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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
-1.47%
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
$7.6B
AUM Growth
-$1.45B
Cap. Flow
-$1.92B
Cap. Flow %
-25.24%
Top 10 Hldgs %
54.51%
Holding
304
New
7
Increased
7
Reduced
20
Closed
66

Top Buys

Rank Stock Value
1
GTX icon
Garrett Motion
GTX
+$325M
2
INFY icon
Infosys
INFY
+$57.9M
3
JD icon
JD.com
JD
+$36.8M
4
SQM icon
Sociedad Química y Minera de Chile
SQM
+$35.9M
5
BBD icon
Banco Bradesco
BBD
+$29.4M

Top Sells

Rank Stock Value
1
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
+$612M
2
EGLE
Eagle Bulk Shipping Inc.
EGLE
+$172M
3
VST icon
Vistra
VST
+$152M
4
WFRD icon
Weatherford International
WFRD
+$109M
5
EXE
Expand Energy Corp
EXE
+$98.1M

Sector Composition

Rank Sector Weight
1 Energy 33.31%
2 Financials 12.75%
3 Industrials 8.58%
4 Materials 6.45%
5 Utilities 5.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SOAR icon
126
Volato Group
SOAR
$8.36M
– –
-3,000
Closed -$782K
TOL icon
127
Toll Brothers
TOL
$13.7B
– –
-558,000
Closed -$33.5M
TV icon
128
Televisa
TV
$1.47B
– –
-2,182,167
Closed -$11.5M
WFRD icon
129
Weatherford International
WFRD
$6.49B
– –
-1,843,818
Closed -$109M
GCTS
130
GCT Semiconductor Holding
GCTS
$188M
– –
-25,000
Closed -$260K
GRML
131
Greenland Mines Ltd
GRML
$644K
– –
-450,000
Closed -$4.65M
ABP
132
DELISTED
Abpro Holdings
ABP
– –
-8,333
Closed -$2.6M
OSRHW
133
OSR Health Warrant
OSRHW
$256K
– –
-175,000
Closed -$12.3K
ASBP
134
Aspire Biopharma
ASBP
$11.2M
– –
-83
Closed -$1.05M
XAGE
135
DELISTED
Longevity Health Holdings, Inc. Common Stock
XAGE
– –
-6,667
Closed -$2.03M
CLRC
136
DELISTED
ClimateRock Class A Ordinary Shares
CLRC
– –
-140,000
Closed -$1.45M
PNST
137
DELISTED
Pinstripes Holdings, Inc.
PNST
– –
-200,000
Closed -$2.08M
NKGN
138
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
– –
-100,000
Closed -$1.01M
BLACR
139
DELISTED
Bellevue Life Sciences Acquisition Corp. Rights
BLACR
– –
-175,000
Closed -$28.9K
RFAC
140
DELISTED
RF Acquisition Corp. Class A Common Stock
RFAC
– –
-400,000
Closed -$4.12M
ALCE
141
DELISTED
Alternus Clean Energy Inc
ALCE
– –
-12,000
Closed -$3.08M
TETE
142
DELISTED
Technology & Telecommunication Acquisition Corporation Class A Ordinary Shares
TETE
– –
-450,000
Closed -$4.81M
BRAC
143
DELISTED
Broad Capital Acquisition Corp Common Stock
BRAC
– –
-550,000
Closed -$5.92M
GLLI
144
DELISTED
Globalink Investment Inc. Common Stock
GLLI
– –
-350,000
Closed -$3.64M
TMTCU
145
DELISTED
TMT Acquisition Corp Unit
TMTCU
– –
-75,000
Closed -$765K
FNVT
146
DELISTED
Finnovate Acquisition Corp. Class A Ordinary Shares
FNVT
– –
-220,000
Closed -$2.3M
FRLA
147
DELISTED
Fortune Rise Acquisition Corporation Class A Common Stock
FRLA
– –
-275,000
Closed -$2.93M
VSAC
148
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
– –
-150,000
Closed -$1.58M
GTAC
149
DELISTED
Global Technology Acquisition Corp. I Class A Ordinary Shares
GTAC
– –
-200,000
Closed -$2.09M
CETUW
150
DELISTED
Cetus Capital Acquisition Corp. Warrant
CETUW
– –
-170,000
Closed -$11.9K
4 5
6
7 8

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Howard Marks's Q2 2023 Portfolio in Review

As of Q2 2023, Howard Marks held 304 positions worth $7.6B, down 16% from $9.04B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.92B in Q2 2023, closing 66 positions and reducing 20 holdings. Its most notable exit was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock, an estimated $612M position sold in full.

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

Against the trend, Howard Marks opened a new position in Infosys worth $59.5M.

  • Howard Marks's largest Q2 2023 buy was Infosys: 3,701,358 shares worth $59.5M.
  • Howard Marks added most to Garrett Motion in Q2 2023, an estimated $325M increase.
  • Howard Marks's biggest Q2 2023 reduction was Vistra, cutting an estimated $152M.
  • Howard Marks fully exited Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock in Q2 2023, selling an estimated $612M.
  • Howard Marks's ten largest holdings make up 55% of its $7.6B portfolio in Q2 2023.
  • Howard Marks opened 7 new positions and closed 66 in Q2 2023.
  • Howard Marks's portfolio value fell 16% quarter-over-quarter to $7.6B.

Based on Oaktree Capital Management's 13F filing for Q2 2023, filed 14 Aug 2023.