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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
+11.17%
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
$9.59B
AUM Growth
+$452M
Cap. Flow
-$822M
Cap. Flow %
-8.58%
Top 10 Hldgs %
51.8%
Holding
470
New
96
Increased
17
Reduced
17
Closed
107

Top Buys

Rank Stock Value
1
CBL
CBL Properties
CBL
+$69.5M
2
SQM icon
Sociedad Química y Minera de Chile
SQM
+$22.2M
3
AZUL
Azul
AZUL
+$14.6M
4
RWAY icon
Runway Growth Finance
RWAY
+$14.2M
5
SMRT icon
SmartRent
SMRT
+$11.3M

Top Sells

Rank Stock Value
1
EXE
Expand Energy Corp
EXE
+$73.4M
2
VAL icon
Valaris
VAL
+$44.6M
3
COOP
Mr. Cooper
COOP
+$25M
4
SMCI icon
Super Micro Computer
SMCI
+$17.9M
5
NVACU
NorthView Acquisition Corporation Unit
NVACU
+$7.54M

Sector Composition

Rank Sector Weight
1 Energy 21.9%
2 Industrials 15.89%
3 Financials 14.15%
4 Utilities 10.77%
5 Materials 5.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SUAC
176
DELISTED
ShoulderUp Technology Acquisition Corp.
SUAC
$1.73M 0.02%
+175,000
New +$1.72M
SHFS icon
177
SHF Holdings
SHFS
$2.03M
$1.52M 0.02%
7,500
– –
DTRT
178
DELISTED
DTRT Health Acquisition Corp. Class A Common Stock
DTRT
$1.5M 0.02%
150,000
– –
BELFA icon
179
Bel Fuse Inc Class A
BELFA
$3.09B
$1.5M 0.02%
71,613
– –
VSAC
180
DELISTED
Vision Sensing Acquisition Corp. Class A Common Stock
VSAC
$1.5M 0.02%
150,000
– –
SPEC
181
DELISTED
Spectaire Holdings, Inc. Common Stock
SPEC
$1.5M 0.02%
37,500
– –
RNER
182
DELISTED
Mount Rainier Acquisition Corp. Common Stock
RNER
$1.5M 0.02%
+150,000
New +$1.49M
WRAC
183
DELISTED
Williams Rowland Acquisition Corp.
WRAC
$1.5M 0.02%
150,000
– –
MTRY
184
DELISTED
Monterey Innovation Acquisition Corp. Common Stock
MTRY
$1.49M 0.02%
150,000
– –
KNSW
185
DELISTED
KnightSwan Acquisition Corporation
KNSW
$1.49M 0.02%
+150,000
New +$1.49M
KACL
186
DELISTED
Kairous Acquisition Corp. Limited Ordinary Shares
KACL
$1.49M 0.02%
+150,000
New +$1.48M
PMGM
187
DELISTED
Priveterra Acquisition Corp. II Class A Common Stock
PMGM
$1.49M 0.02%
150,000
– –
AMOD
188
Alpha Modus Holdings
AMOD
$23M
$1.47M 0.02%
3,750
– –
FTEV
189
DELISTED
FinTech Evolution Acquisition Group
FTEV
$1.47M 0.02%
150,000
– –
CCAI
190
DELISTED
Cascadia Acquisition Corp. Class A Common Stock
CCAI
$1.46M 0.02%
150,000
– –
OSI
191
DELISTED
Osiris Acquisition Corp.
OSI
$1.46M 0.02%
150,000
– –
LOMA
192
Loma Negra
LOMA
$1.09B
$1.44M 0.02%
250,924
– –
OPTX icon
193
Syntec Optics
OPTX
$343M
$1.4M 0.01%
+140,000
New +$1.39M
CPAQU
194
DELISTED
Counter Press Acquisition Corporation Unit
CPAQU
$1.01M 0.01%
+100,000
New +$1.01M
ARCK
195
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
$1M 0.01%
100,000
– –
ZCAR
196
DELISTED
Zoomcar
ZCAR
$1M 0.01%
+50
New +$994K
THAC
197
DELISTED
Thrive Acquisition Corporation Class A ordinary shares
THAC
$1M 0.01%
100,000
-100,000
-50% -$995K
IQMD
198
DELISTED
Intelligent Medicine Acquisition Corp. Class A Common Stock
IQMD
$999K 0.01%
100,000
– –
ACAQ
199
DELISTED
Athena Consumer Acquisition Corp.
ACAQ
$998K 0.01%
100,000
– –
ARGU
200
DELISTED
Argus Capital Corp. Class A Common Stock
ARGU
$998K 0.01%
100,000
– –
6 7
8
9 10

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Howard Marks's Q1 2022 Portfolio in Review

As of Q1 2022, Howard Marks held 470 positions worth $9.59B, up 4.9% from $9.14B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Howard Marks withdrew a net $822M in Q1 2022, closing 107 positions and reducing 17 holdings. Its most notable exit was NorthView Acquisition Corporation Unit, an estimated $7.54M position sold in full.

By sector, the portfolio is most concentrated in Energy at 22% of assets, up from 19% a quarter earlier, followed by Industrials and Financials.

Against the trend, Howard Marks opened a new position in Sociedad Química y Minera de Chile worth $29.7M.

  • Howard Marks's largest Q1 2022 buy was Sociedad Química y Minera de Chile: 346,485 shares worth $29.7M.
  • Howard Marks added most to CBL Properties in Q1 2022, an estimated $69.5M increase.
  • Howard Marks's biggest Q1 2022 reduction was Expand Energy Corp, cutting an estimated $73.4M.
  • Howard Marks fully exited NorthView Acquisition Corporation Unit in Q1 2022, selling an estimated $7.54M.
  • Howard Marks's ten largest holdings make up 52% of its $9.59B portfolio in Q1 2022.
  • Howard Marks opened 96 new positions and closed 107 in Q1 2022.
  • Howard Marks's portfolio value rose 4.9% quarter-over-quarter to $9.59B.

Based on Oaktree Capital Management's 13F filing for Q1 2022, filed 16 May 2022.