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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
JMAC
101
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
$2.98M 0.03%
+300,000
New +$2.97M
VGAS icon
102
Verde Clean Fuels
VGAS
$27.1M
$2.97M 0.03%
+300,000
New +$2.97M
ONYX
103
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$2.97M 0.03%
+300,000
New +$2.97M
GOGN
104
DELISTED
GoGreen Investments Corporation
GOGN
$2.97M 0.03%
+300,000
New +$2.97M
WINV
105
DELISTED
WinVest Acquisition Corp. Common Stock
WINV
$2.95M 0.03%
+300,000
New +$2.95M
CLDI icon
106
Calidi Biotherapeutics
CLDI
$3.46M
$2.95M 0.03%
+156
New +$2.94M
FRLAU
107
DELISTED
Fortune Rise Acquisition Corporation Units
FRLAU
$2.78M 0.03%
+275,000
New +$2.77M
MEOA
108
DELISTED
Minority Equality Opportunities Acquisition Inc. Class A Common Stock
MEOA
$2.74M 0.03%
+275,000
New +$2.74M
BMAQ
109
DELISTED
Blockchain Moon Acquisition Corp. Common Stock
BMAQ
$2.68M 0.03%
+275,000
New +$2.69M
FLYA
110
DELISTED
SOAR Technology Acquisition Corp.
FLYA
$2.53M 0.03%
+250,000
New +$2.51M
JUN
111
DELISTED
Juniper II Corp.
JUN
$2.51M 0.03%
+250,000
New +$2.47M
IFIN.U
112
DELISTED
InFinT Acquisition Corporation Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
IFIN.U
$2.51M 0.03%
+250,000
New +$2.51M
BOCNU
113
DELISTED
Blue Ocean Acquisition Corp Unit
BOCNU
$2.51M 0.03%
+250,000
New +$2.5M
LVAC
114
DELISTED
LAVA Medtech Acquisition Corp. Class A Common Stock
LVAC
$2.5M 0.03%
+250,000
New +$2.48M
AWIN
115
DELISTED
AERWINS Technologies Inc
AWIN
$2.49M 0.03%
+2,500
New +$2.49M
GSD
116
DELISTED
Global Systems Dynamics Inc. Class A Common Stock
GSD
$2.48M 0.03%
250,000
– –
MPRA
117
DELISTED
Mercato Partners Acquisition Corporation Class A Common Stock
MPRA
$2.48M 0.03%
+250,000
New +$2.45M
JTAI icon
118
Jet.AI
JTAI
$2.25M
$2.47M 0.03%
+6
New +$2.68M
SVNA
119
DELISTED
7 Acquisition Corp
SVNA
$2.46M 0.03%
+250,000
New +$2.46M
LION
120
DELISTED
Lionheart III Corp Class A Common Stock
LION
$2.46M 0.03%
+250,000
New +$2.47M
DRAY
121
DELISTED
Macondray Capital Acquisition Corp. I Class A Ordinary Shares
DRAY
$2.46M 0.03%
250,000
– –
AACI
122
DELISTED
Armada Acquisition Corp. I Common Stock
AACI
$2.45M 0.03%
+250,000
New +$2.44M
FHLT
123
DELISTED
Future Health ESG Corp. Common stock
FHLT
$2.44M 0.03%
+250,000
New +$2.45M
SIER
124
DELISTED
Sierra Lake Acquisition Corp. Class A Common Stock
SIER
$2.44M 0.03%
+250,000
New +$2.45M
SWSS
125
DELISTED
Clean Energy Special Situations Corp. Common stock
SWSS
$2.44M 0.03%
500,000
– –
3 4
5
6 7

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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.