Great investors · Howard Marks · Q2 2026
What Howard Marks bought and sold in Q2 2026
Oaktree Capital 13F portfolio as of Jun 30, 2026: 51 positions worth $3.8 bn. Largest: TRMD, EXE, GTX, AU. Filed with the SEC on Aug 13, 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 Q2 2026
- IncreasedOaktree Specialty LendingOCSL+1.7 pp
- NewSeaSE+1.4 pp
- NewViasatVSAT+1.3 pp
- NewMakeMyTripMMYT+1.2 pp
- NewMatthews InternationalMATW+1.2 pp
- IncreasedTelephone and Data SystemsTDS+0.9 pp
- NewQuantumQMCO+0.5 pp
Sells in Q2 2026
- ReducedGarrett MotionGTX−5.9 pp
- Sold outPetrobras - Petroleo BrasileiroPBR−2.9 pp
- ReducedSunoptaSTKL−2.6 pp
- ReducedCore ScientificCORZ−2.6 pp
- ReducedTormTRMD−2.1 pp
- Sold outNokiaNOK−2.1 pp
- Sold outCBL & Associates PropertiesCBL−1.9 pp
- Sold outCredo Technology Group HoldingCRDO−1.2 pp
- ReducedTransaltaTAC−1.1 pp
- ReducedIndivior PharmaceuticalsINDV−0.8 pp
- ReducedCemex SAB De CVCX−0.7 pp
- Sold outEcovystECVT−0.7 pp
20 companies with material moves, out of 45 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 Q2 2026 13F lists 51 lines of US-listed securities worth $3.8 bn; the largest is TRMD at 13.9% of the portfolio. It was accepted by the SEC on Aug 13, 2026 at 6:06 PM ET.
Against the previous quarter, it opened 10 positions (SE, VSAT, MMYT and MATW and 6 more), closed 11 (PBR, NOK, CBL and CRDO and 7 more), added to 8 (OCSL, TDS, B and LILAK and 4 more) and trimmed 18 (GTX, TRMD, CORZ and INDV and 14 more). 15 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 20.3 M | $524M | 13.9% | −15% |
| 2 | Expand Energy EXE | 5.2 M | $478M | 12.6% | no change |
| 3 | Garrett Motion GTX | 7.6 M | $275M | 7.28% | −48% |
| 4 | AngloGold Ashanti AU | 3.2 M | $257M | 6.81% | −1.4% |
| 5 | Indivior Pharmaceuticals INDV | 6.1 M | $251M | 6.65% | −12% |
| 6 | Telephone and Data Systems TDS | 5.3 M | $196M | 5.17% | +23% |
| 7 | Viper Energy VNOM | 3.8 M | $161M | 4.25% | no change |
| 8 | Core Scientific CORZ | 5.0 M | $128M | 3.38% | −47% |
| 9 | Talen Energy TLN | 331,117 | $127M | 3.37% | no change |
| 10 | Barrick Mining B | 3.2 M | $118M | 3.12% | +22% |
| 11 | Itau Unibanco Holding ITUB | 12.0 M | $97.9M | 2.59% | −1.7% |
| 12 | Liberty Global LBTYA | 8.6 M | $97.2M | 2.57% | no change |
| 13 | Oaktree Specialty Lending OCSL | 7.9 M | $94.0M | 2.49% | +325% |
| 14 | Freeport-McMoRan FCX | 1.2 M | $75.5M | 2.00% | −1.6% |
| 15 | Grupo Aeromexico, S.A.B. de C.V. AERO | 4.0 M | $71.4M | 1.89% | no change |
| 16 | Kilroy Realty KRC | 1.9 M | $69.3M | 1.83% | no change |
| 17 | Sea SE | 635,443 | $60.9M | 1.61% | new |
| 18 | Liberty Latin America LILAK | 7.6 M | $58.9M | 1.56% | +31% |
| 19 | Bausch & Lomb BLCO | 3.4 M | $57.0M | 1.51% | +1.7% |
| 20 | Viasat VSAT | 630,280 | $56.6M | 1.50% | new |
| 21 | MakeMyTrip MMYT | 983,068 | $52.4M | 1.39% | new |
| 22 | Matthews International MATW | 1.9 M | $51.8M | 1.37% | new |
| 23 | XP XP | 3.1 M | $50.7M | 1.34% | −1.7% |
| 24 | YPF Sociedad Anonima YPF | 991,346 | $45.1M | 1.19% | +12% |
| 25 | Transalta TAC | 3.0 M | $41.5M | 1.10% | −53% |
| 26 | Runway Growth Finance RWAY | 7.0 M | $39.4M | 1.04% | no change |
| 27 | Embraer EMBJ | 439,706 | $28.1M | 0.74% | −1.8% |
| 28 | Array Digital Infrastructure AD | 696,858 | $25.3M | 0.67% | −3.8% |
| 29 | Rice Acquisition Corporation 3 KRSP | 2.4 M | $25.2M | 0.67% | no change |
| 30 | SharonAI Holdings SHAZ | 289,456 | $24.5M | 0.65% | −71% |
| 31 | Ternium TX | 572,324 | $24.4M | 0.65% | −1.8% |
| 32 | Quantum QMCO | 2.0 M | $22.1M | 0.59% | new |
| 33 | Simply Good Foods SMPL | 1.2 M | $16.0M | 0.42% | +6.6% |
| 34 | Surgery Partners SGRY | 862,588 | $14.5M | 0.38% | new |
| 35 | Mayfair Gold MINE | 4.5 M | $11.1M | 0.29% | no change |
| 36 | Blue Moon Metals BMM | 1.7 M | $10.7M | 0.28% | no change |
| 37 | Smartrent SMRT | 7.5 M | $8.9M | 0.24% | no change |
| 38 | Magnachip Semiconductor MX | 1.5 M | $7.1M | 0.19% | −47% |
| 39 | Liberty Latin America LILA | 839,020 | $6.6M | 0.17% | no change |
| 40 | Battalion Oil BATL | 3.0 M | $3.9M | 0.10% | no change |
| 41 | DPC Holdings DPC | 75,000 | $3.7M | 0.10% | new |
| 42 | Service Properties Trust | 2.0 M | $3.4M | 0.09% | new |
| 43 | BioXcel Therapeutics BTAIQ | 1.4 M | $1.9M | 0.05% | +472% |
| 44 | NN NNBR | 510,943 | $1.8M | 0.05% | new |
| 45 | Telecom Argentina TEO | 116,105 | $1.5M | 0.04% | −93% |
| 46 | Cemex SAB De CV CX | 100,000 | $1.2M | 0.03% | −96% |
| 47 | Alvotech ALVOW | 4.7 M | $1.1M | 0.03% | no change |
| 48 | Sunopta STKL | 74,314 | $406K | 0.01% | −99% |
| 49 | Rice Acquisition Corp 3 KRSP/WS | 399,999 | $396K | 0.01% | no change |
| 50 | Alvotech ALVO | 97,982 | $362K | 0.01% | −59% |
| 51 | Office Properties Income Trust OPI | 10,851 | $184K | 0.00% | new |
Positions it closed (11)
- Petrobras - Petroleo Brasileiro PBRwas 2.93% · 6.1 M shares
- Nokia NOKwas 2.09% · 11.2 M shares
- CBL & Associates Properties CBLwas 1.92% · 2.2 M shares
- Credo Technology Group Holding CRDOwas 1.17% · 539,000 shares
- Ecovyst ECVTwas 0.71% · 2.4 M shares
- Optimum Communications OPTUwas 0.22% · 7.3 M shares
- Illumination Acquisition Corp I ILLUUwas 0.17% · 750,000 shares
- NRG Energy NRGwas 0.17% · 49,028 shares
- Invesco Senior Income Trust BKLNwas 0.09% · 200,020 shares
- Hdfc Bank HDBwas 0.07% · 114,261 shares
- PDD Holdings PDDwas 0.01% · 4,823 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.