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Howard Marks Oaktree Capital Management
AUM
$7.21B
Turnover
17.09%
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
+7.02%
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
$5.81B
AUM Growth
+$645M
(+12%)
Cap. Flow
-$1.15B
Cap. Flow % of AUM
Cap. Flow %
-19.85%
Top 10 Holdings %
Top 10 Hldgs %
55.81%
Holding
187
New
10
Increased
12
Reduced
17
Closed
9
Avg Time Held
Equity + Options
1.4
years
Top 10 Avg Time Held
Equity + Options
1.9
years
Top 20 Avg Time Held
Equity + Options
1.8
years
Avg Time Held Equity only
1.4
years
Top 10 Avg Time Held Equity only
1.9
years
Top 20 Avg Time Held Equity only
1.9
years
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 |
Barrick Mining
B
|
+$12.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Garrett Motion
GTX
|
+$72.3M |
| 2 |
Expand Energy Corp
EXE
|
+$55.8M |
| 3 |
Huazhu Hotels Group
HTHT
|
+$45.5M |
| 4 |
Talen Energy Corp
TLN
|
+$45.1M |
| 5 |
JD.com
JD
|
+$39.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 32.42% |
| 2 | Energy | 29.79% |
| 3 | Materials | 9.18% |
| 4 | Consumer Discretionary | 6.9% |
| 5 | Healthcare | 3.75% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.55B
| $682M | 11.72% |
40,581,120
| – | – |
2018 Q3
27 quarters
|
|
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$792B
| $630M | 10.84% |
1,020,000
+680,000
| +200% | +$389M |
2021 Q3
15 quarters
|
|
|
3
Expand Energy Corp
EXE
$20.1B
| $592M | 10.18% |
5,062,364
-500,000
| -9% | -$55.8M |
2021 Q1
17 quarters
|
|
|
4
Garrett Motion
GTX
$3.76B
| $388M | 6.67% |
36,894,816
-7,188,000
| -16% | -$72.3M |
2021 Q2
16 quarters
|
|
5
DELISTED
Sitio Royalties
STR
| $238M | 4.09% |
12,945,551
+10,431
| +0.1% | +$187K |
2022 Q3
11 quarters
|
|
6
AngloGold Ashanti
AU
$47.2B
| $225M | 3.88% |
4,947,737
-517,114
| -9% | -$22.3M |
2013 Q4
46 quarters
|
|
7
Supernus, Inc. Common Stock
SUPN
$1.61B
| $162M | 2.79% |
11,009,125
| – | – |
2024 Q1
5 quarters
|
|
|
STKL
8
DELISTED
SunOpta
STKL
| $120M | 2.07% |
20,726,126
| – | – |
2017 Q1
33 quarters
|
|
9
Runway Growth Finance
RWAY
$270M
| $105M | 1.8% |
9,779,667
-1,000,000
| -9% | -$9.7M |
2021 Q4
14 quarters
|
|
10
Cemex
CX
$15.6B
| $103M | 1.77% |
14,839,032
-4,544,697
| -23% | -$28.8M |
2018 Q2
28 quarters
|
|
11
Vista Energy
VIST
$6.19B
| $98.6M | 1.7% |
2,061,561
-123,000
| -6% | -$5.82M |
2019 Q3
23 quarters
|
|
12
Nokia
NOK
$46.2B
| $97.1M | 1.67% |
18,752,229
+2
| +0% | +$10 |
2025 Q1
1 quarter
|
|
13
Freeport-McMoran
FCX
$85.9B
| $86.5M | 1.49% |
1,996,075
-195,033
| -9% | -$7.41M |
2021 Q3
15 quarters
|
|
14
Liberty Global Class A
LBTYA
$3.39B
| $82.2M | 1.41% |
8,212,191
+1,008,001
| +14% | +$10.1M |
2024 Q2
4 quarters
|
|
15
CBL Properties
CBL
$1.54B
| $76.3M | 1.31% |
3,005,126
| – | – |
2021 Q4
14 quarters
|
|
|
16
Itaú Unibanco
ITUB
$81.3B
| $74.7M | 1.29% |
11,334,629
+4,185,387
| +59% | +$25.5M |
2025 Q1
1 quarter
|
|
17
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.57B
| $68M | 1.17% |
+690,000
| New | +$65.6M |
2025 Q2
0 quarters
|
|
|
18
Barrick Mining
B
$65.4B
| $65.7M | 1.13% |
3,157,686
+641,028
| +25% | +$12.5M |
2024 Q4
2 quarters
|
|
19
TransAlta
TAC
$4.22B
| $65.5M | 1.13% |
6,085,253
+500,000
| +9% | +$4.76M |
2025 Q1
1 quarter
|
|
20
Kilroy Realty
KRC
$4.19B
| $63.5M | 1.09% |
1,850,011
| – | – |
2021 Q1
17 quarters
|
|
21
California Resources
CRC
$4.13B
| $62.9M | 1.08% |
1,376,753
| – | – |
2024 Q3
3 quarters
|
|
22
Grab
GRAB
$13.4B
| $58.2M | 1% |
11,569,295
+1,293,300
| +13% | +$6.03M |
2025 Q1
1 quarter
|
|
23
Star Bulk Carriers
SBLK
$3.16B
| $55.7M | 0.96% |
3,230,527
-2,143,104
| -40% | -$33.3M |
2013 Q3
47 quarters
|
|
24
PUT
iShares Russell 2000 ETF
IWM
$77.4B
| $51.8M | 0.89% |
+240,000
| New | +$48.3M |
2025 Q2
0 quarters
|
|
|
25
Talen Energy Corp
TLN
$15.6B
| $37.8M | 0.65% |
129,829
-190,000
| -59% | -$45.1M |
2024 Q3
3 quarters
|
|
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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 $1.15B 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 Miscellaneous at 32% of assets, up from 22% a quarter earlier, followed by Energy and Materials.
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.