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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
AVAC
101
DELISTED
Avalon Acquisition Inc. Class A Common Stock
AVAC
$3.73M 0.04%
375,000
– –
REVE
102
DELISTED
Alpine Acquisition Corp
REVE
$3.53M 0.04%
350,000
– –
GDSTU
103
DELISTED
Goldenstone Acquisition Limited Units
GDSTU
$3.51M 0.04%
+350,000
New +$3.5M
DSAQ
104
DELISTED
Direct Selling Acquisition Corp.
DSAQ
$3.5M 0.04%
350,000
– –
SANB
105
DELISTED
Sanaby Health Acquisition Corp. I Class A Common Stock
SANB
$3.5M 0.04%
350,000
– –
SHAP
106
DELISTED
Spree Acquisition Corp. 1 Limited
SHAP
$3.48M 0.04%
+350,000
New +$3.46M
RRAC
107
DELISTED
Rigel Resource Acquisition Corp.
RRAC
$3.47M 0.04%
350,000
– –
GLLI
108
DELISTED
Globalink Investment Inc. Common Stock
GLLI
$3.47M 0.04%
350,000
– –
LIBY
109
DELISTED
Liberty Resources Acquisition Corp. Class A Common Stock
LIBY
$3.25M 0.03%
325,000
– –
GENQU
110
DELISTED
Genesis Unicorn Capital Corp. Unit
GENQU
$3.2M 0.03%
+320,000
New +$3.2M
OACB.WS
111
CALL
DELISTED
Oaktree Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A ordinary share
OACB.WS
$3.03M 0.03%
4,666,667
– –
MCAA
112
DELISTED
Mountain & Co. I Acquisition Corp. Class A Ordinary Shares
MCAA
$3.02M 0.03%
300,000
– –
PWUPU
113
DELISTED
PowerUp Acquisition Corp. Unit
PWUPU
$3.02M 0.03%
+300,000
New +$3.01M
CLINU
114
DELISTED
Clean Earth Acquisitions Corp. Unit
CLINU
$3.01M 0.03%
+300,000
New +$3M
TGR
115
DELISTED
Kimbell Tiger Acquisition Corporation
TGR
$3.01M 0.03%
+300,000
New +$3M
JMAC
116
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
$3.01M 0.03%
300,000
– –
ACDI
117
DELISTED
Ascendant Digital Acquisition Corp. III
ACDI
$3M 0.03%
+300,000
New +$2.98M
VGAS icon
118
Verde Clean Fuels
VGAS
$27.1M
$3M 0.03%
300,000
– –
GOGN
119
DELISTED
GoGreen Investments Corporation
GOGN
$3M 0.03%
300,000
– –
ONYX
120
DELISTED
Onyx Acquisition Co. I Class A Ordinary Shares
ONYX
$2.99M 0.03%
300,000
– –
AOGO
121
DELISTED
Arogo Capital Acquisition Corp. Class A Common Stock
AOGO
$2.98M 0.03%
+300,000
New +$2.97M
WINV
122
DELISTED
WinVest Acquisition Corp. Common Stock
WINV
$2.98M 0.03%
300,000
– –
BRD
123
DELISTED
Beard Energy Transition Acquisition Corp.
BRD
$2.97M 0.03%
+300,000
New +$2.96M
CLDI icon
124
Calidi Biotherapeutics
CLDI
$3.46M
$2.97M 0.03%
156
– –
ASCA
125
DELISTED
A SPAC I Acquisition Corp. Class A Ordinary Share
ASCA
$2.86M 0.03%
+290,000
New +$2.86M
3 4
5
6 7

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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.