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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
FLYA
151
DELISTED
SOAR Technology Acquisition Corp.
FLYA
$2.58M 0.03%
250,000
– –
STI icon
152
Solidion Technology
STI
$65M
$2.56M 0.03%
5,100
– –
AWIN
153
DELISTED
AERWINS Technologies Inc
AWIN
$2.55M 0.03%
2,500
– –
GSD
154
DELISTED
Global Systems Dynamics Inc. Class A Common Stock
GSD
$2.54M 0.03%
250,000
– –
PTWOU
155
DELISTED
Pono Capital Two, Inc. Unit
PTWOU
$2.53M 0.03%
+250,000
New +$2.51M
LION
156
DELISTED
Lionheart III Corp Class A Common Stock
LION
$2.52M 0.03%
250,000
– –
MPRA
157
DELISTED
Mercato Partners Acquisition Corporation Class A Common Stock
MPRA
$2.51M 0.03%
250,000
– –
PPYA
158
DELISTED
Papaya Growth Opportunity Corp. I Class A Common Stock
PPYA
$2.51M 0.03%
250,000
– –
ABP
159
DELISTED
Abpro Holdings
ABP
$2.5M 0.03%
8,333
– –
SIER
160
DELISTED
Sierra Lake Acquisition Corp. Class A Common Stock
SIER
$2.5M 0.03%
250,000
– –
FHLT
161
DELISTED
Future Health ESG Corp. Common stock
FHLT
$2.5M 0.03%
250,000
– –
SWSS
162
DELISTED
Clean Energy Special Situations Corp. Common stock
SWSS
$2.49M 0.03%
500,000
– –
JUN
163
DELISTED
Juniper II Corp.
JUN
$2.49M 0.03%
250,000
– –
AACI
164
DELISTED
Armada Acquisition Corp. I Common Stock
AACI
$2.48M 0.03%
250,000
– –
MOBVU
165
DELISTED
Mobiv Acquisition Corp Unit
MOBVU
$2.48M 0.03%
+245,000
New +$2.46M
EMCGU
166
DELISTED
Embrace Change Acquisition Corp Unit
EMCGU
$2.48M 0.03%
+245,000
New +$2.46M
FPAC
167
DELISTED
Far Peak Acquisition Corporation
FPAC
$2.47M 0.03%
+250,000
New +$2.46M
XP icon
168
XP
XP
$8.53B
$2.29M 0.03%
120,289
-9,872
-8% -$196K
PAFO
169
DELISTED
Pacifico Acquisition Corp. Common Stock
PAFO
$2.27M 0.03%
225,000
– –
DECA
170
DELISTED
Denali Capital Acquisition Corp. Class A Ordinary Shares
DECA
$2.27M 0.02%
225,000
– –
FNVT
171
DELISTED
Finnovate Acquisition Corp. Class A Ordinary Shares
FNVT
$2.22M 0.02%
220,000
– –
FATP
172
DELISTED
Fat Projects Acquisition Corp Class A Ordinary Share
FATP
$2.09M 0.02%
210,000
– –
CLOE
173
DELISTED
Clover Leaf Capital Corp. Class A Common Stock
CLOE
$2.06M 0.02%
200,000
– –
GGAA
174
DELISTED
Genesis Growth Tech Acquisition Corp. Class A Ordinary Shares
GGAA
$2.04M 0.02%
201,400
– –
HCMA
175
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
$2.02M 0.02%
200,000
– –
5 6
7
8 9

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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.