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 |
Oaktree Specialty Lending
OCSL
|
+$72.6M |
| 2 |
Sea Limited
SE
|
+$55.9M |
| 3 |
Matthews International
MATW
|
+$51.8M |
| 4 |
MakeMyTrip
MMYT
|
+$44.7M |
| 5 |
Telephone and Data Systems
TDS
|
+$41.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$195M |
| 2 |
STKL
SunOpta
STKL
|
+$134M |
| 3 |
Petrobras
PBR
|
+$126M |
| 4 |
TORM
TRMD
|
+$106M |
| 5 |
Core Scientific
CORZ
|
+$103M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 16.81% |
| 2 | Materials | 6.91% |
| 3 | Consumer Discretionary | 5.39% |
| 4 | Communication Services | 5.34% |
| 5 | Healthcare | 4.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $1.01B | 14.04% |
+1,355,000
| New | +$982M |
|
2
PUT
Invesco QQQ Trust
QQQ
$486B
| $652M | 9.04% |
885,000
+315,000
| +55% | +$217M |
|
|
3
TORM
TRMD
$3.26B
| $524M | 7.28% |
20,329,874
-3,509,701
| -15% | -$106M |
|
|
EXE
4
Expand Energy Corp
EXE
$22.2B
| $478M | 6.63% |
5,237,477
| – | – |
|
|
5
Garrett Motion
GTX
$4.96B
| $275M | 3.82% |
7,594,816
-7,000,000
| -48% | -$195M |
|
6
AngloGold Ashanti
AU
$61.3B
| $257M | 3.57% |
3,179,092
-44,000
| -1% | -$4.18M |
|
7
Indivior Pharmaceuticals
INDV
$4.35B
| $251M | 3.49% |
6,127,212
-856,890
| -12% | -$31.1M |
|
|
8
Telephone and Data Systems
TDS
$3.87B
| $196M | 2.71% |
5,282,905
+990,662
| +23% | +$41.8M |
|
9
Viper Energy
VNOM
$16.3B
| $161M | 2.23% |
3,791,432
| – | – |
|
|
10
CALL
Core Scientific
CORZ
$5.72B
| $128M | 1.78% |
5,000,000
+1,500,000
| +43% | +$35.3M |
|
|
11
Core Scientific
CORZ
$5.72B
| $128M | 1.77% |
4,993,708
-4,357,000
| -47% | -$103M |
|
|
TLN
12
Talen Energy Corp
TLN
$15.1B
| $127M | 1.77% |
331,117
| – | – |
|
|
B
13
Barrick Mining
B
$78.3B
| $118M | 1.63% |
3,206,087
+581,228
| +22% | +$23.8M |
|
14
Itaú Unibanco
ITUB
$82.4B
| $97.9M | 1.36% |
11,977,665
-211,330
| -2% | -$1.75M |
|
15
Liberty Global Class A
LBTYA
$3.63B
| $97.2M | 1.35% |
8,551,191
| – | – |
|
|
16
Oaktree Specialty Lending
OCSL
$1.14B
| $94M | 1.3% |
7,872,199
+6,019,743
| +325% | +$72.6M |
|
17
Freeport-McMoran
FCX
$110B
| $75.5M | 1.05% |
1,201,122
-19,000
| -2% | -$1.22M |
|
|
AERO
18
Grupo Aeromexico SAB de CV
AERO
$2B
| $71.4M | 0.99% |
3,968,686
| – | – |
|
19
Kilroy Realty
KRC
$4.25B
| $69.3M | 0.96% |
1,850,011
| – | – |
|
|
20
Sea Limited
SE
$72B
| $60.9M | 0.85% |
+635,443
| New | +$55.9M |
|
21
Liberty Latin America Class C
LILAK
$1.64B
| $58.9M | 0.82% |
7,559,083
+1,235,425
| +20% | +$8.95M |
|
22
Bausch + Lomb
BLCO
$6.16B
| $57M | 0.79% |
3,441,042
+58,303
| +2% | +$927K |
|
23
Viasat
VSAT
$10.3B
| $56.6M | 0.79% |
+630,280
| New | +$41.7M |
|
|
24
MakeMyTrip
MMYT
$5.69B
| $52.4M | 0.73% |
+983,068
| New | +$44.7M |
|
|
25
Matthews International
MATW
$664M
| $51.8M | 0.72% |
+1,925,992
| New | +$51.8M |
|
Similar funds
Howard Marks's Q2 2026 Portfolio in Review
As of Q2 2026, Howard Marks held 158 positions worth $7.21B, up 9.9% from $6.56B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Howard Marks withdrew a net $771M in Q2 2026, closing 13 positions and reducing 19 holdings. Its most notable exit was Petrobras, an estimated $126M position sold in full.
By sector, the portfolio is most concentrated in Energy at 17% of assets, down from 25% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in Sea Limited worth $60.9M.
- Howard Marks's largest Q2 2026 buy was Sea Limited: 635,443 shares worth $60.9M.
- Howard Marks added most to Oaktree Specialty Lending in Q2 2026, an estimated $72.6M increase.
- Howard Marks's biggest Q2 2026 reduction was Garrett Motion, cutting an estimated $195M.
- Howard Marks fully exited Petrobras in Q2 2026, selling an estimated $126M.
- Howard Marks's ten largest holdings make up 55% of its $7.21B portfolio in Q2 2026.
- Howard Marks opened 14 new positions and closed 13 in Q2 2026.
- Howard Marks's portfolio value rose 9.9% quarter-over-quarter to $7.21B.
Based on Oaktree Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.