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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
BNNRU
301
DELISTED
Banner Acquisition Corp. Units
BNNRU
– –
-200,000
Closed -$1.99M
CIIGU
302
DELISTED
CIIG Capital Partners II, Inc. Unit
CIIGU
– –
-69,600
Closed -$701K
REVEU
303
DELISTED
Alpine Acquisition Corp Unit
REVEU
– –
-350,000
Closed -$3.55M
TPBAU
304
DELISTED
TPB Acquisition Corporation I Unit
TPBAU
– –
-150,000
Closed -$1.49M
DCRDU
305
DELISTED
Decarbonization Plus Acquisition Corporation IV Unit
DCRDU
– –
-250,000
Closed -$2.52M
CENQU
306
DELISTED
CENAQ Energy Corp. Unit
CENQU
– –
-300,000
Closed -$3.02M
WQGA.U
307
DELISTED
World Quantum Growth Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant to acquire one Class A ordinary share
WQGA.U
– –
-200,000
Closed -$2.01M
PONOU
308
DELISTED
Pono Capital Corp Unit
PONOU
– –
-250,000
Closed -$2.55M
DTRTU
309
DELISTED
DTRT Health Acquisition Corp. Unit
DTRTU
– –
-150,000
Closed -$1.51M
PRBM.U
310
DELISTED
Parabellum Acquisition Corp. Units, each consisting of one share of Class A common stock and three-quarters of one redeemable warrant
PRBM.U
– –
-200,000
Closed -$1.99M
DRAYW
311
CALL
DELISTED
Macondray Capital Acquisition Corp. I Warrant
DRAYW
– –
-126,109
Closed -$1.24M
FTVI
312
DELISTED
FinTech Acquisition Corp. VI Class A Common Stock
FTVI
– –
-125,000
Closed -$1.22M
SHQAW
313
CALL
DELISTED
Shelter Acquisition Corporation I Warrants
SHQAW
– –
-727,270
Closed -$28.3M
ARGUU
314
DELISTED
Argus Capital Corp. Unit
ARGUU
– –
-100,000
Closed -$1.01M
FLYA.U
315
DELISTED
SOAR Technology Acquisition Corp. Units, each consisting of one Class A ordinary share and one-third of one redeemable warrant
FLYA.U
– –
-250,000
Closed -$2.54M
SIERU
316
DELISTED
Sierra Lake Acquisition Corp. Unit
SIERU
– –
-250,000
Closed -$2.49M
PAFOU
317
DELISTED
Pacifico Acquisition Corp. Units
PAFOU
– –
-225,000
Closed -$2.28M
ASZ
318
DELISTED
Austerlitz Acquisition Corporation II
ASZ
– –
-150,000
Closed -$1.46M
EDNCU
319
DELISTED
Endurance Acquisition Corp. Unit
EDNCU
– –
-150,000
Closed -$1.49M
RVACU
320
DELISTED
Riverview Acquisition Corp. Unit
RVACU
– –
-200,000
Closed -$1.98M
RICOW
321
CALL
DELISTED
Agrico Acquisition Corp Warrant
RICOW
– –
-100,000
Closed -$1M
OACB.WS
322
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
– –
-4,666,667
Closed -$5.11M
MACQ
323
DELISTED
MCAP Acquisition Corporation Class A Common Stock
MACQ
– –
-100,000
Closed -$987K
CXP
324
DELISTED
COLUMBIA PROPERTY TRUST, INC.
CXP
– –
-1,320,000
Closed -$25.1M
XOG
325
DELISTED
Extraction Oil & Gas, Inc. Common Stock
XOG
– –
-1,113,995
Closed -$62.9M
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.