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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
-1.77%
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
$7.16B
AUM Growth
-$285M
Cap. Flow
-$1.04B
Cap. Flow %
-14.53%
Top 10 Hldgs %
51.47%
Holding
279
New
105
Increased
16
Reduced
5
Closed
17

Top Buys

Rank Stock Value
1
FCX icon
Freeport-McMoran
FCX
+$64.6M
2
KRC icon
Kilroy Realty
KRC
+$42.1M
3
OCSL icon
Oaktree Specialty Lending
OCSL
+$29.7M
4
BBD icon
Banco Bradesco
BBD
+$14.3M
5
AU icon
AngloGold Ashanti
AU
+$14.2M

Top Sells

Rank Stock Value
1
COLD icon
Americold
COLD
+$446M
2
SHLS icon
Shoals Technologies Group
SHLS
+$177M
3
XEC
CIMAREX ENERGY CO
XEC
+$22.6M
4
EXEEL
Expand Energy Corp Class C Warrants
EXEEL
+$16.6M
5
MTG icon
MGIC Investment
MTG
+$9.59M

Sector Composition

Rank Sector Weight
1 Energy 23.01%
2 Financials 13.33%
3 Industrials 13.12%
4 Utilities 11.17%
5 Materials 5.59%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SWSS
76
DELISTED
Clean Energy Special Situations Corp. Common stock
SWSS
$2.44M 0.03%
+500,000
New +$2.44M
OABI icon
77
OmniAb
OABI
$630M
$2.44M 0.03%
+250,000
New +$2.44M
LOMA
78
Loma Negra
LOMA
$1.09B
$2.32M 0.03%
325,924
-16,076
-5% -$120K
PAFOU
79
DELISTED
Pacifico Acquisition Corp. Units
PAFOU
$2.28M 0.03%
+225,000
New +$2.27M
DFLI icon
80
Dragonfly Energy
DFLI
$18M
$2.23M 0.03%
+2,500
New +$2.22M
WQGA.U
81
DELISTED
World Quantum Growth Acquisition Corp. Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant to acquire one Class A ordinary share
WQGA.U
$2.01M 0.03%
+200,000
New +$2M
RICO
82
DELISTED
Agrico Acquisition Corp
RICO
$2M 0.03%
+200,000
New +$1.99M
MTAL
83
DELISTED
Metals Acquisition
MTAL
$2M 0.03%
+200,000
New +$1.96M
CLOE
84
DELISTED
Clover Leaf Capital Corp. Class A Common Stock
CLOE
$2M 0.03%
+200,000
New +$1.99M
PRBM.U
85
DELISTED
Parabellum Acquisition Corp. Units, each consisting of one share of Class A common stock and three-quarters of one redeemable warrant
PRBM.U
$1.99M 0.03%
+200,000
New +$2M
BNNRU
86
DELISTED
Banner Acquisition Corp. Units
BNNRU
$1.99M 0.03%
+200,000
New +$1.99M
OIBR.C
87
DELISTED
OI S.A. American Depositary Shares, each representing five shares of common stock
OIBR.C
$1.99M 0.03%
2,201,646
– –
AACIU
88
DELISTED
Armada Acquisition Corp. I Unit
AACIU
$1.98M 0.03%
+200,000
New +$1.97M
RVACU
89
DELISTED
Riverview Acquisition Corp. Unit
RVACU
$1.98M 0.03%
+200,000
New +$1.98M
APMIU
90
DELISTED
AxonPrime Infrastructure Acquisition Corporation Unit
APMIU
$1.98M 0.03%
+200,000
New +$1.97M
WAVC.U
91
DELISTED
Waverley Capital Acquisition Corp. 1 Units, each consisting of one Class A Ordinary Share and one-third of one redeemable warrant
WAVC.U
$1.97M 0.03%
+200,000
New +$1.98M
NOGN
92
DELISTED
Nogin, Inc. Common Stock
NOGN
$1.97M 0.03%
+10,000
New +$1.97M
PSTH
93
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
$1.97M 0.03%
+100,000
New +$2.03M
TYGO icon
94
Tigo Energy
TYGO
$83.7M
$1.97M 0.03%
+200,000
New +$1.97M
SEPA
95
DELISTED
SEP Acquisition Corp Class A Common Stock
SEPA
$1.96M 0.03%
+200,000
New +$1.97M
GWII
96
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
$1.95M 0.03%
+200,000
New +$1.95M
PET
97
DELISTED
Wag!
PET
$1.95M 0.03%
+200,000
New +$1.94M
PETWW
98
CALL
DELISTED
Wag! Group Co Warrant
PETWW
$1.95M 0.03%
+200,000
New +$96.4K
EOCW
99
DELISTED
Elliott Opportunity II Corp.
EOCW
$1.95M 0.03%
+200,000
New +$1.95M
ACRO
100
DELISTED
Acropolis Infrastructure Acquisition Corp
ACRO
$1.94M 0.03%
+200,000
New +$1.94M
2 3
4
5 6

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Howard Marks's Q3 2021 Portfolio in Review

As of Q3 2021, Howard Marks held 279 positions worth $7.16B, down 3.8% from $7.45B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Howard Marks withdrew a net $1.04B in Q3 2021, closing 17 positions and reducing 5 holdings. Its most notable exit was Americold, an estimated $446M position sold in full.

By sector, the portfolio is most concentrated in Energy at 23% of assets, up from 20% a quarter earlier, followed by Financials and Industrials.

Against the trend, Howard Marks opened a new position in Freeport-McMoran worth $59.6M.

  • Howard Marks's largest Q3 2021 buy was Freeport-McMoran: 1,833,550 shares worth $59.6M.
  • Howard Marks added most to Kilroy Realty in Q3 2021, an estimated $42.1M increase.
  • Howard Marks's biggest Q3 2021 reduction was MGIC Investment, cutting an estimated $9.59M.
  • Howard Marks fully exited Americold in Q3 2021, selling an estimated $446M.
  • Howard Marks's ten largest holdings make up 51% of its $7.16B portfolio in Q3 2021.
  • Howard Marks opened 105 new positions and closed 17 in Q3 2021.
  • Howard Marks's portfolio value fell 3.8% quarter-over-quarter to $7.16B.

Based on Oaktree Capital Management's 13F filing for Q3 2021, filed 15 Nov 2021.