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 |
Petrobras
PBR
|
+$97.4M |
| 2 |
Credo Technology Group
CRDO
|
+$65.6M |
| 3 |
YPF Sociedad Anonima ADS
YPF
|
+$33.5M |
| 4 |
EMBJ
Embraer S.A. ADS
EMBJ
|
+$30.6M |
| 5 |
Telephone and Data Systems
TDS
|
+$26.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Viper Energy
VNOM
|
+$107M |
| 2 |
FTAI Aviation
FTAI
|
+$102M |
| 3 |
Nu Holdings
NU
|
+$75M |
| 4 |
TORM
TRMD
|
+$65.8M |
| 5 |
AngloGold Ashanti
AU
|
+$64.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 24.51% |
| 2 | Materials | 9.2% |
| 3 | Communication Services | 6.16% |
| 4 | Technology | 4.92% |
| 5 | Healthcare | 4.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
TORM
TRMD
$3.26B
| $675M | 10.3% |
23,839,575
-2,585,484
| -10% | -$65.8M |
|
|
EXE
2
Expand Energy Corp
EXE
$22.2B
| $575M | 8.77% |
5,237,477
+175,114
| +3% | +$18.7M |
|
3
PUT
Invesco QQQ Trust
QQQ
$486B
| $329M | 5.02% |
+570,000
| New | +$346M |
|
|
4
AngloGold Ashanti
AU
$61.3B
| $314M | 4.79% |
3,223,092
-624,899
| -16% | -$64.1M |
|
5
Garrett Motion
GTX
$4.96B
| $265M | 4.04% |
14,594,816
-2,500,000
| -15% | -$46.6M |
|
6
Indivior Pharmaceuticals
INDV
$4.35B
| $213M | 3.25% |
6,984,102
-124,542
| -2% | -$4.11M |
|
7
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.93B
| $182M | 2.77% |
+1,000,000
| New | +$151M |
|
|
8
Telephone and Data Systems
TDS
$3.87B
| $181M | 2.76% |
4,292,243
+603,857
| +16% | +$26.6M |
|
|
9
Viper Energy
VNOM
$16.3B
| $178M | 2.72% |
3,791,432
-2,493,630
| -40% | -$107M |
|
10
Core Scientific
CORZ
$5.72B
| $140M | 2.13% |
9,350,708
+1,000,000
| +12% | +$17.1M |
|
|
STKL
11
DELISTED
SunOpta
STKL
| $134M | 2.05% |
20,726,126
| – | – |
|
|
12
Petrobras
PBR
$123B
| $126M | 1.93% |
+6,089,413
| New | +$97.4M |
|
|
B
13
Barrick Mining
B
$78.3B
| $107M | 1.63% |
2,624,859
-350,259
| -12% | -$16.2M |
|
|
TLN
14
Talen Energy Corp
TLN
$15.1B
| $106M | 1.61% |
331,117
| – | – |
|
15
Liberty Global Class A
LBTYA
$3.63B
| $103M | 1.58% |
8,551,191
| – | – |
|
16
Itaú Unibanco
ITUB
$82.4B
| $102M | 1.56% |
12,188,995
-1,633,752
| -12% | -$13.7M |
|
17
Nokia
NOK
$57B
| $90.1M | 1.37% |
11,200,308
-7,551,921
| -40% | -$55.4M |
|
18
TransAlta
TAC
$3.86B
| $84.1M | 1.28% |
6,415,253
| – | – |
|
|
CBL
19
CBL Properties
CBL
$1.71B
| $82.8M | 1.26% |
2,153,717
-363,859
| -14% | -$13.5M |
|
20
Freeport-McMoran
FCX
$110B
| $71.7M | 1.09% |
1,220,122
-169,931
| -12% | -$10.3M |
|
21
XP
XP
$8.53B
| $60.4M | 0.92% |
3,172,009
-148,150
| -4% | -$2.86M |
|
|
AERO
22
Grupo Aeromexico SAB de CV
AERO
$2B
| $55.6M | 0.85% |
3,968,686
+191,700
| +5% | +$3.48M |
|
23
Bausch + Lomb
BLCO
$6.16B
| $53.8M | 0.82% |
3,382,739
| – | – |
|
|
24
CALL
Core Scientific
CORZ
$5.72B
| $52.4M | 0.8% |
3,500,000
+1,500,000
| +75% | +$25.6M |
|
25
Kilroy Realty
KRC
$4.25B
| $52.2M | 0.8% |
1,850,011
| – | – |
|
Similar funds
Howard Marks's Q1 2026 Portfolio in Review
As of Q1 2026, Howard Marks held 164 positions worth $6.56B, down 6.7% from $7.03B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Howard Marks withdrew a net $2.04B in Q1 2026, closing 17 positions and reducing 19 holdings. Its most notable exit was FTAI Aviation, an estimated $102M position sold in full.
By sector, the portfolio is most concentrated in Energy at 25% of assets, up from 20% a quarter earlier, followed by Materials and Communication Services.
Against the trend, Howard Marks opened a new position in Petrobras worth $126M.
- Howard Marks's largest Q1 2026 buy was Petrobras: 6,089,413 shares worth $126M.
- Howard Marks added most to Telephone and Data Systems in Q1 2026, an estimated $26.6M increase.
- Howard Marks's biggest Q1 2026 reduction was Viper Energy, cutting an estimated $107M.
- Howard Marks fully exited FTAI Aviation in Q1 2026, selling an estimated $102M.
- Howard Marks's ten largest holdings make up 47% of its $6.56B portfolio in Q1 2026.
- Howard Marks opened 15 new positions and closed 17 in Q1 2026.
- Howard Marks's portfolio value fell 6.7% quarter-over-quarter to $6.56B.
Based on Oaktree Capital Management's 13F filing for Q1 2026, filed 15 May 2026.