Howard Marks Oaktree Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
GTXAP
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
|
+$559M |
| 2 |
Hertz
HTZ
|
+$354M |
| 3 |
Runway Growth Finance
RWAY
|
+$259M |
| 4 |
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 |
Banco Bradesco
BBD
|
+$41.7M |
| 3 |
Super Micro Computer
SMCI
|
+$33.3M |
| 4 |
CXP
COLUMBIA PROPERTY TRUST, INC.
CXP
|
+$25.1M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
EXE
1
Expand Energy Corp
EXE
$22.2B
| $774M | 8.47% |
12,001,153
+62,036
| +0.5% | +$3.94M |
|
2
Vistra
VST
$45.7B
| $658M | 7.2% |
28,899,812
-1,041,573
| -3% | -$20.9M |
|
3
Star Bulk Carriers
SBLK
$3.41B
| $589M | 6.45% |
25,993,242
| – | – |
|
|
GTXAP
4
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $577M | 6.31% |
+68,834,814
| New | +$559M |
|
5
TORM
TRMD
$3.26B
| $425M | 4.65% |
53,812,988
| – | – |
|
|
6
Hertz
HTZ
$802M
| $365M | 3.99% |
+14,794,938
| New | +$354M |
|
7
PG&E
PCG
$38.8B
| $364M | 3.99% |
30,000,000
| – | – |
|
8
Ally Financial
ALLY
$13.1B
| $327M | 3.58% |
6,874,687
| – | – |
|
9
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $299M | 3.27% |
630,000
+313,000
| +99% | +$144M |
|
|
10
Runway Growth Finance
RWAY
$278M
| $256M | 2.8% |
+19,979,676
| New | +$259M |
|
|
INFN
11
DELISTED
Infinera Corporation Common Stock
INFN
| $241M | 2.64% |
25,175,384
| – | – |
|
12
Cemex
CX
$16B
| $173M | 1.89% |
25,452,572
+984,447
| +4% | +$6.41M |
|
|
EGLE
13
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $172M | 1.88% |
3,781,561
| – | – |
|
|
14
Weatherford International
WFRD
$6.49B
| $169M | 1.85% |
+6,108,916
| New | +$167M |
|
|
STKL
15
DELISTED
SunOpta
STKL
| $144M | 1.58% |
20,726,126
| – | – |
|
|
FYBR
16
DELISTED
Frontier Communications
FYBR
| $117M | 1.29% |
3,982,849
| – | – |
|
17
NMI Holdings
NMIH
$3.4B
| $116M | 1.27% |
5,320,000
| – | – |
|
18
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $111M | 1.22% |
+500,000
| New | +$113M |
|
|
BRY
19
DELISTED
Berry Corp
BRY
| $109M | 1.19% |
12,913,313
| – | – |
|
20
Vale
VALE
$62.1B
| $108M | 1.18% |
7,668,042
+1,685,252
| +28% | +$22.4M |
|
21
Kilroy Realty
KRC
$4.25B
| $102M | 1.12% |
1,535,011
| – | – |
|
22
Petrobras
PBR
$123B
| $97.1M | 1.06% |
8,842,639
+42,207
| +0.5% | +$446K |
|
23
AngloGold Ashanti
AU
$61.3B
| $89.2M | 0.98% |
4,253,821
+124,413
| +3% | +$2.42M |
|
24
Itaú Unibanco
ITUB
$82.4B
| $84.5M | 0.92% |
25,527,092
-3,745,467
| -13% | -$13.5M |
|
25
Freeport-McMoran
FCX
$110B
| $82.9M | 0.91% |
1,985,458
+151,908
| +8% | +$5.77M |
|
Similar funds
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.