Great investors · Howard Marks
Howard Marks portfolio · Q2 2026
Howard Marks, co-founder of Oaktree Capital. This is the stock portfolio Oaktree Capital reported to the SEC (Form 13F) as of Jun 30, 2026, filed on Aug 14, 2026.
The 13F is filed by the firm, not the person: when this page says what Howard Marks “owns” or “bought”, it means the positions of Oaktree Capital as a whole.
Next 13F: Q3 2026 usually filed ~Nov 16, 2026; deadline Nov 16, 2026. See the quarter page →
Not counted as a concentrated manager: more than 20% is options. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
What stocks does Howard Marks own?
The largest positions of Oaktree Capital in Q2 2026 are TRMD, EXE, GTX, AU, INDV.
- 1TormTRMDReduced13.9%Since Q3 2018 · 32 quartersIt bought in 5 quarters. Quarter-end prices of those quarters per 13F: $6.00 to $8.50.
- 2Expand EnergyEXE12.6%Since Q1 2021 · 22 quartersIt bought in 2 quarters. Quarter-end prices of those quarters per 13F: $43.39 to $109.78.
- 3Garrett MotionGTXReduced7.3%Since Q2 2021 · 21 quartersIt bought in 2 quarters. Quarter-end prices of those quarters per 13F: $7.57 to $7.98.
- 4AngloGold AshantiAUReduced6.8%Since Q4 2013 · 51 quartersIt bought in 30 quarters. Quarter-end prices of those quarters per 13F: $8.19 to $29.49.
- 5Indivior PharmaceuticalsINDVReduced6.7%Since Q1 2024 · 10 quartersIt bought in 5 quarters. Quarter-end prices of those quarters per 13F: $0.04 to $21.40.
- 6Telephone and Data SystemsTDSIncreased5.2%Since Q3 2025 · 4 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $37.01 to $42.10.
- 7Viper EnergyVNOM4.3%Since Q3 2025 · 4 quartersIt bought in 1 quarter. Quarter-end price of that quarter per 13F: $38.22.
- 8Core ScientificCORZReduced3.4%Since Q3 2025 · 4 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $14.56 to $17.94.
- 9Talen EnergyTLN3.4%Since Q3 2024 · 8 quartersIt bought in 3 quarters. Quarter-end prices of those quarters per 13F: $178.24 to $425.38.
- 10Barrick MiningBIncreased3.1%Since Q4 2024 · 7 quartersIt bought in 5 quarters. Quarter-end prices of those quarters per 13F: $15.50 to $36.73.
Where there are two tickers (e.g. GOOGL · GOOG) they are two share classes of the same company and the weight is the sum: that is why there are 49 rows here and the 13F has 51 positions.
“Since”: first quarter of the current run, unbroken until today. Prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
What did Howard Marks buy in Q2 2026?
- IncreasedOaktree Specialty LendingOCSL+325% shares · 2.5% of portfolio
- NewSeaSE1.6% of portfolio
- NewViasatVSAT1.5% of portfolio
- NewMakeMyTripMMYT1.4% of portfolio
- NewMatthews InternationalMATW1.4% of portfolio
- IncreasedTelephone and Data SystemsTDS+23% shares · 5.2% of portfolio
- NewQuantumQMCO0.6% of portfolio
- IncreasedBarrick MiningB+22% shares · 3.1% of portfolio
What did Howard Marks sell in Q2 2026?
- ReducedGarrett MotionGTX−48% shares · 7.3% of portfolio
- Sold outPetrobras - Petroleo BrasileiroPBRwas 2.9%
- ReducedSunoptaSTKL−99.6% shares · under 0.1% of portfolio
- ReducedCore ScientificCORZ−47% shares · 3.4% of portfolio
- ReducedTormTRMD−15% shares · 13.9% of portfolio
- Sold outNokiaNOKwas 2.1%
- Sold outCBL & Associates PropertiesCBLwas 1.9%
- Sold outCredo Technology Group HoldingCRDOwas 1.2%
16 positions opened or added to and 28 trimmed or closed, against the previous quarter's 13F. Each is measured the same way across the page: how much the share count changed and its weight in the portfolio today (share classes of the same company added together). The 13F has 45 positions with a change, 20 of them material (0.5 points of the portfolio or more). All full exits are listed, even those that moved less than 0.5 points of the portfolio. Where an increase or cut shows no share change, it adds up two share classes of the same company (e.g. GOOGL and GOOG).
How its portfolio changed (8 quarters)
Q2 2026: 51
Q2 2026: 67%
Q2 2026: 18.3%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Declared options (7)
Besides stocks, Oaktree Capital declared 4 puts (they gain if the stock falls) and 3 calls (they gain if it rises) with a notional of $1.9 bn. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTState Str Spdr S&P 500 ETF TSPYnew this quarter$1.0 bn
- PUTInvesco QQQ Trust Series 1 ETFQQQ$652M
- CALLCore ScientificCORZ$128M
- PUTLyondellbasell IndustriesLYB$47.4M
- PUTVisteonVCnew this quarter$39.7M
- CALLBitdeer Technologies GroupBTDRnew this quarter$11.9M
- CALLMagnachip SemiconductorMXnew this quarter$4.7M
Source: SEC 13F filings show the portfolio at quarter end and are filed up to 45 days later: positions may have changed. They only cover U.S.-listed stocks and some others; no short positions or cash. Not investment advice.