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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
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
(-10%)
Cap. Flow
-$694M
Cap. Flow % of AUM
Cap. Flow %
-8.06%
Top 10 Holdings %
Top 10 Hldgs %
52.28%
Holding
418
New
64
Increased
15
Reduced
21
Closed
36
Avg Time Held
Equity + Options
0.9
years
Top 10 Avg Time Held
Equity + Options
2.7
years
Top 20 Avg Time Held
Equity + Options
1.9
years
Avg Time Held Equity only
0.9
years
Top 10 Avg Time Held Equity only
2.8
years
Top 20 Avg Time Held Equity only
2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alvotech
ALVO
|
+$59M |
| 2 |
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
|
+$49.3M |
| 3 |
Petrobras
PBR
|
+$29.5M |
| 4 |
Toll Brothers
TOL
|
+$27.9M |
| 5 |
Pultegroup
PHM
|
+$26.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$86.5M |
| 2 |
Hertz
HTZ
|
+$63.1M |
| 3 |
Expand Energy Corp
EXE
|
+$45.2M |
| 4 |
Cemex
CX
|
+$42.8M |
| 5 |
Ally Financial
ALLY
|
+$30M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 24.26% |
| 2 | Miscellaneous | 21.49% |
| 3 | Financials | 13.77% |
| 4 | Industrials | 13.42% |
| 5 | Utilities | 10.2% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Expand Energy Corp
EXE
$20.9B
| $852M | 9.89% |
10,501,153
-500,000
| -5% | -$45.2M |
2021 Q1
5 quarters
|
|
2
TORM
TRMD
$4.38B
| $727M | 8.45% |
53,812,988
| – | – |
2018 Q3
15 quarters
|
|
3
Star Bulk Carriers
SBLK
$3.29B
| $650M | 7.55% |
26,021,457
| – | – |
2013 Q3
35 quarters
|
|
|
4
Vistra
VST
$46.4B
| $580M | 6.74% |
25,399,812
-3,500,000
| -12% | -$86.5M |
2017 Q2
20 quarters
|
|
|
GTXAP
5
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $566M | 6.57% |
68,834,814
| – | – |
2021 Q4
2 quarters
|
|
6
PG&E
PCG
$39.6B
| $289M | 3.36% |
29,000,000
-1,000,000
| -3% | -$11.8M |
2020 Q2
8 quarters
|
|
7
Runway Growth Finance
RWAY
$273M
| $238M | 2.77% |
21,054,667
| – | – |
2021 Q4
2 quarters
|
|
|
8
Ally Financial
ALLY
$11.6B
| $205M | 2.38% |
6,124,687
-750,000
| -11% | -$30M |
2014 Q2
32 quarters
|
|
9
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $196M | 2.28% |
3,781,561
| – | – |
2014 Q4
30 quarters
|
|
10
CALL
DELISTED
Mr. Cooper
COOP
| $196M | 2.28% |
520,000
-780,000
| -60% | -$33M |
2021 Q3
3 quarters
|
|
|
11
Hertz
HTZ
$684M
| $184M | 2.13% |
11,598,279
-3,196,658
| -22% | -$63.1M |
2021 Q4
2 quarters
|
|
|
STKL
12
DELISTED
SunOpta
STKL
| $161M | 1.87% |
20,726,126
| – | – |
2017 Q1
21 quarters
|
|
13
DELISTED
Infinera Corporation Common Stock
INFN
| $135M | 1.57% |
25,175,384
| – | – |
2018 Q4
14 quarters
|
|
|
14
Petrobras
PBR
$142B
| $130M | 1.51% |
11,097,068
+2,134,609
| +24% | +$29.5M |
2020 Q1
9 quarters
|
|
15
Weatherford International
WFRD
$6.57B
| $123M | 1.43% |
5,828,716
-255,200
| -4% | -$8.12M |
2021 Q3
3 quarters
|
|
16
Itaú Unibanco
ITUB
$78.6B
| $114M | 1.33% |
30,193,802
+4,571,034
| +18% | +$20.3M |
2014 Q3
31 quarters
|
|
17
Vale
VALE
$48.5B
| $113M | 1.32% |
7,743,766
-53,080
| -0.7% | -$907K |
2020 Q3
7 quarters
|
|
18
DELISTED
Frontier Communications
FYBR
| $93.8M | 1.09% |
3,982,849
| – | – |
2021 Q2
4 quarters
|
|
19
CBL Properties
CBL
$1.56B
| $93.6M | 1.09% |
3,983,966
-585,735
| -13% | -$16.4M |
2021 Q4
2 quarters
|
|
20
ICICI Bank
IBN
$106B
| $90.8M | 1.05% |
5,116,196
+948,607
| +23% | +$17.7M |
2014 Q3
31 quarters
|
|
21
NMI Holdings
NMIH
$3.21B
| $88.6M | 1.03% |
5,320,000
| – | – |
2014 Q3
31 quarters
|
|
22
DELISTED
Berry Corp
BRY
| $88.6M | 1.03% |
11,622,000
-1,291,313
| -10% | -$13.6M |
2019 Q1
13 quarters
|
|
23
Kilroy Realty
KRC
$4.2B
| $84.5M | 0.98% |
1,615,011
+80,000
| +5% | +$5.08M |
2021 Q1
5 quarters
|
|
24
AngloGold Ashanti
AU
$40.4B
| $77.4M | 0.9% |
5,230,821
+920,400
| +21% | +$17.5M |
2013 Q4
34 quarters
|
|
25
Freeport-McMoran
FCX
$89.7B
| $70.6M | 0.82% |
2,411,158
+399,700
| +20% | +$16M |
2021 Q3
3 quarters
|
|
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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 $9.6B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Howard Marks withdrew a net $694M 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 Miscellaneous and Financials.
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.