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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
BNNR
151
DELISTED
Banner Acquisition Corp. Class A Common Stock
BNNR
$1.95M 0.02%
+200,000
New +$1.96M
PRBM
152
DELISTED
Parabellum Acquisition Corp.
PRBM
$1.95M 0.02%
+200,000
New +$1.96M
BLNG
153
DELISTED
Belong Acquisition Corp. Class A Common Stock
BLNG
$1.94M 0.02%
200,000
– –
IXAQ
154
DELISTED
IX Acquisition Corp. Class A Ordinary Share
IXAQ
$1.94M 0.02%
+200,000
New +$1.95M
MITA
155
DELISTED
Coliseum Acquisition Corp. Class A Ordinary Share
MITA
$1.93M 0.02%
200,000
– –
XAGE
156
DELISTED
Longevity Health Holdings, Inc. Common Stock
XAGE
$1.93M 0.02%
6,667
– –
SUAC.U
157
DELISTED
ShoulderUp Technology Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant
SUAC.U
$1.77M 0.02%
+175,000
New +$1.76M
LOMA
158
Loma Negra
LOMA
$1.09B
$1.67M 0.02%
250,924
-75,000
-23% -$496K
KACLU
159
DELISTED
Kairous Acquisition Corp. Limited Unit
KACLU
$1.53M 0.02%
+150,000
New +$1.52M
SHFS icon
160
SHF Holdings
SHFS
$2.03M
$1.51M 0.02%
7,500
– –
DTRT
161
DELISTED
DTRT Health Acquisition Corp. Class A Common Stock
DTRT
$1.49M 0.02%
+150,000
New +$1.5M
VSAC
162
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
$1.49M 0.02%
+150,000
New +$1.48M
SPEC
163
DELISTED
Spectaire Holdings, Inc. Common Stock
SPEC
$1.49M 0.02%
+37,500
New +$1.49M
GACQ
164
DELISTED
Global Consumer Acquisition Corp. Common Stock
GACQ
$1.49M 0.02%
150,000
– –
PMGM
165
DELISTED
Priveterra Acquisition Corp. II Class A Common Stock
PMGM
$1.48M 0.02%
150,000
– –
MTRY
166
DELISTED
Monterey Innovation Acquisition Corp. Common Stock
MTRY
$1.48M 0.02%
+150,000
New +$1.48M
WRAC
167
DELISTED
Williams Rowland Acquisition Corp.
WRAC
$1.48M 0.02%
150,000
– –
EDNC
168
DELISTED
Endurance Acquisition Corp. Class A Ordinary Shares
EDNC
$1.47M 0.02%
+150,000
New +$1.47M
AMOD
169
Alpha Modus Holdings
AMOD
$23M
$1.46M 0.02%
+3,750
New +$1.47M
THCP
170
DELISTED
Thunder Bridge Capital Partners IV, Inc. Class A Common Stock
THCP
$1.46M 0.02%
150,000
– –
AFTR
171
DELISTED
AfterNext HealthTech Acquisition Corp
AFTR
$1.46M 0.02%
+150,000
New +$1.46M
FTEV
172
DELISTED
FinTech Evolution Acquisition Group
FTEV
$1.46M 0.02%
150,000
– –
CCAI
173
DELISTED
Cascadia Acquisition Corp. Class A Common Stock
CCAI
$1.46M 0.02%
+150,000
New +$1.46M
OSI
174
DELISTED
Osiris Acquisition Corp.
OSI
$1.45M 0.02%
150,000
– –
BWC
175
DELISTED
Blue Whale Acquisition Corp I Class A Ordinary Shares
BWC
$1.45M 0.02%
+150,000
New +$1.46M
5 6
7
8 9

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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.