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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
MTVC
151
DELISTED
Motive Capital Corp II
MTVC
$1.04M 0.01%
100,000
– –
HMA
152
DELISTED
Heartland Media Acquisition Corp.
HMA
$1.04M 0.01%
100,000
– –
HWEL
153
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
$1.01M 0.01%
100,000
– –
NKGN
154
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
$1.01M 0.01%
100,000
– –
OAKUU
155
DELISTED
Oak Woods Acquisition Corp Unit
OAKUU
$918K 0.01%
+90,000
New +$918K
SOAR icon
156
Volato Group
SOAR
$8.36M
$782K 0.01%
3,000
– –
TMTCU
157
DELISTED
TMT Acquisition Corp Unit
TMTCU
$765K 0.01%
+75,000
New +$765K
LIVB
158
DELISTED
LIV Capital Acquisition Corp. II Class A Ordinary Shares
LIVB
$626K 0.01%
60,000
– –
EVF
159
Eaton Vance Senior Income Trust
EVF
$89.9M
$553K 0.01%
103,278
– –
PLAO
160
DELISTED
Patria Latin American Opportunity Acquisition Corp. Class A Ordinary Shares
PLAO
$528K 0.01%
50,000
– –
GVCI
161
DELISTED
Green Visor Financial Technology Acquisition Corp. I Class A Ordinary Shares
GVCI
$527K 0.01%
50,000
– –
RDZN icon
162
Roadzen
RDZN
$132M
$523K 0.01%
50,000
– –
LGVC
163
DELISTED
LAMF Global Ventures Corp. I Class A Ordinary Shares
LGVC
$523K 0.01%
50,000
– –
PSQH icon
164
PSQ Holdings
PSQH
$20.3M
$507K 0.01%
3,333
– –
GCTS
165
GCT Semiconductor Holding
GCTS
$188M
$260K ﹤0.01%
25,000
– –
CMLS
166
DELISTED
Cumulus Media Inc. Class A Common Stock
CMLS
$107K ﹤0.01%
28,937
– –
SRNE
167
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$48.2K ﹤0.01%
134,000
– –
CETUR
168
DELISTED
Cetus Capital Acquisition Corp. Right
CETUR
$34K ﹤0.01%
+170,000
New +$33.2K
MARXR
169
DELISTED
Mars Acquisition Corp. Rights
MARXR
$30K ﹤0.01%
+150,000
New +$29.5K
BLACR
170
DELISTED
Bellevue Life Sciences Acquisition Corp. Rights
BLACR
$28.9K ﹤0.01%
+175,000
New +$27.2K
DISTR
171
DELISTED
Distoken Acquisition Corporation Right
DISTR
$16.3K ﹤0.01%
+125,000
New +$16.6K
OSRHW
172
OSR Health Warrant
OSRHW
$256K
$12.3K ﹤0.01%
+175,000
New +$12.2K
CETUW
173
DELISTED
Cetus Capital Acquisition Corp. Warrant
CETUW
$11.9K ﹤0.01%
+170,000
New +$10.6K
DISTW
174
DELISTED
Distoken Acquisition Corporation Warrant
DISTW
$6.25K ﹤0.01%
+125,000
New +$7.19K
AFYA icon
175
Afya
AFYA
$1.27B
– –
-951,452
Closed -$14.9M
5 6
7
8 9

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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.