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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
+16.23%
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
$9.51B
AUM Growth
+$404M
Cap. Flow
-$1.66B
Cap. Flow %
-17.41%
Top 10 Hldgs %
55.21%
Holding
397
New
19
Increased
23
Reduced
16
Closed
52

Top Buys

Rank Stock Value
1
LBTYA icon
Liberty Global Class A
LBTYA
+$35.4M
2
PBR icon
Petrobras
PBR
+$11.2M
3
ECDA
ECD Automotive Design
ECDA
+$9.92M
4
KRC icon
Kilroy Realty
KRC
+$9.68M
5
BBD icon
Banco Bradesco
BBD
+$5.96M

Top Sells

Rank Stock Value
1
PCG icon
PG&E
PCG
+$257M
2
EXE
Expand Energy Corp
EXE
+$116M
3
WFRD icon
Weatherford International
WFRD
+$90.9M
4
HTZ icon
Hertz
HTZ
+$66.8M
5
CIVI
Civitas Resources
CIVI
+$66.7M

Sector Composition

Rank Sector Weight
1 Energy 33.56%
2 Financials 11.22%
3 Industrials 9.63%
4 Utilities 7.6%
5 Materials 4.44%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BELFA icon
176
Bel Fuse Inc Class A
BELFA
$3.09B
$1.65M 0.02%
51,056
-8,944
-15% -$290K
LOMA
177
Loma Negra
LOMA
$1.09B
$1.61M 0.02%
235,403
– –
KNSW
178
DELISTED
KnightSwan Acquisition Corporation
KNSW
$1.6M 0.02%
150,000
– –
VSAC
179
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
$1.55M 0.02%
150,000
– –
FTEV
180
DELISTED
FinTech Evolution Acquisition Group
FTEV
$1.51M 0.02%
150,000
– –
ATMVU
181
DELISTED
AlphaVest Acquisition Corp Unit
ATMVU
$1.51M 0.02%
+150,000
New +$1.51M
AMOD
182
Alpha Modus Holdings
AMOD
$23M
$1.51M 0.02%
3,750
– –
CCAI
183
DELISTED
Cascadia Acquisition Corp. Class A Common Stock
CCAI
$1.51M 0.02%
150,000
– –
WRAC
184
DELISTED
Williams Rowland Acquisition Corp.
WRAC
$1.5M 0.02%
150,000
– –
CLRC
185
DELISTED
ClimateRock Class A Ordinary Shares
CLRC
$1.43M 0.02%
140,000
– –
OPTX icon
186
Syntec Optics
OPTX
$343M
$1.4M 0.01%
140,000
– –
CTOR
187
Citius Oncology
CTOR
$78.7M
$1.37M 0.01%
+135,000
New +$1.37M
PLTNU
188
DELISTED
Plutonian Acquisition Corp. Unit
PLTNU
$1.16M 0.01%
+115,000
New +$1.16M
WEL
189
DELISTED
Integrated Wellness Acquisition Corp
WEL
$1.03M 0.01%
100,000
– –
ZPTA
190
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$1.03M 0.01%
100,000
– –
TRAQ
191
DELISTED
Trine II Acquisition Corp.
TRAQ
$1.03M 0.01%
100,000
– –
ZCAR
192
DELISTED
Zoomcar
ZCAR
$1.03M 0.01%
50
– –
ASBP
193
Aspire Biopharma
ASBP
$11.2M
$1.03M 0.01%
83
– –
THAC
194
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
$1.03M 0.01%
100,000
– –
IQMD
195
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$1.03M 0.01%
100,000
– –
TLGY
196
DELISTED
TLGY Acquisition Corporation Class A Ordinary Share
TLGY
$1.03M 0.01%
100,000
– –
BCSA
197
DELISTED
Blockchain Coinvestors Acquisition Corp. I Class A Ordinary Shares
BCSA
$1.03M 0.01%
100,000
– –
BIOS
198
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$1.03M 0.01%
100,000
– –
CPAQ
199
DELISTED
Counter Press Acquisition Corporation Class A Ordinary Share
CPAQ
$1.03M 0.01%
100,000
– –
MTVC
200
DELISTED
Motive Capital Corp II
MTVC
$1.02M 0.01%
100,000
– –
6 7
8
9 10

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Howard Marks's Q4 2022 Portfolio in Review

As of Q4 2022, Howard Marks held 397 positions worth $9.51B, up 4.4% from $9.11B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Howard Marks withdrew a net $1.66B in Q4 2022, closing 52 positions and reducing 16 holdings. Its most notable exit was Expand Energy Corp Class C Warrants, an estimated $59.4M position sold in full.

By sector, the portfolio is most concentrated in Energy at 34% of assets, up from 32% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Liberty Global Class A worth $36.8M.

  • Howard Marks's largest Q4 2022 buy was Liberty Global Class A: 1,946,000 shares worth $36.8M.
  • Howard Marks added most to Petrobras in Q4 2022, an estimated $11.2M increase.
  • Howard Marks's biggest Q4 2022 reduction was PG&E, cutting an estimated $257M.
  • Howard Marks fully exited Expand Energy Corp Class C Warrants in Q4 2022, selling an estimated $59.4M.
  • Howard Marks's ten largest holdings make up 55% of its $9.51B portfolio in Q4 2022.
  • Howard Marks opened 19 new positions and closed 52 in Q4 2022.
  • Howard Marks's portfolio value rose 4.4% quarter-over-quarter to $9.51B.

Based on Oaktree Capital Management's 13F filing for Q4 2022, filed 14 Feb 2023.