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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
+9.61%
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
$6.56B
AUM Growth
-$471M
Cap. Flow
-$2.04B
Cap. Flow %
-31.06%
Top 10 Hldgs %
46.54%
Holding
164
New
15
Increased
5
Reduced
19
Closed
17

Top Buys

Rank Stock Value
1
PBR icon
Petrobras
PBR
+$97.4M
2
CRDO icon
Credo Technology Group
CRDO
+$65.6M
3
YPF icon
YPF Sociedad Anonima ADS
YPF
+$33.5M
4
EMBJ
Embraer S.A. ADS
EMBJ
+$30.6M
5
TDS icon
Telephone and Data Systems
TDS
+$26.6M

Top Sells

Rank Stock Value
1
VNOM icon
Viper Energy
VNOM
+$107M
2
FTAI icon
FTAI Aviation
FTAI
+$102M
3
NU icon
Nu Holdings
NU
+$75M
4
TRMD icon
TORM
TRMD
+$65.8M
5
AU icon
AngloGold Ashanti
AU
+$64.1M

Sector Composition

Rank Sector Weight
1 Energy 24.51%
2 Materials 9.2%
3 Communication Services 6.16%
4 Technology 4.92%
5 Healthcare 4.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LILAK icon
26
Liberty Latin America Class C
LILAK
$1.64B
$50.7M 0.77%
6,323,658
– –
CRDO icon
27
Credo Technology Group
CRDO
$43B
$50.6M 0.77%
+539,000
New +$65.6M
RWAY icon
28
Runway Growth Finance
RWAY
$278M
$48.3M 0.74%
7,029,667
– –
TLN
29
CALL
Talen Energy Corp
TLN
$15.1B
$47.9M 0.73%
150,000
-150,000
-50% -$52.9M
YPF icon
30
YPF Sociedad Anonima ADS
YPF
$20.1B
$41M 0.62%
+886,465
New +$33.5M
LYB icon
31
PUT
LyondellBasell Industries
LYB
$21.8B
$40.3M 0.61%
+500,000
New +$29.7M
AD
32
Array Digital Infrastructure
AD
$3.08B
$33.4M 0.51%
724,444
– –
CX icon
33
Cemex
CX
$16B
$31.6M 0.48%
2,763,083
-2,986,241
-52% -$35.6M
ECVT icon
34
Ecovyst
ECVT
$1.14B
$30.8M 0.47%
2,393,791
-1,860,712
-44% -$21M
EMBJ
35
Embraer S.A. ADS
EMBJ
$13.5B
$26.6M 0.41%
+447,606
New +$30.6M
KRSP
36
Rice Acquisition Corporation 3
KRSP
$488M
$24.7M 0.38%
2,400,000
– –
TX icon
37
Ternium
TX
$10.9B
$23.4M 0.36%
582,924
-75,641
-11% -$3.13M
SHAZ
38
SharonAI Holdings
SHAZ
$2.11B
$22.7M 0.35%
+1,000,000
New +$24M
OCSL icon
39
Oaktree Specialty Lending
OCSL
$1.14B
$20.9M 0.32%
1,852,456
– –
TEO icon
40
Telecom Argentina
TEO
$5.66B
$19M 0.29%
1,622,244
-725,264
-31% -$8.47M
SMPL icon
41
Simply Good Foods
SMPL
$962M
$16.2M 0.25%
+1,128,889
New +$19.5M
MINE
42
Mayfair Gold Corp
MINE
$207M
$13.9M 0.21%
+4,500,000
New +$16.7M
BATL icon
43
Battalion Oil
BATL
$77.9M
$11.7M 0.18%
3,009,912
– –
SMRT icon
44
SmartRent
SMRT
$274M
$11.3M 0.17%
7,505,294
– –
BMM
45
Blue Moon Metals Inc
BMM
$578M
$10.9M 0.17%
+1,685,000
New +$8.19M
OPTU
46
Optimum Communications Inc
OPTU
$323M
$9.53M 0.15%
7,330,490
-169,510
-2% -$266K
MX icon
47
Magnachip Semiconductor
MX
$121M
$7.98M 0.12%
2,849,858
– –
ILLUU
48
Illumination Acquisition Corp I Units
ILLUU
$7.44M 0.11%
+750,000
New +$7.45M
LILA icon
49
Liberty Latin America Class A
LILA
$1.66B
$7.25M 0.11%
1,235,037
– –
NRG icon
50
NRG Energy
NRG
$23.8B
$7.16M 0.11%
+49,028
New +$7.71M
1
2
3

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Howard Marks's Q1 2026 Portfolio in Review

As of Q1 2026, Howard Marks held 164 positions worth $6.56B, down 6.7% from $7.03B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Howard Marks withdrew a net $2.04B in Q1 2026, closing 17 positions and reducing 19 holdings. Its most notable exit was FTAI Aviation, an estimated $102M position sold in full.

By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 20% a quarter earlier, followed by Materials and Communication Services.

Against the trend, Howard Marks opened a new position in Petrobras worth $126M.

  • Howard Marks's largest Q1 2026 buy was Petrobras: 6,089,413 shares worth $126M.
  • Howard Marks added most to Telephone and Data Systems in Q1 2026, an estimated $26.6M increase.
  • Howard Marks's biggest Q1 2026 reduction was Viper Energy, cutting an estimated $107M.
  • Howard Marks fully exited FTAI Aviation in Q1 2026, selling an estimated $102M.
  • Howard Marks's ten largest holdings make up 47% of its $6.56B portfolio in Q1 2026.
  • Howard Marks opened 15 new positions and closed 17 in Q1 2026.
  • Howard Marks's portfolio value fell 6.7% quarter-over-quarter to $6.56B.

Based on Oaktree Capital Management's 13F filing for Q1 2026, filed 15 May 2026.