Photo: Kelly Writers House, CC BY 2.0, via Wikimedia Commons
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.'
显示全部 58 个申报的 13(f) 持仓；TradingPilot 只为其中 3 个与其整理过的公司库匹配的持仓建立链接——并未使用需付费授权的 CUSIP↔代码对照库。未匹配的持仓按申报原样以纯文本呈现。
组合配置（申报的 13F 股票）
仅含在美国上市的多头股票持仓；不含期权。
- 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%
申报的 13F 股票市值——这不是回报，也不是管理规模
仅含在美国上市的多头股票持仓；申报有约 45 天的延迟。
| # | 代码 | 证券名称（申报原文） | 占 13F 比例 | 股数 | 申报均价 | 当前 | 金额 | 变动 |
|---|---|---|---|---|---|---|---|---|
| 1 | — | TORM PLC | 13.9% | 20,329,874 | $25.79 | — | $524.3M | 减仓 −15% |
| 2 | — | EXPAND ENERGY CORP | 12.6% | 5,237,477 | $91.19 | — | $477.6M | 维持 +0% |
| 3 | — | GARRETT MOTION INC | 7.3% | 7,594,816 | $36.23 | — | $275.2M | 减仓 −48% |
| 4 | — | ANGLOGOLD ASHANTI PLC | 6.8% | 3,179,092 | $80.89 | — | $257.2M | 减仓 −1% |
| 5 | — | INDIVIOR PHARMACEUTICALS INC | 6.7% | 6,127,212 | $41.03 | — | $251.4M | 减仓 −12% |
| 6 | — | TELEPHONE AND DATA SYSTEMS INC | 5.2% | 5,282,905 | $37.01 | — | $195.5M | 加仓 +23% |
| 7 | — | VIPER ENERGY INC | 4.3% | 3,791,432 | $42.40 | — | $160.8M | 维持 +0% |
| 8 | CORZ | CORE SCIENTIFIC INC | 3.4% | 4,993,708 | $25.59 | $14.43 -43.6% | $127.8M | 减仓 −47% |
| 9 | TLN | TALEN ENERGY CORP | 3.4% | 331,117 | $384.26 | $348.85 -9.2% | $127.2M | 维持 +0% |
| 10 | — | BARRICK MINING CORP | 3.1% | 3,206,087 | $36.73 | — | $117.8M | 加仓 +22% |
| 11 | — | ITAU UNIBANCO HOLDING SA | 2.6% | 11,977,665 | $8.17 | — | $97.9M | 减仓 −2% |
| 12 | — | LIBERTY GLOBAL LTD | 2.6% | 8,551,191 | $11.37 | — | $97.2M | 维持 +0% |
| 13 | — | OAKTREE SPECIALTY LENDING CORP | 2.5% | 7,872,199 | $11.94 | — | $94.0M | 加仓 +325% |
| 14 | — | FREEPORT-MCMORAN INC | 2.0% | 1,201,122 | $62.89 | — | $75.5M | 减仓 −2% |
| 15 | — | GRUPO AEROMEXICO SAB DE CV | 1.9% | 3,968,686 | $18.00 | — | $71.4M | 维持 +0% |
| 16 | — | KILROY REALTY CORP | 1.8% | 1,850,011 | $37.47 | — | $69.3M | 维持 +0% |
| 17 | — | SEA LTD | 1.6% | 635,443 | $95.83 | — | $60.9M | 新建仓 |
| 18 | — | LIBERTY LATIN AMERICA LTD | 1.6% | 7,559,083 | $7.79 | — | $58.9M | 加仓 +31% |
| 19 | — | BAUSCH LOMB CORP | 1.5% | 3,441,042 | $16.56 | — | $57.0M | 加仓 +2% |
| 20 | — | VIASAT INC | 1.5% | 630,280 | $89.81 | — | $56.6M | 新建仓 |
| 21 | — | MAKEMYTRIP LTD | 1.4% | 983,068 | $53.29 | — | $52.4M | 新建仓 |
| 22 | — | MATTHEWS INTERNATIONAL CORP | 1.4% | 1,925,992 | $26.92 | — | $51.8M | 新建仓 |
| 23 | — | XP INC | 1.3% | 3,116,809 | $16.26 | — | $50.7M | 减仓 −2% |
| 24 | — | YPF SA | 1.2% | 991,346 | $45.47 | — | $45.1M | 加仓 +12% |
| 25 | — | TRANSALTA CORP | 1.1% | 3,000,000 | $13.83 | — | $41.5M | 减仓 −53% |
| 26 | — | RUNWAY GROWTH FINANCE CORP | 1.0% | 7,029,667 | $5.61 | — | $39.4M | 维持 +0% |
| 27 | — | EMBRAER SA | 0.7% | 439,706 | $63.80 | — | $28.1M | 减仓 −2% |
| 28 | — | ARRAY DIGITAL INFRASTRUCTURE INC | 0.7% | 696,858 | $36.26 | — | $25.3M | 减仓 −4% |
| 29 | — | RICE ACQUISITION CORP 3 | 0.7% | 2,400,000 | $10.50 | — | $25.2M | 维持 +0% |
| 30 | — | SHARONAI HOLDINGS INC | 0.6% | 289,456 | $84.66 | — | $24.5M | 减仓 −71% |
| 31 | — | TERNIUM SA | 0.6% | 572,324 | $42.70 | — | $24.4M | 减仓 −2% |
| 32 | — | QUANTUM CORP | 0.6% | 2,011,678 | $11.00 | — | $22.1M | 新建仓 |
| 33 | — | SIMPLY GOOD FOODS CO/THE | 0.4% | 1,203,889 | $13.28 | — | $16.0M | 加仓 +7% |
| 34 | — | SURGERY PARTNERS INC | 0.4% | 862,588 | $16.80 | — | $14.5M | 新建仓 |
| 35 | — | MAYFAIR GOLD CORP | 0.3% | 4,500,000 | $2.46 | — | $11.1M | 维持 +0% |
| 36 | — | BLUE MOON METALS INC | 0.3% | 1,685,000 | $6.34 | — | $10.7M | 维持 +0% |
| 37 | — | SMARTRENT INC | 0.2% | 7,505,294 | $1.19 | — | $8.9M | 维持 +0% |
| 38 | — | MAGNACHIP SEMICONDUCTOR CORP | 0.2% | 1,500,000 | $4.73 | — | $7.1M | 减仓 −47% |
| 39 | — | LIBERTY LATIN AMERICA LTD | 0.2% | 839,020 | $7.84 | — | $6.6M | 维持 +0% |
| 40 | — | BATTALION OIL CORP | 0.1% | 3,009,912 | $1.31 | — | $3.9M | 维持 +0% |
| 41 | — | DPC HOLDINGS LTD | 0.1% | 75,000 | $49.06 | — | $3.7M | 新建仓 |
| 42 | — | SERVICE PROPERTIES TRUST | 0.1% | 1,988,382 | $1.69 | — | $3.4M | 新建仓 |
| 43 | — | BIOXCEL THERAPEUTICS INC | 0.1% | 1,380,248 | $1.41 | — | $1.9M | 加仓 +472% |
| 44 | — | NN INC | 0.0% | 510,943 | $3.59 | — | $1.8M | 新建仓 |
| 45 | — | TELECOM ARGENTINA SA | 0.0% | 116,105 | $13.00 | — | $1.5M | 减仓 −93% |
| 46 | — | CEMEX SAB DE CV | 0.0% | 100,000 | $12.00 | — | $1.2M | 减仓 −96% |
| 47 | — | ALVOTECH SA | 0.0% | 4,666,667 | $0.23 | — | $1.1M | 维持 +0% |
| 48 | — | SUNOPTA INC | 0.0% | 74,314 | $5.47 | — | $406498 | 减仓 −100% |
| 49 | — | RICE ACQUISITION CORP 3 | 0.0% | 399,999 | $0.99 | — | $395999 | 维持 +0% |
| 50 | — | ALVOTECH SA | 0.0% | 97,982 | $3.69 | — | $361553 | 减仓 −59% |
| 51 | — | OFFICE PROPERTIES INCOME TRUST/MD | 0.0% | 10,851 | $17.00 | — | $184467 | 新建仓 |
| — | — | CBL & ASSOCIATES PROPERTIES INC | — | 0 | — | — | $0 | 已清仓 −100% |
| — | CRDO | CREDO TECHNOLOGY GROUP HOLDING LTD | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | ECOVYST INC | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | HDFC BANK LTD | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | ILLUMINATION ACQUISITION CORP I | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | INVESCO SENIOR INCOME TRUST | — | 0 | — | — | $0 | 已清仓 −100% |
| — | NOK | NOKIA OYJ | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | NRG ENERGY INC | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | OPTIMUM COMMUNICATIONS INC | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | PDD HOLDINGS INC | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | PETROLEO BRASILEIRO SA - PETROBRAS | — | 0 | — | — | $0 | 已清仓 −100% |
| — | — | STATE STREET CORP · 看跌 | — | 1,355,000 | — | — | $1.0B | 新建仓 |
| — | — | INVESCO QQQ TRUST SERIES 1 · 看跌 | — | 885,000 | — | — | $651.7M | 加仓 +55% |
| — | CORZ | CORE SCIENTIFIC INC · 看涨 | — | 5,000,000 | — | — | $128.0M | 加仓 +43% |
| — | — | LYONDELLBASELL INDUSTRIES NV · 看跌 | — | 900,000 | — | — | $47.4M | 加仓 +80% |
| — | — | VISTEON CORP · 看跌 | — | 400,000 | — | — | $39.7M | 新建仓 |
| — | — | BITDEER TECHNOLOGIES GROUP · 看涨 | — | 750,000 | — | — | $11.9M | 新建仓 |
| — | — | MAGNACHIP SEMICONDUCTOR CORP · 看涨 | — | 1,000,000 | — | — | $4.7M | 新建仓 |
| — | — | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF · 看跌 | — | 0 | — | — | $0 | 已清仓 −100% |
| — | TLN | TALEN ENERGY CORP · 看涨 | — | 0 | — | — | $0 | 已清仓 −100% |
申报均价 = 季末的金额 ÷ 股数——这是一个平均值，并非管理人的买入或卖出价。
“当前”显示的是自申报季末以来该股票的价格变动（仅限已匹配的名字）——这是股票本身的涨跌，不是管理人的已实现收益（我们并不知道他们的成本，也不知道他们是否仍持有）。
TradingPilot 对其申报 13F 股票组合的分析
截至 2026Q2，Howard Marks 申报的 13F 组合持有 51 个股票持仓；其中最大的 5 个占其 47%。
- TORM PLC — 占 13F 的 13.9%
- EXPAND ENERGY CORP — 占 13F 的 12.6%
- GARRETT MOTION INC — 占 13F 的 7.3%
- ANGLOGOLD ASHANTI PLC — 占 13F 的 6.8%
- INDIVIOR PHARMACEUTICALS INC — 占 13F 的 6.7%
本季度：新建 10 个，加仓 8 个，减仓 18 个，清仓 11 个。
股数变动最大的：
- SUNOPTA INC — 减仓 (−20,651,812 股)
- NOKIA OYJ (NOK) — 已清仓 (−11,200,308 股)
- OPTIMUM COMMUNICATIONS INC — 已清仓 (−7,330,490 股)
- GARRETT MOTION INC — 减仓 (−7,000,000 股)
- PETROLEO BRASILEIRO SA - PETROBRAS — 已清仓 (−6,089,413 股)