Howard Marks portfolio
Updated November 15, 2026
Howard Marks (Oaktree Capital) — Author of famous memos and The Most Important Thing; Oaktree is mostly active in bonds and distressed assets.
According to the latest 13F report that Oaktree Capital filed with the SEC (Q2 2026, filed August 14, 2026), its US stock portfolio is worth about $3.8B across 51 holdings. The largest positions are Torm PLCTRMD, Expand Energy CorpEXE, Garrett Motion IncGTX, and the top 10 make up 67% of the portfolio.
| # | Stock | Weight | Value | Change this quarter |
|---|---|---|---|---|
| 1 | Torm PLCTRMD | 13.9% | $524M | Trimmed +15% |
| 2 | Expand Energy CorpEXE | 12.6% | $478M | — |
| 3 | Garrett Motion IncGTX | 7.3% | $275M | Added +4% |
| 4 | Anglogold Ashanti PLCAU | 6.8% | $257M | Trimmed +1% |
| 5 | Indivior Pharmaceuticals IncINDV | 6.7% | $251M | Trimmed +12% |
| 6 | Telephone AND Data SystemsTDS | 5.2% | $196M | Added +23% |
| 7 | Viper Energy Inc-cl AVNOM | 4.3% | $161M | — |
| 8 | Core Scientific IncCORZ | 3.4% | $128M | Added +7% |
| 9 | Talen Energy CorpTLN | 3.4% | $127M | — |
| 10 | Barrick Mining CorpB | 3.1% | $118M | Added +22% |
| 11 | Itau Unibanco H-spon PRF ADRITUB | 2.6% | $98M | Trimmed +2% |
| 12 | Liberty Global LTDLBTYA | 2.6% | $97M | — |
| 13 | Oaktree Specialty Lending CoOCSL | 2.5% | $94M | Added +325% |
| 14 | Freeport-mcmoran IncFCX | 2.0% | $76M | Trimmed +2% |
| 15 | Grupo Aeromexico SAB DE CVAERO | 1.9% | $71M | — |
| 16 | Kilroy Realty CorpKRC | 1.8% | $69M | — |
| 17 | SEA Ltd-adrSE | 1.6% | $61M | New buy |
| 18 | Liberty Latin America LTDLILA | 1.6% | $59M | Added +31% |
| 19 | Bausch + Lomb CorpBLCO | 1.5% | $57M | Added +2% |
| 20 | Viasat IncVSAT | 1.5% | $57M | New buy |
| 21 | Makemytrip LTDMMYT | 1.4% | $52M | New buy |
| 22 | Matthews Intl Corp-class AMATW | 1.4% | $52M | New buy |
| 23 | XP IncXP | 1.3% | $51M | Trimmed +2% |
| 24 | YPF S.a.-sponsored ADRYPF | 1.2% | $45M | Added +12% |
| 25 | Transalta CorpTAC | 1.1% | $41M | Trimmed +53% |
| 26 | Runway Growth Finance CorpRWAY | 1.0% | $39M | — |
| 27 | Embraer Sa-spon ADREMBJ | 0.7% | $28M | Trimmed +2% |
| 28 | Array Digital InfrastructureAD | 0.7% | $25M | Trimmed +4% |
| 29 | Rice Acquisition Corp 3 | 0.7% | $25M | — |
| 30 | Sharonai Holdings IncSHAZ | 0.6% | $25M | Trimmed +71% |
| 31 | Ternium Sa-sponsored ADRTX | 0.6% | $24M | Trimmed +2% |
| 32 | Quantum CorpQMCO | 0.6% | $22M | New buy |
| 33 | Simply Good Foods Co/theSMPL | 0.4% | $16M | Added +7% |
| 34 | Surgery Partners IncSGRY | 0.4% | $14M | New buy |
| 35 | Mayfair Gold CorpMINE | 0.3% | $11M | — |
| 36 | Blue Moon Metals IncBMM | 0.3% | $11M | — |
| 37 | Smartrent IncSMRT | 0.2% | $9M | — |
| 38 | Magnachip Semiconductor CorpMX | 0.2% | $7M | Added +5% |
| 39 | Liberty Latin America LTDLILA | 0.2% | $7M | — |
| 40 | Battalion OIL CorpBATL | 0.1% | $4M | — |
Positions sold out
Petroleo Brasileiro-spon ADRPBR, Nokia Corp-spon ADRNOK, CBL & Associates PropertiesCBL, Credo Technology Group Holding LTDCRDO, Ecovyst IncECVT, Optimum Communications Inc-aOPTU, Illumination Acquisition Corp I, NRG Energy IncNRG, Invesco Senior Loan ETFBKLN, Hdfc Bank Ltd-adrHDB, PDD Holdings IncPDD
Frequently asked questions
What does Howard Marks own now?
According to the latest 13F (Q2 2026), the largest holdings are Torm PLCTRMD, Expand Energy CorpEXE, Garrett Motion IncGTX. The full list is in the table above.
What is a 13F report?
US investment managers with more than $100 million in US stocks must list their holdings with the SEC within 45 days after each quarter ends.
Why is the data delayed?
Because 13F reports arrive up to 45 days after the quarter ends, the manager may have traded since then.
Should I copy this portfolio?
Knowing what great investors buy is a good source of ideas, but because of the delay and different goals, copying blindly is not recommended.
More lists and tools
Lists are generated automatically from SEC filings and market prices and rebuilt every day. They are a starting point for research, not a recommendation to buy or sell.