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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
CETUR
151
DELISTED
Cetus Capital Acquisition Corp. Right
CETUR
– –
-170,000
Closed -$34K
LGVC
152
DELISTED
LAMF Global Ventures Corp. I Class A Ordinary Shares
LGVC
– –
-50,000
Closed -$523K
LIBY
153
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
– –
-325,000
Closed -$3.41M
HCMA
154
DELISTED
HCM Acquisition Corp Class A Ordinary Shares
HCMA
– –
-200,000
Closed -$2.1M
LBBB
155
DELISTED
Lakeshore Acquisition II Corp. Ordinary Shares
LBBB
– –
-175,000
Closed -$1.82M
SHAP
156
DELISTED
Spree Acquisition Corp. 1 Limited
SHAP
– –
-350,000
Closed -$3.74M
PTHRU
157
DELISTED
Pono Capital Three, Inc. Unit
PTHRU
– –
-315,000
Closed -$3.23M
ENER
158
DELISTED
Accretion Acquisition Corp
ENER
– –
-200,000
Closed -$2.06M
BRD
159
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
– –
-300,000
Closed -$3.11M
BMAC
160
DELISTED
Black Mountain Acquisition Corp.
BMAC
– –
-200,000
Closed -$2.08M
SUAC
161
DELISTED
ShoulderUp Technology Acquisition Corp.
SUAC
– –
-175,000
Closed -$1.82M
HWEL
162
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
– –
-100,000
Closed -$1.01M
ITAQ
163
DELISTED
Industrial Tech Acquisitions II, Inc. Class A Common Stock
ITAQ
– –
-200,000
Closed -$2.08M
JUN
164
DELISTED
Juniper II Corp.
JUN
– –
-250,000
Closed -$2.6M
ICNC
165
DELISTED
Iconic Sports Acquisition Corp.
ICNC
– –
-400,000
Closed -$4.2M
GOGN
166
DELISTED
GoGreen Investments Corporation
GOGN
– –
-300,000
Closed -$3.17M
GTXAP
167
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
– –
-68,834,814
Closed -$612M
MTVC
168
DELISTED
Motive Capital Corp II
MTVC
– –
-100,000
Closed -$1.04M
AVAC
169
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
– –
-375,000
Closed -$3.91M
BPAC
170
DELISTED
Bullpen Parlay Acquisition Company Class A Ordinary Share
BPAC
– –
-200,000
Closed -$2.08M
JWAC
171
DELISTED
Jupiter Wellness Acquisition Corp. Class A Common Stock
JWAC
– –
-500,000
Closed -$5.28M
GVCI
172
DELISTED
Green Visor Financial Technology Acquisition Corp. I Class A Ordinary Shares
GVCI
– –
-50,000
Closed -$527K
TGR
173
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
– –
-300,000
Closed -$3.16M
TRAQ
174
DELISTED
Trine II Acquisition Corp.
TRAQ
– –
-100,000
Closed -$1.05M
TCVA
175
DELISTED
TCV Acquisition Corp. Class A Ordinary Shares
TCVA
– –
-250,000
Closed -$2.56M
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.