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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
DFLI icon
126
Dragonfly Energy
DFLI
$18M
$2.24M 0.02%
2,500
– –
PAFO
127
DELISTED
Pacifico Acquisition Corp. Common Stock
PAFO
$2.23M 0.02%
+225,000
New +$2.22M
FNVT
128
DELISTED
Finnovate Acquisition Corp. Class A Ordinary Shares
FNVT
$2.17M 0.02%
+220,000
New +$2.16M
VEON icon
129
VEON
VEON
$4.09B
$2.17M 0.02%
50,707
-8,802
-15% -$429K
FATP
130
DELISTED
Fat Projects Acquisition Corp Class A Ordinary Share
FATP
$2.05M 0.02%
+210,000
New +$2.04M
MNTN.U
131
DELISTED
Everest Consolidator Acquisition Corporation Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant
MNTN.U
$2.03M 0.02%
+200,000
New +$2.02M
NETC.U
132
DELISTED
Nabors Energy Transition Corp. Units, each consisting of one share of Class A common stock and one-half of one warrant
NETC.U
$2.03M 0.02%
+200,000
New +$2.02M
VMGAU
133
DELISTED
VMG Consumer Acquisition Corp. Unit
VMGAU
$2.03M 0.02%
+200,000
New +$2.02M
GGAAU
134
DELISTED
Genesis Growth Tech Acquisition Corp. Unit
GGAAU
$2.02M 0.02%
+201,400
New +$2.02M
BCSAU
135
DELISTED
Blockchain Coinvestors Acquisition Corp. I Unit
BCSAU
$2.02M 0.02%
+200,000
New +$2.03M
DAOOU
136
DELISTED
Crypto 1 Acquisition Corp Unit
DAOOU
$2.02M 0.02%
+200,000
New +$2.03M
RICO
137
DELISTED
Agrico Acquisition Corp
RICO
$2.01M 0.02%
200,000
– –
BPACU
138
DELISTED
Bullpen Parlay Acquisition Company Unit
BPACU
$2M 0.02%
+200,000
New +$2.01M
CLOE
139
DELISTED
Clover Leaf Capital Corp. Class A Common Stock
CLOE
$2M 0.02%
200,000
– –
CERO
140
DELISTED
CERo Therapeutics
CERO
$1.98M 0.02%
+100
New +$1.99M
THAC
141
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
$1.98M 0.02%
+200,000
New +$1.98M
TYGO icon
142
Tigo Energy
TYGO
$83.7M
$1.98M 0.02%
200,000
– –
AVHI
143
DELISTED
Achari Ventures Holdings Corp I
AVHI
$1.97M 0.02%
+200,000
New +$1.97M
NOGN
144
DELISTED
Nogin, Inc. Common Stock
NOGN
$1.97M 0.02%
10,000
– –
PSTH
145
DELISTED
Pershing Square Tontine Holdings, Ltd.
PSTH
$1.97M 0.02%
100,000
– –
BMAC
146
DELISTED
Black Mountain Acquisition Corp.
BMAC
$1.97M 0.02%
+200,000
New +$1.97M
GTAC
147
DELISTED
Global Technology Acquisition Corp. I Class A Ordinary Shares
GTAC
$1.96M 0.02%
+200,000
New +$1.96M
SEPA
148
DELISTED
SEP Acquisition Corp Class A Common Stock
SEPA
$1.96M 0.02%
200,000
– –
PET
149
DELISTED
Wag!
PET
$1.95M 0.02%
200,000
– –
ARIZ
150
DELISTED
Arisz Acquisition Corp. Common Stock
ARIZ
$1.95M 0.02%
+200,000
New +$1.94M
4 5
6
7 8

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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.