Howard Marks portfolio: what Oaktree Capital Management holds
Howard Marks is a co-founder of Oaktree Capital Management. He specialises in debt and high-risk investments and became known for his regular investment memos.
Stock portfolio value
$5.3B
Stock positions
138
Report date
30 June 2026
Filed
14 August 2026
Largest positions
| # | Company | Weight | Value | Last quarter |
|---|---|---|---|---|
| 1 | Torm Plc | 7.3% | $524.3M | Trimmed -15% |
| 2 | Expand Energy CorpEXE | 6.6% | $477.6M | — |
| 3 | Garrett Motion IncGTX | 3.8% | $275.2M | Trimmed -48% |
| 4 | Anglogold Ashanti Plc | 3.6% | $257.2M | Trimmed -1% |
| 5 | Indivior Pharmaceuticals IncINDV | 3.5% | $251.4M | New |
| 6 | Telephone And Data Systems IncTDS | 2.7% | $195.5M | Added +23% |
| 7 | Viper Energy IncVNOM | 2.2% | $160.8M | — |
| 8 | Core Scientific IncCORZ | 1.8% | $127.8M | Trimmed -47% |
| 9 | Talen Energy CorpTLN | 1.8% | $127.2M | — |
| 10 | Barrick Mining CorpB | 1.6% | $117.8M | Added +22% |
| 11 | Itau Unibanco Holding SaITUB | 1.4% | $97.9M | Trimmed -2% |
| 12 | Liberty Global Ltd | 1.3% | $97.2M | — |
| 13 | Oaktree Specialty Lending CorpOCSL | 1.3% | $94.0M | Added +325% |
| 14 | Freeport-Mcmoran IncFCX | 1% | $75.5M | Trimmed -2% |
| 15 | Grupo Aeromexico Sab De CvAERO | 1% | $71.4M | — |
| 16 | Kilroy Realty CorpKRC | 1% | $69.3M | — |
| 17 | Pebblebrook Hotel Trust | 0.9% | $63.1M | Added +10% |
| 18 | Biomarin Pharmaceutical Inc | 0.9% | $62.4M | Added +14% |
| 19 | Sea Ltd (Convertible Bond) | 0.9% | $62.1M | Added +31% |
| 20 | Etsy Inc (Convertible Bond) | 0.8% | $61.2M | Added +9% |
New positions last quarter
- Indivior Pharmaceuticals Inc$251.4M
- Sea Ltd (Common Stock)$60.9M
- Viasat Inc$56.6M
- Makemytrip Ltd$52.4M
- Matthews International Corp$51.8M
- Enovis Corp$37.8M
- Sharonai Holdings Inc$24.5M
- Quantum Corp$22.1M
Positions sold
- State Street Spdr S&P Oil & Gas Exploration & Production Etf (Put)$181.8M
- Petroleo Brasileiro Sa - Petrobras$126.4M
- Jetblue Airways Corp$94.8M
- Nokia Oyj$90.1M
- Cbl & Associates Properties Inc$82.8M
- American Water Capital Corp$55.8M
- Coinbase Global Inc (Convertible Bond)$52.2M
- Credo Technology Group Holding Ltd$50.6M
- Talen Energy Corp (Call)$47.9M
- Okta Inc$46.7M
Source: SEC filing. Values count stock positions only; options are left out of the totals and tables.
About Howard Marks
- His memos are among the most widely read texts in finance, and Warren Buffett has praised them publicly.
- He is the author of The Most Important Thing, on risk and market cycles.
- Oaktree is today largely part of the Brookfield group.
- He stresses understanding the market cycle and managing risk instead of predicting the future.
How to use this page
A 13F filing shows what a manager held on the last day of a quarter, published up to 45 days later. It is a snapshot, not a trading signal: the manager may already have bought or sold since. Learn more in How to read 13F filings.
For information only, not investment advice. 13F filings are delayed by up to 45 days and do not show cash, bonds, short positions or non-US stocks.