Howard Marks

Oaktree Capital Management·credit·Retail & diversified funds

Accredited only

credit-driven since 1995

36% of this fund's disclosed 13F value is options — calls/puts are directional bets, not share ownership. Positions tagged PUT / CALL below. Only long-stock positions count toward "who owns" on stock pages.

Portfolio value

$5.6B

Positions

Top 5 concentration

53%

New buys this quarter

Quarterly activity

What Howard Marks bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (14)

$SPYputNew buy18.1%$SENew buy1.1%$VSATNew buy1%$MATWNew buy0.9%$MMYTNew buy0.9%$VCputNew buy0.7%$QMCONew buy0.4%$SGRYNew buy0.3%$BTDRcallNew buy0.2%$SVCNew buy0.1%$DPCNew buy0.1%$NNBRNew buy0%$OCSLAdded+41.7%$BTAIAdded+90.8%

Sold (25)

$ECVTSold out$STKLSold out$NOKSold out$CBLSold out$PBRSold out$CRDOSold out$XOPputSold out$CXTrimmed-98.8%$TEOTrimmed-97.6%$TACTrimmed-84.4%$ALVOTrimmed-83%$GTXTrimmed-82.7%$TLNTrimmed-77.1%$CORZcallTrimmed-74.1%$TRMDTrimmed-71.6%$SHAZTrimmed-71.1%$MXTrimmed-70.8%$TXTrimmed-67.3%$FCXTrimmed-67.2%$XPTrimmed-67.2%$ITUBTrimmed-67.2%$AUTrimmed-67.1%$VNOMTrimmed-66.7%$AEROTrimmed-66.7%$LBTYATrimmed-66.7%

Mar 2026vs Dec 2025

Bought (25)

$QQQputNew buy7%$XOPputNew buy3.9%$PBRNew buy2.7%$CRDONew buy1.1%$YPFNew buy0.9%$LYBputNew buy0.9%$SMPLNew buy0.3%$SHAZNew buy0.2%$NRGNew buy0.2%$BKLNETFNew buy0.1%$BMOOFNew buy0.1%$MINENew buy0.1%$PDDNew buy0%$TRMDAdded+170.6%$EXEAdded+210.4%$AUAdded+151.3%$GTXAdded+156.1%$CORZAdded+273%$TDSAdded+249.1%$VNOMAdded+81%$TLNAdded+128.7%$STKLAdded+200%$BAdded+164.7%$LBTYAAdded+200%$ITUBAdded+164.5%

Sold (13)

$FTAISold out$USMSold out$CRCSold out$YMMSold out$GRABSold out$BZSold out$MARputSold out$NUSold out$SBLKSold out$SMHputSold out$VISTSold out$SPYputSold out$ORCLputSold out

Dec 2025vs Sep 2025

Bought (10)

$SMHputNew buy5.8%$AERONew buy1.5%$INFYNew buy0.4%$OCNNew buy0.3%$SPYputAdded+16.7%$TLNAdded+77.2%$CORZAdded+61.7%$ITUBAdded+9.1%$XPAdded+63.3%$ECVTAdded+48.8%

Sold (22)

$NBRSold out$IWMputSold out$SATSSold out$ALVOTrimmed-65.9%$VISTTrimmed-57.5%$GTXTrimmed-46.4%$CXTrimmed-45%$TRMDTrimmed-34.9%$INDVTrimmed-33.5%$TXTrimmed-26.6%$CBLTrimmed-16.2%$RWAYTrimmed-15.1%$LILAKTrimmed-13.8%$HDBTrimmed-13.7%$FTAITrimmed-11.6%$TEOTrimmed-10.7%$BTrimmed-9.9%$AUTrimmed-8.1%$FCXTrimmed-7.6%$YMMTrimmed-7.3%$GRABTrimmed-7.3%$BZTrimmed-7.3%

Sep 2025vs Jun 2025

Bought (25)

$VNOMNew buy4.4%$TDSNew buy2.6%$ORCLputNew buy2.6%$CORZNew buy2.1%$FTAINew buy1.8%$NUNew buy1.3%$SATSNew buy0.8%$MARputNew buy0.7%$USMNew buy0.7%$XPNew buy0.7%$NBRNew buy0.5%$ECVTNew buy0.5%$WINGputNew buy0.2%$ACRNew buy0.2%$LGNNew buy0.1%$LILANew buy0.1%$TLNAdded+82.8%$ITUBAdded+15.1%$TACAdded+5.4%$LILAKAdded+186.4%$YMMAdded+106.1%$BLCOAdded+28.7%$SEAdded+69.3%$JBSAdded+562.3%$HDBAdded+78.2%

Sold (15)

$STRSold out$ECSold out$BEKESold out$XHBputSold out$SPYputTrimmed-67.6%$TGSTrimmed-58.9%$CRCTrimmed-49.6%$SBLKTrimmed-39.2%$CXTrimmed-29.6%$FCXTrimmed-24.6%$AUTrimmed-15.4%$RWAYTrimmed-15.3%$GTXTrimmed-13.6%$VISTTrimmed-10.7%$IWMputTrimmed-8.3%

Jun 2025vs Mar 2025

Bought (20)

$BNew buy1.4%$XHBputNew buy1.4%$IWMputNew buy1.1%$BLCONew buy0.7%$YMMNew buy0.5%$SENew buy0.3%$LILAKNew buy0.3%$YPFNew buy0.2%$JBSNew buy0.1%$HDSNNew buy0.1%$BTAINew buy0%$SPYputAdded+200%$LBTYAAdded+14%$ITUBAdded+58.5%$TACAdded+9%$GRABAdded+12.6%$ECAdded+12.3%$BZAdded+34.2%$BEKEAdded+20.6%$TXAdded+13.2%

Sold (20)

$BILISold out$PBRSold out$JDSold out$HTHTSold out$GOLDSold out$BAKTrimmed-80.7%$BMATrimmed-76.7%$TGSTrimmed-71.6%$TLNTrimmed-67.5%$VALETrimmed-66.2%$SBLKTrimmed-39.9%$CXTrimmed-23.4%$GTXTrimmed-16.3%$ALVOTrimmed-16.3%$AUTrimmed-9.5%$RWAYTrimmed-9.3%$EXETrimmed-9%$FCXTrimmed-8.9%$VISTTrimmed-5.6%$HDBTrimmed-5.4%

Mar 2025vs Dec 2024

Bought (15)

$NOKNew buy2.3%$TACNew buy1.2%$GRABNew buy1.1%$BILINew buy0.9%$ITUBNew buy0.9%$ECNew buy0.8%$BEKENew buy0.6%$KCNew buy0.4%$BIDUNew buy0.4%$SPYputAdded+6.3%$CXAdded+32.9%$INDVAdded+26.1%$FCXAdded+24.3%$HTHTAdded+7.3%$GOLDAdded+147.9%

Sold (22)

$NTESSold out$SNRESold out$INFYSold out$PDDSold out$INFNSold out$TCOMSold out$VSTputSold out$PWRputSold out$YUMCSold out$ENLCSold out$TGSTrimmed-39%$DQTrimmed-37.4%$BZTrimmed-33.6%$CRCTrimmed-32.7%$JDTrimmed-31.9%$BMATrimmed-31.2%$PBRTrimmed-20.7%$EXETrimmed-19.8%$VALETrimmed-16.4%$LBTYATrimmed-6.5%$BAKTrimmed-5.9%$TLNTrimmed-5.8%

Dec 2024vs Sep 2024

Bought (11)

$EXENew buy14.2%$VSTputNew buy1.9%$SNRENew buy1.3%$PWRputNew buy0.8%$GOLDNew buy0.3%$CHKELWarrantNew buy0.2%$MESONew buy0.1%$CPNGNew buy0.1%$LBTYAAdded+19%$NTESAdded+71.8%$HDBAdded+66%

Sold (24)

$YYSold out$BBDSold out$CHKSold out$ITUBSold out$PAMTrimmed-35.7%$FCXTrimmed-27.3%$CBLTrimmed-25%$ALVOTrimmed-23.9%$JDTrimmed-19.9%$SPYputTrimmed-19%$BMATrimmed-18.5%$PBRTrimmed-17.6%$TGSTrimmed-14%$BZTrimmed-12.4%$VALETrimmed-12.3%$YUMCTrimmed-10.1%$TCOMTrimmed-9.4%$TEOTrimmed-9.1%$OCNTrimmed-9%$DQTrimmed-8.9%$TLNTrimmed-8.6%$VISTTrimmed-8.4%$INDVTrimmed-8.3%$SBLKTrimmed-5.9%

Sep 2024vs Jun 2024

Bought (17)

$TLNNew buy2.2%$CRCNew buy1.9%$YUMCNew buy0.8%$PDDNew buy0.7%$ENLCNew buy0.7%$INFYNew buy0.7%$BZNew buy0.6%$NTESNew buy0.4%$XPNew buy0.2%$DQNew buy0.2%$LBTYAAdded+70.3%$INDVAdded+111.9%$ITUBAdded+36.6%$TCOMAdded+35.2%$YYAdded+29.9%$BABAAdded+83.3%$ATUSAdded+26.3%

Sold (14)

$CEGputSold out$NRGputSold out$BBDTrimmed-59.5%$SPYputTrimmed-43.2%$YPFTrimmed-42.3%$JDTrimmed-37.6%$VALETrimmed-35.7%$SBLKTrimmed-28.3%$AUTrimmed-10.6%$PBRTrimmed-9.7%$HTHTTrimmed-9.6%$TXTrimmed-9.6%$TRMDTrimmed-8%$TGSTrimmed-5.1%

Quarter-over-quarter change in disclosed positions. Diversified book — only the larger sell-outs are shown.

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$SPYPut option STATE STREET CORP	New buy	18.1%	$746.77	$770.19	+3.1%
$QQQPut option INVESCO QQQ TRUST SERIES 1	Trimmed	11.7%	$736.40	$718.96	-2.4%
$TRMD TORM PLC	Trimmed	9.4%	$25.79	$35.18	+36.4%
$EXE EXPAND ENERGY CORP	Trimmed	8.6%	$91.19	$97.91	+7.4%
$GTX GARRETT MOTION INC	Trimmed	4.9%	$36.23	$27.97	-22.8%
$AU ANGLOGOLD ASHANTI PLC	Trimmed	4.6%	$80.89	$109.07	+34.8%
$CORZCall option CORE SCIENTIFIC INC	Trimmed	4.6%	$25.59	$17.89	-30.1%
$INDV INDIVIOR PHARMACEUTICALS INC	Trimmed	4.5%	$41.03	$34.94	-14.8%
$TDS TELEPHONE AND DATA SYSTEMS INC	Trimmed	3.5%	$37.01	$37.83	+2.2%
$VNOM VIPER ENERGY INC	Trimmed	2.9%	$42.40	$44.39	+4.7%
$TLN TALEN ENERGY CORP	Trimmed	2.3%	$384.26	$317.00	-17.5%
$B BARRICK MINING CORP	Trimmed	2.1%	$36.73	$44.75	+21.8%
$ITUB ITAU UNIBANCO HOLDING SA	Trimmed	1.8%	$8.17	$8.15	-0.2%
$LBTYA LIBERTY GLOBAL LTD	Trimmed	1.7%	$11.37	$10.62	-6.6%
$OCSL OAKTREE SPECIALTY LENDING CORP	Added	1.7%	$11.94	$13.06	+9.4%
$FCX FREEPORT-MCMORAN INC	Trimmed	1.4%	$62.89	$72.72	+15.6%
$AERO GRUPO AEROMEXICO SAB DE CV	Trimmed	1.3%	$18.00	$15.79	-12.3%
$KRC KILROY REALTY CORP	Trimmed	1.2%	$37.47	$37.14	-0.9%
$SE SEA LTD	New buy	1.1%	$95.83	$112.09	+17%
$LILAK LIBERTY LATIN AMERICA LTD	Trimmed	1.1%	$7.79	$8.45	+8.5%
$BLCO BAUSCH LOMB CORP	Trimmed	1%	$16.56	$18.04	+8.9%
$VSAT VIASAT INC	New buy	1%	$89.81	$75.32	-16.1%
$MMYT MAKEMYTRIP LTD	New buy	0.9%	$53.29	$55.62	+4.4%
$MATW MATTHEWS INTERNATIONAL CORP	New buy	0.9%	$26.92	$21.13	-21.5%
$XP XP INC	Trimmed	0.9%	$16.26	$19.86	+22.1%
$LYBPut option LYONDELLBASELL INDUSTRIES NV	Trimmed	0.8%	$52.65	$63.53	+20.7%
$YPF YPF SA	Trimmed	0.8%	$45.47	$52.62	+15.7%
$TAC TRANSALTA CORP	Trimmed	0.7%	$13.83	$11.96	-13.5%
$VCPut option VISTEON CORP	New buy	0.7%	$99.21	$102.64	+3.5%
$RWAY RUNWAY GROWTH FINANCE CORP	Trimmed	0.7%	$5.61	$6.65	+18.5%
$SHAZ SHARONAI HOLDINGS INC	Trimmed	0.4%	$84.66	$55.94	-33.9%
$TX TERNIUM SA	Trimmed	0.4%	$42.70	$58.00	+35.8%
$QMCO QUANTUM CORP	New buy	0.4%	$11.00	$24.73	+124.8%
$SMPL SIMPLY GOOD FOODS CO/THE	Trimmed	0.3%	$13.28	$11.45	-13.8%
$SGRY SURGERY PARTNERS INC	New buy	0.3%	$16.80	$14.26	-15.1%
$BTDRCall option BITDEER TECHNOLOGIES GROUP	New buy	0.2%	$15.87	$12.38	-22%
$MX MAGNACHIP SEMICONDUCTOR CORP	Trimmed	0.2%	$4.73	$3.09	-34.7%
$MINE MAYFAIR GOLD CORP	Held	0.2%	$2.46	$3.14	+27.6%
$SMRT SMARTRENT INC	Trimmed	0.2%	$1.19	$1.33	+11.8%
$LILA LIBERTY LATIN AMERICA LTD	Trimmed	0.1%	$7.84	$8.52	+8.7%
$BATL BATTALION OIL CORP	Trimmed	0.1%	$1.31	$1.29	-1.5%
$DPC DPC HOLDINGS LTD	New buy	0.1%	$49.06	$44.88	-8.5%
$SVC SERVICE PROPERTIES TRUST	New buy	0.1%	$1.69	$7.61	+350.3%
$BTAI BIOXCEL THERAPEUTICS INC	Added	<0.1%	$1.41	$0.07	-95%
$NNBR NN INC	New buy	<0.1%	$3.59	$3.66	+1.9%
$TEO TELECOM ARGENTINA SA	Trimmed	<0.1%	$13.00	$13.03	+0.2%
$CX CEMEX SAB DE CV	Trimmed	<0.1%	$12.00	$11.03	-8.1%
$ALVOWWarrant ALVOTECH SA	Trimmed	<0.1%	$0.23	$0.30	+30.4%
$ALVO ALVOTECH SA	Trimmed	<0.1%	$3.69	$5.32	+44.2%

Notable sell-outs this quarter: $ECVT, $STKL, $NOK, $CBL, $PBR, $CRDO, $XOP

Track Howard Marks between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

Source: SEC 13F via FMP · holdings as of Jun 2026 · 45-day filing delay. Long equity positions only. Not financial advice.