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Howard Marks
Oaktree Capital Management · Distressed / credit value Oaktree, co-founded by Marks, specializes in distressed debt and credit; its 13F equity book is a small slice of a much larger franchise.
Howard Marks (born 1946) is an American investor and writer who co-founded Oaktree Capital Management in 1995. Oaktree specializes in distressed debt, high-yield credit, and other opportunistic strategies. Marks is widely followed for his memos to Oaktree clients on markets, risk, and cycles, and is the author of 'The Most Important Thing' and 'Mastering the Market Cycle.'
Showing all 58 reported 13(f) positions; TradingPilot links only the 3 matching its curated universe — a licensed CUSIP↔ticker database was not used. Unmapped positions render as plain text, exactly as filed.
Portfolio allocation (reported 13F equity)
Long US-listed equity positions only; options excluded.
- TORM PLC13.9%
- EXPAND ENERGY CORP12.6%
- GARRETT MOTION INC7.3%
- ANGLOGOLD ASHANTI PLC6.8%
- INDIVIOR PHARMACEUTICALS INC6.7%
- TELEPHONE AND DATA SYSTEMS INC5.2%
- VIPER ENERGY INC4.3%
- CORZ3.4%
- TLN3.4%
- BARRICK MINING CORP3.1%
- Others33.5%
Reported 13F equity value — not a return, not AUM
Long US-listed equity positions only; filed with a ~45-day lag.
| # | Ticker | Security (as filed) | % of 13F | Shares | Reported price | Current | Value | Activity |
|---|---|---|---|---|---|---|---|---|
| 1 | — | TORM PLC | 13.9% | 20,329,874 | $25.79 | — | $524.3M | Trimmed −15% |
| 2 | — | EXPAND ENERGY CORP | 12.6% | 5,237,477 | $91.19 | — | $477.6M | Held +0% |
| 3 | — | GARRETT MOTION INC | 7.3% | 7,594,816 | $36.23 | — | $275.2M | Trimmed −48% |
| 4 | — | ANGLOGOLD ASHANTI PLC | 6.8% | 3,179,092 | $80.89 | — | $257.2M | Trimmed −1% |
| 5 | — | INDIVIOR PHARMACEUTICALS INC | 6.7% | 6,127,212 | $41.03 | — | $251.4M | Trimmed −12% |
| 6 | — | TELEPHONE AND DATA SYSTEMS INC | 5.2% | 5,282,905 | $37.01 | — | $195.5M | Added +23% |
| 7 | — | VIPER ENERGY INC | 4.3% | 3,791,432 | $42.40 | — | $160.8M | Held +0% |
| 8 | CORZ | CORE SCIENTIFIC INC | 3.4% | 4,993,708 | $25.59 | $14.43 -43.6% | $127.8M | Trimmed −47% |
| 9 | TLN | TALEN ENERGY CORP | 3.4% | 331,117 | $384.26 | $348.85 -9.2% | $127.2M | Held +0% |
| 10 | — | BARRICK MINING CORP | 3.1% | 3,206,087 | $36.73 | — | $117.8M | Added +22% |
| 11 | — | ITAU UNIBANCO HOLDING SA | 2.6% | 11,977,665 | $8.17 | — | $97.9M | Trimmed −2% |
| 12 | — | LIBERTY GLOBAL LTD | 2.6% | 8,551,191 | $11.37 | — | $97.2M | Held +0% |
| 13 | — | OAKTREE SPECIALTY LENDING CORP | 2.5% | 7,872,199 | $11.94 | — | $94.0M | Added +325% |
| 14 | — | FREEPORT-MCMORAN INC | 2.0% | 1,201,122 | $62.89 | — | $75.5M | Trimmed −2% |
| 15 | — | GRUPO AEROMEXICO SAB DE CV | 1.9% | 3,968,686 | $18.00 | — | $71.4M | Held +0% |
| 16 | — | KILROY REALTY CORP | 1.8% | 1,850,011 | $37.47 | — | $69.3M | Held +0% |
| 17 | — | SEA LTD | 1.6% | 635,443 | $95.83 | — | $60.9M | New |
| 18 | — | LIBERTY LATIN AMERICA LTD | 1.6% | 7,559,083 | $7.79 | — | $58.9M | Added +31% |
| 19 | — | BAUSCH LOMB CORP | 1.5% | 3,441,042 | $16.56 | — | $57.0M | Added +2% |
| 20 | — | VIASAT INC | 1.5% | 630,280 | $89.81 | — | $56.6M | New |
| 21 | — | MAKEMYTRIP LTD | 1.4% | 983,068 | $53.29 | — | $52.4M | New |
| 22 | — | MATTHEWS INTERNATIONAL CORP | 1.4% | 1,925,992 | $26.92 | — | $51.8M | New |
| 23 | — | XP INC | 1.3% | 3,116,809 | $16.26 | — | $50.7M | Trimmed −2% |
| 24 | — | YPF SA | 1.2% | 991,346 | $45.47 | — | $45.1M | Added +12% |
| 25 | — | TRANSALTA CORP | 1.1% | 3,000,000 | $13.83 | — | $41.5M | Trimmed −53% |
| 26 | — | RUNWAY GROWTH FINANCE CORP | 1.0% | 7,029,667 | $5.61 | — | $39.4M | Held +0% |
| 27 | — | EMBRAER SA | 0.7% | 439,706 | $63.80 | — | $28.1M | Trimmed −2% |
| 28 | — | ARRAY DIGITAL INFRASTRUCTURE INC | 0.7% | 696,858 | $36.26 | — | $25.3M | Trimmed −4% |
| 29 | — | RICE ACQUISITION CORP 3 | 0.7% | 2,400,000 | $10.50 | — | $25.2M | Held +0% |
| 30 | — | SHARONAI HOLDINGS INC | 0.6% | 289,456 | $84.66 | — | $24.5M | Trimmed −71% |
| 31 | — | TERNIUM SA | 0.6% | 572,324 | $42.70 | — | $24.4M | Trimmed −2% |
| 32 | — | QUANTUM CORP | 0.6% | 2,011,678 | $11.00 | — | $22.1M | New |
| 33 | — | SIMPLY GOOD FOODS CO/THE | 0.4% | 1,203,889 | $13.28 | — | $16.0M | Added +7% |
| 34 | — | SURGERY PARTNERS INC | 0.4% | 862,588 | $16.80 | — | $14.5M | New |
| 35 | — | MAYFAIR GOLD CORP | 0.3% | 4,500,000 | $2.46 | — | $11.1M | Held +0% |
| 36 | — | BLUE MOON METALS INC | 0.3% | 1,685,000 | $6.34 | — | $10.7M | Held +0% |
| 37 | — | SMARTRENT INC | 0.2% | 7,505,294 | $1.19 | — | $8.9M | Held +0% |
| 38 | — | MAGNACHIP SEMICONDUCTOR CORP | 0.2% | 1,500,000 | $4.73 | — | $7.1M | Trimmed −47% |
| 39 | — | LIBERTY LATIN AMERICA LTD | 0.2% | 839,020 | $7.84 | — | $6.6M | Held +0% |
| 40 | — | BATTALION OIL CORP | 0.1% | 3,009,912 | $1.31 | — | $3.9M | Held +0% |
| 41 | — | DPC HOLDINGS LTD | 0.1% | 75,000 | $49.06 | — | $3.7M | New |
| 42 | — | SERVICE PROPERTIES TRUST | 0.1% | 1,988,382 | $1.69 | — | $3.4M | New |
| 43 | — | BIOXCEL THERAPEUTICS INC | 0.1% | 1,380,248 | $1.41 | — | $1.9M | Added +472% |
| 44 | — | NN INC | 0.0% | 510,943 | $3.59 | — | $1.8M | New |
| 45 | — | TELECOM ARGENTINA SA | 0.0% | 116,105 | $13.00 | — | $1.5M | Trimmed −93% |
| 46 | — | CEMEX SAB DE CV | 0.0% | 100,000 | $12.00 | — | $1.2M | Trimmed −96% |
| 47 | — | ALVOTECH SA | 0.0% | 4,666,667 | $0.23 | — | $1.1M | Held +0% |
| 48 | — | SUNOPTA INC | 0.0% | 74,314 | $5.47 | — | $406498 | Trimmed −100% |
| 49 | — | RICE ACQUISITION CORP 3 | 0.0% | 399,999 | $0.99 | — | $395999 | Held +0% |
| 50 | — | ALVOTECH SA | 0.0% | 97,982 | $3.69 | — | $361553 | Trimmed −59% |
| 51 | — | OFFICE PROPERTIES INCOME TRUST/MD | 0.0% | 10,851 | $17.00 | — | $184467 | New |
| — | — | CBL & ASSOCIATES PROPERTIES INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | CRDO | CREDO TECHNOLOGY GROUP HOLDING LTD | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | ECOVYST INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | HDFC BANK LTD | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | ILLUMINATION ACQUISITION CORP I | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | INVESCO SENIOR INCOME TRUST | — | 0 | — | — | $0 | Sold-Out −100% |
| — | NOK | NOKIA OYJ | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | NRG ENERGY INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | OPTIMUM COMMUNICATIONS INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | PDD HOLDINGS INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | PETROLEO BRASILEIRO SA - PETROBRAS | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | STATE STREET CORP · Put | — | 1,355,000 | — | — | $1.0B | New |
| — | — | INVESCO QQQ TRUST SERIES 1 · Put | — | 885,000 | — | — | $651.7M | Added +55% |
| — | CORZ | CORE SCIENTIFIC INC · Call | — | 5,000,000 | — | — | $128.0M | Added +43% |
| — | — | LYONDELLBASELL INDUSTRIES NV · Put | — | 900,000 | — | — | $47.4M | Added +80% |
| — | — | VISTEON CORP · Put | — | 400,000 | — | — | $39.7M | New |
| — | — | BITDEER TECHNOLOGIES GROUP · Call | — | 750,000 | — | — | $11.9M | New |
| — | — | MAGNACHIP SEMICONDUCTOR CORP · Call | — | 1,000,000 | — | — | $4.7M | New |
| — | — | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF · Put | — | 0 | — | — | $0 | Sold-Out −100% |
| — | TLN | TALEN ENERGY CORP · Call | — | 0 | — | — | $0 | Sold-Out −100% |
Reported price = value ÷ shares at the quarter-end — an average, NOT the manager's buy/sell price.
Current shows the stock's price change since the filing quarter-end (mapped names only) — it is the STOCK's move, not the manager's realized return (we don't know their cost basis or whether they still hold).
TradingPilot analysis of the reported 13F equity book
As of 2026Q2, Howard Marks's reported 13F book holds 51 equity positions; the top 5 are 47% of it.
- TORM PLC — 13.9% of 13F
- EXPAND ENERGY CORP — 12.6% of 13F
- GARRETT MOTION INC — 7.3% of 13F
- ANGLOGOLD ASHANTI PLC — 6.8% of 13F
- INDIVIOR PHARMACEUTICALS INC — 6.7% of 13F
This quarter: 10 new, 8 added, 18 trimmed, 11 sold out.
- SUNOPTA INC — Trimmed (−20,651,812 sh)
- NOKIA OYJ (NOK) — Sold-Out (−11,200,308 sh)
- OPTIMUM COMMUNICATIONS INC — Sold-Out (−7,330,490 sh)
- GARRETT MOTION INC — Trimmed (−7,000,000 sh)
- PETROLEO BRASILEIRO SA - PETROBRAS — Sold-Out (−6,089,413 sh)