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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
+2.67%
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
$9.04B
AUM Growth
-$471M
Cap. Flow
-$1.47B
Cap. Flow %
-16.25%
Top 10 Hldgs %
56.42%
Holding
377
New
23
Increased
11
Reduced
21
Closed
75

Top Buys

Rank Stock Value
1
DQ
Daqo New Energy
DQ
+$48.5M
2
BBD icon
Banco Bradesco
BBD
+$20.8M
3
ALVO icon
Alvotech
ALVO
+$18.2M
4
YPF icon
YPF Sociedad Anonima ADS
YPF
+$15.2M
5
STHO icon
Star Holdings Shares of Beneficial Interest
STHO
+$14.6M

Top Sells

Rank Stock Value
1
WFRD icon
Weatherford International
WFRD
+$100M
2
VST icon
Vistra
VST
+$50.3M
3
ITUB icon
Itaú Unibanco
ITUB
+$34.7M
4
PCG icon
PG&E
PCG
+$34M
5
PHM icon
Pultegroup
PHM
+$28.2M

Sector Composition

Rank Sector Weight
1 Energy 32.74%
2 Financials 11.29%
3 Industrials 10.53%
4 Utilities 7.2%
5 Materials 5.37%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PNST
126
DELISTED
Pinstripes Holdings, Inc.
PNST
$2.08M 0.02%
200,000
– –
BMAC
127
DELISTED
Black Mountain Acquisition Corp.
BMAC
$2.08M 0.02%
200,000
– –
ITAQ
128
DELISTED
Industrial Tech Acquisitions II, Inc. Class A Common Stock
ITAQ
$2.08M 0.02%
200,000
– –
ARIZ
129
DELISTED
Arisz Acquisition Corp. Common Stock
ARIZ
$2.06M 0.02%
200,000
– –
ENER
130
DELISTED
Accretion Acquisition Corp
ENER
$2.06M 0.02%
200,000
– –
BSL
131
Blackstone Senior Floating Rate 2027 Term Fund
BSL
$169M
$2.04M 0.02%
160,871
– –
XAGE
132
DELISTED
Longevity Health Holdings, Inc. Common Stock
XAGE
$2.03M 0.02%
6,667
– –
LBBB
133
DELISTED
Lakeshore Acquisition II Corp. Ordinary Shares
LBBB
$1.82M 0.02%
175,000
– –
SUAC
134
DELISTED
ShoulderUp Technology Acquisition Corp.
SUAC
$1.82M 0.02%
175,000
– –
OSRH
135
OSR Health
OSRH
$9.73M
$1.77M 0.02%
+175,000
New +$1.77M
CETU
136
DELISTED
Cetus Capital Acquisition Corp. Class A Common Stock
CETU
$1.72M 0.02%
+170,000
New +$1.72M
LOMA
137
Loma Negra
LOMA
$1.09B
$1.64M 0.02%
235,403
– –
VSAC
138
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
$1.58M 0.02%
150,000
– –
KNSW
139
DELISTED
KnightSwan Acquisition Corporation
KNSW
$1.56M 0.02%
150,000
– –
AMCI
140
AMC Robotics
AMCI
$147M
$1.55M 0.02%
+150,000
New +$1.53M
MARX
141
DELISTED
Mars Acquisition Corp. Ordinary Shares
MARX
$1.52M 0.02%
+150,000
New +$1.52M
CLRC
142
DELISTED
ClimateRock Class A Ordinary Shares
CLRC
$1.45M 0.02%
140,000
– –
CTOR
143
Citius Oncology
CTOR
$78.7M
$1.4M 0.02%
135,000
– –
DIST
144
DELISTED
Distoken Acquisition Corp
DIST
$1.27M 0.01%
+125,000
New +$1.27M
PLTN
145
DELISTED
Plutonian Acquisition Corp. Common Stock
PLTN
$1.18M 0.01%
+115,000
New +$1.17M
ZPTA
146
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$1.05M 0.01%
100,000
– –
ASBP
147
Aspire Biopharma
ASBP
$11.2M
$1.05M 0.01%
83
– –
WEL
148
DELISTED
Integrated Wellness Acquisition Corp
WEL
$1.05M 0.01%
100,000
– –
TRAQ
149
DELISTED
Trine II Acquisition Corp.
TRAQ
$1.05M 0.01%
100,000
– –
BIOS
150
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$1.04M 0.01%
100,000
– –
4 5
6
7 8

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Howard Marks's Q1 2023 Portfolio in Review

As of Q1 2023, Howard Marks held 377 positions worth $9.04B, down 4.9% from $9.51B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Howard Marks withdrew a net $1.47B in Q1 2023, closing 75 positions and reducing 21 holdings. Its most notable exit was Pultegroup, an estimated $28.2M position sold in full.

By sector, the portfolio is most concentrated in Energy at 33% of assets, down from 34% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Daqo New Energy worth $49.5M.

  • Howard Marks's largest Q1 2023 buy was Daqo New Energy: 1,056,121 shares worth $49.5M.
  • Howard Marks added most to Banco Bradesco in Q1 2023, an estimated $20.8M increase.
  • Howard Marks's biggest Q1 2023 reduction was Weatherford International, cutting an estimated $100M.
  • Howard Marks fully exited Pultegroup in Q1 2023, selling an estimated $28.2M.
  • Howard Marks's ten largest holdings make up 56% of its $9.04B portfolio in Q1 2023.
  • Howard Marks opened 23 new positions and closed 75 in Q1 2023.
  • Howard Marks's portfolio value fell 4.9% quarter-over-quarter to $9.04B.

Based on Oaktree Capital Management's 13F filing for Q1 2023, filed 15 May 2023.