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 |
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 | |
|---|---|---|---|---|---|---|---|
51
NN Inc
NNBR
$320M
| $1.83M | 0.03% |
+510,943
| New | +$1.27M |
2026 Q2
0 quarters
|
|
52
Telecom Argentina
TEO
$5.37B
| $1.51M | 0.02% |
116,105
-1,506,139
| -93% | -$19M |
2018 Q2
32 quarters
|
|
53
Cemex
CX
$14.8B
| $1.2M | 0.02% |
100,000
-2,663,083
| -96% | -$33.1M |
2018 Q2
32 quarters
|
|
54
Alvotech Warrant
ALVOW
| $1.07M | 0.01% |
4,666,667
| – | – |
2022 Q2
16 quarters
|
|
|
STKL
55
DELISTED
SunOpta
STKL
| $406K | 0.01% |
74,314
-20,651,812
| -100% | -$134M |
2017 Q1
37 quarters
|
|
56
Rice Acquisition Corp Warrants
KRSP.WS
| $396K | 0.01% |
399,999
| – | – |
2025 Q4
2 quarters
|
|
|
57
Alvotech
ALVO
$1.78B
| $362K | 0.01% |
97,982
-142,056
| -59% | -$508K |
2022 Q2
16 quarters
|
|
|
OPI
58
Office Properties Income Trust
OPI
$290M
| $184K | ﹤0.01% |
+10,851
| New | +$188K |
2026 Q2
0 quarters
|
|
59
Optimum Communications Inc
OPTU
$344M
| – | – |
-7,330,490
| Closed | -$9.5M | – |
|
60
Invesco Senior Loan ETF
BKLN
$6.27B
| – | – |
-200,020
| Closed | -$4.08M | – |
|
61
CBL Properties
CBL
$1.53B
| – | – |
-2,153,717
| Closed | -$82.8M | – |
|
62
Credo Technology Group
CRDO
$31.9B
| – | – |
-539,000
| Closed | -$50.6M | – |
|
63
Ecovyst
ECVT
$1.13B
| – | – |
-2,393,791
| Closed | -$30.8M | – |
|
64
HDFC Bank
HDB
$123B
| – | – |
-114,261
| Closed | -$2.84M | – |
|
65
Nokia
NOK
$51.2B
| – | – |
-11,200,308
| Closed | -$90.1M | – |
|
66
NRG Energy
NRG
$21.8B
| – | – |
-49,028
| Closed | -$7.16M | – |
|
|
67
Petrobras
PBR
$168B
| – | – |
-6,089,413
| Closed | -$126M | – |
|
68
Pinduoduo
PDD
$115B
| – | – |
-4,823
| Closed | -$493K | – |
|
69
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.32B
| – | – |
-1,000,000
| Closed | -$182M | – |
|
70
CALL
Talen Energy Corp
TLN
$16.8B
| – | – |
-150,000
| Closed | -$47.9M | – |
|
71
Illumination Acquisition Corp I Units
ILLUU
| – | – |
-750,000
| Closed | -$7.44M | – |
|
Similar funds
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.