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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
ZLS
101
DELISTED
Zalatoris II Acquisition Corp Class A Ordinary Shares
ZLS
$1.94M 0.03%
+200,000
New +$1.94M
BLNG
102
DELISTED
Belong Acquisition Corp. Class A Common Stock
BLNG
$1.94M 0.03%
+200,000
New +$1.94M
LNZA icon
103
LanzaTech
LNZA
$81.8M
$1.94M 0.03%
+2,000
New +$1.94M
XAGE
104
DELISTED
Longevity Health Holdings, Inc. Common Stock
XAGE
$1.94M 0.03%
+6,667
New +$1.94M
TWCB
105
DELISTED
Bilander Acquisition Corp. Class A Common Stock
TWCB
$1.94M 0.03%
+200,000
New +$1.93M
PLMJ
106
DELISTED
Plum Acquisition Corp. III Class A Ordinary Shares
PLMJ
$1.94M 0.03%
+200,000
New +$1.93M
PSQH icon
107
PSQ Holdings
PSQH
$20.3M
$1.93M 0.03%
+13,333
New +$1.93M
MITA
108
DELISTED
Coliseum Acquisition Corp. Class A Ordinary Share
MITA
$1.93M 0.03%
+200,000
New +$1.94M
HWEL
109
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
$1.93M 0.03%
+200,000
New +$1.93M
NOGNW
110
CALL
DELISTED
Nogin, Inc. Warrant
NOGNW
$1.72M 0.02%
+175,000
New +$97.1K
DTRTU
111
DELISTED
DTRT Health Acquisition Corp. Unit
DTRTU
$1.51M 0.02%
+150,000
New +$1.51M
SHFS icon
112
SHF Holdings
SHFS
$2.03M
$1.5M 0.02%
+7,500
New +$1.49M
BWCAU
113
DELISTED
Blue Whale Acquisition Corp I Unit
BWCAU
$1.5M 0.02%
+150,000
New +$1.5M
VCXAU
114
DELISTED
10X Capital Venture Acquisition Corp II Unit
VCXAU
$1.5M 0.02%
+150,000
New +$1.5M
AFTR.U
115
DELISTED
AfterNext HealthTech Acquisition Corp Units
AFTR.U
$1.49M 0.02%
+150,000
New +$1.49M
PFTAU
116
DELISTED
Perception Capital Corp. III Unit
PFTAU
$1.49M 0.02%
+150,000
New +$1.5M
INAQU
117
DELISTED
Insight Acquisition Corp. Units
INAQU
$1.49M 0.02%
+150,000
New +$1.48M
TPBAU
118
DELISTED
TPB Acquisition Corporation I Unit
TPBAU
$1.49M 0.02%
+150,000
New +$1.5M
EDNCU
119
DELISTED
Endurance Acquisition Corp. Unit
EDNCU
$1.49M 0.02%
+150,000
New +$1.49M
WRAC
120
DELISTED
Williams Rowland Acquisition Corp.
WRAC
$1.49M 0.02%
+150,000
New +$1.48M
GACQ
121
DELISTED
Global Consumer Acquisition Corp. Common Stock
GACQ
$1.48M 0.02%
+150,000
New +$1.47M
PMGM
122
DELISTED
Priveterra Acquisition Corp. II Class A Common Stock
PMGM
$1.48M 0.02%
+150,000
New +$1.46M
MOBX icon
123
Mobix Labs
MOBX
$20.5M
$1.48M 0.02%
+15,000
New +$1.46M
CORS
124
DELISTED
Corsair Partnering Corporation
CORS
$1.48M 0.02%
+150,000
New +$1.47M
CCAIU
125
DELISTED
Cascadia Acquisition Corp. Unit
CCAIU
$1.48M 0.02%
+150,000
New +$1.48M
3 4
5
6 7

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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.