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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
VSAC
201
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
$1.52M 0.02%
150,000
– –
RNER
202
DELISTED
Mount Rainier Acquisition Corp. Common Stock
RNER
$1.51M 0.02%
150,000
– –
KACL
203
DELISTED
Kairous Acquisition Corp. Limited Ordinary Shares
KACL
$1.51M 0.02%
150,000
– –
WRAC
204
DELISTED
Williams Rowland Acquisition Corp.
WRAC
$1.51M 0.02%
150,000
– –
KNSW
205
DELISTED
KnightSwan Acquisition Corporation
KNSW
$1.5M 0.02%
150,000
– –
PMGM
206
DELISTED
Priveterra Acquisition Corp. II Class A Common Stock
PMGM
$1.5M 0.02%
150,000
– –
FTEV
207
DELISTED
FinTech Evolution Acquisition Group
FTEV
$1.49M 0.02%
150,000
– –
AMOD
208
Alpha Modus Holdings
AMOD
$23M
$1.48M 0.02%
3,750
– –
CCAI
209
DELISTED
Cascadia Acquisition Corp. Class A Common Stock
CCAI
$1.48M 0.02%
150,000
– –
OSI
210
DELISTED
Osiris Acquisition Corp.
OSI
$1.47M 0.02%
150,000
– –
LOMA
211
Loma Negra
LOMA
$1.09B
$1.47M 0.02%
235,403
-15,521
-6% -$92.5K
OPTX icon
212
Syntec Optics
OPTX
$343M
$1.41M 0.02%
140,000
– –
CLRC
213
DELISTED
ClimateRock Class A Ordinary Shares
CLRC
$1.4M 0.02%
140,000
– –
ZCAR
214
DELISTED
Zoomcar
ZCAR
$1.01M 0.01%
50
– –
ASBP
215
Aspire Biopharma
ASBP
$11.2M
$1.01M 0.01%
83
– –
THAC
216
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
$1.01M 0.01%
100,000
– –
ARCK
217
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
$1.01M 0.01%
100,000
– –
TLGY
218
DELISTED
TLGY Acquisition Corporation Class A Ordinary Share
TLGY
$1.01M 0.01%
100,000
– –
WEL
219
DELISTED
Integrated Wellness Acquisition Corp
WEL
$1.01M 0.01%
100,000
– –
BCSA
220
DELISTED
Blockchain Coinvestors Acquisition Corp. I Class A Ordinary Shares
BCSA
$1.01M 0.01%
100,000
– –
CPAQ
221
DELISTED
Counter Press Acquisition Corporation Class A Ordinary Share
CPAQ
$1.01M 0.01%
100,000
– –
ZPTA
222
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$1.01M 0.01%
100,000
– –
IQMD
223
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$1.01M 0.01%
100,000
– –
IRRX
224
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
$1.01M 0.01%
100,000
– –
ACAQ
225
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
$1.01M 0.01%
100,000
– –
7 8
9
10 11

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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.