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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
1-Year Est. Return
45.97%
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.
This Fund
S&P 500
This Quarter Est. Return
+9.27%
1 Year Est. Return
+45.97%
3 Year Est. Return
+88.04%
5 Year Est. Return
+157.91%
10 Year Est. Return
+691.44%
AUM
$7.21B
AUM Growth
+$649M
(+9.9%)
Cap. Flow
-$1.86B
Cap. Flow % of AUM
Cap. Flow %
-25.84%
Top 10 Holdings %
Top 10 Hldgs %
54.58%
Holding
158
New
14
Increased
11
Reduced
19
Closed
13
Avg Time Held
Equity + Options
1.4
years
Top 10 Avg Time Held
Equity + Options
2
years
Top 20 Avg Time Held
Equity + Options
1.4
years
Avg Time Held Equity only
1.5
years
Top 10 Avg Time Held Equity only
2.1
years
Top 20 Avg Time Held Equity only
1.4
years
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 | Miscellaneous | 47.58% |
| 2 | Energy | 16.81% |
| 3 | Materials | 6.91% |
| 4 | Consumer Discretionary | 5.39% |
| 5 | Communication Services | 5.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$806B
| $1.01B | 14.04% |
+1,355,000
| New | +$982M |
2026 Q2
0 quarters
|
|
2
PUT
Invesco QQQ Trust
QQQ
$475B
| $652M | 9.04% |
885,000
+315,000
| +55% | +$217M |
2026 Q1
1 quarter
|
|
|
3
TORM
TRMD
$3.92B
| $524M | 7.28% |
20,329,874
-3,509,701
| -15% | -$106M |
2018 Q3
31 quarters
|
|
4
Expand Energy Corp
EXE
$21.6B
| $478M | 6.63% |
5,237,477
| – | – |
2021 Q1
21 quarters
|
|
|
5
Garrett Motion
GTX
$4.56B
| $275M | 3.82% |
7,594,816
-7,000,000
| -48% | -$195M |
2021 Q2
20 quarters
|
|
6
AngloGold Ashanti
AU
$46.9B
| $257M | 3.57% |
3,179,092
-44,000
| -1% | -$4.18M |
2013 Q4
50 quarters
|
|
7
Indivior Pharmaceuticals
INDV
$3.83B
| $251M | 3.49% |
6,127,212
-856,890
| -12% | -$31.1M |
2024 Q1
9 quarters
|
|
|
8
Telephone and Data Systems
TDS
$3.9B
| $196M | 2.71% |
5,282,905
+990,662
| +23% | +$41.8M |
2025 Q3
3 quarters
|
|
9
Viper Energy
VNOM
$8.75B
| $161M | 2.23% |
3,791,432
| – | – |
2025 Q3
3 quarters
|
|
|
10
CALL
Core Scientific
CORZ
$4.33B
| $128M | 1.78% |
5,000,000
+1,500,000
| +43% | +$35.3M |
2025 Q4
2 quarters
|
|
|
11
Core Scientific
CORZ
$4.33B
| $128M | 1.77% |
4,993,708
-4,357,000
| -47% | -$103M |
2025 Q3
3 quarters
|
|
12
Talen Energy Corp
TLN
$16.8B
| $127M | 1.77% |
331,117
| – | – |
2024 Q3
7 quarters
|
|
13
Barrick Mining
B
$67.2B
| $118M | 1.63% |
3,206,087
+581,228
| +22% | +$23.8M |
2024 Q4
6 quarters
|
|
14
Itaú Unibanco
ITUB
$104B
| $97.9M | 1.36% |
11,977,665
-211,330
| -2% | -$1.75M |
2025 Q1
5 quarters
|
|
15
Liberty Global Class A
LBTYA
$2.66B
| $97.2M | 1.35% |
8,551,191
| – | – |
2024 Q2
8 quarters
|
|
|
16
Oaktree Specialty Lending
OCSL
$1.02B
| $94M | 1.3% |
7,872,199
+6,019,743
| +325% | +$72.6M |
2017 Q4
34 quarters
|
|
17
Freeport-McMoran
FCX
$100B
| $75.5M | 1.05% |
1,201,122
-19,000
| -2% | -$1.22M |
2021 Q3
19 quarters
|
|
18
Grupo Aeromexico SAB de CV
AERO
$2.33B
| $71.4M | 0.99% |
3,968,686
| – | – |
2025 Q4
2 quarters
|
|
19
Kilroy Realty
KRC
$4.05B
| $69.3M | 0.96% |
1,850,011
| – | – |
2021 Q1
21 quarters
|
|
|
20
Sea Limited
SE
$57.4B
| $60.9M | 0.85% |
+635,443
| New | +$55.9M |
2026 Q2
0 quarters
|
|
21
Liberty Latin America Class C
LILAK
$1.57B
| $58.9M | 0.82% |
7,559,083
+1,235,425
| +20% | +$8.95M |
2025 Q2
4 quarters
|
|
22
Bausch + Lomb
BLCO
$5.89B
| $57M | 0.79% |
3,441,042
+58,303
| +2% | +$927K |
2025 Q2
4 quarters
|
|
23
Viasat
VSAT
$8.1B
| $56.6M | 0.79% |
+630,280
| New | +$41.7M |
2026 Q2
0 quarters
|
|
|
24
MakeMyTrip
MMYT
$4.38B
| $52.4M | 0.73% |
+983,068
| New | +$44.7M |
2026 Q2
0 quarters
|
|
|
25
Matthews International
MATW
$604M
| $51.8M | 0.72% |
+1,925,992
| New | +$51.8M |
2026 Q2
0 quarters
|
|
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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 $1.86B 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 Miscellaneous at 48% of assets, up from 35% a quarter earlier, followed by Energy and Materials.
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.