Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$559M |
| 2 |
Hertz
HTZ
|
+$354M |
| 3 |
Runway Growth Finance
RWAY
|
+$259M |
| 4 |
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 |
Banco Bradesco
BBD
|
+$41.7M |
| 3 |
Super Micro Computer
SMCI
|
+$33.3M |
| 4 |
CXP
COLUMBIA PROPERTY TRUST, INC.
CXP
|
+$25.1M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
26
ICICI Bank
IBN
$107B
| $81.3M | 0.89% |
4,109,451
-1,156,766
| -22% | -$22.9M |
|
|
CBL
27
CBL Properties
CBL
$1.71B
| $67.5M | 0.74% |
+2,164,299
| New | +$65.4M |
|
|
CIVI
28
DELISTED
Civitas Resources
CIVI
| $64.8M | 0.71% |
+1,323,788
| New | +$70.4M |
|
|
COOP
29
DELISTED
Mr. Cooper
COOP
| $62.7M | 0.69% |
1,507,286
| – | – |
|
30
FTAI Aviation
FTAI
$21.5B
| $58.8M | 0.64% |
2,380,772
| – | – |
|
|
31
Super Micro Computer
SMCI
$24.1B
| $57.7M | 0.63% |
13,130,000
-8,220,000
| -39% | -$33.3M |
|
32
Liberty Global Class C
LBTYK
$3.55B
| $52.7M | 0.58% |
1,875,000
| – | – |
|
33
Magnachip Semiconductor
MX
$121M
| $48.2M | 0.53% |
2,300,000
+293,463
| +15% | +$5.42M |
|
|
UNIT
34
Uniti Group
UNIT
$2.42B
| $47.6M | 0.52% |
3,397,592
| – | – |
|
|
COOP
35
CALL
DELISTED
Mr. Cooper
COOP
| $41.6M | 0.46% |
1,000,000
| – | – |
|
|
CVT
36
DELISTED
Cvent Holding Corp. Common Stock
CVT
| $40.9M | 0.45% |
+5,000,000
| New | +$40.9M |
|
37
Credicorp
BAP
$30.1B
| $40.1M | 0.44% |
+328,331
| New | +$40.2M |
|
38
Valaris
VAL
$6.09B
| $38.9M | 0.43% |
1,080,184
| – | – |
|
|
AZUL
39
DELISTED
Azul
AZUL
| $36.9M | 0.4% |
2,794,724
+695,200
| +33% | +$10.6M |
|
40
Par Pacific Holdings
PARR
$3.96B
| $36.4M | 0.4% |
2,210,000
| – | – |
|
41
MGIC Investment
MTG
$6.34B
| $34M | 0.37% |
2,358,000
| – | – |
|
42
Oaktree Specialty Lending
OCSL
$1.14B
| $33.5M | 0.37% |
1,496,789
| – | – |
|
|
43
Banco Bradesco
BBD
$33.9B
| $30.3M | 0.33% |
9,759,741
-12,601,433
| -56% | -$41.7M |
|
|
ONIT
44
Onity Group
ONIT
$301M
| $30.3M | 0.33% |
756,870
+160,000
| +27% | +$5.4M |
|
45
Battalion Oil
BATL
$77.9M
| $29.5M | 0.32% |
3,009,912
| – | – |
|
46
Garrett Motion
GTX
$4.96B
| $28.9M | 0.32% |
3,593,111
| – | – |
|
|
EXEEL
47
CALL
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $26.5M | 0.29% |
808,001
-799,671
| -50% | -$24.8M |
|
48
Hims & Hers Health
HIMS
$7.88B
| $24.7M | 0.27% |
3,773,437
| – | – |
|
49
Afya
AFYA
$1.27B
| $24.5M | 0.27% |
1,561,576
-90,236
| -5% | -$1.45M |
|
50
Televisa
TV
$1.47B
| $23.7M | 0.26% |
2,524,761
-297,040
| -11% | -$3.05M |
|
Similar funds
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.