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Howard Marks Oaktree Capital Management

AUM $7.21B
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
+6.25%
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
$7.03B
AUM Growth
+$538M
Cap. Flow
-$9.02B
Cap. Flow %
-128.29%
Top 10 Hldgs %
43.61%
Holding
182
New
7
Increased
8
Reduced
23
Closed
10

Top Buys

Rank Stock Value
1
AERO
Grupo Aeromexico SAB de CV
AERO
+$72.4M
2
CORZ icon
Core Scientific
CORZ
+$34M
3
KRSP
Rice Acquisition Corporation 3
KRSP
+$24.9M
4
XP icon
XP
XP
+$22.7M
5
INFY icon
Infosys
INFY
+$18.9M

Top Sells

Rank Stock Value
1
INDV icon
Indivior Pharmaceuticals
INDV
+$7.65B
2
TRMD icon
TORM
TRMD
+$299M
3
GTX icon
Garrett Motion
GTX
+$236M
4
CX icon
Cemex
CX
+$48.6M
5
VIST icon
Vista Energy
VIST
+$47.9M

Sector Composition

Rank Sector Weight
1 Energy 19.94%
2 Materials 9.78%
3 Communication Services 5.76%
4 Technology 5.39%
5 Financials 5.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CX icon
26
Cemex
CX
$16B
$66.1M 0.94%
5,749,324
-4,699,500
-45% -$48.6M
RWAY icon
27
Runway Growth Finance
RWAY
$278M
$62.8M 0.89%
7,029,667
-1,250,000
-15% -$11.9M
BLCO icon
28
Bausch + Lomb
BLCO
$6.16B
$57.8M 0.82%
3,382,739
+137,300
+4% +$2.18M
GRAB icon
29
Grab
GRAB
$14.2B
$55.9M 0.8%
11,207,699
-886,796
-7% -$4.9M
XP icon
30
XP
XP
$8.53B
$54.4M 0.77%
3,320,159
+1,287,282
+63% +$22.7M
MAR icon
31
PUT
Marriott International
MAR
$92.9B
$46.5M 0.66%
150,000
– –
LILAK icon
32
Liberty Latin America Class C
LILAK
$1.64B
$42.9M 0.61%
6,323,658
-1,013,147
-14% -$7.58M
ECVT icon
33
Ecovyst
ECVT
$1.14B
$41.4M 0.59%
4,254,503
+1,395,481
+49% +$12.2M
AD
34
Array Digital Infrastructure
AD
$3.08B
$38.8M 0.55%
724,444
– –
VIST icon
35
Vista Energy
VIST
$7.7B
$38.1M 0.54%
782,250
-1,059,069
-58% -$47.9M
YMM icon
36
Full Truck Alliance
YMM
$9.1B
$37.8M 0.54%
3,519,764
-277,933
-7% -$3.33M
SBLK icon
37
Star Bulk Carriers
SBLK
$3.41B
$37.7M 0.54%
1,962,892
– –
CRC icon
38
California Resources
CRC
$4.73B
$31.1M 0.44%
694,502
– –
BZ icon
39
Kanzhun
BZ
$7.13B
$31M 0.44%
1,523,231
-120,341
-7% -$2.6M
CORZ icon
40
CALL
Core Scientific
CORZ
$5.72B
$29.1M 0.41%
+2,000,000
New +$34.9M
TEO icon
41
Telecom Argentina
TEO
$5.66B
$27.3M 0.39%
2,347,508
-281,975
-11% -$3.03M
VALE icon
42
Vale
VALE
$62.1B
$26.4M 0.38%
2,023,706
-10,000
-0.5% -$121K
TX icon
43
Ternium
TX
$10.9B
$25.2M 0.36%
658,565
-238,944
-27% -$8.78M
KRSP
44
Rice Acquisition Corporation 3
KRSP
$488M
$24.7M 0.35%
+2,400,000
New +$24.9M
OCSL icon
45
Oaktree Specialty Lending
OCSL
$1.14B
$23.6M 0.34%
1,852,456
– –
INFY icon
46
Infosys
INFY
$48.4B
$19.5M 0.28%
+1,094,752
New +$18.9M
ONIT
47
Onity Group
ONIT
$301M
$17.9M 0.25%
+390,835
New +$16.1M
SMRT icon
48
SmartRent
SMRT
$274M
$15.2M 0.22%
7,505,294
– –
OPTU
49
Optimum Communications Inc
OPTU
$323M
$12.4M 0.18%
7,500,000
– –
EXEEL
50
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
$9.5M 0.14%
95,294
– –
1
2
3

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Howard Marks's Q4 2025 Portfolio in Review

As of Q4 2025, Howard Marks held 182 positions worth $7.03B, up 8.3% from $6.49B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Howard Marks withdrew a net $9.02B in Q4 2025, closing 10 positions and reducing 23 holdings. Its most notable exit was EchoStar, an estimated $45.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 20% of assets, down from 27% a quarter earlier, followed by Materials and Communication Services.

Against the trend, Howard Marks opened a new position in Grupo Aeromexico SAB de CV worth $82.9M.

  • Howard Marks's largest Q4 2025 buy was Grupo Aeromexico SAB de CV: 3,776,986 shares worth $82.9M.
  • Howard Marks added most to Core Scientific in Q4 2025, an estimated $34M increase.
  • Howard Marks's biggest Q4 2025 reduction was Indivior Pharmaceuticals, cutting an estimated $7.65B.
  • Howard Marks fully exited EchoStar in Q4 2025, selling an estimated $45.8M.
  • Howard Marks's ten largest holdings make up 44% of its $7.03B portfolio in Q4 2025.
  • Howard Marks opened 7 new positions and closed 10 in Q4 2025.
  • Howard Marks's portfolio value rose 8.3% quarter-over-quarter to $7.03B.

Based on Oaktree Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.