Howard Marks
Oaktree Capital
A distressed-debt and opportunity investor known for his memos on market cycles.
- Period
- Q2 2026 As of Jun 30, 2026
- Filed
- Aug 14, 2026
- Positions
- 51
- Options · Underlying
- $1.90 B
- Source
- SEC Filing
Largest Positions
- TRMDTORM PLC13.9%$524 MTrimmed− 15%
EXEExpand Energy Corporation12.6%$478 MUnchanged- GTXGARRETT MOTION INC7.3%$275 MTrimmed− 48%
AUAnglogold Ashanti PLC6.8%$257 MTrimmed− 1%- INDVINDIVIOR PHARMACEUTICALS INC6.7%$251 MTrimmed− 12%
- TDSTELEPHONE AND DATA SYSTEMS INC5.2%$196 MAdded+ 23%
- VNOMVIPER ENERGY INC4.3%$161 MUnchanged
- CORZCORE SCIENTIFIC INC3.4%$128 MTrimmed− 47%
Remaining 43 Positions 39.9%
What They Did This Quarter
New10
- SESEA LTD$60.9 M
- VSATVIASAT INC$56.6 M
- MMYTMAKEMYTRIP LTD$52.4 M
- MATWMATTHEWS INTERNATIONAL CORP$51.8 M
- QMCOQUANTUM CORP$22.1 M
- +5 More
Added8
- OCSLOAKTREE SPECIALTY LENDING CORP+ 325%$94.0 M
- TDSTELEPHONE AND DATA SYSTEMS INC+ 23%$196 M
- BBARRICK MINING CORP+ 22%$118 M
- LILAKLIBERTY LATIN AMERICA LTD+ 31%$58.9 M
- BTAIQBIOXCEL THERAPEUTICS INC+ 472%$1.95 M
- +3 More
Trimmed18
- GTXGARRETT MOTION INC− 48%$275 M
- TRMDTORM PLC− 15%$524 M
- CORZCORE SCIENTIFIC INC− 47%$128 M
- INDVINDIVIOR PHARMACEUTICALS INC− 12%$251 M
- TACTRANSALTA CORP− 53%$41.5 M
- +13 More
Sold Out11
- PBRPETROLEO BRASILEIRO SA - PETROBRAS$126 M
- NOKNOKIA OYJ$90.1 M
- CBLCBL & ASSOCIATES PROPERTIES INC$82.8 M
CRDOCredo Technology Group Holding Ltd$50.6 M- ECVTECOVYST INC$30.8 M
- +6 More
All Positions · 51
| Rank | Company | Shares | Value | Weight | Change |
|---|---|---|---|---|---|
| 1 | TRMDTORM PLC | 20.3 M | $524 M | 13.9% | Trimmed− 15% |
| 2 | EXEExpand Energy Corporation | 5.24 M | $478 M | 12.6% | Unchanged |
| 3 | GTXGARRETT MOTION INC | 7.59 M | $275 M | 7.3% | Trimmed− 48% |
| 4 | AUAnglogold Ashanti PLC | 3.18 M | $257 M | 6.8% | Trimmed− 1% |
| 5 | INDVINDIVIOR PHARMACEUTICALS INC | 6.13 M | $251 M | 6.7% | Trimmed− 12% |
| 6 | TDSTELEPHONE AND DATA SYSTEMS INC | 5.28 M | $196 M | 5.2% | Added+ 23% |
| 7 | VNOMVIPER ENERGY INC | 3.79 M | $161 M | 4.3% | Unchanged |
| 8 | CORZCORE SCIENTIFIC INC | 4.99 M | $128 M | 3.4% | Trimmed− 47% |
| 9 |  TLNTalen Energy Corp | 331,117 | $127 M | 3.4% | Unchanged |
| 10 | BBARRICK MINING CORP | 3.21 M | $118 M | 3.1% | Added+ 22% |
| 11 | ITUBITAU UNIBANCO HOLDING SA | 12.0 M | $97.9 M | 2.6% | Trimmed− 2% |
| 12 | LBTYALIBERTY GLOBAL LTD | 8.55 M | $97.2 M | 2.6% | Unchanged |
| 13 | OCSLOAKTREE SPECIALTY LENDING CORP | 7.87 M | $94.0 M | 2.5% | Added+ 325% |
| 14 |  FCXFreeport-McMoRan Inc | 1.20 M | $75.5 M | 2.0% | Trimmed− 2% |
| 15 | AEROGRUPO AEROMEXICO SAB DE CV | 3.97 M | $71.4 M | 1.9% | Unchanged |
| 16 | KRCKILROY REALTY CORP | 1.85 M | $69.3 M | 1.8% | Unchanged |
| 17 | SESEA LTD | 635,443 | $60.9 M | 1.6% | New |
| 18 | LILAKLIBERTY LATIN AMERICA LTD | 7.56 M | $58.9 M | 1.6% | Added+ 31% |
| 19 | BLCOBAUSCH LOMB CORP | 3.44 M | $57.0 M | 1.5% | Added+ 2% |
| 20 | VSATVIASAT INC | 630,280 | $56.6 M | 1.5% | New |
| 21 | MMYTMAKEMYTRIP LTD | 983,068 | $52.4 M | 1.4% | New |
| 22 | MATWMATTHEWS INTERNATIONAL CORP | 1.93 M | $51.8 M | 1.4% | New |
| 23 | XPXP INC | 3.12 M | $50.7 M | 1.3% | Trimmed− 2% |
| 24 | YPFYPF SA | 991,346 | $45.1 M | 1.2% | Added+ 12% |
| 25 | TACTRANSALTA CORP | 3.00 M | $41.5 M | 1.1% | Trimmed− 53% |
Options
The value on an option line is not the premium paid; it is the quarter-end value of the underlying shares the options cover. These lines are left out of the stock portfolio and the weights.
| Company | Type | Shares | Underlying Value |
|---|---|---|---|
| SPYSPDR S&P 500 ETF Trust | Put | 1.36 M | $1.01 B |
| QQQInvesco QQQ Trust | Put | 885,000 | $652 M |
| CORZCORE SCIENTIFIC INC | Call | 5.00 M | $128 M |
 LYBLyondellBasell Industries N.V. | Put | 900,000 | $47.4 M |
| VCVISTEON CORP | Put | 400,000 | $39.7 M |
 BTDRBitdeer Technologies Group | Call | 750,000 | $11.9 M |
| MXMAGNACHIP SEMICONDUCTOR CORP | Call | 1.00 M | $4.73 M |
Recent Quarters
- $5.31 BQ3 202458 Positions
- $4.48 BQ4 202456 Positions
- $4.04 BQ1 202553 Positions
- $3.95 BQ2 202552 Positions
- $4.74 BQ3 202556 Positions
- $4.54 BQ4 202553 Positions
- $4.31 BQ1 202652 Positions
- $3.78 BQ2 202651 Positions
Each bar is the stock portfolio at that quarter's end; options not included.
Not Investment Advice
This screen shows public filings. Copying these investors' trades is not a recommendation; the data is weeks or even months late and does not show the whole position.
A 13F only shows long positions and options traded in the US; short sales, cash and foreign shares are not visible. The filing can come up to 45 days after quarter end.
Buys and sells are computed from the SHARE COUNT difference between two consecutive filings; price changes are not counted as buying. Stock splits are removed from the counts.
Positions without a known ticker (bonds, foreign shares, delisted companies) are shown by their name in the filing.
Photo: kellywritershouse · CC BY 2.0 · Cropped
SEC EDGARFiled Aug 14, 2026 · As of Jun 30, 2026
To Understand This