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.'
顯示全部 58 個申報的 13(f) 部位；TradingPilot 只為其中 3 個與其整理過的公司庫相符的部位建立連結——並未使用需付費授權的 CUSIP↔代號對照資料庫。未對應的部位按申報原樣以純文字呈現。
投組配置（申報的 13F 股票）
僅含在美國掛牌的多方股票部位；不含選擇權。
- 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%
申報的 13F 股票市值——這不是報酬，也不是管理規模
僅含在美國掛牌的多方股票部位；申報有約 45 天的延遲。
| # | 代號 | 證券名稱（申報原文） | 佔 13F 比例 | 股數 | 申報均價 | 目前 | 金額 | 異動 |
|---|---|---|---|---|---|---|---|---|
| 1 | — | TORM PLC | 13.9% | 20,329,874 | $25.79 | — | $524.3M | 減碼 −15% |
| 2 | — | EXPAND ENERGY CORP | 12.6% | 5,237,477 | $91.19 | — | $477.6M | 維持 +0% |
| 3 | — | GARRETT MOTION INC | 7.3% | 7,594,816 | $36.23 | — | $275.2M | 減碼 −48% |
| 4 | — | ANGLOGOLD ASHANTI PLC | 6.8% | 3,179,092 | $80.89 | — | $257.2M | 減碼 −1% |
| 5 | — | INDIVIOR PHARMACEUTICALS INC | 6.7% | 6,127,212 | $41.03 | — | $251.4M | 減碼 −12% |
| 6 | — | TELEPHONE AND DATA SYSTEMS INC | 5.2% | 5,282,905 | $37.01 | — | $195.5M | 加碼 +23% |
| 7 | — | VIPER ENERGY INC | 4.3% | 3,791,432 | $42.40 | — | $160.8M | 維持 +0% |
| 8 | CORZ | CORE SCIENTIFIC INC | 3.4% | 4,993,708 | $25.59 | $14.43 -43.6% | $127.8M | 減碼 −47% |
| 9 | TLN | TALEN ENERGY CORP | 3.4% | 331,117 | $384.26 | $348.85 -9.2% | $127.2M | 維持 +0% |
| 10 | — | BARRICK MINING CORP | 3.1% | 3,206,087 | $36.73 | — | $117.8M | 加碼 +22% |
| 11 | — | ITAU UNIBANCO HOLDING SA | 2.6% | 11,977,665 | $8.17 | — | $97.9M | 減碼 −2% |
| 12 | — | LIBERTY GLOBAL LTD | 2.6% | 8,551,191 | $11.37 | — | $97.2M | 維持 +0% |
| 13 | — | OAKTREE SPECIALTY LENDING CORP | 2.5% | 7,872,199 | $11.94 | — | $94.0M | 加碼 +325% |
| 14 | — | FREEPORT-MCMORAN INC | 2.0% | 1,201,122 | $62.89 | — | $75.5M | 減碼 −2% |
| 15 | — | GRUPO AEROMEXICO SAB DE CV | 1.9% | 3,968,686 | $18.00 | — | $71.4M | 維持 +0% |
| 16 | — | KILROY REALTY CORP | 1.8% | 1,850,011 | $37.47 | — | $69.3M | 維持 +0% |
| 17 | — | SEA LTD | 1.6% | 635,443 | $95.83 | — | $60.9M | 新建部位 |
| 18 | — | LIBERTY LATIN AMERICA LTD | 1.6% | 7,559,083 | $7.79 | — | $58.9M | 加碼 +31% |
| 19 | — | BAUSCH LOMB CORP | 1.5% | 3,441,042 | $16.56 | — | $57.0M | 加碼 +2% |
| 20 | — | VIASAT INC | 1.5% | 630,280 | $89.81 | — | $56.6M | 新建部位 |
| 21 | — | MAKEMYTRIP LTD | 1.4% | 983,068 | $53.29 | — | $52.4M | 新建部位 |
| 22 | — | MATTHEWS INTERNATIONAL CORP | 1.4% | 1,925,992 | $26.92 | — | $51.8M | 新建部位 |
| 23 | — | XP INC | 1.3% | 3,116,809 | $16.26 | — | $50.7M | 減碼 −2% |
| 24 | — | YPF SA | 1.2% | 991,346 | $45.47 | — | $45.1M | 加碼 +12% |
| 25 | — | TRANSALTA CORP | 1.1% | 3,000,000 | $13.83 | — | $41.5M | 減碼 −53% |
| 26 | — | RUNWAY GROWTH FINANCE CORP | 1.0% | 7,029,667 | $5.61 | — | $39.4M | 維持 +0% |
| 27 | — | EMBRAER SA | 0.7% | 439,706 | $63.80 | — | $28.1M | 減碼 −2% |
| 28 | — | ARRAY DIGITAL INFRASTRUCTURE INC | 0.7% | 696,858 | $36.26 | — | $25.3M | 減碼 −4% |
| 29 | — | RICE ACQUISITION CORP 3 | 0.7% | 2,400,000 | $10.50 | — | $25.2M | 維持 +0% |
| 30 | — | SHARONAI HOLDINGS INC | 0.6% | 289,456 | $84.66 | — | $24.5M | 減碼 −71% |
| 31 | — | TERNIUM SA | 0.6% | 572,324 | $42.70 | — | $24.4M | 減碼 −2% |
| 32 | — | QUANTUM CORP | 0.6% | 2,011,678 | $11.00 | — | $22.1M | 新建部位 |
| 33 | — | SIMPLY GOOD FOODS CO/THE | 0.4% | 1,203,889 | $13.28 | — | $16.0M | 加碼 +7% |
| 34 | — | SURGERY PARTNERS INC | 0.4% | 862,588 | $16.80 | — | $14.5M | 新建部位 |
| 35 | — | MAYFAIR GOLD CORP | 0.3% | 4,500,000 | $2.46 | — | $11.1M | 維持 +0% |
| 36 | — | BLUE MOON METALS INC | 0.3% | 1,685,000 | $6.34 | — | $10.7M | 維持 +0% |
| 37 | — | SMARTRENT INC | 0.2% | 7,505,294 | $1.19 | — | $8.9M | 維持 +0% |
| 38 | — | MAGNACHIP SEMICONDUCTOR CORP | 0.2% | 1,500,000 | $4.73 | — | $7.1M | 減碼 −47% |
| 39 | — | LIBERTY LATIN AMERICA LTD | 0.2% | 839,020 | $7.84 | — | $6.6M | 維持 +0% |
| 40 | — | BATTALION OIL CORP | 0.1% | 3,009,912 | $1.31 | — | $3.9M | 維持 +0% |
| 41 | — | DPC HOLDINGS LTD | 0.1% | 75,000 | $49.06 | — | $3.7M | 新建部位 |
| 42 | — | SERVICE PROPERTIES TRUST | 0.1% | 1,988,382 | $1.69 | — | $3.4M | 新建部位 |
| 43 | — | BIOXCEL THERAPEUTICS INC | 0.1% | 1,380,248 | $1.41 | — | $1.9M | 加碼 +472% |
| 44 | — | NN INC | 0.0% | 510,943 | $3.59 | — | $1.8M | 新建部位 |
| 45 | — | TELECOM ARGENTINA SA | 0.0% | 116,105 | $13.00 | — | $1.5M | 減碼 −93% |
| 46 | — | CEMEX SAB DE CV | 0.0% | 100,000 | $12.00 | — | $1.2M | 減碼 −96% |
| 47 | — | ALVOTECH SA | 0.0% | 4,666,667 | $0.23 | — | $1.1M | 維持 +0% |
| 48 | — | SUNOPTA INC | 0.0% | 74,314 | $5.47 | — | $406498 | 減碼 −100% |
| 49 | — | RICE ACQUISITION CORP 3 | 0.0% | 399,999 | $0.99 | — | $395999 | 維持 +0% |
| 50 | — | ALVOTECH SA | 0.0% | 97,982 | $3.69 | — | $361553 | 減碼 −59% |
| 51 | — | OFFICE PROPERTIES INCOME TRUST/MD | 0.0% | 10,851 | $17.00 | — | $184467 | 新建部位 |
| — | — | CBL & ASSOCIATES PROPERTIES INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | CRDO | CREDO TECHNOLOGY GROUP HOLDING LTD | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | ECOVYST INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | HDFC BANK LTD | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | ILLUMINATION ACQUISITION CORP I | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | INVESCO SENIOR INCOME TRUST | — | 0 | — | — | $0 | 已出清 −100% |
| — | NOK | NOKIA OYJ | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | NRG ENERGY INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | OPTIMUM COMMUNICATIONS INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | PDD HOLDINGS INC | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | PETROLEO BRASILEIRO SA - PETROBRAS | — | 0 | — | — | $0 | 已出清 −100% |
| — | — | STATE STREET CORP · 賣權 | — | 1,355,000 | — | — | $1.0B | 新建部位 |
| — | — | INVESCO QQQ TRUST SERIES 1 · 賣權 | — | 885,000 | — | — | $651.7M | 加碼 +55% |
| — | CORZ | CORE SCIENTIFIC INC · 買權 | — | 5,000,000 | — | — | $128.0M | 加碼 +43% |
| — | — | LYONDELLBASELL INDUSTRIES NV · 賣權 | — | 900,000 | — | — | $47.4M | 加碼 +80% |
| — | — | VISTEON CORP · 賣權 | — | 400,000 | — | — | $39.7M | 新建部位 |
| — | — | BITDEER TECHNOLOGIES GROUP · 買權 | — | 750,000 | — | — | $11.9M | 新建部位 |
| — | — | MAGNACHIP SEMICONDUCTOR CORP · 買權 | — | 1,000,000 | — | — | $4.7M | 新建部位 |
| — | — | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF · 賣權 | — | 0 | — | — | $0 | 已出清 −100% |
| — | TLN | TALEN ENERGY CORP · 買權 | — | 0 | — | — | $0 | 已出清 −100% |
申報均價 = 季末的金額 ÷ 股數——這是一個平均值，並非經理人的買進或賣出價。
「目前」顯示的是自申報季末以來該股票的價格變動（僅限已對應的名字）——這是股票本身的漲跌，不是經理人的已實現報酬（我們並不知道他們的成本，也不知道他們是否仍持有）。
TradingPilot 對其申報 13F 股票投組的分析
截至 2026Q2，Howard Marks 申報的 13F 投組持有 51 個股票部位；其中最大的 5 個佔其 47%。
- TORM PLC — 佔 13F 的 13.9%
- EXPAND ENERGY CORP — 佔 13F 的 12.6%
- GARRETT MOTION INC — 佔 13F 的 7.3%
- ANGLOGOLD ASHANTI PLC — 佔 13F 的 6.8%
- INDIVIOR PHARMACEUTICALS INC — 佔 13F 的 6.7%
本季：新建 10 個，加碼 8 個，減碼 18 個，出清 11 個。
股數變動最大的：
- SUNOPTA INC — 減碼 (−20,651,812 股)
- NOKIA OYJ (NOK) — 已出清 (−11,200,308 股)
- OPTIMUM COMMUNICATIONS INC — 已出清 (−7,330,490 股)
- GARRETT MOTION INC — 減碼 (−7,000,000 股)
- PETROLEO BRASILEIRO SA - PETROBRAS — 已出清 (−6,089,413 股)