Howard Marks
Oaktree Capital Management
The memo writer
Distressed debt's elder statesman; the equity book is the public part.
$5.7B
reported portfolio
51 + 7
stocks + option bets
Jun 30, 2026
quarter ended
57
moves last filing
Latest moves
AddedBTAIQ+472%AddedOCSL+325%ExitedSTATE STREET SPDR putsExitedPETROLEO BRASILEIRExitedNOKIA OYJExitedCBL & ASSOCIATES PExitedCREDO TECHNOLOGY GExitedTLNcallsExitedECOVYST INCExitedOPTIMUM COMMUNICATExitedNRG ENERGY INCExitedIndivior PharmaceuExitedINVESCO SENIOR INCExitedHDFC BANK LTDExitedPDD HOLDINGS INCTrimmedSTKL−100%TrimmedCX−96%TrimmedTEO−93%AddedLYBputs+80%AddedQQQputs+55%TrimmedTAC−53%TrimmedGTX−48%TrimmedMX−47%TrimmedCORZ−47%
Share-count changes versus the prior quarter's filing.
What Howard holds
51 listed positions| Ticker | Company | Today | Est. position | Weight | Since disclosed |
|---|---|---|---|---|---|
| TRMD TORM PLC | TORM PLC | $524.3M | 9.2% | +46.7% | |
| EXE EXPAND ENERGY CORP | EXPAND ENERGY CORP | $477.6M | 8.4% | −4.1% | |
| GTX GARRETT MOTION INC | GARRETT MOTION INC | $275.2M | 4.8% | −27.5% | |
| AU ANGLOGOLD ASHANTI PLC | ANGLOGOLD ASHANTI PLC | $257.2M | 4.5% | +27.7% | |
| INDV INDIVIOR PHARMACEUTICALS INC | INDIVIOR PHARMACEUTICALS INC | $251.4M | 4.4% | −15.0% | |
| TDS TELEPHONE AND DATA SYSTEMS INC | TELEPHONE AND DATA SYSTEMS INC | $195.5M | 3.4% | −3.0% | |
| VNOM VIPER ENERGY INC | VIPER ENERGY INC | $160.8M | 2.8% | −0.3% | |
| CORZ CORE SCIENTIFIC INC | CORE SCIENTIFIC INC | $127.8M | 2.3% | −29.7% | |
| TLN TALEN ENERGY CORP | TALEN ENERGY CORP | $127.2M | 2.2% | −23.9% | |
| B BARRICK MINING CORP | BARRICK MINING CORP | $117.8M | 2.1% | +18.0% |
Values as reported on the fund’s SEC Form 13F. "Since disclosed" is the price change from the quarter end to today.
Source: SEC Form 13F-HR · filings on EDGAR ↗
Howard's bets
puts and calls from the same filingA put is a bet the stock falls; a call, that it rises. Values are the notional amounts reported on the 13F and the share of the whole reported book. Option bets are not part of the basket a follower buys.
In the news
last 60 days- U.S. stocks are clearly in a state of "euphoria"! Howard Marks: This is one of the most challenging situations I have encountered in my investment career, but uncertainty about the future is not a reason to refrain from investing... - news.futunn.comnews.futunn.com · 13 days ago
- Value Investing Legend Howard Marks Is Buying This Stock Down 30%. Should You Buy? - Yahoo FinanceYahoo Finance · 1 mo ago
- Billionaire Howard Marks Just Bought This Beaten-Down Indian Stock. Don’t Miss The Opportunity - Yahoo FinanceYahoo Finance · 1 mo ago