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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
OABIW icon
151
CALL
OmniAb Inc Warrant
OABIW
$18.9M
$813K 0.01%
+83,333
New +$45.8K
ZURAW
152
CALL
DELISTED
Zura Bio Limited Warrants
ZURAW
$737K 0.01%
+74,700
New +$43.6K
CIIGU
153
DELISTED
CIIG Capital Partners II, Inc. Unit
CIIGU
$701K 0.01%
+69,600
New +$702K
ZLSWW
154
CALL
DELISTED
Zalatoris II Acquisition Corp Warrant
ZLSWW
$647K 0.01%
+66,666
New +$46.6K
MTAL.WS
155
CALL
DELISTED
Metals Acquisition Limited Warrants to purchase one share of Ordinary Share, each at an exercise price of $11.50 per share
MTAL.WS
$579K 0.01%
+57,900
New +$41.8K
NE icon
156
Noble Corp
NE
$7.39B
$540K 0.01%
19,979
– –
BGSX
157
DELISTED
Build Acquisition Corp.
BGSX
$494K 0.01%
+51,000
New +$494K
XAGEW
158
CALL
DELISTED
Longevity Health Holdings, Inc. Warrant
XAGEW
$473K 0.01%
+48,900
New +$58.9K
MITAW
159
CALL
DELISTED
Coliseum Acquisition Corp. Warrant
MITAW
$300K ﹤0.01%
+30,853
New +$20.1K
CORS.WS
160
CALL
DELISTED
Corsair Partnering Corporation Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
CORS.WS
$246K ﹤0.01%
+25,000
New +$19.6K
AMPY icon
161
Amplify Energy
AMPY
$200M
– –
-410,041
Closed -$1.66M
ARKK icon
162
PUT
ARK Innovation ETF
ARKK
$6.72B
– –
-127,000
Closed -$16.6M
ARKW icon
163
PUT
ARK Web x.0 ETF
ARKW
$1.83B
– –
-133,500
Closed -$20.6M
COLD icon
164
Americold
COLD
$4.35B
– –
-11,771,646
Closed -$446M
RERE
165
ATRenew
RERE
$921M
– –
-357,722
Closed -$5.35M
SHLS icon
166
Shoals Technologies Group
SHLS
$1.19B
– –
-4,977,751
Closed -$177M
EXEEW
167
DELISTED
Expand Energy Corp Class A Warrants
EXEEW
– –
-75,810
Closed -$2.36M
EXEEL
168
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
– –
-690,931
Closed -$16.6M
EXEEZ
169
DELISTED
Expand Energy Corp Class B Warrants
EXEEZ
– –
-150,000
Closed -$3.67M
MITAU
170
DELISTED
Coliseum Acquisition Corp. Unit
MITAU
– –
-200,000
Closed -$1.98M
THCPU
171
DELISTED
Thunder Bridge Capital Partners IV, Inc. Unit
THCPU
– –
-150,000
Closed -$1.49M
CLBR.U
172
DELISTED
Colombier Acquisition Corp. Units, each consisting of one share of Class A common stock, and one-third of one redeemable warrant
CLBR.U
– –
-200,000
Closed -$1.98M
EOCW.U
173
DELISTED
Elliott Opportunity II Corp. Units, each consisting of one Class A ordinary share and one-fourth of one redeemable warrant
EOCW.U
– –
-200,000
Closed -$2M
FTVIU
174
DELISTED
FinTech Acquisition Corp. VI Units
FTVIU
– –
-100,000
Closed -$1.01M
SHQAU
175
DELISTED
Shelter Acquisition Corporation I Units
SHQAU
– –
-150,000
Closed -$1.5M
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.