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 |
Bausch + Lomb
BLCO
|
+$30.3M |
| 2 |
Itaú Unibanco
ITUB
|
+$25.5M |
| 3 |
Full Truck Alliance
YMM
|
+$21.4M |
| 4 |
Liberty Latin America Class C
LILAK
|
+$12.5M |
| 5 |
B
Barrick Mining
B
|
+$12.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$72.3M |
| 2 |
EXE
Expand Energy Corp
EXE
|
+$55.8M |
| 3 |
Huazhu Hotels Group
HTHT
|
+$45.5M |
| 4 |
TLN
Talen Energy Corp
TLN
|
+$45.1M |
| 5 |
JD.com
JD
|
+$39.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 29.79% |
| 2 | Materials | 9.18% |
| 3 | Consumer Discretionary | 6.9% |
| 4 | Healthcare | 3.75% |
| 5 | Financials | 3.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $682M | 11.72% |
40,581,120
| – | – |
|
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $630M | 10.84% |
1,020,000
+680,000
| +200% | +$389M |
|
|
EXE
3
Expand Energy Corp
EXE
$22.2B
| $592M | 10.18% |
5,062,364
-500,000
| -9% | -$55.8M |
|
|
4
Garrett Motion
GTX
$4.96B
| $388M | 6.67% |
36,894,816
-7,188,000
| -16% | -$72.3M |
|
|
STR
5
DELISTED
Sitio Royalties
STR
| $238M | 4.09% |
12,945,551
+10,431
| +0.1% | +$187K |
|
6
AngloGold Ashanti
AU
$61.3B
| $225M | 3.88% |
4,947,737
-517,114
| -9% | -$22.3M |
|
7
Indivior Pharmaceuticals
INDV
$4.35B
| $162M | 2.79% |
11,009,125
| – | – |
|
|
STKL
8
DELISTED
SunOpta
STKL
| $120M | 2.07% |
20,726,126
| – | – |
|
9
Runway Growth Finance
RWAY
$278M
| $105M | 1.8% |
9,779,667
-1,000,000
| -9% | -$9.67M |
|
10
Cemex
CX
$16B
| $103M | 1.77% |
14,839,032
-4,544,697
| -23% | -$28.8M |
|
11
Vista Energy
VIST
$7.7B
| $98.6M | 1.7% |
2,061,561
-123,000
| -6% | -$5.82M |
|
12
Nokia
NOK
$57B
| $97.1M | 1.67% |
18,752,229
+2
| +0% | +$10 |
|
13
Freeport-McMoran
FCX
$110B
| $86.5M | 1.49% |
1,996,075
-195,033
| -9% | -$7.41M |
|
14
Liberty Global Class A
LBTYA
$3.63B
| $82.2M | 1.41% |
8,212,191
+1,008,001
| +14% | +$10.1M |
|
|
CBL
15
CBL Properties
CBL
$1.71B
| $76.3M | 1.31% |
3,005,126
| – | – |
|
|
16
Itaú Unibanco
ITUB
$82.4B
| $74.7M | 1.29% |
11,334,629
+4,185,387
| +59% | +$25.5M |
|
17
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.46B
| $68M | 1.17% |
+690,000
| New | +$65.6M |
|
|
B
18
Barrick Mining
B
$78.3B
| $65.7M | 1.13% |
3,157,686
+641,028
| +25% | +$12.5M |
|
19
TransAlta
TAC
$3.86B
| $65.5M | 1.13% |
6,085,253
+500,000
| +9% | +$4.76M |
|
20
Kilroy Realty
KRC
$4.25B
| $63.5M | 1.09% |
1,850,011
| – | – |
|
21
California Resources
CRC
$4.73B
| $62.9M | 1.08% |
1,376,753
| – | – |
|
22
Grab
GRAB
$14.2B
| $58.2M | 1% |
11,569,295
+1,293,300
| +13% | +$6.03M |
|
23
Star Bulk Carriers
SBLK
$3.41B
| $55.7M | 0.96% |
3,230,527
-2,143,104
| -40% | -$33.3M |
|
24
PUT
iShares Russell 2000 ETF
IWM
$81.9B
| $51.8M | 0.89% |
+240,000
| New | +$48.3M |
|
|
TLN
25
Talen Energy Corp
TLN
$15.1B
| $37.8M | 0.65% |
129,829
-190,000
| -59% | -$45.1M |
|
Similar funds
Howard Marks's Q2 2025 Portfolio in Review
As of Q2 2025, Howard Marks held 187 positions worth $5.81B, up 12% from $5.17B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Howard Marks withdrew a net $702M in Q2 2025, closing 9 positions and reducing 17 holdings. Its most notable exit was Huazhu Hotels Group, an estimated $45.5M position sold in full.
By sector, the portfolio is most concentrated in Energy at 30% of assets, down from 35% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Howard Marks opened a new position in Bausch + Lomb worth $32.8M.
- Howard Marks's largest Q2 2025 buy was Bausch + Lomb: 2,521,245 shares worth $32.8M.
- Howard Marks added most to Itaú Unibanco in Q2 2025, an estimated $25.5M increase.
- Howard Marks's biggest Q2 2025 reduction was Garrett Motion, cutting an estimated $72.3M.
- Howard Marks fully exited Huazhu Hotels Group in Q2 2025, selling an estimated $45.5M.
- Howard Marks's ten largest holdings make up 56% of its $5.81B portfolio in Q2 2025.
- Howard Marks opened 10 new positions and closed 9 in Q2 2025.
- Howard Marks's portfolio value rose 12% quarter-over-quarter to $5.81B.
Based on Oaktree Capital Management's 13F filing for Q2 2025, filed 13 Aug 2025.