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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
TPBA
176
DELISTED
TPB Acquisition Corporation I Class A Ordinary Share
TPBA
$1.45M 0.02%
+148,000
New +$1.44M
OLITU
177
DELISTED
OmniLit Acquisition Corp. Units
OLITU
$1.41M 0.02%
+140,000
New +$1.41M
LGSTU
178
DELISTED
Semper Paratus Acquisition Corporation Unit
LGSTU
$1.27M 0.01%
+125,000
New +$1.26M
IEA
179
DELISTED
Infrastructure and Energy Alternatives, Inc. Common Stock
IEA
$1.19M 0.01%
129,079
+34,311
+36% +$360K
BELFA icon
180
Bel Fuse Inc Class A
BELFA
$3.09B
$1.07M 0.01%
71,613
– –
OCAX
181
DELISTED
OCA Acquisition Corp. Class A Common Stock
OCAX
$1.03M 0.01%
103,920
– –
WEL.U
182
DELISTED
Integrated Wellness Acquisition Corp Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant
WEL.U
$1.01M 0.01%
+100,000
New +$1.01M
IOACU
183
DELISTED
Innovative International Acquisition Corp. Unit
IOACU
$1.01M 0.01%
+100,000
New +$1.01M
TLGYU
184
DELISTED
TLGY Acquisition Corporation Unit
TLGYU
$1.01M 0.01%
+100,000
New +$1.01M
IRRX.U
185
DELISTED
Integrated Rail and Resources Acquisition Corp. Units, each consisting of one share of Class A common stock and one half of one redeemable warrant
IRRX.U
$1M 0.01%
+100,000
New +$1M
LGVCU
186
DELISTED
LAMF Global Ventures Corp. I Unit
LGVCU
$1M 0.01%
+100,000
New +$1.01M
ACAQ
187
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
$1M 0.01%
+100,000
New +$992K
BIOSU
188
DELISTED
BioPlus Acquisition Corp. Unit
BIOSU
$1M 0.01%
+100,000
New +$1M
OABI icon
189
OmniAb
OABI
$630M
$998K 0.01%
100,000
-150,000
-60% -$1.5M
MTVC.U
190
DELISTED
Motive Capital Corp II Units, each consisting of one Class A ordinary share, and one-third of one redeemable warrant
MTVC.U
$997K 0.01%
+100,000
New +$999K
ARCK
191
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
$995K 0.01%
+100,000
New +$992K
SLND icon
192
Southland Holdings
SLND
$37M
$993K 0.01%
+100,000
New +$983K
PHYT
193
DELISTED
Pyrophyte Acquisition Corp.
PHYT
$991K 0.01%
+100,000
New +$988K
RVAC
194
DELISTED
Riverview Acquisition Corp. Class A Common Stock
RVAC
$991K 0.01%
+100,000
New +$973K
IQMD
195
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$990K 0.01%
+100,000
New +$988K
ARGU
196
DELISTED
Argus Capital Corp. Class A Common Stock
ARGU
$990K 0.01%
+100,000
New +$991K
TRAQ
197
DELISTED
Trine II Acquisition Corp.
TRAQ
$985K 0.01%
+100,000
New +$984K
WQGA
198
DELISTED
World Quantum Growth Acquisition Corp.
WQGA
$981K 0.01%
+100,000
New +$982K
GWII
199
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
$980K 0.01%
100,000
-100,000
-50% -$980K
GATE
200
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
$977K 0.01%
+100,000
New +$979K
6 7
8
9 10

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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.