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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
+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
(+5.8%)
Cap. Flow
-$623M
Cap. Flow % of AUM
Cap. Flow %
-6.84%
Top 10 Holdings %
Top 10 Hldgs %
52.56%
Holding
415
New
17
Increased
20
Reduced
27
Closed
35
Avg Time Held
Equity + Options
1
year
Top 10 Avg Time Held
Equity + Options
2.1
years
Top 20 Avg Time Held
Equity + Options
2.1
years
Avg Time Held Equity only
1
year
Top 10 Avg Time Held Equity only
2.1
years
Top 20 Avg Time Held Equity only
2.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Sitio Royalties
STR
|
+$335M |
| 2 |
PagSeguro Digital
PAGS
|
+$20.1M |
| 3 |
Valaris
VAL
|
+$15.4M |
| 4 |
Vale
VALE
|
+$13.1M |
| 5 |
Invesco Senior Income Trust
VVR
|
+$11.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Expand Energy Corp
EXE
|
+$65.9M |
| 2 |
Petrobras
PBR
|
+$57.2M |
| 3 |
PG&E
PCG
|
+$49.8M |
| 4 |
Super Micro Computer
SMCI
|
+$26.2M |
| 5 |
ICICI Bank
IBN
|
+$22.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 31.57% |
| 2 | Miscellaneous | 21.15% |
| 3 | Financials | 12.87% |
| 4 | Industrials | 10.03% |
| 5 | Utilities | 9.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.77B
| $1.1B | 12.12% |
53,812,988
| – | – |
2018 Q3
16 quarters
|
|
|
2
Expand Energy Corp
EXE
$20.4B
| $923M | 10.14% |
9,800,000
-701,153
| -7% | -$65.9M |
2021 Q1
6 quarters
|
|
3
Vistra
VST
$44.6B
| $533M | 5.86% |
25,399,812
| – | – |
2017 Q2
21 quarters
|
|
|
GTXAP
4
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $489M | 5.37% |
68,834,814
| – | – |
2021 Q4
3 quarters
|
|
5
Star Bulk Carriers
SBLK
$3.28B
| $455M | 4.99% |
26,021,457
| – | – |
2013 Q3
36 quarters
|
|
|
6
PG&E
PCG
$28.8B
| $309M | 3.4% |
24,750,000
-4,250,000
| -15% | -$49.8M |
2020 Q2
9 quarters
|
|
|
7
DELISTED
Sitio Royalties
STR
| $286M | 3.14% |
+12,935,120
| New | +$335M |
2022 Q3
0 quarters
|
|
8
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$798B
| $259M | 2.84% |
725,000
+225,000
| +45% | +$89.4M |
2021 Q3
4 quarters
|
|
9
Runway Growth Finance
RWAY
$274M
| $239M | 2.63% |
21,054,667
| – | – |
2021 Q4
3 quarters
|
|
|
STKL
10
DELISTED
SunOpta
STKL
| $189M | 2.07% |
20,726,126
| – | – |
2017 Q1
22 quarters
|
|
11
Weatherford International
WFRD
$6.14B
| $186M | 2.04% |
5,758,916
-69,800
| -1% | -$1.74M |
2021 Q3
4 quarters
|
|
12
Ally Financial
ALLY
$11.5B
| $170M | 1.87% |
6,124,687
| – | – |
2014 Q2
33 quarters
|
|
13
Hertz
HTZ
$540M
| $170M | 1.87% |
10,468,579
-1,129,700
| -10% | -$21.2M |
2021 Q4
3 quarters
|
|
14
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $163M | 1.79% |
3,781,561
| – | – |
2014 Q4
31 quarters
|
|
15
Itaú Unibanco
ITUB
$82.7B
| $136M | 1.49% |
29,772,472
-421,330
| -1% | -$1.8M |
2014 Q3
32 quarters
|
|
16
DELISTED
Infinera Corporation Common Stock
INFN
| $122M | 1.34% |
25,175,384
| – | – |
2018 Q4
15 quarters
|
|
|
17
Vale
VALE
$47.7B
| $116M | 1.28% |
8,742,419
+998,653
| +13% | +$13.1M |
2020 Q3
8 quarters
|
|
18
NMI Holdings
NMIH
$2.87B
| $108M | 1.19% |
5,320,000
| – | – |
2014 Q3
32 quarters
|
|
19
CBL Properties
CBL
$1.7B
| $102M | 1.12% |
3,983,966
| – | – |
2021 Q4
3 quarters
|
|
20
DELISTED
Frontier Communications
FYBR
| $93.3M | 1.02% |
3,982,849
| – | – |
2021 Q2
5 quarters
|
|
21
DELISTED
Berry Corp
BRY
| $87.2M | 0.96% |
11,622,000
| – | – |
2019 Q1
14 quarters
|
|
|
22
ICICI Bank
IBN
$124B
| $85.2M | 0.94% |
4,061,664
-1,054,532
| -21% | -$22.3M |
2014 Q3
32 quarters
|
|
|
23
Petrobras
PBR
$118B
| $83.6M | 0.92% |
6,777,577
-4,319,491
| -39% | -$57.2M |
2020 Q1
10 quarters
|
|
24
AngloGold Ashanti
AU
$43.9B
| $70.3M | 0.77% |
5,083,521
-147,300
| -3% | -$2.1M |
2013 Q4
35 quarters
|
|
25
Kilroy Realty
KRC
$4.15B
| $68M | 0.75% |
1,615,011
| – | – |
2021 Q1
6 quarters
|
|
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SAM
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 $623M 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 Miscellaneous and Financials.
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.