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 |
AERO
Grupo Aeromexico SAB de CV
AERO
|
+$72.4M |
| 2 |
Core Scientific
CORZ
|
+$34M |
| 3 |
KRSP
Rice Acquisition Corporation 3
KRSP
|
+$24.9M |
| 4 |
XP
XP
|
+$22.7M |
| 5 |
Infosys
INFY
|
+$18.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Indivior Pharmaceuticals
INDV
|
+$7.65B |
| 2 |
TORM
TRMD
|
+$299M |
| 3 |
Garrett Motion
GTX
|
+$236M |
| 4 |
Cemex
CX
|
+$48.6M |
| 5 |
Vista Energy
VIST
|
+$47.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 19.94% |
| 2 | Materials | 9.78% |
| 3 | Communication Services | 5.76% |
| 4 | Technology | 5.39% |
| 5 | Financials | 5.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EXE
1
Expand Energy Corp
EXE
$22.2B
| $559M | 7.95% |
5,062,363
| – | – |
|
|
2
TORM
TRMD
$3.26B
| $527M | 7.5% |
26,425,059
-14,156,061
| -35% | -$299M |
|
3
AngloGold Ashanti
AU
$61.3B
| $328M | 4.67% |
3,847,991
-337,270
| -8% | -$26.3M |
|
4
PUT
VanEck Semiconductor ETF
SMH
$68.6B
| $312M | 4.43% |
+865,000
| New | +$304M |
|
|
5
Garrett Motion
GTX
$4.96B
| $298M | 4.24% |
17,094,816
-14,800,000
| -46% | -$236M |
|
6
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $263M | 3.74% |
385,000
+55,000
| +17% | +$37.2M |
|
|
7
Indivior Pharmaceuticals
INDV
$4.35B
| $255M | 3.63% |
7,108,644
-250,676,754
| -97% | -$7.65B |
|
8
Viper Energy
VNOM
$16.3B
| $243M | 3.45% |
6,285,062
| – | – |
|
9
Telephone and Data Systems
TDS
$3.87B
| $151M | 2.15% |
3,688,386
| – | – |
|
|
B
10
Barrick Mining
B
$78.3B
| $130M | 1.84% |
2,975,118
-326,968
| -10% | -$12.3M |
|
|
TLN
11
Talen Energy Corp
TLN
$15.1B
| $124M | 1.77% |
331,117
+40,000
| +14% | +$15.5M |
|
|
12
Core Scientific
CORZ
$5.72B
| $122M | 1.73% |
8,350,708
+1,950,000
| +30% | +$34M |
|
13
Nokia
NOK
$57B
| $121M | 1.73% |
18,752,229
| – | – |
|
|
TLN
14
CALL
Talen Energy Corp
TLN
$15.1B
| $112M | 1.6% |
300,000
+235,000
| +362% | +$91.3M |
|
15
FTAI Aviation
FTAI
$21.5B
| $102M | 1.45% |
517,328
-67,847
| -12% | -$11.6M |
|
16
Itaú Unibanco
ITUB
$82.4B
| $99M | 1.41% |
13,822,747
+776,972
| +6% | +$5.53M |
|
17
PUT
Oracle
ORCL
$422B
| $97.5M | 1.39% |
500,000
| – | – |
|
18
Liberty Global Class A
LBTYA
$3.63B
| $95.3M | 1.36% |
8,551,191
| – | – |
|
|
CBL
19
CBL Properties
CBL
$1.71B
| $93.2M | 1.33% |
2,517,576
-487,550
| -16% | -$15.9M |
|
|
AERO
20
Grupo Aeromexico SAB de CV
AERO
$2B
| $82.9M | 1.18% |
+3,776,986
| New | +$72.4M |
|
21
TransAlta
TAC
$3.86B
| $81.2M | 1.16% |
6,415,253
| – | – |
|
|
STKL
22
DELISTED
SunOpta
STKL
| $78.9M | 1.12% |
20,726,126
| – | – |
|
23
Nu Holdings
NU
$70.4B
| $75M | 1.07% |
4,479,175
-39,709
| -0.9% | -$638K |
|
24
Freeport-McMoran
FCX
$110B
| $70.6M | 1% |
1,390,053
-114,812
| -8% | -$4.98M |
|
25
Kilroy Realty
KRC
$4.25B
| $69.1M | 0.98% |
1,850,011
| – | – |
|
Similar funds
Howard Marks's Q4 2025 Portfolio in Review
As of Q4 2025, Howard Marks held 182 positions worth $7.03B, up 8.3% from $6.49B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Howard Marks withdrew a net $9.02B in Q4 2025, closing 10 positions and reducing 23 holdings. Its most notable exit was EchoStar, an estimated $45.8M position sold in full.
By sector, the portfolio is most concentrated in Energy at 20% of assets, down from 27% a quarter earlier, followed by Materials and Communication Services.
Against the trend, Howard Marks opened a new position in Grupo Aeromexico SAB de CV worth $82.9M.
- Howard Marks's largest Q4 2025 buy was Grupo Aeromexico SAB de CV: 3,776,986 shares worth $82.9M.
- Howard Marks added most to Core Scientific in Q4 2025, an estimated $34M increase.
- Howard Marks's biggest Q4 2025 reduction was Indivior Pharmaceuticals, cutting an estimated $7.65B.
- Howard Marks fully exited EchoStar in Q4 2025, selling an estimated $45.8M.
- Howard Marks's ten largest holdings make up 44% of its $7.03B portfolio in Q4 2025.
- Howard Marks opened 7 new positions and closed 10 in Q4 2025.
- Howard Marks's portfolio value rose 8.3% quarter-over-quarter to $7.03B.
Based on Oaktree Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.