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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
GTAC
176
DELISTED
Global Technology Acquisition Corp. I Class A Ordinary Shares
GTAC
$2.02M 0.02%
200,000
– –
BPAC
177
DELISTED
Bullpen Parlay Acquisition Company Class A Ordinary Share
BPAC
$2.02M 0.02%
200,000
– –
AIB
178
DELISTED
AIB Acquisition Corp
AIB
$2.01M 0.02%
200,000
– –
NETC
179
DELISTED
Nabors Energy Transition Corp.
NETC
$2.01M 0.02%
200,000
– –
MNTN
180
DELISTED
Everest Consolidator Acquisition Corporation
MNTN
$2.01M 0.02%
200,000
– –
TYGO icon
181
Tigo Energy
TYGO
$83.7M
$2.01M 0.02%
200,000
– –
AVHI
182
DELISTED
Achari Ventures Holdings Corp I
AVHI
$2.01M 0.02%
200,000
– –
DAOO
183
DELISTED
Crypto 1 Acquisition Corp Class A Ordinary Shares
DAOO
$2.01M 0.02%
200,000
– –
BMAC
184
DELISTED
Black Mountain Acquisition Corp.
BMAC
$2.01M 0.02%
200,000
– –
ZVSA
185
DELISTED
ZyVersa Therapeutics
ZVSA
$2M 0.02%
571
– –
ITAQ
186
DELISTED
Industrial Tech Acquisitions II, Inc. Class A Common Stock
ITAQ
$2M 0.02%
200,000
– –
PNST
187
DELISTED
Pinstripes Holdings, Inc.
PNST
$2M 0.02%
200,000
– –
SEPA
188
DELISTED
SEP Acquisition Corp Class A Common Stock
SEPA
$1.99M 0.02%
200,000
– –
GMFI
189
DELISTED
Aetherium Acquisition Corp
GMFI
$1.99M 0.02%
200,000
– –
ENER
190
DELISTED
Accretion Acquisition Corp
ENER
$1.99M 0.02%
200,000
– –
ARIZ
191
DELISTED
Arisz Acquisition Corp. Common Stock
ARIZ
$1.99M 0.02%
200,000
– –
PRBM
192
DELISTED
Parabellum Acquisition Corp.
PRBM
$1.98M 0.02%
200,000
– –
BLNG
193
DELISTED
Belong Acquisition Corp. Class A Common Stock
BLNG
$1.97M 0.02%
200,000
– –
XAGE
194
DELISTED
Longevity Health Holdings, Inc. Common Stock
XAGE
$1.94M 0.02%
6,667
– –
LBBB
195
DELISTED
Lakeshore Acquisition II Corp. Ordinary Shares
LBBB
$1.76M 0.02%
175,000
– –
SUAC
196
DELISTED
ShoulderUp Technology Acquisition Corp.
SUAC
$1.76M 0.02%
175,000
– –
BELFA icon
197
Bel Fuse Inc Class A
BELFA
$3.09B
$1.68M 0.02%
60,000
-11,613
-16% -$321K
MTRY
198
DELISTED
Monterey Innovation Acquisition Corp. Common Stock
MTRY
$1.6M 0.02%
150,000
– –
SPEC
199
DELISTED
Spectaire Holdings, Inc. Common Stock
SPEC
$1.52M 0.02%
150,000
+112,500
+300% +$3.03M
DTRT
200
DELISTED
DTRT Health Acquisition Corp. Class A Common Stock
DTRT
$1.52M 0.02%
150,000
– –
6 7
8
9 10

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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.