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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
+9.27%
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
Cap. Flow
-$771M
Cap. Flow %
-10.69%
Top 10 Hldgs %
54.58%
Holding
158
New
14
Increased
11
Reduced
19
Closed
13

Top Buys

Rank Stock Value
1
OCSL icon
Oaktree Specialty Lending
OCSL
+$72.6M
2
SE icon
Sea Limited
SE
+$55.9M
3
MATW icon
Matthews International
MATW
+$51.8M
4
MMYT icon
MakeMyTrip
MMYT
+$44.7M
5
TDS icon
Telephone and Data Systems
TDS
+$41.8M

Top Sells

Rank Stock Value
1
GTX icon
Garrett Motion
GTX
+$195M
2
STKL
SunOpta
STKL
+$134M
3
PBR icon
Petrobras
PBR
+$126M
4
TRMD icon
TORM
TRMD
+$106M
5
CORZ icon
Core Scientific
CORZ
+$103M

Sector Composition

Rank Sector Weight
1 Energy 16.81%
2 Materials 6.91%
3 Consumer Discretionary 5.39%
4 Communication Services 5.34%
5 Healthcare 4.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NNBR icon
51
NN Inc
NNBR
$312M
$1.83M 0.03%
+510,943
New +$1.27M
TEO icon
52
Telecom Argentina
TEO
$5.66B
$1.51M 0.02%
116,105
-1,506,139
-93% -$19M
CX icon
53
Cemex
CX
$16B
$1.2M 0.02%
100,000
-2,663,083
-96% -$33.1M
ALVOW icon
54
Alvotech Warrant
ALVOW
$66.4M
$1.07M 0.01%
4,666,667
– –
STKL
55
DELISTED
SunOpta
STKL
$406K 0.01%
74,314
-20,651,812
-100% -$134M
KRSP.WS
56
Rice Acquisition Corp Warrants
KRSP.WS
$396K 0.01%
399,999
– –
ALVO icon
57
Alvotech
ALVO
$1.5B
$362K 0.01%
97,982
-142,056
-59% -$508K
OPI
58
Office Properties Income Trust
OPI
$399M
$184K ﹤0.01%
+10,851
New +$188K
OPTU
59
Optimum Communications Inc
OPTU
$323M
– –
-7,330,490
Closed -$9.53M
BKLN icon
60
Invesco Senior Loan ETF
BKLN
$6.8B
– –
-200,020
Closed -$4.08M
CBL
61
CBL Properties
CBL
$1.71B
– –
-2,153,717
Closed -$82.8M
CRDO icon
62
Credo Technology Group
CRDO
$43B
– –
-539,000
Closed -$50.6M
ECVT icon
63
Ecovyst
ECVT
$1.14B
– –
-2,393,791
Closed -$30.8M
HDB icon
64
HDFC Bank
HDB
$121B
– –
-114,261
Closed -$2.84M
NOK icon
65
Nokia
NOK
$57B
– –
-11,200,308
Closed -$90.1M
NRG icon
66
NRG Energy
NRG
$23.8B
– –
-49,028
Closed -$7.16M
PBR icon
67
Petrobras
PBR
$123B
– –
-6,089,413
Closed -$126M
PDD icon
68
Pinduoduo
PDD
$126B
– –
-4,823
Closed -$493K
XOP icon
69
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.93B
– –
-1,000,000
Closed -$182M
TLN
70
CALL
Talen Energy Corp
TLN
$15.1B
– –
-150,000
Closed -$47.9M
ILLUU
71
Illumination Acquisition Corp I Units
ILLUU
– –
-750,000
Closed -$7.44M
1 2
3

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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 $771M 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 Energy at 17% of assets, down from 25% a quarter earlier, followed by Materials and Consumer Discretionary.

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.