Howard Marks
Oaktree Capital Management
Co-founder of Oaktree, whose memos on market cycles are widely read. Oaktree is mostly a credit investor; the 13F is its listed equity side.
13F portfolio value
Q2 2026
$3.78B
1-year growth
-4.3%
2-year growth
-28.0%
Positions
51
Top 10 share
66.5%
Quarterly turnover
11.1%
Last filed
Aug 14, 2026
Q2 2026: summary
MakklerAI- Howard Marks' reported US-listed stock portfolio was $3.8B across 51 positions; the top 10 made up 66.5%, and turnover was 11.1%.
- GTX was cut 48.0% and CORZ 46.6%; TRMD was reduced 14.7% but remained the largest holding at 13.9%.
- OCSL increased 325.0% to 2.5% of the portfolio; TDS rose 23.1% and B increased 22.1%.
- The filing listed 10 new positions and 11 exits, including SE at 1.6% and full exits from PBR and NOK; portfolio value fell from $4.3B in March to $3.8B.
PROStill at the same price?
A 13F arrives 45 days late. See the estimated buy price of the other 49 positions, the move since, and where each stands against Makkler Fair Value with MakklerPRO.
TRMDTORM PLC Class A13.9%-14.7%- Price
- $41.11
- Since est. buy
- +35.7%
- Fair Value gap
- -40.2%
EXEExpand Energy Corporation12.6%Unchanged- Price
- $92.37
- Since est. buy
- -2.7%
- Fair Value gap
- +0.8%
GTXGarrett Motion Inc7.3%-48.0%- Price
- $25.78
- Since est. buy
- Fair Value gap
AUAnglogold Ashanti PLC6.8%-1.4%- Price
- $91.65
- Since est. buy
- Fair Value gap
INDVIndivior Pharmaceuticals, Inc.6.7%-12.3%- Price
- $35.42
- Since est. buy
- Fair Value gap
TDSTelephone and Data Systems, Inc.5.2%+23.1%- Price
- $34.74
- Since est. buy
- Fair Value gap
VNOMViper Energy, Inc.4.3%Unchanged- Price
- $44.36
- Since est. buy
- Fair Value gap
CORZCore Scientific Inc3.4%-46.6%- Price
- $15.43
- Since est. buy
- Fair Value gap
TLNTalen Energy Corp3.4%Unchanged- Price
- $382.14
- Since est. buy
- Fair Value gap
BBarrick Mining Corp3.1%+22.1%- Price
- $40.52
- Since est. buy
- Fair Value gap
ITUBItau Unibanco H-Spon Prf Adr2.6%-1.7%- Price
- $9.89
- Since est. buy
- Fair Value gap
- LILiberty Global LtdLiberty Global Ltd2.6%Unchanged
- Price
- —
- Since est. buy
- Fair Value gap
OCSLOaktree Specialty Lending Corporation2.5%+325%- Price
- $11.58
- Since est. buy
- Fair Value gap
FCXFreeport-McMoRan, Inc.2.0%-1.6%- Price
- $72.42
- Since est. buy
- Fair Value gap
AEROGrupo Aeromexico Sab De Cv1.9%Unchanged- Price
- $15.88
- Since est. buy
- Fair Value gap
KRCKilroy Realty Corporation1.8%Unchanged- Price
- $34.93
- Since est. buy
- Fair Value gap
SESea Ltd-Adr1.6%New- Price
- $95.93
- Since est. buy
- Fair Value gap
- LILiberty Latin America LtdLiberty Latin America Ltd1.6%+31.5%
- Price
- —
- Since est. buy
- Fair Value gap
BLCOBausch + Lomb Corporation1.5%+1.7%- Price
- $15.81
- Since est. buy
- Fair Value gap
VSATViaSat, Inc.1.5%New- Price
- $66.90
- Since est. buy
- Fair Value gap
- MAMakemytrip Limited MauritiusMakemytrip Limited Mauritius1.4%New
- Price
- —
- Since est. buy
- Fair Value gap
MATWMatthews International Corporation Class A1.4%New- Price
- $18.80
- Since est. buy
- Fair Value gap
XPXP Inc. Class A1.3%-1.7%- Price
- $31.38
- Since est. buy
- Fair Value gap
YPFYpf S.A.-Sponsored Adr1.2%+11.8%- Price
- $51.79
- Since est. buy
- Fair Value gap
TACTransalta Corp1.1%-53.2%- Price
- $13.22
- Since est. buy
- Fair Value gap
RWAYRunway Growth Finance Corp.1.0%Unchanged- Price
- $6.40
- Since est. buy
- Fair Value gap
EMBJEmbraer Sa-Spon Adr0.7%-1.8%- Price
- $71.86
- Since est. buy
- Fair Value gap
ADArray Digital Infrastructure, Inc.0.7%-3.8%- Price
- $33.60
- Since est. buy
- Fair Value gap
- RIRice Acquisition Corp 3Rice Acquisition Corp 30.7%Unchanged
- Price
- —
- Since est. buy
- Fair Value gap
SHAZSharonAI Holdings, Inc. Class A0.6%-71.1%- Price
- $34.71
- Since est. buy
- Fair Value gap
TXTernium Sa-Sponsored Adr0.6%-1.8%- Price
- $58.99
- Since est. buy
- Fair Value gap
QMCOQuantum Corporation0.6%New- Price
- $26.52
- Since est. buy
- Fair Value gap
SMPLSimply Good Foods Co0.4%+6.6%- Price
- $10.55
- Since est. buy
- Fair Value gap
SGRYSurgery Partners, Inc.0.4%New- Price
- $14.55
- Since est. buy
- Fair Value gap
MINEMayfair Gold Corp0.3%Unchanged- Price
- $2.46
- Since est. buy
- Fair Value gap
BMMBlue Moon Metals Inc0.3%Unchanged- Price
- $4.69
- Since est. buy
- Fair Value gap
SMRTSmartRent Inc Class A0.2%Unchanged- Price
- $1.21
- Since est. buy
- Fair Value gap
MXMagnachip Semiconductor Corporation0.2%-47.4%- Price
- $2.84
- Since est. buy
- Fair Value gap
- LILiberty Latin America LtdLiberty Latin America Ltd0.2%Unchanged
- Price
- —
- Since est. buy
- Fair Value gap
BATLBattalion Oil Corporation0.1%Unchanged- Price
- $1.05
- Since est. buy
- Fair Value gap
Values are US dollar amounts as of the filing. The estimated buy price is the quarter's average close; Fair Value is the same model as on Makkler's stock pages.
Option positions
A 13F reports options at the value of the underlying stock; they are left out of portfolio weights.
- SPY PUT$1.01B
- QQQ PUT$651.71M
- CORZ CALL$127.95M
- Lyondellbasell Industries N PUT$47.39M
- VC PUT$39.68M
- BTDR CALL$11.90M
- MX CALL$4.73M
MakklerAI
Ask MakklerAI about Howard Marks's portfolio
Explore this quarter's moves and where each position stands against its estimated buy price and Makkler Fair Value. Answers are based on the 13F and today's prices.