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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
ZLS
276
DELISTED
Zalatoris II Acquisition Corp Class A Ordinary Shares
ZLS
– –
-200,000
Closed -$1.94M
ZLSWW
277
CALL
DELISTED
Zalatoris II Acquisition Corp Warrant
ZLSWW
– –
-66,666
Closed -$647K
TRTL
278
DELISTED
TortoiseEcofin Acquisition Corp. III
TRTL
– –
-150,000
Closed -$1.46M
SEPAW
279
CALL
DELISTED
SEP Acquisition Corp Warrants
SEPAW
– –
-100,000
Closed -$981K
SWSSW
280
CALL
DELISTED
Clean Energy Special Situations Corp. Warrant
SWSSW
– –
-125,000
Closed -$1.22M
MTAL.WS
281
CALL
DELISTED
Metals Acquisition Limited Warrants to purchase one share of Ordinary Share, each at an exercise price of $11.50 per share
MTAL.WS
– –
-57,900
Closed -$579K
DSAQ.U
282
DELISTED
Direct Selling Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of redeemable warrant
DSAQ.U
– –
-350,000
Closed -$3.53M
GSDWW
283
CALL
DELISTED
Global Systems Dynamics, Inc. Warrant
GSDWW
– –
-125,000
Closed -$1.23M
JAQCU
284
DELISTED
Jupiter Acquisition Corporation Units
JAQCU
– –
-250,000
Closed -$2.46M
NOGNW
285
CALL
DELISTED
Nogin, Inc. Warrant
NOGNW
– –
-175,000
Closed -$1.72M
ACRO
286
DELISTED
Acropolis Infrastructure Acquisition Corp
ACRO
– –
-200,000
Closed -$1.94M
VCXAU
287
DELISTED
10X Capital Venture Acquisition Corp II Unit
VCXAU
– –
-150,000
Closed -$1.5M
FLAG.U
288
DELISTED
First Light Acquisition Group, Inc. Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant
FLAG.U
– –
-300,000
Closed -$2.98M
TYGOW
289
CALL
DELISTED
Tigo Energy, Inc. Warrant
TYGOW
– –
-100,000
Closed -$983K
CCAIU
290
DELISTED
Cascadia Acquisition Corp. Unit
CCAIU
– –
-150,000
Closed -$1.48M
WAVC.U
291
DELISTED
Waverley Capital Acquisition Corp. 1 Units, each consisting of one Class A Ordinary Share and one-third of one redeemable warrant
WAVC.U
– –
-200,000
Closed -$1.97M
AFTR.U
292
DELISTED
AfterNext HealthTech Acquisition Corp Units
AFTR.U
– –
-150,000
Closed -$1.49M
APMIU
293
DELISTED
AxonPrime Infrastructure Acquisition Corporation Unit
APMIU
– –
-200,000
Closed -$1.98M
OXACU
294
DELISTED
Oxbridge Acquisition Corp. Unit
OXACU
– –
-250,000
Closed -$2.56M
BWCAU
295
DELISTED
Blue Whale Acquisition Corp I Unit
BWCAU
– –
-150,000
Closed -$1.5M
BLNGW
296
CALL
DELISTED
Belong Acquisition Corp. Warrant
BLNGW
– –
-99,900
Closed -$968K
TWCB
297
DELISTED
Bilander Acquisition Corp. Class A Common Stock
TWCB
– –
-200,000
Closed -$1.94M
CORS.WS
298
CALL
DELISTED
Corsair Partnering Corporation Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
CORS.WS
– –
-25,000
Closed -$246K
EOCW
299
DELISTED
Elliott Opportunity II Corp.
EOCW
– –
-200,000
Closed -$1.95M
WRAC.WS
300
CALL
DELISTED
Williams Rowland Acquisition Corp. Redeemable Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50
WRAC.WS
– –
-1,122,296
Closed -$8.48M
10 11
12
13 14

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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.