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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
EUDA icon
201
EUDA Health Holdings
EUDA
$39.6M
$975K 0.01%
+5,000
New +$969K
PLMJ
202
DELISTED
Plum Acquisition Corp. III Class A Ordinary Shares
PLMJ
$971K 0.01%
100,000
-100,000
-50% -$970K
WAVC
203
DELISTED
Waverley Capital Acquisition Corp. 1
WAVC
$970K 0.01%
+100,000
New +$973K
HWEL
204
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
$969K 0.01%
100,000
-100,000
-50% -$969K
LITT
205
DELISTED
Logistics Innovation Technologies Corp. Class A Common Stock
LITT
$969K 0.01%
100,000
-50,000
-33% -$487K
NKGN
206
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
$967K 0.01%
100,000
-50,000
-33% -$486K
ALORU
207
DELISTED
ALSP Orchid Acquisition Corp I Unit
ALORU
$757K 0.01%
+75,000
New +$756K
PACI.U
208
DELISTED
PROOF Acquisition Corp I Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant
PACI.U
$750K 0.01%
+75,000
New +$754K
ZEO
209
Zeo Energy
ZEO
$15.5M
$744K 0.01%
+75,000
New +$745K
PCX
210
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
$743K 0.01%
+75,000
New +$742K
MOBX icon
211
Mobix Labs
MOBX
$20.5M
$738K 0.01%
7,500
-7,500
-50% -$739K
MCAG
212
DELISTED
Mountain Crest Acquisition Corp. V Common Stock
MCAG
$732K 0.01%
+75,000
New +$730K
CORS
213
DELISTED
Corsair Partnering Corporation
CORS
$732K 0.01%
75,000
-75,000
-50% -$731K
SRNE
214
DELISTED
Sorrento Therapeutics, Inc.
SRNE
$697K 0.01%
150,000
+16,000
+12% +$99.3K
CIIG
215
DELISTED
CIIG Capital Partners II, Inc. Class A Common Stock
CIIG
$690K 0.01%
+69,921
New +$689K
GVCIU
216
DELISTED
Green Visor Financial Technology Acquisition Corp. I Units
GVCIU
$506K 0.01%
+50,000
New +$505K
AFACU
217
DELISTED
Arena Fortify Acquisition Corp. Unit
AFACU
$506K 0.01%
+50,000
New +$505K
LFACU
218
DELISTED
LF Capital Acquisition Corp. II Units
LFACU
$504K 0.01%
+50,000
New +$505K
VHNAU
219
DELISTED
Vahanna Tech Edge Acquisition I Corp. Units
VHNAU
$503K 0.01%
+50,000
New +$503K
BGSX
220
DELISTED
Build Acquisition Corp.
BGSX
$496K 0.01%
51,000
– –
NE icon
221
Noble Corp
NE
$7.39B
$495K 0.01%
19,979
– –
SGII
222
DELISTED
Seaport Global Acquisition II Corp. Class A Common Stock
SGII
$494K 0.01%
+50,000
New +$492K
AAGR
223
DELISTED
African Agriculture Holdings Inc
AAGR
$489K 0.01%
+69,750
New +$495K
SHQA
224
DELISTED
Shelter Acquisition Corporation I Class A Common Stock
SHQA
$486K 0.01%
50,000
-100,000
-67% -$976K
PSQH icon
225
PSQ Holdings
PSQH
$20.3M
$482K 0.01%
3,333
-10,000
-75% -$1.45M
7 8
9
10 11

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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.