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 |
CBL
CBL Properties
CBL
|
+$69.5M |
| 2 |
Sociedad Química y Minera de Chile
SQM
|
+$22.2M |
| 3 |
AZUL
Azul
AZUL
|
+$14.6M |
| 4 |
Runway Growth Finance
RWAY
|
+$14.2M |
| 5 |
SmartRent
SMRT
|
+$11.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXE
Expand Energy Corp
EXE
|
+$73.4M |
| 2 |
Valaris
VAL
|
+$44.6M |
| 3 |
COOP
Mr. Cooper
COOP
|
+$25M |
| 4 |
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 | |
|---|---|---|---|---|---|---|
|
CIVI
26
DELISTED
Civitas Resources
CIVI
| $71.7M | 0.75% |
1,200,000
-123,788
| -9% | -$6.73M |
|
|
COOP
27
CALL
DELISTED
Mr. Cooper
COOP
| $59.4M | 0.62% |
1,300,000
+300,000
| +30% | +$13.6M |
|
|
AZUL
28
DELISTED
Azul
AZUL
| $57.4M | 0.6% |
3,815,824
+1,021,100
| +37% | +$14.6M |
|
29
Credicorp
BAP
$30.1B
| $57.2M | 0.6% |
332,612
+4,281
| +1% | +$646K |
|
30
Battalion Oil
BATL
$77.9M
| $55.9M | 0.58% |
3,009,912
| – | – |
|
31
FTAI Aviation
FTAI
$21.5B
| $52.4M | 0.55% |
2,380,772
| – | – |
|
32
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $50.6M | 0.53% |
581,000
-49,000
| -8% | -$21.8M |
|
33
Liberty Global Class C
LBTYK
$3.55B
| $48.6M | 0.51% |
1,875,000
| – | – |
|
|
UNIT
34
Uniti Group
UNIT
$2.42B
| $46.8M | 0.49% |
3,397,592
| – | – |
|
|
EXEEL
35
CALL
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $44.9M | 0.47% |
808,001
| – | – |
|
|
COOP
36
DELISTED
Mr. Cooper
COOP
| $43.7M | 0.46% |
957,286
-550,000
| -36% | -$25M |
|
37
Banco Bradesco
BBD
$33.9B
| $41.7M | 0.44% |
9,892,524
+132,783
| +1% | +$487K |
|
38
Magnachip Semiconductor
MX
$121M
| $38.9M | 0.41% |
2,300,000
| – | – |
|
39
Oaktree Specialty Lending
OCSL
$1.14B
| $37M | 0.39% |
1,671,504
+174,715
| +12% | +$3.91M |
|
|
CVT
40
DELISTED
Cvent Holding Corp. Common Stock
CVT
| $36M | 0.37% |
5,000,000
| – | – |
|
|
41
Super Micro Computer
SMCI
$24.1B
| $33.5M | 0.35% |
8,800,000
-4,330,000
| -33% | -$17.9M |
|
42
MGIC Investment
MTG
$6.34B
| $31.9M | 0.33% |
2,358,000
| – | – |
|
|
43
Sociedad Química y Minera de Chile
SQM
$23.4B
| $29.7M | 0.31% |
+346,485
| New | +$22.2M |
|
44
Vista Energy
VIST
$7.7B
| $29.2M | 0.3% |
3,215,002
| – | – |
|
45
Par Pacific Holdings
PARR
$3.96B
| $28.8M | 0.3% |
2,210,000
| – | – |
|
46
Televisa
TV
$1.47B
| $27.7M | 0.29% |
2,364,174
-160,587
| -6% | -$1.66M |
|
47
Garrett Motion
GTX
$4.96B
| $25.8M | 0.27% |
3,593,111
| – | – |
|
48
Afya
AFYA
$1.27B
| $22.3M | 0.23% |
1,546,069
-15,507
| -1% | -$212K |
|
49
Pampa Energía
PAM
$4.26B
| $19.6M | 0.2% |
829,000
| – | – |
|
|
ONIT
50
Onity Group
ONIT
$301M
| $18M | 0.19% |
756,870
| – | – |
|
Similar funds
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.