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 | |
|---|---|---|---|---|---|---|
1
TORM
TRMD
$3.26B
| $835M | 12.86% |
40,581,120
| – | – |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $538M | 8.29% |
5,062,363
-1
| -0% | -$100 |
|
|
3
Garrett Motion
GTX
$4.96B
| $434M | 6.69% |
31,894,816
-5,000,000
| -14% | -$63.3M |
|
|
4
AngloGold Ashanti
AU
$61.3B
| $294M | 4.54% |
4,185,261
-762,476
| -15% | -$42.6M |
|
|
5
Viper Energy
VNOM
$16.3B
| $240M | 3.7% |
+6,285,062
| New | +$239M |
|
6
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $220M | 3.39% |
330,000
-690,000
| -68% | -$442M |
|
|
7
Telephone and Data Systems
TDS
$3.87B
| $145M | 2.23% |
+3,688,386
| New | +$142M |
|
8
PUT
Oracle
ORCL
$422B
| $141M | 2.17% |
+500,000
| New | +$127M |
|
|
TLN
9
Talen Energy Corp
TLN
$15.1B
| $124M | 1.91% |
291,117
+161,288
| +124% | +$58.3M |
|
|
STKL
10
DELISTED
SunOpta
STKL
| $121M | 1.87% |
20,726,126
| – | – |
|
|
11
Core Scientific
CORZ
$5.72B
| $115M | 1.77% |
+6,400,708
| New | +$93.9M |
|
|
B
12
Barrick Mining
B
$78.3B
| $108M | 1.67% |
3,302,086
+144,400
| +5% | +$3.66M |
|
13
Liberty Global Class A
LBTYA
$3.63B
| $98M | 1.51% |
8,551,191
+339,000
| +4% | +$3.73M |
|
|
14
FTAI Aviation
FTAI
$21.5B
| $97.6M | 1.5% |
+585,175
| New | +$83.2M |
|
|
15
Cemex
CX
$16B
| $93.9M | 1.45% |
10,448,824
-4,390,208
| -30% | -$37.5M |
|
16
Itaú Unibanco
ITUB
$82.4B
| $93M | 1.43% |
13,045,775
+1,711,146
| +15% | +$11.3M |
|
|
CBL
17
CBL Properties
CBL
$1.71B
| $91.9M | 1.42% |
3,005,126
| – | – |
|
18
Nokia
NOK
$57B
| $90.2M | 1.39% |
18,752,229
| – | – |
|
19
TransAlta
TAC
$3.86B
| $87.6M | 1.35% |
6,415,253
+330,000
| +5% | +$4.06M |
|
20
Runway Growth Finance
RWAY
$278M
| $84.1M | 1.3% |
8,279,667
-1,500,000
| -15% | -$16.1M |
|
21
Kilroy Realty
KRC
$4.25B
| $78.2M | 1.2% |
1,850,011
| – | – |
|
22
Grab
GRAB
$14.2B
| $72.8M | 1.12% |
12,094,495
+525,200
| +5% | +$2.79M |
|
23
Nu Holdings
NU
$70.4B
| $72.3M | 1.11% |
+4,518,884
| New | +$63M |
|
24
Vista Energy
VIST
$7.7B
| $63.3M | 0.98% |
1,841,319
-220,242
| -11% | -$9.11M |
|
25
Freeport-McMoran
FCX
$110B
| $59M | 0.91% |
1,504,865
-491,210
| -25% | -$21.3M |
|
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.