Howard Marks portfolio: holdings and latest trades
The stocks Oaktree Capital Management reported in its latest 13F filing, for Q2 2026: 138 positions worth about $5.3B, what was bought and sold in the quarter, and who Marks is.
Data updated August 14, 2026 (13F for Q2 2026)
- 13F portfolio value
- $5.3B
- Positions
- 138
- Top 10 holdings
- 47%
- Change in value vs previous quarter
- −5.4%
Howard Marks top holdings (Q2 2026)
| # | Stock | % of portfolio | Value | Last quarter |
|---|---|---|---|---|
| 1 | TRMD Torm Plc | 9.9% | $524M | Trimmed 15% |
| 2 | EXE Expand Energy Corp | 9.0% | $478M | Unchanged |
| 3 | GTX Garrett Motion Inc | 5.2% | $275M | Trimmed 48% |
| 4 | AU Anglogold Ashanti Plc | 4.8% | $257M | Unchanged |
| 5 | INDV Indivior Pharmaceuticals Inc | 4.7% | $251M | New |
| 6 | TDS Telephone And Data Systems | 3.7% | $196M | Added 23% |
| 7 | VNOM Viper Energy Inc-Cl A | 3.0% | $161M | Unchanged |
| 8 | CORZ Core Scientific Inc | 2.4% | $128M | Trimmed 47% |
| 9 | TLN Talen Energy Corp | 2.4% | $127M | Unchanged |
| 10 | B Barrick Mining Corp | 2.2% | $118M | Added 22% |
| 11 | ITUB Itau Unibanco H-Spon Prf ADR | 1.8% | $98M | Unchanged |
| 12 | LBTYA Liberty Global Ltd | 1.8% | $97M | Unchanged |
| 13 | OCSL Oaktree Specialty Lending Co | 1.8% | $94M | Added 325% |
| 14 | FCX Freeport-Mcmoran Inc | 1.4% | $76M | Unchanged |
| 15 | AERO Grupo Aeromexico Sab De Cv | 1.3% | $71M | Unchanged |
| 16 | KRC Kilroy Realty Corp | 1.3% | $69M | Unchanged |
| 17 | SE Sea Ltd-ADR | 1.1% | $61M | New |
| 18 | LILA Liberty Latin America Ltd | 1.1% | $59M | Added 32% |
| 19 | BLCO Bausch + Lomb Corp | 1.1% | $57M | Unchanged |
| 20 | VSAT Viasat Inc | 1.1% | $57M | New |
| 21 | MMYT Makemytrip Ltd | 1.0% | $52M | New |
| 22 | MATW Matthews Intl Corp-Class A | 1.0% | $52M | New |
| 23 | XP Xp Inc | 1.0% | $51M | Unchanged |
| 24 | YPF Ypf S.A.-Sponsored ADR | 0.8% | $45M | Added 12% |
| 25 | TAC Transalta Corp | 0.8% | $41M | Trimmed 53% |
| 26 | RWAY Runway Growth Finance Corp | 0.7% | $39M | Unchanged |
| 27 | EMBJ Embraer Sa-Spon ADR | 0.5% | $28M | Unchanged |
| 28 | AD Array Digital Infrastructure | 0.5% | $25M | Trimmed 4% |
| 29 | KRSP Rice Acquisition Corp 3 | 0.5% | $25M | Unchanged |
| 30 | SHAZ Sharonai Holdings Inc | 0.5% | $25M | New |
Showing the 30 largest of 138 positions.
What Marks bought and sold in Q2 2026
Bought or added
- INDV Indivior Pharmaceuticals IncNew
- OCSL Oaktree Specialty Lending CoAdded 325%
- SE Sea Ltd-ADRNew
- VSAT Viasat IncNew
- MMYT Makemytrip LtdNew
- MATW Matthews Intl Corp-Class ANew
- — Enovis Corp (Notes)New
- TDS Telephone And Data SystemsAdded 23%
- — Five9 Inc (Notes)Added 145%
- SHAZ Sharonai Holdings IncNew
Sold or reduced
- GTX Garrett Motion IncTrimmed 48%
- PBR Petroleo Brasileiro-Spon ADRSold out
- STKL Sunopta IncTrimmed 100%
- CORZ Core Scientific IncTrimmed 47%
- — Riot Platforms Inc (Notes)Trimmed 67%
- — Jetblue Airways Corp (Notes)Sold out
- TRMD Torm PlcTrimmed 15%
- NOK Nokia Corp-Spon ADRSold out
- CBL Cbl & Associates PropertiesSold out
- — American Water Capital Corp (Notes)Sold out
Changes in number of shares against the 13F for the previous quarter (Q1 2026), largest first.
Who is Howard Marks
- Role
- Co-founder of Oaktree Capital Management
- Fund
- Oaktree Capital Management, founded 1995
- Investment style
- Credit and distressed debt; equity holdings come largely from restructurings.
- Known for
- Memos to clients read across the industry
Howard Marks co-founded Oaktree Capital Management in 1995, which became one of the largest investors in distressed debt and credit. His client memos, published since 1990, are widely read; Warren Buffett has said he reads them first.
His book The Most Important Thing (2011) sets out his approach to risk and market cycles. Oaktree’s 13F shows the listed US equities it holds, many of them received in debt restructurings.
- •Memos to clients read across the industry
- •The Most Important Thing (2011)
- •Distressed-debt investing
How to read 13F data
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Questions
What stocks does Howard Marks own?
According to the 13F filing of Oaktree Capital Management for Q2 2026 (period ending June 30, 2026), the largest holdings were Torm Plc (TRMD) 9.9%, Expand Energy Corp (EXE) 9.0%, Garrett Motion Inc (GTX) 5.2%, Anglogold Ashanti Plc (AU) 4.8%, Indivior Pharmaceuticals Inc (INDV) 4.7%, out of 138 positions worth about $5.3B.
What did Marks buy and sell last quarter?
New or larger positions in Q2 2026: INDV, OCSL, SE, VSAT, MMYT, MATW. Sold or reduced: GTX, PBR, STKL, CORZ, Riot Platforms Inc (Notes), Jetblue Airways Corp (Notes). Changes are measured in shares against the previous quarter’s filing.
How up to date is Oaktree Capital Management’s portfolio?
13F filings are due within 45 days after each quarter ends. This page shows the filing made on August 14, 2026 for the quarter ended June 30, 2026; the fund may have traded since.
What does a 13F filing leave out?
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Other famous investors
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Source: SEC Form 13F-HR filings via EDGAR. Holdings are as reported by the manager for the quarter shown and may have changed since. Educational content, not investment advice: MEDGE Capital does not recommend buying or selling any security. Risk disclaimer.