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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
VSEE
76
DELISTED
VSEE HEALTH INC
VSEE
$5M 0.05%
500,000
– –
JWAC
77
DELISTED
Jupiter Wellness Acquisition Corp. Class A Common Stock
JWAC
$4.96M 0.05%
+500,000
New +$4.93M
DUET
78
DELISTED
DUET Acquisition Corp. Class A Common Stock
DUET
$4.95M 0.05%
+500,000
New +$4.93M
EXEEW
79
CALL
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
$4.84M 0.05%
75,810
– –
SAGA
80
DELISTED
Sagaliam Acquisition Corp. Class A Common Stock
SAGA
$4.7M 0.05%
+475,000
New +$4.68M
UWMC icon
81
UWM Holdings
UWMC
$2.25B
$4.53M 0.05%
+1,000,000
New +$4.83M
EVGRU
82
DELISTED
Evergreen Corporation Unit
EVGRU
$4.52M 0.05%
+450,000
New +$4.51M
RWODU
83
DELISTED
Redwoods Acquisition Corp. Unit
RWODU
$4.51M 0.05%
+450,000
New +$4.51M
TETE
84
DELISTED
Technology & Telecommunication Acquisition Corporation Class A Ordinary Shares
TETE
$4.48M 0.05%
+450,000
New +$4.47M
FEXD
85
DELISTED
Fintech Ecosystem Development Corp. Class A Common Stock
FEXD
$4.47M 0.05%
+450,000
New +$4.46M
WTMA
86
DELISTED
Welsbach Technology Metals Acquisition Corp. Common Stock
WTMA
$4.44M 0.05%
+450,000
New +$4.43M
FLG.PRU
87
Flagstar Bank National Association Bifurcated Option Note Unit Securities
FLG.PRU
$116M
$4.35M 0.05%
87,636
– –
HNRA.U
88
DELISTED
HNR Acquisition Corp Units, each consisting of one share of Common Stock, and one redeemable Warrant
HNRA.U
$4.27M 0.04%
+425,000
New +$4.26M
TRUG icon
89
TruGolf
TRUG
$1.64M
$4.23M 0.04%
850
– –
FTIIU
90
DELISTED
FutureTech II Acquisition Corp. Unit
FTIIU
$4.11M 0.04%
+410,000
New +$4.1M
RFACU
91
DELISTED
RF Acquisition Corp. Unit
RFACU
$4.01M 0.04%
+400,000
New +$4.02M
GTI
92
DELISTED
Graphjet Technology
GTI
$4M 0.04%
+6,667
New +$3.97M
ICNC
93
DELISTED
Iconic Sports Acquisition Corp.
ICNC
$4M 0.04%
400,000
– –
GDNR
94
DELISTED
Gardiner Healthcare Acquisitions Corp. Common Stock
GDNR
$3.97M 0.04%
+400,000
New +$3.94M
DTI icon
95
Drilling Tools International
DTI
$92.1M
$3.97M 0.04%
400,000
– –
FXCO
96
DELISTED
Financial Strategies Acquisition Corp. Class A Common Stock
FXCO
$3.96M 0.04%
+400,000
New +$3.94M
ALSA
97
DELISTED
Alpha Star Acquisition Corp
ALSA
$3.96M 0.04%
+400,000
New +$3.94M
IGTA
98
DELISTED
Inception Growth Acquisition Limited Common Stock
IGTA
$3.94M 0.04%
+400,000
New +$3.92M
XP icon
99
XP
XP
$8.53B
$3.92M 0.04%
130,161
-31,638
-20% -$987K
CSLM
100
DELISTED
CSLM Acquisition Corp. Class A Ordinary Share
CSLM
$3.9M 0.04%
+400,000
New +$3.9M
2 3
4
5 6

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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.