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 |
Indivior Pharmaceuticals
INDV
|
+$5.16B |
| 2 |
Viper Energy
VNOM
|
+$239M |
| 3 |
Telephone and Data Systems
TDS
|
+$142M |
| 4 |
Core Scientific
CORZ
|
+$93.9M |
| 5 |
FTAI Aviation
FTAI
|
+$83.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
STR
Sitio Royalties
STR
|
+$238M |
| 2 |
Garrett Motion
GTX
|
+$63.3M |
| 3 |
AngloGold Ashanti
AU
|
+$42.6M |
| 4 |
Cemex
CX
|
+$37.5M |
| 5 |
California Resources
CRC
|
+$34.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 26.93% |
| 2 | Materials | 9.77% |
| 3 | Communication Services | 7.14% |
| 4 | Consumer Discretionary | 7.08% |
| 5 | Technology | 5.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EXEEL
51
DELISTED
Expand Energy Corp Class C Warrants
EXEEL
| $9.22M | 0.14% |
95,294
| – | – |
|
52
Magnachip Semiconductor
MX
$121M
| $8.92M | 0.14% |
2,849,858
| – | – |
|
|
ACR
53
ACRES Commercial Realty
ACR
$105M
| $8.28M | 0.13% |
+391,380
| New | +$7.74M |
|
54
Bausch Health
BHC
$2.41B
| $8.19M | 0.13% |
1,270,000
| – | – |
|
55
Alvotech Warrant
ALVOW
$66.4M
| $7.09M | 0.11% |
4,666,667
| – | – |
|
56
Liberty Latin America Class A
LILA
$1.66B
| $7.02M | 0.11% |
+1,246,010
| New | +$6.23M |
|
|
LGN
57
Legence Corp
LGN
$4.57B
| $5.39M | 0.08% |
+175,000
| New | +$5.51M |
|
58
HDFC Bank
HDB
$121B
| $5.17M | 0.08% |
151,206
-18,480
| -11% | -$681K |
|
59
Battalion Oil
BATL
$77.9M
| $3.65M | 0.06% |
3,013,823
+3,911
| +0.1% | +$4.79K |
|
60
Transportadora de Gas del Sur
TGS
$4.23B
| $1.19M | 0.02% |
56,522
-81,108
| -59% | -$2.1M |
|
61
BioXcel Therapeutics
BTAI
$25.2M
| $617K | 0.01% |
241,188
| – | – |
|
|
TPIC
62
DELISTED
TPI Composites
TPIC
| $143K | ﹤0.01% |
4,610,003
| – | – |
|
63
Braskem
BAK
$793M
| – | – |
-453,167
| Closed | -$1.49M |
|
64
KE Holdings
BEKE
$19.6B
| – | – |
-1,513,039
| Closed | -$26.8M |
|
65
Banco Macro
BMA
$4.66B
| – | – |
-60,591
| Closed | -$4.25M |
|
|
BRY
66
DELISTED
Berry Corp
BRY
| – | – |
-3,697,000
| Closed | -$10.2M |
|
67
Ecopetrol
EC
$36B
| – | – |
-3,549,822
| Closed | -$31.4M |
|
|
HDSN
68
Hudson Technologies
HDSN
$237M
| – | – |
-562,662
| Closed | -$4.57M |
|
|
STR
69
DELISTED
Sitio Royalties
STR
| – | – |
-12,945,551
| Closed | -$238M |
|
|
UNIT
70
Uniti Group
UNIT
$2.42B
| – | – |
-3,397,592
| Closed | -$14.7M |
|
71
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.46B
| – | – |
-690,000
| Closed | -$68M |
|
72
YPF Sociedad Anonima ADS
YPF
$20.1B
| – | – |
-324,330
| Closed | -$10.2M |
|
Similar funds
Howard Marks's Q3 2025 Portfolio in Review
As of Q3 2025, Howard Marks held 175 positions worth $6.49B, up 12% from $5.81B the previous quarter. Its ten largest holdings account for 48% of the portfolio.
Howard Marks deployed $4.31B of net new capital in Q3 2025, opening 16 new positions and adding to 14 existing holdings. Its largest new stake was Viper Energy: 6,285,062 shares worth $240M.
By sector, the portfolio is most concentrated in Energy at 27% of assets, down from 30% a quarter earlier, followed by Materials and Communication Services.
On the sell side, the largest reduction was Garrett Motion, an estimated $63.3M trimmed.
- Howard Marks's largest Q3 2025 buy was Viper Energy: 6,285,062 shares worth $240M.
- Howard Marks added most to Indivior Pharmaceuticals in Q3 2025, an estimated $5.16B increase.
- Howard Marks's biggest Q3 2025 reduction was Garrett Motion, cutting an estimated $63.3M.
- Howard Marks fully exited Sitio Royalties in Q3 2025, selling an estimated $238M.
- Howard Marks's ten largest holdings make up 48% of its $6.49B portfolio in Q3 2025.
- Howard Marks opened 16 new positions and closed 10 in Q3 2025.
- Howard Marks's portfolio value rose 12% quarter-over-quarter to $6.49B.
Based on Oaktree Capital Management's 13F filing for Q3 2025, filed 13 Nov 2025.