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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
HIMS icon
51
Hims & Hers Health
HIMS
$7.88B
$17.4M 0.18%
3,271,279
-502,158
-13% -$2.48M
BAC.PRL icon
52
Bank of America Series L
BAC.PRL
$3.95B
$14.6M 0.15%
11,114
-2,094
-16% -$2.84M
TGS icon
53
Transportadora de Gas del Sur
TGS
$4.23B
$13.8M 0.14%
1,963,576
+1
+0% +$5
TEO icon
54
Telecom Argentina
TEO
$5.66B
$13.3M 0.14%
2,220,500
– –
LBRDK
55
DELISTED
Liberty Broadband Class C
LBRDK
$11.8M 0.12%
86,999
– –
CNGL
56
DELISTED
Canna-Global Acquisition Corp. Class A Common Stock
CNGL
$10.5M 0.11%
+1,051,041
New +$10.4M
RSVR
57
Reservoir Media
RSVR
$652M
$9.83M 0.1%
1,000,000
+151,000
+18% +$1.13M
DHAI
58
DELISTED
DIH Holdings US
DHAI
$9.37M 0.1%
+38,000
New +$9.36M
EXEEZ
59
CALL
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
$8.93M 0.09%
150,000
– –
BELFB
60
Bel Fuse Inc Class B
BELFB
$3.69B
$8.25M 0.09%
462,679
– –
SMRT icon
61
SmartRent
SMRT
$274M
$7.95M 0.08%
+1,571,047
New +$11.3M
NVAC
62
DELISTED
NorthView Acquisition Corporation Common Stock
NVAC
$7.39M 0.08%
+750,000
New +$7.34M
WFC.PRL icon
63
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.57B
$7.36M 0.08%
5,557
-860
-13% -$1.18M
HWH icon
64
HWH International
HWH
$16.1M
$7.25M 0.08%
+147,000
New +$7.23M
ASC icon
65
Ardmore Shipping
ASC
$752M
$7.2M 0.08%
1,600,000
– –
RACYU
66
DELISTED
Relativity Acquisition Corp. Unit
RACYU
$6.5M 0.07%
+645,000
New +$6.47M
MURFU
67
DELISTED
Murphy Canyon Acquisition Corp. Unit
MURFU
$6.06M 0.06%
+600,000
New +$6.03M
CURR
68
Currenc Group
CURR
$394M
$6M 0.06%
+600,000
New +$5.96M
GACQ
69
DELISTED
Global Consumer Acquisition Corp. Common Stock
GACQ
$6M 0.06%
600,000
+450,000
+300% +$4.48M
AXAC
70
DELISTED
AXIOS Sustainable Growth Acquisition Corporation
AXAC
$5.98M 0.06%
+600,000
New +$5.98M
BZAI
71
Blaize Holdings
BZAI
$69.3M
$5.93M 0.06%
+600,000
New +$5.91M
BRAC
72
DELISTED
Broad Capital Acquisition Corp Common Stock
BRAC
$5.45M 0.06%
+550,000
New +$5.44M
BWAQ
73
DELISTED
Blue World Acquisition Corporation Class A Ordinary Shares
BWAQ
$5.43M 0.06%
+550,000
New +$5.43M
AXH
74
DELISTED
Industrial Human Capital, Inc.
AXH
$5.01M 0.05%
500,000
– –
WAVSU
75
DELISTED
Western Acquisition Ventures Corp. Unit
WAVSU
$5M 0.05%
+500,000
New +$5M
1 2
3
4 5

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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.