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 |
Bausch + Lomb
BLCO
|
+$30.3M |
| 2 |
Itaú Unibanco
ITUB
|
+$25.5M |
| 3 |
Full Truck Alliance
YMM
|
+$21.4M |
| 4 |
Liberty Latin America Class C
LILAK
|
+$12.5M |
| 5 |
B
Barrick Mining
B
|
+$12.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$72.3M |
| 2 |
EXE
Expand Energy Corp
EXE
|
+$55.8M |
| 3 |
Huazhu Hotels Group
HTHT
|
+$45.5M |
| 4 |
TLN
Talen Energy Corp
TLN
|
+$45.1M |
| 5 |
JD.com
JD
|
+$39.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 29.79% |
| 2 | Materials | 9.18% |
| 3 | Consumer Discretionary | 6.9% |
| 4 | Healthcare | 3.75% |
| 5 | Financials | 3.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Bausch + Lomb
BLCO
$6.16B
| $32.8M | 0.56% |
+2,521,245
| New | +$30.3M |
|
27
Ecopetrol
EC
$36B
| $31.4M | 0.54% |
3,549,822
+387,700
| +12% | +$3.43M |
|
28
Kanzhun
BZ
$7.13B
| $28M | 0.48% |
1,571,272
+400,311
| +34% | +$6.72M |
|
29
Ternium
TX
$10.9B
| $27.7M | 0.48% |
919,709
+107,100
| +13% | +$3.07M |
|
30
KE Holdings
BEKE
$19.6B
| $26.8M | 0.46% |
1,513,039
+258,255
| +21% | +$4.97M |
|
31
Oaktree Specialty Lending
OCSL
$1.14B
| $25.3M | 0.44% |
1,852,456
| – | – |
|
32
Telecom Argentina
TEO
$5.66B
| $23.3M | 0.4% |
2,644,263
-65,000
| -2% | -$651K |
|
|
33
Full Truck Alliance
YMM
$9.1B
| $21.8M | 0.37% |
+1,842,337
| New | +$21.4M |
|
34
Vale
VALE
$62.1B
| $19.7M | 0.34% |
2,033,706
-3,981,076
| -66% | -$37.5M |
|
|
TLN
35
CALL
Talen Energy Corp
TLN
$15.1B
| $18.9M | 0.33% |
65,000
-215,000
| -77% | -$51M |
|
|
OPTU
36
Optimum Communications Inc
OPTU
$323M
| $16.1M | 0.28% |
7,500,000
| – | – |
|
|
UNIT
37
Uniti Group
UNIT
$2.42B
| $14.7M | 0.25% |
3,397,592
| – | – |
|
|
38
Liberty Latin America Class C
LILAK
$1.64B
| $14.5M | 0.25% |
+2,561,368
| New | +$12.5M |
|
39
Alvotech
ALVO
$1.5B
| $14.3M | 0.25% |
1,563,676
-304,807
| -16% | -$2.86M |
|
40
Sea Limited
SE
$72B
| $13.4M | 0.23% |
+83,513
| New | +$12.1M |
|
41
Magnachip Semiconductor
MX
$121M
| $11.3M | 0.2% |
2,849,858
| – | – |
|
|
EXEEL
42
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $10.3M | 0.18% |
95,294
| – | – |
|
|
BRY
43
DELISTED
Berry Corp
BRY
| $10.2M | 0.18% |
3,697,000
| – | – |
|
44
YPF Sociedad Anonima ADS
YPF
$20.1B
| $10.2M | 0.18% |
+324,330
| New | +$10.8M |
|
45
Bausch Health
BHC
$2.41B
| $8.46M | 0.15% |
1,270,000
| – | – |
|
|
46
Alvotech Warrant
ALVOW
$66.4M
| $8.24M | 0.14% |
4,666,667
| – | – |
|
47
SmartRent
SMRT
$274M
| $7.43M | 0.13% |
7,505,294
| – | – |
|
48
HDFC Bank
HDB
$121B
| $6.5M | 0.11% |
169,686
-9,708
| -5% | -$352K |
|
|
HDSN
49
Hudson Technologies
HDSN
$237M
| $4.57M | 0.08% |
+562,662
| New | +$3.86M |
|
50
Banco Macro
BMA
$4.66B
| $4.25M | 0.07% |
60,591
-199,871
| -77% | -$16.5M |
|
Similar funds
Howard Marks's Q2 2025 Portfolio in Review
As of Q2 2025, Howard Marks held 187 positions worth $5.81B, up 12% from $5.17B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks withdrew a net $702M in Q2 2025, closing 9 positions and reducing 17 holdings. Its most notable exit was Huazhu Hotels Group, an estimated $45.5M position sold in full.
By sector, the portfolio is most concentrated in Energy at 30% of assets, down from 35% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in Bausch + Lomb worth $32.8M.
- Howard Marks's largest Q2 2025 buy was Bausch + Lomb: 2,521,245 shares worth $32.8M.
- Howard Marks added most to Itaú Unibanco in Q2 2025, an estimated $25.5M increase.
- Howard Marks's biggest Q2 2025 reduction was Garrett Motion, cutting an estimated $72.3M.
- Howard Marks fully exited Huazhu Hotels Group in Q2 2025, selling an estimated $45.5M.
- Howard Marks's ten largest holdings make up 56% of its $5.81B portfolio in Q2 2025.
- Howard Marks opened 10 new positions and closed 9 in Q2 2025.
- Howard Marks's portfolio value rose 12% quarter-over-quarter to $5.81B.
Based on Oaktree Capital Management's 13F filing for Q2 2025, filed 13 Aug 2025.