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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
BAC.PRL icon
51
Bank of America Series L
BAC.PRL
$3.95B
$19.1M 0.21%
+13,208
New +$19M
PAM icon
52
Pampa Energía
PAM
$4.26B
$17.5M 0.19%
829,000
– –
VIST icon
53
Vista Energy
VIST
$7.7B
$17.1M 0.19%
3,215,002
-30,000
-0.9% -$174K
LBRDK
54
DELISTED
Liberty Broadband Class C
LBRDK
$14M 0.15%
86,999
– –
TEO icon
55
Telecom Argentina
TEO
$5.66B
$11.3M 0.12%
2,220,500
-40,000
-2% -$205K
WFC.PRL icon
56
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$9.56M 0.1%
+6,417
New +$9.57M
TGS icon
57
Transportadora de Gas del Sur
TGS
$4.23B
$8.72M 0.1%
1,963,575
– –
NVACU
58
DELISTED
NorthView Acquisition Corporation Unit
NVACU
$7.54M 0.08%
+750,000
New +$7.52M
SAGAU
59
DELISTED
Sagaliam Acquisition Corp. Units
SAGAU
$7.02M 0.08%
+700,000
New +$7M
LSPRU
60
DELISTED
Larkspur Health Acquisition Corp. Unit
LSPRU
$7.01M 0.08%
+700,000
New +$7M
GMFIU
61
DELISTED
Aetherium Acquisition Corp Unit
GMFIU
$7M 0.08%
+700,000
New +$7M
RSVR
62
Reservoir Media
RSVR
$652M
$6.71M 0.07%
849,000
+380,300
+81% +$3.2M
BRKHU
63
DELISTED
BurTech Acquisition Corp. Unit
BRKHU
$6M 0.07%
+600,000
New +$5.99M
BELFB
64
Bel Fuse Inc Class B
BELFB
$3.69B
$5.98M 0.07%
462,679
– –
ASC icon
65
Ardmore Shipping
ASC
$752M
$5.41M 0.06%
1,600,000
– –
EXEEZ
66
CALL
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
$5.39M 0.06%
+150,000
New +$5.14M
ACDI.U
67
DELISTED
Ascendant Digital Acquisition Corp. III Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
ACDI.U
$5.08M 0.06%
+500,000
New +$5.05M
ADRT.U
68
DELISTED
Ault Disruptive Technologies Corporation Units, each consisting of one share of Common Stock, and three-fourths of one Redeemable Warrant to purchase one share of Common Stock
ADRT.U
$5.07M 0.06%
+500,000
New +$5.02M
CNGLU
69
DELISTED
Canna-Global Acquisition Corp Unit
CNGLU
$5.07M 0.06%
+500,000
New +$5.06M
JWACU
70
DELISTED
Jupiter Wellness Acquisition Corp. Unit
JWACU
$5.04M 0.06%
+500,000
New +$5.02M
AXH
71
DELISTED
Industrial Human Capital, Inc.
AXH
$4.96M 0.05%
+500,000
New +$4.95M
OACB.WS
72
CALL
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
$4.95M 0.05%
+4,666,667
New +$5.11M
VSEE
73
DELISTED
VSEE HEALTH INC
VSEE
$4.94M 0.05%
+500,000
New +$4.94M
XP icon
74
XP
XP
$8.53B
$4.65M 0.05%
+161,799
New +$5.27M
FLG.PRU
75
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$4.63M 0.05%
87,636
-1,614
-2% -$85.2K
1 2
3
4 5

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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.