change Acquisition Corp
EMCG
$2.51M 0.03%
+245,000
New +$2.48M
HUDAU
150
DELISTED
Hudson Acquisition I Corp. Unit
HUDAU
$2.45M 0.03%
+240,000
New +$2.43M
4 5
6
7 8

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Howard Marks's Q4 2022 Portfolio in Review

As of Q4 2022, Howard Marks held 397 positions worth $9.51B, up 4.4% from $9.11B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.66B in Q4 2022, closing 52 positions and reducing 16 holdings. Its most notable exit was Expand Energy Corp Class C Warrants, an estimated $59.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 34% of assets, up from 32% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $36.8M.

  • Howard Marks's largest Q4 2022 buy was Liberty Global Class A: 1,946,000 shares worth $36.8M.
  • Howard Marks added most to Petrobras in Q4 2022, an estimated $11.2M increase.
  • Howard Marks's biggest Q4 2022 reduction was PG&E, cutting an estimated $257M.
  • Howard Marks fully exited Expand Energy Corp Class C Warrants in Q4 2022, selling an estimated $59.4M.
  • Howard Marks's ten largest holdings make up 55% of its $9.51B portfolio in Q4 2022.
  • Howard Marks opened 19 new positions and closed 52 in Q4 2022.
  • Howard Marks's portfolio value rose 4.4% quarter-over-quarter to $9.51B.

Based on Oaktree Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.