credit-driven since 1995
Portfolio value
$14.1B
Positions
50
Top 5 concentration
46%
New buys this quarter
13
What Howard Marks bought and sold each quarter.
Bought (25)
Sold (13)
Bought (10)
Sold (22)
Bought (25)
Sold (15)
Bought (20)
Sold (20)
Bought (15)
Sold (22)
Bought (11)
Sold (24)
Bought (17)
Sold (14)
Bought (22)
Sold (12)
Quarter-over-quarter change in disclosed positions. Diversified book — only the larger sell-outs are shown.
| Stock | Move | % of portfolio | Reported px | Now | Since report |
|---|---|---|---|---|---|
TORM PLC | Added | 14.4% | $28.32 | $28.06 | -0.9% |
EXPAND ENERGY CORP | Added | 12.3% | $109.78 | $88.97 | -19% |
$QQQPut option INVESCO QQQ TRUST SERIES 1 | New buy | 7% | $577.18 | $723.28 | +25.3% |
ANGLOGOLD ASHANTI PLC | Added | 6.7% | $97.36 | $81.91 | -15.9% |
GARRETT MOTION INC | Added | 5.7% | $18.17 | $32.57 | +79.3% |
CORE SCIENTIFIC INC | Added | 4.1% | $14.94 | $23.74 | +58.9% |
$XOPPut option STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF | New buy | 3.9% | $181.83 | $159.46 | -12.3% |
TELEPHONE AND DATA SYSTEMS INC | Added | 3.9% | $42.10 | $34.71 | -17.6% |
VIPER ENERGY INC | Added | 3.8% | $46.99 | $41.67 | -11.3% |
TALEN ENERGY CORP | Added | 3.3% | $319.23 | $384.44 | +20.4% |
SUNOPTA INC | Added | 2.9% | $6.48 | $6.50 | +0.4% |
PETROLEO BRASILEIRO SA - PETROBRAS | New buy | 2.7% | $20.75 | $17.03 | -17.9% |
BARRICK MINING CORP | Added | 2.3% | $40.79 | $36.83 | -9.7% |
LIBERTY GLOBAL LTD | Added | 2.2% | $12.09 | $10.66 | -11.8% |
ITAU UNIBANCO HOLDING SA | Added | 2.2% | $8.38 | $8.28 | -1.2% |
NOKIA OYJ | Added | 1.9% | $8.04 | $12.91 | +60.6% |
TRANSALTA CORP | Added | 1.8% | $13.11 | $14.52 | +10.8% |
CBL & ASSOCIATES PROPERTIES INC | Added | 1.8% | $38.43 | $52.19 | +35.8% |
FREEPORT-MCMORAN INC | Added | 1.5% | $58.78 | $60.50 | +2.9% |
INDIVIOR PHARMACEUTICALS INC | Held | 1.5% | $30.48 | $41.30 | +35.5% |
XP INC | Added | 1.3% | $19.04 | $16.41 | -13.8% |
GRUPO AEROMEXICO SAB DE CV | Added | 1.2% | $14.01 | $16.62 | +18.6% |
BAUSCH LOMB CORP | Added | 1.1% | $15.90 | $16.73 | +5.2% |
KILROY REALTY CORP | Added | 1.1% | $28.21 | $38.25 | +35.6% |
LIBERTY LATIN AMERICA LTD | Added | 1.1% | $8.82 | $7.27 | -17.6% |
CREDO TECHNOLOGY GROUP HOLDING LTD | New buy | 1.1% | $93.87 | $265.65 | +183% |
RUNWAY GROWTH FINANCE CORP | Added | 1% | $6.87 | $5.27 | -23.3% |
YPF SA | New buy | 0.9% | $46.22 | $47.04 | +1.8% |
$LYBPut option LYONDELLBASELL INDUSTRIES NV | New buy | 0.9% | $80.56 | $55.39 | -31.2% |
CEMEX SAB DE CV | Added | 0.7% | $11.44 | $12.37 | +8.1% |
ECOVYST INC | Added | 0.7% | $12.86 | $11.90 | -7.5% |
TERNIUM SA | Added | 0.5% | $40.15 | $43.42 | +8.1% |
OAKTREE SPECIALTY LENDING CORP | Added | 0.4% | $11.30 | $11.84 | +4.8% |
TELECOM ARGENTINA SA | Added | 0.4% | $11.69 | $13.05 | +11.6% |
SIMPLY GOOD FOODS CO/THE | New buy | 0.3% | $14.35 | $13.01 | -9.3% |
BATTALION OIL CORP | Added | 0.3% | $3.90 | $1.49 | -61.8% |
SMARTRENT INC | Added | 0.2% | $1.50 | $1.05 | -30% |
OPTIMUM COMMUNICATIONS INC | Added | 0.2% | $1.30 | $1.80 | +38.5% |
MAGNACHIP SEMICONDUCTOR CORP | Added | 0.2% | $2.80 | $4.23 | +51.1% |
SHARONAI HOLDINGS INC | New buy | 0.2% | $22.73 | $80.00 | +252% |
LIBERTY LATIN AMERICA LTD | Added | 0.2% | $8.64 | $7.31 | -15.4% |
NRG ENERGY INC | New buy | 0.2% | $146.14 | $140.48 | -3.9% |
MAYFAIR GOLD CORP | New buy | 0.1% | $3.08 | $2.35 | -23.7% |
$BKLNETF INVESCO SENIOR INCOME TRUST | New buy | 0.1% | $20.41 | $20.43 | +0.1% |
BLUE MOON METALS INC | New buy | 0.1% | $6.46 | $5.32 | -17.6% |
HDFC BANK LTD | Added | 0.1% | $24.88 | $26.52 | +6.6% |
$ALVOWWarrant ALVOTECH SA | Added | 0% | $0.28 | $0.13 | -52.8% |
PDD HOLDINGS INC | New buy | 0% | $102.18 | $85.88 | -16% |
ALVOTECH SA | Added | 0% | $1.75 | $3.32 | +89.3% |
BIOXCEL THERAPEUTICS INC | Added | 0% | $1.34 | $0.84 | -37.3% |
Notable sell-outs this quarter: $USM, $CRC, $FTAI, $YMM, $GRAB, $BZ, $MAR, $NU, $ORCL, $SBLK, $SPY, $SMH, $VIST
Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.