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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
ZURA icon
126
Zura Bio
ZURA
$561M
$1.47M 0.02%
+150,000
New +$1.47M
OSI
127
DELISTED
Osiris Acquisition Corp.
OSI
$1.47M 0.02%
+150,000
New +$1.45M
ASZ
128
DELISTED
Austerlitz Acquisition Corporation II
ASZ
$1.46M 0.02%
+150,000
New +$1.46M
LITT
129
DELISTED
Logistics Innovation Technologies Corp. Class A Common Stock
LITT
$1.46M 0.02%
+150,000
New +$1.46M
SHQA
130
DELISTED
Shelter Acquisition Corporation I Class A Common Stock
SHQA
$1.46M 0.02%
+150,000
New +$1.46M
FLYX icon
131
flyExclusive
FLYX
$134M
$1.46M 0.02%
+150,000
New +$1.45M
THCP
132
DELISTED
Thunder Bridge Capital Partners IV, Inc. Class A Common Stock
THCP
$1.46M 0.02%
+150,000
New +$1.53M
TRTL
133
DELISTED
TortoiseEcofin Acquisition Corp. III
TRTL
$1.46M 0.02%
+150,000
New +$1.46M
NKGN
134
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
$1.45M 0.02%
+150,000
New +$1.46M
FTEV
135
DELISTED
FinTech Evolution Acquisition Group
FTEV
$1.45M 0.02%
+150,000
New +$1.45M
DRAYW
136
CALL
DELISTED
Macondray Capital Acquisition Corp. I Warrant
DRAYW
$1.24M 0.02%
+126,109
New +$74.2K
GSDWW
137
CALL
DELISTED
Global Systems Dynamics, Inc. Warrant
GSDWW
$1.23M 0.02%
+125,000
New +$59.6K
SWSSW
138
CALL
DELISTED
Clean Energy Special Situations Corp. Warrant
SWSSW
$1.22M 0.02%
+125,000
New +$60.9K
FTVI
139
DELISTED
FinTech Acquisition Corp. VI Class A Common Stock
FTVI
$1.22M 0.02%
+125,000
New +$1.22M
IEA
140
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$1.08M 0.02%
+94,768
New +$1.16M
BELFA icon
141
Bel Fuse Inc Class A
BELFA
$3.09B
$1.04M 0.01%
71,613
– –
OCAX
142
DELISTED
OCA Acquisition Corp. Class A Common Stock
OCAX
$1.03M 0.01%
+103,920
New +$1.02M
SRNE
143
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$1.02M 0.01%
134,000
– –
ARGUU
144
DELISTED
Argus Capital Corp. Unit
ARGUU
$1.01M 0.01%
+100,000
New +$1.01M
RICOW
145
CALL
DELISTED
Agrico Acquisition Corp Warrant
RICOW
$1M 0.01%
+100,000
New +$45.3K
MACQ
146
DELISTED
MCAP Acquisition Corporation Class A Common Stock
MACQ
$987K 0.01%
+100,000
New +$979K
TYGOW
147
CALL
DELISTED
Tigo Energy, Inc. Warrant
TYGOW
$983K 0.01%
+100,000
New +$55.1K
SEPAW
148
CALL
DELISTED
SEP Acquisition Corp Warrants
SEPAW
$981K 0.01%
+100,000
New +$55.9K
LNZAW icon
149
CALL
LanzaTech Global Warrant
LNZAW
$3.06M
$968K 0.01%
+100,000
New +$53K
BLNGW
150
CALL
DELISTED
Belong Acquisition Corp. Warrant
BLNGW
$968K 0.01%
+99,900
New +$53.5K
4 5
6
7 8

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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.