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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
+11.17%
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
$9.59B
AUM Growth
+$452M
Cap. Flow
-$822M
Cap. Flow %
-8.58%
Top 10 Hldgs %
51.8%
Holding
470
New
96
Increased
17
Reduced
17
Closed
107

Top Buys

Rank Stock Value
1
CBL
CBL Properties
CBL
+$69.5M
2
SQM icon
Sociedad Química y Minera de Chile
SQM
+$22.2M
3
AZUL
Azul
AZUL
+$14.6M
4
RWAY icon
Runway Growth Finance
RWAY
+$14.2M
5
SMRT icon
SmartRent
SMRT
+$11.3M

Top Sells

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$73.4M
2
VAL icon
Valaris
VAL
+$44.6M
3
COOP
Mr. Cooper
COOP
+$25M
4
SMCI icon
Super Micro Computer
SMCI
+$17.9M
5
NVACU
NorthView Acquisition Corporation Unit
NVACU
+$7.54M

Sector Composition

Rank Sector Weight
1 Energy 21.9%
2 Industrials 15.89%
3 Financials 14.15%
4 Utilities 10.77%
5 Materials 5.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OABI icon
251
OmniAb
OABI
$630M
– –
-100,000
Closed -$998K
PET
252
DELISTED
Wag!
PET
– –
-200,000
Closed -$1.95M
SLND icon
253
Southland Holdings
SLND
$37M
– –
-100,000
Closed -$993K
SLND.WS icon
254
CALL
Southland Holdings Warrants
SLND.WS
– –
-50,000
Closed -$25K
VEON icon
255
VEON
VEON
$4.09B
– –
-50,707
Closed -$2.17M
CEROW
256
CALL
DELISTED
CERo Therapeutics Warrants
CEROW
– –
-100,000
Closed -$42K
CERO
257
DELISTED
CERo Therapeutics
CERO
– –
-100
Closed -$1.98M
GCTS.WS
258
CALL
GCT Semiconductor Holding Warrants
GCTS.WS
$15.4M
– –
-12,500
Closed -$8K
VSEEW
259
CALL
DELISTED
VSEE HEALTH INC WTS 29
VSEEW
– –
-500,000
Closed -$195K
WINVW
260
CALL
DELISTED
WinVest Acquisition Corp. Warrant
WINVW
– –
-299,900
Closed -$58K
PLMJ
261
DELISTED
Plum Acquisition Corp. III Class A Ordinary Shares
PLMJ
– –
-100,000
Closed -$971K
MITA
262
DELISTED
Coliseum Acquisition Corp. Class A Ordinary Share
MITA
– –
-200,000
Closed -$1.93M
ALSAU
263
DELISTED
Alpha Star Acquisition Corp Units
ALSAU
– –
-400,000
Closed -$4.11M
BRKHU
264
DELISTED
BurTech Acquisition Corp. Unit
BRKHU
– –
-600,000
Closed -$6M
BOCNU
265
DELISTED
Blue Ocean Acquisition Corp Unit
BOCNU
– –
-250,000
Closed -$2.51M
GLLIW
266
CALL
DELISTED
Globalink Investment Inc. Warrants
GLLIW
– –
-350,000
Closed -$70K
GLLIR
267
DELISTED
Globalink Investment Inc. Rights
GLLIR
– –
-350,000
Closed -$98K
THCP
268
DELISTED
Thunder Bridge Capital Partners IV, Inc. Class A Common Stock
THCP
– –
-150,000
Closed -$1.46M
MCAGR
269
DELISTED
Mountain Crest Acquisition Corp. V Right
MCAGR
– –
-75,000
Closed -$26K
BCSAU
270
DELISTED
Blockchain Coinvestors Acquisition Corp. I Unit
BCSAU
– –
-200,000
Closed -$2.02M
FNVTW
271
CALL
DELISTED
Finnovate Acquisition Corp. Warrants
FNVTW
– –
-165,000
Closed -$62K
MCAAW
272
CALL
DELISTED
Mountain & Co. I Acquisition Corp. Warrant
MCAAW
– –
-150,000
Closed -$94K
RRAC.WS
273
CALL
DELISTED
Rigel Resource Acquisition Corp Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
RRAC.WS
– –
-175,000
Closed -$105K
PHYT.WS
274
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
– –
-50,000
Closed -$28K
VSACW
275
CALL
DELISTED
Vision Sensing Acquisition Corp. Warrants
VSACW
– –
-112,500
Closed -$45K
9 10
11
12 13

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Howard Marks's Q1 2022 Portfolio in Review

As of Q1 2022, Howard Marks held 470 positions worth $9.59B, up 4.9% from $9.14B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $822M in Q1 2022, closing 107 positions and reducing 17 holdings. Its most notable exit was NorthView Acquisition Corporation Unit, an estimated $7.54M position sold in full.

By sector, the portfolio is most concentrated in Energy at 22% of assets, up from 19% a quarter earlier, followed by Industrials and Financials.

Against the trend, Howard Marks opened a new position in Sociedad Química y Minera de Chile worth $29.7M.

  • Howard Marks's largest Q1 2022 buy was Sociedad Química y Minera de Chile: 346,485 shares worth $29.7M.
  • Howard Marks added most to CBL Properties in Q1 2022, an estimated $69.5M increase.
  • Howard Marks's biggest Q1 2022 reduction was Expand Energy Corp, cutting an estimated $73.4M.
  • Howard Marks fully exited NorthView Acquisition Corporation Unit in Q1 2022, selling an estimated $7.54M.
  • Howard Marks's ten largest holdings make up 52% of its $9.59B portfolio in Q1 2022.
  • Howard Marks opened 96 new positions and closed 107 in Q1 2022.
  • Howard Marks's portfolio value rose 4.9% quarter-over-quarter to $9.59B.

Based on Oaktree Capital Management's 13F filing for Q1 2022, filed 16 May 2022.