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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
OLITU
301
DELISTED
OmniLit Acquisition Corp. Units
OLITU
– –
-140,000
Closed -$1.41M
BIOSU
302
DELISTED
BioPlus Acquisition Corp. Unit
BIOSU
– –
-100,000
Closed -$1M
MPRAW
303
CALL
DELISTED
Mercato Partners Acquisition Corporation Warrant
MPRAW
– –
-125,000
Closed -$75K
VHNAU
304
DELISTED
Vahanna Tech Edge Acquisition I Corp. Units
VHNAU
– –
-50,000
Closed -$503K
WAVC
305
DELISTED
Waverley Capital Acquisition Corp. 1
WAVC
– –
-100,000
Closed -$970K
AFTR
306
DELISTED
AfterNext HealthTech Acquisition Corp
AFTR
– –
-150,000
Closed -$1.46M
BWC
307
DELISTED
Blue Whale Acquisition Corp I Class A Ordinary Shares
BWC
– –
-150,000
Closed -$1.45M
GGAAU
308
DELISTED
Genesis Growth Tech Acquisition Corp. Unit
GGAAU
– –
-201,400
Closed -$2.02M
CORS
309
DELISTED
Corsair Partnering Corporation
CORS
– –
-75,000
Closed -$732K
ROCAR
310
DELISTED
ROC Energy Acquisition Corp. Rights
ROCAR
– –
-400,000
Closed -$124K
LITT
311
DELISTED
Logistics Innovation Technologies Corp. Class A Common Stock
LITT
– –
-100,000
Closed -$969K
MTVC.U
312
DELISTED
Motive Capital Corp II Units, each consisting of one Class A ordinary share, and one-third of one redeemable warrant
MTVC.U
– –
-100,000
Closed -$997K
BPACU
313
DELISTED
Bullpen Parlay Acquisition Company Unit
BPACU
– –
-200,000
Closed -$2M
VMGAU
314
DELISTED
VMG Consumer Acquisition Corp. Unit
VMGAU
– –
-200,000
Closed -$2.03M
LVAC
315
DELISTED
LAVA Medtech Acquisition Corp. Class A Common Stock
LVAC
– –
-250,000
Closed -$2.5M
BNNR
316
DELISTED
Banner Acquisition Corp. Class A Common Stock
BNNR
– –
-200,000
Closed -$1.95M
SVNA
317
DELISTED
7 Acquisition Corp
SVNA
– –
-250,000
Closed -$2.46M
SVNAW
318
CALL
DELISTED
7 Acquisition Corp Warrant
SVNAW
– –
-125,000
Closed -$75K
GVCIU
319
DELISTED
Green Visor Financial Technology Acquisition Corp. I Units
GVCIU
– –
-50,000
Closed -$506K
TRAQ.WS
320
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
– –
-50,000
Closed -$30K
CIIG
321
DELISTED
CIIG Capital Partners II, Inc. Class A Common Stock
CIIG
– –
-69,921
Closed -$690K
IQMDW
322
CALL
DELISTED
Intelligent Medicine Acquisition Corp. Warrant
IQMDW
– –
-50,000
Closed -$24K
NOGN
323
DELISTED
Nogin, Inc. Common Stock
NOGN
– –
-10,000
Closed -$1.97M
BGSX
324
DELISTED
Build Acquisition Corp.
BGSX
– –
-51,000
Closed -$496K
HORIU
325
DELISTED
Emerging Markets Horizon Corp. Unit
HORIU
– –
-40,000
Closed -$400K
11 12
13
14 15

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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.