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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
WEL
201
DELISTED
Integrated Wellness Acquisition Corp
WEL
$997K 0.01%
+100,000
New +$992K
TLGY
202
DELISTED
TLGY Acquisition Corporation Class A Ordinary Share
TLGY
$996K 0.01%
+100,000
New +$992K
PHYT
203
DELISTED
Pyrophyte Acquisition Corp.
PHYT
$996K 0.01%
100,000
– –
TRAQ
204
DELISTED
Trine II Acquisition Corp.
TRAQ
$995K 0.01%
100,000
– –
ZPTA
205
DELISTED
Zapata Computing Holdings Inc. Common Stock
ZPTA
$994K 0.01%
+100,000
New +$994K
IRRX
206
DELISTED
Integrated Rail and Resources Acquisition Corp.
IRRX
$993K 0.01%
+100,000
New +$989K
MTVC
207
DELISTED
Motive Capital Corp II
MTVC
$992K 0.01%
+100,000
New +$985K
HMA
208
DELISTED
Heartland Media Acquisition Corp.
HMA
$990K 0.01%
+100,000
New +$988K
BIOS
209
DELISTED
BioPlus Acquisition Corp. Class A Ordinary Shares
BIOS
$988K 0.01%
+100,000
New +$987K
GATE
210
DELISTED
Marblegate Acquisition Corp. Class A Common Stock
GATE
$985K 0.01%
100,000
– –
EUDA icon
211
EUDA Health Holdings
EUDA
$39.6M
$984K 0.01%
5,000
– –
GWII
212
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
$984K 0.01%
100,000
– –
RVAC
213
DELISTED
Riverview Acquisition Corp. Class A Common Stock
RVAC
$978K 0.01%
100,000
– –
NKGN
214
DELISTED
NKGen Biotech, Inc. Common Stock
NKGN
$970K 0.01%
100,000
– –
HWEL
215
DELISTED
Healthwell Acquisition Corp. I Class A Common Stock
HWEL
$966K 0.01%
100,000
– –
ZEO
216
Zeo Energy
ZEO
$15.5M
$750K 0.01%
75,000
– –
PCX
217
DELISTED
Parsec Capital Acquisitions Corp Class A Common Stock
PCX
$750K 0.01%
75,000
– –
ALOR
218
DELISTED
ALSP Orchid Acquisition Corp I
ALOR
$748K 0.01%
+75,000
New +$744K
MOBX icon
219
Mobix Labs
MOBX
$20.5M
$744K 0.01%
7,500
– –
SOAR icon
220
Volato Group
SOAR
$8.36M
$742K 0.01%
+3,000
New +$739K
MCAG
221
DELISTED
Mountain Crest Acquisition Corp. V Common Stock
MCAG
$737K 0.01%
75,000
– –
NE icon
222
Noble Corp
NE
$7.39B
$700K 0.01%
19,979
– –
LIVB
223
DELISTED
LIV Capital Acquisition Corp. II Class A Ordinary Shares
LIVB
$618K 0.01%
+60,000
New +$597K
PLAOU
224
DELISTED
Patria Latin American Opportunity Acquisition Corp. Unit
PLAOU
$502K 0.01%
+50,000
New +$502K
AFAC
225
DELISTED
Arena Fortify Acquisition Corp. Class A Common Stock
AFAC
$500K 0.01%
+50,000
New +$497K
7 8
9
10 11

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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.