Howard Marks Portfolio · 13F Holdings & Trades
Howard Marks reported 51 holdings in the 2026Q2 13F, with a total portfolio value of $3.8B. (Oaktree Capital Management) 49 positions changed from the prior quarter (14 new, 8 increased, 16 reduced, 11 exited).
The most recent 13F holdings filed with the SEC by this manager are as of 2026Q2; holdings for later quarters (up to 2026Q3) are not in a 13F-HR.
Changes This Quarter (49)
| Stock | Action | Shares Change | Weight (%) | Value ($) |
|---|---|---|---|---|
| TORM PLC | Reduced | 23,839,575 → 20,329,874 | 13.87 | 524,260,745 |
| GARRETT MOTION INC | Reduced | 14,594,816 → 7,594,816 | 7.28 | 275,160,183 |
| ANGLOGOLD ASHANTI PLC | Reduced | 3,223,092 → 3,179,092 | 6.81 | 257,156,751 |
| INDIVIOR PHARMACEUTICALS INC | New | New | 6.65 | 251,399,508 |
| TELEPHONE AND DATA SYSTEMS INC | Increased | 4,292,243 → 5,282,905 | 5.17 | 195,520,314 |
| CORE SCIENTIFIC INC | Reduced | 9,400,708 → 4,993,708 | 3.38 | 127,788,987 |
| BARRICK MINING CORP | Increased | 2,624,859 → 3,206,087 | 3.12 | 117,759,575 |
| ITAU UNIBANCO HOLDING SA | Reduced | 12,188,995 → 11,977,665 | 2.59 | 97,857,531 |
| OAKTREE SPECIALTY LENDING CORP | Increased | 1,852,456 → 7,872,199 | 2.49 | 93,994,056 |
| FREEPORT-MCMORAN INC | Reduced | 1,220,122 → 1,201,122 | 2.00 | 75,538,562 |
| SEA LTD | New | New | 1.61 | 60,894,502 |
| LIBERTY LATIN AMERICA LTD | Increased | 5,748,780 → 7,559,083 | 1.56 | 58,885,256 |
| BAUSCH LOMB CORP | Increased | 3,382,739 → 3,441,042 | 1.51 | 56,983,655 |
| VIASAT INC | New | New | 1.50 | 56,605,446 |
| MAKEMYTRIP LTD | New | New | 1.39 | 52,387,693 |
| MATTHEWS INTERNATIONAL CORP | New | New | 1.37 | 51,847,704 |
| XP INC | Reduced | 3,172,009 → 3,116,809 | 1.34 | 50,679,314 |
| YPF SA | Increased | 886,465 → 991,346 | 1.19 | 45,076,502 |
| TRANSALTA CORP | Reduced | 6,415,253 → 3,000,000 | 1.10 | 41,487,224 |
| EMBRAER SA | Reduced | 447,606 → 439,706 | 0.74 | 28,053,242 |
| ARRAY DIGITAL INFRASTRUCTURE INC | Reduced | 724,444 → 696,858 | 0.67 | 25,268,071 |
| TERNIUM SA | Reduced | 582,924 → 572,324 | 0.65 | 24,438,234 |
| SHARONAI HOLDINGS INC | New | New | 0.65 | 24,505,344 |
| QUANTUM CORP | New | New | 0.59 | 22,128,458 |
| SIMPLY GOOD FOODS CO/THE | Increased | 1,128,889 → 1,203,889 | 0.42 | 15,987,645 |
| SURGERY PARTNERS INC | New | New | 0.38 | 14,491,478 |
| MAYFAIR GOLD CORP | New | New | 0.29 | 11,069,603 |
| BLUE MOON METALS INC | New | New | 0.28 | 10,688,986 |
| MAGNACHIP SEMICONDUCTOR CORP | Reduced | 2,849,858 → 1,500,000 | 0.19 | 7,095,000 |
| DPC HOLDINGS LTD | New | New | 0.10 | 3,679,500 |
| SERVICE PROPERTIES TRUST | New | New | 0.09 | 3,360,365 |
| BIOXCEL THERAPEUTICS INC | Increased | 241,188 → 1,380,248 | 0.05 | 1,946,150 |
| NN INC | New | New | 0.05 | 1,834,285 |
| TELECOM ARGENTINA SA | Reduced | 1,622,244 → 116,105 | 0.04 | 1,509,365 |
| ALVOTECH SA | Reduced | 4,669,508 → 4,666,667 | 0.03 | 1,073,333 |
| CEMEX SAB DE CV | Reduced | 2,763,083 → 100,000 | 0.03 | 1,200,000 |
| SUNOPTA INC | Reduced | 20,726,126 → 74,314 | 0.01 | 406,498 |
| OFFICE PROPERTIES INCOME TRUST/MD | New | New | 0.00 | 184,467 |
| Indivior Pharmaceuticals Inc | Exited | 212,875,428 → 0 | — | — |
| NOKIA OYJ | Exited | 11,200,308 → 0 | — | — |
| OPTIMUM COMMUNICATIONS INC | Exited | 7,330,490 → 0 | — | — |
| PETROLEO BRASILEIRO SA - PETROBRAS | Exited | 6,089,413 → 0 | — | — |
| ECOVYST INC | Exited | 2,393,791 → 0 | — | — |
| CBL & ASSOCIATES PROPERTIES INC | Exited | 2,153,717 → 0 | — | — |
| CREDO TECHNOLOGY GROUP HOLDING LTD | Exited | 539,000 → 0 | — | — |
| INVESCO SENIOR INCOME TRUST | Exited | 200,020 → 0 | — | — |
| HDFC BANK LTD | Exited | 114,261 → 0 | — | — |
| NRG ENERGY INC | Exited | 49,028 → 0 | — | — |
| PDD HOLDINGS INC | Exited | 4,823 → 0 | — | — |
Top 15 Holdings
| Stock | Weight (%) | Shares | Value ($) |
|---|---|---|---|
| TORM PLC | 13.87 | 20,329,874 | 524,260,745 |
| EXPAND ENERGY CORP | 12.64 | 5,237,477 | 477,605,527 |
| GARRETT MOTION INC | 7.28 | 7,594,816 | 275,160,183 |
| ANGLOGOLD ASHANTI PLC | 6.81 | 3,179,092 | 257,156,751 |
| INDIVIOR PHARMACEUTICALS INC | 6.65 | 6,127,212 | 251,399,508 |
| TELEPHONE AND DATA SYSTEMS INC | 5.17 | 5,282,905 | 195,520,314 |
| VIPER ENERGY INC | 4.25 | 3,791,432 | 160,756,716 |
| CORE SCIENTIFIC INC | 3.38 | 4,993,708 | 127,788,987 |
| TALEN ENERGY CORP | 3.37 | 331,117 | 127,235,018 |
| BARRICK MINING CORP | 3.12 | 3,206,087 | 117,759,575 |
| ITAU UNIBANCO HOLDING SA | 2.59 | 11,977,665 | 97,857,531 |
| LIBERTY GLOBAL LTD | 2.57 | 8,551,191 | 97,227,041 |
| OAKTREE SPECIALTY LENDING CORP | 2.49 | 7,872,199 | 93,994,056 |
| FREEPORT-MCMORAN INC | 2.00 | 1,201,122 | 75,538,562 |
| GRUPO AEROMEXICO SAB DE CV | 1.89 | 3,968,686 | 71,436,348 |
Top 15 Holdings · Quarterly Weight Trend
| Stock | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | Trend (shares) |
|---|---|---|---|---|---|---|---|---|---|
| TORM PLC | 26.03 | 17.41 | 16.39 | 17.26 | 17.60 | 11.62 | 16.68 | 13.87 | Down 3 qtrs in a row |
| EXPAND ENERGY CORP | 10.64 | 15.42 | 15.31 | 15.00 | 11.35 | 12.31 | 14.21 | 12.64 | — |
| GARRETT MOTION INC | 6.79 | 8.89 | 9.12 | 9.82 | 9.16 | 6.57 | 6.55 | 7.28 | Down 5 qtrs in a row |
| ANGLOGOLD ASHANTI PLC | 2.84 | 2.86 | 5.02 | 5.71 | 6.21 | 7.23 | 7.76 | 6.81 | Down 7 qtrs in a row |
| INDIVIOR PHARMACEUTICALS INC | — | — | — | — | — | — | — | 6.65 | — |
| TELEPHONE AND DATA SYSTEMS INC | — | — | — | — | 3.05 | 3.33 | 4.47 | 5.17 | Up 2 qtrs in a row |
| VIPER ENERGY INC | — | — | — | — | 5.07 | 5.35 | 4.40 | 4.25 | — |
| CORE SCIENTIFIC INC | — | — | — | — | 2.42 | 2.68 | 3.46 | 3.38 | — |
| TALEN ENERGY CORP | 2.34 | 1.78 | 1.58 | 0.96 | 2.61 | 2.73 | 2.61 | 3.37 | — |
| BARRICK MINING CORP | — | — | — | 1.67 | 2.28 | 2.86 | 2.65 | 3.12 | — |
| ITAU UNIBANCO HOLDING SA | 1.14 | — | 0.94 | 1.89 | 1.96 | 2.18 | 2.52 | 2.59 | Down 2 qtrs in a row |
| LIBERTY GLOBAL LTD | 2.37 | 2.05 | 2.05 | 2.08 | 2.07 | 2.10 | 2.56 | 2.57 | — |
| OAKTREE SPECIALTY LENDING CORP | 0.57 | 0.63 | 0.70 | 0.64 | 0.51 | 0.52 | 0.52 | 2.49 | — |
| FREEPORT-MCMORAN INC | 2.28 | 1.50 | 2.05 | 2.19 | 1.25 | 1.56 | 1.77 | 2.00 | Down 5 qtrs in a row |
| GRUPO AEROMEXICO SAB DE CV | — | — | — | — | — | 1.83 | 1.37 | 1.89 | — |
Weights are shares of each quarter's total 13F stock holdings; "—" means not held or outside the tracked set. Earlier quarters track only the top 200 holdings by value. The trend is based on share counts, not price, and does not adjust for stock splits.
13F filings are published up to 45 days after quarter-end and do not show short positions. This page includes only stock holdings from the filing and excludes options and bonds. The data on this page is for reference and is not investment advice.
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