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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 | |
|---|---|---|---|---|---|---|---|
26
XP
XP
$14.8B
| $50.7M | 0.7% |
3,116,809
-55,200
| -2% | -$984K |
2025 Q3
3 quarters
|
|
27
PUT
LyondellBasell Industries
LYB
$20.7B
| $47.4M | 0.66% |
900,000
+400,000
| +80% | +$27.6M |
2026 Q1
1 quarter
|
|
28
YPF Sociedad Anonima ADS
YPF
$20.4B
| $45.1M | 0.63% |
991,346
+104,881
| +12% | +$4.92M |
2026 Q1
1 quarter
|
|
29
TransAlta
TAC
$4.06B
| $41.5M | 0.58% |
3,000,000
-3,415,253
| -53% | -$45.1M |
2025 Q1
5 quarters
|
|
30
PUT
Visteon
VC
$2.33B
| $39.7M | 0.55% |
+400,000
| New | +$43.7M |
2026 Q2
0 quarters
|
|
31
Runway Growth Finance
RWAY
$265M
| $39.4M | 0.55% |
7,029,667
| – | – |
2021 Q4
18 quarters
|
|
32
Embraer S.A. ADS
EMBJ
$12.9B
| $28.1M | 0.39% |
439,706
-7,900
| -2% | -$485K |
2026 Q1
1 quarter
|
|
33
Array Digital Infrastructure
AD
$2.89B
| $25.3M | 0.35% |
696,858
-27,586
| -4% | -$1.31M |
2025 Q3
3 quarters
|
|
34
Rice Acquisition Corporation 3
KRSP
$481M
| $25.2M | 0.35% |
2,400,000
| – | – |
2025 Q4
2 quarters
|
|
35
SharonAI Holdings
SHAZ
$952M
| $24.5M | 0.34% |
289,456
-710,544
| -71% | -$40.1M |
2026 Q1
1 quarter
|
|
36
Ternium
TX
$11.2B
| $24.4M | 0.34% |
572,324
-10,600
| -2% | -$478K |
2022 Q2
16 quarters
|
|
37
Quantum Corp
QMCO
$728M
| $22.1M | 0.31% |
+2,011,678
| New | +$19.3M |
2026 Q2
0 quarters
|
|
38
Simply Good Foods
SMPL
$990M
| $16M | 0.22% |
1,203,889
+75,000
| +7% | +$926K |
2026 Q1
1 quarter
|
|
39
Surgery Partners
SGRY
$1.91B
| $14.5M | 0.2% |
+862,588
| New | +$12.1M |
2026 Q2
0 quarters
|
|
40
CALL
Bitdeer Technologies
BTDR
$2.1B
| $11.9M | 0.17% |
+750,000
| New | +$10.8M |
2026 Q2
0 quarters
|
|
41
Mayfair Gold Corp
MINE
$166M
| $11.1M | 0.15% |
4,500,000
| – | – |
2026 Q1
1 quarter
|
|
42
Blue Moon Metals Inc
BMM
$446M
| $10.7M | 0.15% |
1,685,000
| – | – |
2026 Q1
1 quarter
|
|
43
SmartRent
SMRT
$218M
| $8.93M | 0.12% |
7,505,294
| – | – |
2022 Q1
17 quarters
|
|
44
Magnachip Semiconductor
MX
$191M
| $7.1M | 0.1% |
1,500,000
-1,349,858
| -47% | -$6.54M |
2017 Q1
37 quarters
|
|
45
Liberty Latin America Class A
LILA
$1.58B
| $6.58M | 0.09% |
839,020
-396,017
| -32% | -$2.21M |
2025 Q3
3 quarters
|
|
|
46
CALL
Magnachip Semiconductor
MX
$191M
| $4.73M | 0.07% |
+1,000,000
| New | +$4.85M |
2026 Q2
0 quarters
|
|
47
Battalion Oil
BATL
$60.1M
| $3.94M | 0.05% |
3,009,912
| – | – |
2020 Q1
25 quarters
|
|
|
DPC
48
DPC Holdings PLC
DPC
$4.61B
| $3.68M | 0.05% |
+75,000
| New | +$3.65M |
2026 Q2
0 quarters
|
|
|
SVC
49
Service Properties Trust
SVC
$796M
| $3.36M | 0.05% |
+397,676
| New | +$3.13M |
2026 Q2
0 quarters
|
|
50
DELISTED
BioXcel Therapeutics
BTAI
| $1.95M | 0.03% |
1,380,248
+1,139,060
| +472% | +$1.33M |
2025 Q2
4 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.