Great investors · Howard Marks · Q1 2026
What Howard Marks bought and sold in Q1 2026
Oaktree Capital 13F portfolio as of Mar 31, 2026: 52 positions worth $4.3 bn. Largest: TRMD, EXE, AU, GTX. Filed with the SEC on May 20, 2026.
The 13F is filed by Oaktree Capital, not by Howard Marks personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2026
- NewPetrobras - Petroleo BrasileiroPBR+2.8 pp
- NewCredo Technology Group HoldingCRDO+1.1 pp
- NewYPF Sociedad AnonimaYPF+0.9 pp
- NewEmbraerEMBJ+0.6 pp
- IncreasedTelephone and Data SystemsTDS+0.6 pp
Sells in Q1 2026
- ReducedViper EnergyVNOM−2.6 pp
- Sold outFTAI AviationFTAI−2.2 pp
- Sold outNu HoldingsNU−1.7 pp
- ReducedTormTRMD−1.6 pp
- ReducedAngloGold AshantiAU−1.3 pp
- ReducedNokiaNOK−1.3 pp
- Sold outGRAB HoldingsGRAB−1.2 pp
- ReducedGarrett MotionGTX−1.0 pp
- Sold outVista Energy, S.A.B. de C.V.VIST−0.8 pp
- Sold outFull Truck AllianceYMM−0.8 pp
- Sold outStar Bulk CarriersSBLK−0.8 pp
- ReducedCemex SAB De CVCX−0.8 pp
21 companies with material moves, out of 42 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Oaktree Capital's Q1 2026 13F lists 52 lines of US-listed securities worth $4.3 bn; the largest is TRMD at 15.7% of the portfolio. It was accepted by the SEC on May 20, 2026 at 1:10 PM ET.
Against the previous quarter, it opened 12 positions (PBR, CRDO, YPF and EMBJ and 8 more), closed 12 (FTAI, NU, GRAB and VIST and 8 more), added to 4 (TDS, EXE, CORZ and AERO) and trimmed 18 (VNOM, TRMD, AU and GTX and 14 more). 18 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 23.8 M | $675M | 15.7% | −9.8% |
| 2 | Expand Energy EXE | 5.2 M | $575M | 13.4% | +3.5% |
| 3 | AngloGold Ashanti AU | 3.2 M | $314M | 7.29% | −16% |
| 4 | Garrett Motion GTX | 14.6 M | $265M | 6.16% | −15% |
| 5 | Indivior Pharmaceuticals INDV | 7.0 M | $213M | 4.94% | −1.8% |
| 6 | Telephone and Data Systems TDS | 4.3 M | $181M | 4.20% | +16% |
| 7 | Viper Energy VNOM | 3.8 M | $178M | 4.14% | −40% |
| 8 | Core Scientific CORZ | 9.4 M | $140M | 3.25% | +12% |
| 9 | Sunopta STKL | 20.7 M | $134M | 3.12% | no change |
| 10 | Petrobras - Petroleo Brasileiro PBR | 6.1 M | $126M | 2.93% | new |
| 11 | Barrick Mining B | 2.6 M | $107M | 2.49% | −12% |
| 12 | Talen Energy TLN | 331,117 | $106M | 2.45% | no change |
| 13 | Liberty Global LBTYA | 8.6 M | $103M | 2.40% | no change |
| 14 | Itau Unibanco Holding ITUB | 12.2 M | $102M | 2.37% | −12% |
| 15 | Nokia NOK | 11.2 M | $90.1M | 2.09% | −40% |
| 16 | Transalta TAC | 6.4 M | $84.1M | 1.95% | no change |
| 17 | CBL & Associates Properties CBL | 2.2 M | $82.8M | 1.92% | −14% |
| 18 | Freeport-McMoRan FCX | 1.2 M | $71.7M | 1.67% | −12% |
| 19 | XP XP | 3.2 M | $60.4M | 1.40% | −4.5% |
| 20 | Grupo Aeromexico, S.A.B. de C.V. AERO | 4.0 M | $55.6M | 1.29% | +5.1% |
| 21 | Bausch & Lomb BLCO | 3.4 M | $53.8M | 1.25% | no change |
| 22 | Kilroy Realty KRC | 1.9 M | $52.2M | 1.21% | no change |
| 23 | Liberty Latin America LILAK | 5.7 M | $50.7M | 1.18% | no change |
| 24 | Credo Technology Group Holding CRDO | 539,000 | $50.6M | 1.17% | new |
| 25 | Runway Growth Finance RWAY | 7.0 M | $48.3M | 1.12% | no change |
| 26 | YPF Sociedad Anonima YPF | 886,465 | $41.0M | 0.95% | new |
| 27 | Array Digital Infrastructure AD | 724,444 | $33.4M | 0.78% | no change |
| 28 | Cemex SAB De CV CX | 2.8 M | $31.6M | 0.73% | −52% |
| 29 | Ecovyst ECVT | 2.4 M | $30.8M | 0.71% | −44% |
| 30 | Embraer EMBJ | 447,606 | $26.6M | 0.62% | new |
| 31 | Rice Acquisition Corporation 3 KRSP | 2.4 M | $24.7M | 0.57% | no change |
| 32 | Ternium TX | 582,924 | $23.4M | 0.54% | −11% |
| 33 | SharonAI Holdings SHAZ | 1.0 M | $22.7M | 0.53% | new |
| 34 | Oaktree Specialty Lending OCSL | 1.9 M | $20.9M | 0.49% | no change |
| 35 | Telecom Argentina TEO | 1.6 M | $19.0M | 0.44% | −31% |
| 36 | Simply Good Foods SMPL | 1.1 M | $16.2M | 0.38% | new |
| 37 | Mayfair Gold MINE | 4.5 M | $13.9M | 0.32% | new |
| 38 | Battalion Oil BATL | 3.0 M | $11.7M | 0.27% | no change |
| 39 | Smartrent SMRT | 7.5 M | $11.3M | 0.26% | no change |
| 40 | Blue Moon Metals BMM | 1.7 M | $10.9M | 0.25% | new |
| 41 | Optimum Communications OPTU | 7.3 M | $9.5M | 0.22% | −2.3% |
| 42 | Magnachip Semiconductor MX | 2.8 M | $8.0M | 0.19% | no change |
| 43 | Illumination Acquisition Corp I ILLUU | 750,000 | $7.4M | 0.17% | new |
| 44 | Liberty Latin America LILA | 839,020 | $7.2M | 0.17% | no change |
| 45 | NRG Energy NRG | 49,028 | $7.2M | 0.17% | new |
| 46 | Invesco Senior Loan ETF BKLN | 200,020 | $4.1M | 0.09% | new |
| 47 | Hdfc Bank HDB | 114,261 | $2.8M | 0.07% | −12% |
| 48 | Alvotech ALVOW | 4.7 M | $1.2M | 0.03% | no change |
| 49 | PDD Holdings PDD | 4,823 | $493K | 0.01% | new |
| 50 | Alvotech ALVO | 240,038 | $339K | 0.01% | −55% |
| 51 | BioXcel Therapeutics BTAIQ | 241,188 | $323K | 0.01% | no change |
| 52 | Rice Acquisition Corp 3 KRSP/WS | 399,999 | $320K | 0.01% | no change |
Positions it closed (12)
- FTAI Aviation FTAIwas 2.24% · 517,328 shares
- Nu Holdings NUwas 1.65% · 4.5 M shares
- GRAB Holdings GRABwas 1.23% · 11.2 M shares
- Vista Energy, S.A.B. de C.V. VISTwas 0.84% · 782,250 shares
- Full Truck Alliance YMMwas 0.83% · 3.5 M shares
- Star Bulk Carriers SBLKwas 0.83% · 2.0 M shares
- California Resources CRCwas 0.68% · 694,502 shares
- Kanzhun BZwas 0.68% · 1.5 M shares
- VALE VALEwas 0.58% · 2.0 M shares
- Infosys INFYwas 0.43% · 1.1 M shares
- Onity Group ONITwas 0.39% · 390,835 shares
- Bausch Health Companies BHCwas 0.19% · 1.3 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Oaktree Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.