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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
-5.6%
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
$8.61B
AUM Growth
-$981M
Cap. Flow
-$822M
Cap. Flow %
-9.55%
Top 10 Hldgs %
52.28%
Holding
418
New
64
Increased
15
Reduced
21
Closed
36

Top Buys

Rank Stock Value
1
ALVO icon
Alvotech
ALVO
+$59M
2
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
+$49.3M
3
PBR icon
Petrobras
PBR
+$29.5M
4
TOL icon
Toll Brothers
TOL
+$27.9M
5
PHM icon
Pultegroup
PHM
+$26.1M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$86.5M
2
HTZ icon
Hertz
HTZ
+$63.1M
3
EXE
Expand Energy Corp
EXE
+$45.2M
4
CX icon
Cemex
CX
+$42.8M
5
ALLY icon
Ally Financial
ALLY
+$30M

Sector Composition

Rank Sector Weight
1 Energy 24.26%
2 Financials 13.77%
3 Industrials 13.42%
4 Utilities 10.2%
5 Materials 4.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MTRY
201
DELISTED
Monterey Innovation Acquisition Corp. Common Stock
MTRY
$1.5M 0.02%
150,000
– –
WRAC
202
DELISTED
Williams Rowland Acquisition Corp.
WRAC
$1.5M 0.02%
150,000
– –
KACL
203
DELISTED
Kairous Acquisition Corp. Limited Ordinary Shares
KACL
$1.49M 0.02%
150,000
– –
PMGM
204
DELISTED
Priveterra Acquisition Corp. II Class A Common Stock
PMGM
$1.49M 0.02%
150,000
– –
AMOD
205
Alpha Modus Holdings
AMOD
$23M
$1.47M 0.02%
3,750
– –
FTEV
206
DELISTED
FinTech Evolution Acquisition Group
FTEV
$1.47M 0.02%
150,000
– –
CCAI
207
DELISTED
Cascadia Acquisition Corp. Class A Common Stock
CCAI
$1.47M 0.02%
150,000
– –
OSI
208
DELISTED
Osiris Acquisition Corp.
OSI
$1.46M 0.02%
150,000
– –
OPTX icon
209
Syntec Optics
OPTX
$343M
$1.4M 0.02%
140,000
– –
CLRC
210
DELISTED
ClimateRock Class A Ordinary Shares
CLRC
$1.39M 0.02%
+140,000
New +$1.38M
LOMA
211
Loma Negra
LOMA
$1.09B
$1.27M 0.01%
250,924
– –
ARCK
212
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
$1M 0.01%
100,000
– –
THAC
213
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
$1M 0.01%
100,000
– –
ZCAR
214
DELISTED
Zoomcar
ZCAR
$1M 0.01%
50
– –
ACAQ
215
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
$1M 0.01%
100,000
– –
IQMD
216
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$1M 0.01%
100,000
– –
BIOS
217
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$1M 0.01%
100,000
– –
ARGU
218
DELISTED
Argus Capital Corp. Class A Common Stock
ARGU
$1M 0.01%
100,000
– –
ASBP
219
Aspire Biopharma
ASBP
$11.2M
$998K 0.01%
+83
New +$994K
TLGY
220
DELISTED
TLGY Acquisition Corporation Class A Ordinary Share
TLGY
$998K 0.01%
100,000
– –
ZPTA
221
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$998K 0.01%
100,000
– –
WEL
222
DELISTED
Integrated Wellness Acquisition Corp
WEL
$997K 0.01%
100,000
– –
IRRX
223
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
$997K 0.01%
100,000
– –
CPAQ
224
DELISTED
Counter Press Acquisition Corporation Class A Ordinary Share
CPAQ
$996K 0.01%
+100,000
New +$997K
HMA
225
DELISTED
Heartland Media Acquisition Corp.
HMA
$995K 0.01%
100,000
– –
7 8
9
10 11

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Howard Marks's Q2 2022 Portfolio in Review

As of Q2 2022, Howard Marks held 418 positions worth $8.61B, down 10% from $9.59B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $822M in Q2 2022, closing 36 positions and reducing 21 holdings. Its most notable exit was Sociedad Química y Minera de Chile, an estimated $29.7M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 22% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Alvotech worth $52M.

  • Howard Marks's largest Q2 2022 buy was Alvotech: 6,338,660 shares worth $52M.
  • Howard Marks added most to Petrobras in Q2 2022, an estimated $29.5M increase.
  • Howard Marks's biggest Q2 2022 reduction was Vistra, cutting an estimated $86.5M.
  • Howard Marks fully exited Sociedad Química y Minera de Chile in Q2 2022, selling an estimated $29.7M.
  • Howard Marks's ten largest holdings make up 52% of its $8.61B portfolio in Q2 2022.
  • Howard Marks opened 64 new positions and closed 36 in Q2 2022.
  • Howard Marks's portfolio value fell 10% quarter-over-quarter to $8.61B.

Based on Oaktree Capital Management's 13F filing for Q2 2022, filed 15 Aug 2022.