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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
TPBA
326
DELISTED
TPB Acquisition Corporation I Class A Ordinary Share
TPBA
– –
-148,000
Closed -$1.45M
RNERU
327
DELISTED
Mount Rainier Acquisition Corp. Unit
RNERU
– –
-400,000
Closed -$4.07M
ACDI.U
328
DELISTED
Ascendant Digital Acquisition Corp. III Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
ACDI.U
– –
-500,000
Closed -$5.08M
WQGA
329
DELISTED
World Quantum Growth Acquisition Corp.
WQGA
– –
-100,000
Closed -$981K
ARCKW
330
CALL
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Warrants
ARCKW
– –
-33,333
Closed -$16K
DRAY
331
DELISTED
Macondray Capital Acquisition Corp. I Class A Ordinary Shares
DRAY
– –
-250,000
Closed -$2.46M
DAOOU
332
DELISTED
Crypto 1 Acquisition Corp Unit
DAOOU
– –
-200,000
Closed -$2.02M
LSPRU
333
DELISTED
Larkspur Health Acquisition Corp. Unit
LSPRU
– –
-700,000
Closed -$7.01M
AFACU
334
DELISTED
Arena Fortify Acquisition Corp. Unit
AFACU
– –
-50,000
Closed -$506K
LAXXR
335
DELISTED
8i Acquisition 2 Corp Rights
LAXXR
– –
-100,000
Closed -$28K
USWSW
336
CALL
DELISTED
U.S. Well Services, Inc. Warrants
USWSW
– –
-1,500,000
Closed -$112K
EDNC
337
DELISTED
Endurance Acquisition Corp. Class A Ordinary Shares
EDNC
– –
-150,000
Closed -$1.47M
IEA
338
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
– –
-129,079
Closed -$1.19M
NVACU
339
DELISTED
NorthView Acquisition Corporation Unit
NVACU
– –
-750,000
Closed -$7.54M
FXCOU
340
DELISTED
Financial Strategies Acquisition Corp. Unit
FXCOU
– –
-400,000
Closed -$4.14M
JWACU
341
DELISTED
Jupiter Wellness Acquisition Corp. Unit
JWACU
– –
-500,000
Closed -$5.04M
WTMAU
342
DELISTED
Welsbach Technology Metals Acquisition Corp. Unit
WTMAU
– –
-450,000
Closed -$4.51M
IGTAU
343
DELISTED
Inception Growth Acquisition Limited Unit
IGTAU
– –
-400,000
Closed -$4.03M
MNTN.U
344
DELISTED
Everest Consolidator Acquisition Corporation Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant
MNTN.U
– –
-200,000
Closed -$2.03M
TLGYU
345
DELISTED
TLGY Acquisition Corporation Unit
TLGYU
– –
-100,000
Closed -$1.01M
KACLU
346
DELISTED
Kairous Acquisition Corp. Limited Unit
KACLU
– –
-150,000
Closed -$1.53M
WEL.U
347
DELISTED
Integrated Wellness Acquisition Corp Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
WEL.U
– –
-100,000
Closed -$1.01M
FRLAU
348
DELISTED
Fortune Rise Acquisition Corporation Units
FRLAU
– –
-275,000
Closed -$2.78M
APXIU
349
DELISTED
APx Acquisition Corp. I Unit
APXIU
– –
-300,000
Closed -$3.02M
AOGOU
350
DELISTED
Arogo Capital Acquisition Corp. Unit
AOGOU
– –
-400,000
Closed -$4.01M
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.