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 |
CBL
CBL Properties
CBL
|
+$69.5M |
| 2 |
Sociedad Química y Minera de Chile
SQM
|
+$22.2M |
| 3 |
AZUL
Azul
AZUL
|
+$14.6M |
| 4 |
Runway Growth Finance
RWAY
|
+$14.2M |
| 5 |
SmartRent
SMRT
|
+$11.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EXE
Expand Energy Corp
EXE
|
+$73.4M |
| 2 |
Valaris
VAL
|
+$44.6M |
| 3 |
COOP
Mr. Cooper
COOP
|
+$25M |
| 4 |
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 | |
|---|---|---|---|---|---|---|
|
EXE
1
Expand Energy Corp
EXE
$22.2B
| $957M | 9.98% |
11,001,153
-1,000,000
| -8% | -$73.4M |
|
2
Star Bulk Carriers
SBLK
$3.41B
| $773M | 8.06% |
26,021,457
+28,215
| +0.1% | +$738K |
|
3
Vistra
VST
$45.7B
| $672M | 7.01% |
28,899,812
| – | – |
|
|
GTXAP
4
DELISTED
Garrett Motion Inc. Series A Cumulative Convertible Preferred Stock
GTXAP
| $569M | 5.94% |
68,834,814
| – | – |
|
5
TORM
TRMD
$3.26B
| $468M | 4.88% |
53,812,988
| – | – |
|
6
PG&E
PCG
$38.8B
| $358M | 3.74% |
30,000,000
| – | – |
|
7
Hertz
HTZ
$802M
| $328M | 3.42% |
14,794,937
-1
| -0% | -$21 |
|
8
Ally Financial
ALLY
$13.1B
| $299M | 3.12% |
6,874,687
| – | – |
|
|
9
Runway Growth Finance
RWAY
$278M
| $286M | 2.98% |
21,054,667
+1,074,991
| +5% | +$14.2M |
|
|
EGLE
10
DELISTED
Eagle Bulk Shipping Inc.
EGLE
| $258M | 2.69% |
3,781,561
| – | – |
|
|
INFN
11
DELISTED
Infinera Corporation Common Stock
INFN
| $218M | 2.28% |
25,175,384
| – | – |
|
12
Weatherford International
WFRD
$6.49B
| $203M | 2.11% |
6,083,916
-25,000
| -0.4% | -$783K |
|
13
Vale
VALE
$62.1B
| $156M | 1.63% |
7,796,846
+128,804
| +2% | +$2.23M |
|
|
CBL
14
CBL Properties
CBL
$1.71B
| $150M | 1.57% |
4,569,701
+2,405,402
| +111% | +$69.5M |
|
15
Cemex
CX
$16B
| $134M | 1.4% |
25,394,558
-58,014
| -0.2% | -$329K |
|
|
BRY
16
DELISTED
Berry Corp
BRY
| $133M | 1.39% |
12,913,313
| – | – |
|
17
Petrobras
PBR
$123B
| $133M | 1.38% |
8,962,459
+119,820
| +1% | +$1.61M |
|
18
Itaú Unibanco
ITUB
$82.4B
| $129M | 1.35% |
25,622,768
+95,676
| +0.4% | +$403K |
|
19
Kilroy Realty
KRC
$4.25B
| $117M | 1.22% |
1,535,011
| – | – |
|
|
FYBR
20
DELISTED
Frontier Communications
FYBR
| $110M | 1.15% |
3,982,849
| – | – |
|
21
NMI Holdings
NMIH
$3.4B
| $110M | 1.14% |
5,320,000
| – | – |
|
|
STKL
22
DELISTED
SunOpta
STKL
| $104M | 1.09% |
20,726,126
| – | – |
|
23
AngloGold Ashanti
AU
$61.3B
| $102M | 1.06% |
4,310,421
+56,600
| +1% | +$1.23M |
|
24
Freeport-McMoran
FCX
$110B
| $100M | 1.04% |
2,011,458
+26,000
| +1% | +$1.15M |
|
25
ICICI Bank
IBN
$107B
| $78.9M | 0.82% |
4,167,589
+58,138
| +1% | +$1.16M |
|
Similar funds
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.