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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
FEXDU
76
DELISTED
Fintech Ecosystem Development Corp. Units
FEXDU
$4.59M 0.05%
+450,000
New +$4.59M
WTMAU
77
DELISTED
Welsbach Technology Metals Acquisition Corp. Unit
WTMAU
$4.51M 0.05%
+450,000
New +$4.51M
TRUG icon
78
TruGolf
TRUG
$1.64M
$4.17M 0.05%
+850
New +$4.19M
FXCOU
79
DELISTED
Financial Strategies Acquisition Corp. Unit
FXCOU
$4.14M 0.05%
+400,000
New +$4.1M
ALSAU
80
DELISTED
Alpha Star Acquisition Corp Units
ALSAU
$4.11M 0.05%
+400,000
New +$4.08M
RNERU
81
DELISTED
Mount Rainier Acquisition Corp. Unit
RNERU
$4.07M 0.04%
+400,000
New +$4.05M
ENCPU
82
DELISTED
Energem Corp Unit
ENCPU
$4.06M 0.04%
+400,000
New +$4.06M
GDNRU
83
DELISTED
Gardiner Healthcare Acquisitions Corp. Unit
GDNRU
$4.04M 0.04%
+400,000
New +$4.02M
IGTAU
84
DELISTED
Inception Growth Acquisition Limited Unit
IGTAU
$4.03M 0.04%
+400,000
New +$4.02M
AOGOU
85
DELISTED
Arogo Capital Acquisition Corp. Unit
AOGOU
$4.01M 0.04%
+400,000
New +$4M
ICNC
86
DELISTED
Iconic Sports Acquisition Corp.
ICNC
$3.97M 0.04%
+400,000
New +$3.96M
DTI icon
87
Drilling Tools International
DTI
$92.1M
$3.94M 0.04%
+400,000
New +$3.94M
AVAC
88
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$3.71M 0.04%
+375,000
New +$3.7M
SHAP.U
89
DELISTED
Spree Acquisition Corp. 1 Limited Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
SHAP.U
$3.51M 0.04%
+350,000
New +$3.5M
REVE
90
DELISTED
Alpine Acquisition Corp
REVE
$3.5M 0.04%
+350,000
New +$3.5M
DSAQ
91
DELISTED
Direct Selling Acquisition Corp.
DSAQ
$3.48M 0.04%
+350,000
New +$3.48M
SANB
92
DELISTED
Sanaby Health Acquisition Corp. I Class A Common Stock
SANB
$3.47M 0.04%
+350,000
New +$3.47M
RRAC
93
DELISTED
Rigel Resource Acquisition Corp.
RRAC
$3.43M 0.04%
+350,000
New +$3.44M
GLLI
94
DELISTED
Globalink Investment Inc. Common Stock
GLLI
$3.43M 0.04%
+350,000
New +$3.43M
ENER
95
DELISTED
Accretion Acquisition Corp
ENER
$3.42M 0.04%
+350,000
New +$3.41M
LIBY
96
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
$3.21M 0.04%
+325,000
New +$3.2M
BRD.U
97
DELISTED
Beard Energy Transition Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half of one Warrant
BRD.U
$3.05M 0.03%
+300,000
New +$3.02M
EXEEW
98
CALL
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
$3.03M 0.03%
75,810
– –
APXIU
99
DELISTED
APx Acquisition Corp. I Unit
APXIU
$3.02M 0.03%
+300,000
New +$3.02M
MCAA
100
DELISTED
Mountain & Co. I Acquisition Corp. Class A Ordinary Shares
MCAA
$3M 0.03%
+300,000
New +$3M
2 3
4
5 6

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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.