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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
+5.22%
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
$9.14B
AUM Growth
+$1.98B
Cap. Flow
+$860M
Cap. Flow %
9.41%
Top 10 Hldgs %
50.73%
Holding
442
New
170
Increased
13
Reduced
23
Closed
70

Top Buys

Rank Stock Value
1
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
+$559M
2
HTZ icon
Hertz
HTZ
+$354M
3
RWAY icon
Runway Growth Finance
RWAY
+$259M
4
WFRD icon
Weatherford International
WFRD
+$167M
5
CIVI
Civitas Resources
CIVI
+$70.4M

Top Sells

Rank Stock Value
1
XOG
Extraction Oil & Gas, Inc. Common Stock
XOG
+$62.9M
2
BBD icon
Banco Bradesco
BBD
+$41.7M
3
SMCI icon
Super Micro Computer
SMCI
+$33.3M
4
CXP
COLUMBIA PROPERTY TRUST, INC.
CXP
+$25.1M
5
IBN icon
ICICI Bank
IBN
+$22.9M

Sector Composition

Rank Sector Weight
1 Energy 19.42%
2 Industrials 13.74%
3 Financials 13.59%
4 Utilities 11.22%
5 Materials 4.97%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARIZR
251
DELISTED
Arisz Acquisition Corp. Right
ARIZR
$35K ﹤0.01%
+200,000
New +$31.4K
SPECW
252
CALL
DELISTED
Spectaire Holdings, Inc. Warrant
SPECW
$33K ﹤0.01%
+75,000
New +$35.8K
TRAQ.WS
253
CALL
DELISTED
Trine II Acquisition Corp. Redeemable Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
TRAQ.WS
$30K ﹤0.01%
+50,000
New +$28.3K
PHYT.WS
254
CALL
DELISTED
Pyrophyte Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
PHYT.WS
$28K ﹤0.01%
+50,000
New +$28.3K
LAXXR
255
DELISTED
8i Acquisition 2 Corp Rights
LAXXR
$28K ﹤0.01%
+100,000
New +$28K
MCAGR
256
DELISTED
Mountain Crest Acquisition Corp. V Right
MCAGR
$26K ﹤0.01%
+75,000
New +$27.8K
SLND.WS icon
257
CALL
Southland Holdings Warrants
SLND.WS
$25K ﹤0.01%
+50,000
New +$25.6K
IQMDW
258
CALL
DELISTED
Intelligent Medicine Acquisition Corp. Warrant
IQMDW
$24K ﹤0.01%
+50,000
New +$25.1K
ARCKW
259
CALL
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Warrants
ARCKW
$16K ﹤0.01%
+33,333
New +$17.4K
GCTS.WS
260
CALL
GCT Semiconductor Holding Warrants
GCTS.WS
$15.4M
$8K ﹤0.01%
+12,500
New +$8.44K
BAK icon
261
Braskem
BAK
$793M
– –
-519,550
Closed -$11.3M
CFLT
262
PUT
DELISTED
Confluent
CFLT
– –
-360,000
Closed -$21.5M
FLYX icon
263
flyExclusive
FLYX
$134M
– –
-150,000
Closed -$1.46M
LNZA icon
264
LanzaTech
LNZA
$81.8M
– –
-2,000
Closed -$1.94M
LNZAW icon
265
CALL
LanzaTech Global Warrant
LNZAW
$3.06M
– –
-100,000
Closed -$968K
MTAL
266
DELISTED
Metals Acquisition
MTAL
– –
-200,000
Closed -$2M
OABIW icon
267
CALL
OmniAb Inc Warrant
OABIW
$18.9M
– –
-83,333
Closed -$813K
PETWW
268
CALL
DELISTED
Wag! Group Co Warrant
PETWW
– –
-200,000
Closed -$1.95M
ZURA icon
269
Zura Bio
ZURA
$561M
– –
-150,000
Closed -$1.47M
XAGEW
270
CALL
DELISTED
Longevity Health Holdings, Inc. Warrant
XAGEW
– –
-48,900
Closed -$473K
WINVU
271
DELISTED
WinVest Acquisition Corp. Unit
WINVU
– –
-300,000
Closed -$3.07M
MITAW
272
CALL
DELISTED
Coliseum Acquisition Corp. Warrant
MITAW
– –
-30,853
Closed -$300K
INAQU
273
DELISTED
Insight Acquisition Corp. Units
INAQU
– –
-150,000
Closed -$1.49M
ZURAW
274
CALL
DELISTED
Zura Bio Limited Warrants
ZURAW
– –
-74,700
Closed -$737K
AACIU
275
DELISTED
Armada Acquisition Corp. I Unit
AACIU
– –
-200,000
Closed -$1.98M
9 10
11
12 13

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Howard Marks's Q4 2021 Portfolio in Review

As of Q4 2021, Howard Marks held 442 positions worth $9.14B, up 28% from $7.16B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Howard Marks deployed $860M of net new capital in Q4 2021, opening 170 new positions and adding to 13 existing holdings. Its largest new stake was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock: 68,834,814 shares worth $577M.

By sector, the portfolio is most concentrated in Energy at 19% of assets, down from 23% a quarter earlier, followed by Industrials and Financials.

On the sell side, the largest reduction was Banco Bradesco, an estimated $41.7M trimmed.

  • Howard Marks's largest Q4 2021 buy was Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock: 68,834,814 shares worth $577M.
  • Howard Marks added most to Vale in Q4 2021, an estimated $22.4M increase.
  • Howard Marks's biggest Q4 2021 reduction was Banco Bradesco, cutting an estimated $41.7M.
  • Howard Marks fully exited Extraction Oil & Gas, Inc. Common Stock in Q4 2021, selling an estimated $62.9M.
  • Howard Marks's ten largest holdings make up 51% of its $9.14B portfolio in Q4 2021.
  • Howard Marks opened 170 new positions and closed 70 in Q4 2021.
  • Howard Marks's portfolio value rose 28% quarter-over-quarter to $9.14B.

Based on Oaktree Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.