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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
LION
151
DELISTED
Lionheart III Corp Class A Common Stock
LION
$2.5M 0.03%
250,000
– –
ABP
152
DELISTED
Abpro Holdings
ABP
$2.5M 0.03%
8,333
– –
MPRA
153
DELISTED
Mercato Partners Acquisition Corporation Class A Common Stock
MPRA
$2.49M 0.03%
250,000
– –
JUN
154
DELISTED
Juniper II Corp.
JUN
$2.48M 0.03%
250,000
– –
SIER
155
DELISTED
Sierra Lake Acquisition Corp. Class A Common Stock
SIER
$2.48M 0.03%
250,000
– –
FHLT
156
DELISTED
Future Health ESG Corp. Common stock
FHLT
$2.47M 0.03%
250,000
– –
SWSS
157
DELISTED
Clean Energy Special Situations Corp. Common stock
SWSS
$2.47M 0.03%
500,000
– –
AACI
158
DELISTED
Armada Acquisition Corp. I Common Stock
AACI
$2.47M 0.03%
250,000
– –
XP icon
159
XP
XP
$8.53B
$2.34M 0.03%
130,161
– –
DFLI icon
160
Dragonfly Energy
DFLI
$18M
$2.28M 0.03%
2,500
– –
AFT
161
DELISTED
Apollo Senior Floating Rate Fund Inc.
AFT
$2.27M 0.03%
+176,606
New +$2.42M
PAFO
162
DELISTED
Pacifico Acquisition Corp. Common Stock
PAFO
$2.26M 0.03%
225,000
– –
DECA
163
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
$2.23M 0.03%
+225,000
New +$2.24M
FCT
164
DELISTED
First Trust Senior Floating Rate Income Fund II
FCT
$2.21M 0.03%
+221,205
New +$2.54M
FNVT
165
DELISTED
Finnovate Acquisition Corp. Class A Ordinary Shares
FNVT
$2.19M 0.03%
220,000
– –
VAL icon
166
Valaris
VAL
$6.09B
$2.11M 0.02%
50,000
– –
FATP
167
DELISTED
Fat Projects Acquisition Corp Class A Ordinary Share
FATP
$2.08M 0.02%
210,000
– –
RICO
168
DELISTED
Agrico Acquisition Corp
RICO
$2.04M 0.02%
200,000
– –
CLOE
169
DELISTED
Clover Leaf Capital Corp. Class A Common Stock
CLOE
$2.03M 0.02%
200,000
– –
GGAA
170
DELISTED
Genesis Growth Tech Acquisition Corp. Class A Ordinary Shares
GGAA
$2.02M 0.02%
201,400
– –
HCMA
171
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
$2.01M 0.02%
200,000
– –
GTAC
172
DELISTED
Global Technology Acquisition Corp. I Class A Ordinary Shares
GTAC
$2M 0.02%
200,000
– –
NETC
173
DELISTED
Nabors Energy Transition Corp.
NETC
$2M 0.02%
200,000
– –
AVHI
174
DELISTED
Achari Ventures Holdings Corp I
AVHI
$2M 0.02%
200,000
– –
ITAQ
175
DELISTED
Industrial Tech Acquisitions II, Inc. Class A Common Stock
ITAQ
$2M 0.02%
200,000
– –
5 6
7
8 9

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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.