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Top 5 1st Quarter Trades of Howard Marks

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May 17, 2022
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Howard Marks recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Chairman of Oaktree Capital Management LP. Since the formation of Oaktree in 1995, Mr. Marks has been responsible for ensuring the firm's adherence to its core investment philosophy, communicating closely with clients concerning products and strategies, and managing the firm.

As of the latest 13F report, the guru’s equity portfolio contained 242 stocks valued at a total of $8,525,000,000. The top holdings were CHK(11.23%), SBLK(9.06%), and VST(7.88%).

According to GuruFocus data, these were

Howard Marks (Trades, Portfolio)’s top five trades of the quarter.

CBL & Associates Properties Inc


During the quarter,

Howard Marks (Trades, Portfolio) bought 2,405,402 shares of NYSE:CBL for a total holding of 4,569,701. The trade had a 0.93% impact on the equity portfolio. During the quarter, the stock traded for an average price of $28.88.

On 05/17/2022, CBL & Associates Properties Inc traded for a price of $24.87 per share and a market cap of $791,053,000. The stock has returned 0.00% over the past year.

GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 3 out of 10.

In terms of valuation, CBL & Associates Properties Inc has a price-book ratio of 1.26, a EV-to-Ebitda ratio of 80.74 and a price-sales ratio of 1.63.

Chesapeake Energy Corp


Howard Marks (Trades, Portfolio) reduced their investment in NAS:CHK by 1,000,000 shares. The trade had a 0.8% impact on the equity portfolio. During the quarter, the stock traded for an average price of $73.25.

On 05/17/2022, Chesapeake Energy Corp traded for a price of $89.03 per share and a market cap of $11,323,343,000. The stock has returned 79.36% over the past year.

GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 4 out of 10.

In terms of valuation, Chesapeake Energy Corp has a price-book ratio of 2.10, a EV-to-Ebitda ratio of 22.24 and a price-sales ratio of 1.95.

Valaris Ltd


Howard Marks (Trades, Portfolio) reduced their investment in NYSE:VAL by 1,030,184 shares. The trade had a 0.46% impact on the equity portfolio. During the quarter, the stock traded for an average price of $43.2.

On 05/17/2022, Valaris Ltd traded for a price of $59.83 per share and a market cap of $4,487,316,000. The stock has returned 165.82% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 1 out of 10.

In terms of valuation, Valaris Ltd has a price-book ratio of 4.41, a EV-to-Ebitda ratio of 111.92 and a price-sales ratio of 4.72.

Sociedad Quimica Y Minera De Chile SA


The guru established a new position worth 346,485 shares in NYSE:SQM, giving the stock a 0.35% weight in the equity portfolio. Shares traded for an average price of $63.86 during the quarter.

On 05/17/2022, Sociedad Quimica Y Minera De Chile SA traded for a price of $83.39 per share and a market cap of $23,819,391,000. The stock has returned 67.74% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Sociedad Quimica Y Minera De Chile SA has a price-earnings ratio of 42.10, a price-book ratio of 7.41, a price-earnings-to-growth (PEG) ratio of 5.69, a EV-to-Ebitda ratio of 27.05 and a price-sales ratio of 8.76.

The price-to-GF Value ratio is 1.35, earning the stock a GF Value rank of 3.

Mr. Cooper Group Inc


Howard Marks (Trades, Portfolio) reduced their investment in NAS:COOP by 550,000 shares. The trade had a 0.28% impact on the equity portfolio. During the quarter, the stock traded for an average price of $45.54.

On 05/17/2022, Mr. Cooper Group Inc traded for a price of $42.79 per share and a market cap of $3,162,442,000. The stock has returned 30.06% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, Mr. Cooper Group Inc has a price-earnings ratio of 2.25, a price-book ratio of 0.80, a EV-to-Ebitda ratio of 7.26 and a price-sales ratio of 1.03.

The price-to-GF Value ratio is 1.15, earning the stock a GF Value rank of 3.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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