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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
OIBR.C
326
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
– –
-2,201,646
Closed -$1.99M
PFTAU
327
DELISTED
Perception Capital Corp. III Unit
PFTAU
– –
-150,000
Closed -$1.49M
FHLTU
328
DELISTED
Future Health ESG Corp. Unit
FHLTU
– –
-250,000
Closed -$2.5M
MEOAU
329
DELISTED
Minority Equality Opportunities Acquisition Inc. Units
MEOAU
– –
-275,000
Closed -$2.83M
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.