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.
Portfolio value (13F)
$5.24BQ2 2024
$5.31BQ3 2024
$4.48BQ4 2024
$4.04BQ1 2025
$3.95BQ2 2025
$4.74BQ3 2025
$4.54BQ4 2025
$4.31BQ1 2026
$3.78BQ2 2026
| Quarter | Value | Positions | New | Added | Trimmed | Sold | Quarterly turnover |
|---|---|---|---|---|---|---|---|
| Q2 2026 | $3.78B | 51 | 10 | 8 | 18 | 11 | 11.1% |
| Q1 2026 | $4.31B | 52 | 13 | 4 | 17 | 14 | 14.0% |
| Q4 2025 | $4.54B | 53 | 5 | 6 | 21 | 8 | 5.2% |
| Q3 2025 | $4.74B | 56 | 13 | 13 | 12 | 9 | 14.3% |
| Q2 2025 | $3.95B | 52 | 9 | 8 | 16 | 10 | 5.9% |
| Q1 2025 | $4.04B | 53 | 9 | 5 | 16 | 12 | 11.4% |
| Q4 2024 | $4.48B | 56 | 5 | 4 | 26 | 7 | 3.0% |
| Q3 2024 | $5.31B | 58 | 10 | 10 | 11 | 3 | 7.7% |
| Q2 2024 | $5.24B | 51 | — | — | — | — | — |
Weight of the largest positions
The latest quarter's 10 largest positions, with their weights in earlier quarters.
| Stock | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|
| TRMD | 32.9% | 26.0% | 17.4% | 16.4% | 17.3% | 17.6% | 11.6% | 15.7% | 13.9% |
| EXE | 10.8% | 10.6% | 15.4% | 15.3% | 15.0% | 11.3% | 12.3% | 13.4% | 12.6% |
| GTX | 7.2% | 6.8% | 8.9% | 9.1% | 9.8% | 9.2% | 6.6% | 6.2% | 7.3% |
| AU | 3.0% | 2.8% | 2.9% | 5.0% | 5.7% | 6.2% | 7.2% | 7.3% | 6.8% |
| INDV | — | — | — | — | — | — | — | 4.9% | 6.7% |
| TDS | — | — | — | — | — | 3.1% | 3.3% | 4.2% | 5.2% |
| VNOM | — | — | — | — | — | 5.1% | 5.4% | 4.1% | 4.3% |
| CORZ | — | — | — | — | — | 2.4% | 2.7% | 3.2% | 3.4% |
| TLN | — | 2.3% | 1.8% | 1.6% | 1.0% | 2.6% | 2.7% | 2.5% | 3.4% |
| B | — | — | — | — | 1.7% | 2.3% | 2.9% | 2.5% | 3.1% |
| ITUB | 0.7% | 1.1% | — | 0.9% | 1.9% | 2.0% | 2.2% | 2.4% | 2.6% |
| Liberty Global Ltd | 1.3% | 2.4% | 2.1% | 2.1% | 2.1% | 2.1% | 2.1% | 2.4% | 2.6% |
| OCSL | 0.7% | 0.6% | 0.6% | 0.7% | 0.6% | 0.5% | 0.5% | 0.5% | 2.5% |
| FCX | 2.2% | 2.3% | 1.5% | 2.1% | 2.2% | 1.2% | 1.6% | 1.7% | 2.0% |
| AERO | — | — | — | — | — | — | 1.8% | 1.3% | 1.9% |
| KRC | 1.1% | 1.3% | 1.7% | 1.5% | 1.6% | 1.6% | 1.5% | 1.2% | 1.8% |
| SE | — | — | — | — | 0.3% | 0.5% | — | — | 1.6% |
| Liberty Latin America Ltd | — | — | — | — | 0.4% | 1.2% | 0.9% | 1.2% | 1.6% |
| BLCO | — | — | — | — | 0.8% | 1.0% | 1.3% | 1.2% | 1.5% |
| VSAT | — | — | — | — | — | — | — | — | 1.5% |
| Makemytrip Limited Mauritius | — | — | — | — | — | — | — | — | 1.4% |
| MATW | — | — | — | — | — | — | — | — | 1.4% |
| XP | — | 0.2% | — | — | — | 0.8% | 1.2% | 1.4% | 1.3% |
| YPF | 0.4% | 0.2% | — | — | 0.3% | — | — | 1.0% | 1.2% |
| TAC | — | — | — | 1.3% | 1.7% | 1.8% | 1.8% | 2.0% | 1.1% |
| RWAY | 2.4% | 2.1% | 2.6% | 2.8% | 2.7% | 1.8% | 1.4% | 1.1% | 1.0% |
| EMBJ | — | — | — | — | — | — | — | 0.6% | 0.7% |
| AD | — | — | — | — | — | 0.8% | 0.9% | 0.8% | 0.7% |
| Rice Acquisition Corp 3 | — | — | — | — | — | — | 0.5% | 0.6% | 0.7% |
| SHAZ | — | — | — | — | — | — | — | 0.5% | 0.6% |
| TX | 0.7% | 0.6% | 0.5% | 0.6% | 0.7% | 0.7% | 0.6% | 0.5% | 0.6% |
| QMCO | — | — | — | — | — | — | — | — | 0.6% |
| SMPL | — | — | — | — | — | — | — | 0.4% | 0.4% |
| SGRY | — | — | — | — | — | — | — | — | 0.4% |
| MINE | — | — | — | — | — | — | — | 0.3% | 0.3% |
| BMM | — | — | — | — | — | — | — | 0.3% | 0.3% |
| SMRT | 0.3% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.2% |
| MX | 0.3% | 0.3% | 0.3% | 0.2% | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% |
| Liberty Latin America Ltd | — | — | — | — | — | 0.1% | 0.1% | 0.2% | 0.2% |
| BATL | 0.2% | 0.4% | 0.1% | <0.1% | <0.1% | <0.1% | <0.1% | 0.3% | 0.1% |
| DPC | — | — | — | — | — | — | — | — | <0.1% |
| SVC | — | — | — | — | — | — | — | — | <0.1% |
| BTAIQ | — | — | — | — | <0.1% | <0.1% | <0.1% | <0.1% | <0.1% |
| NNBR | — | — | — | — | — | — | — | — | <0.1% |
| TEO | 0.4% | 0.4% | 0.8% | 0.7% | 0.6% | 0.4% | 0.6% | 0.4% | <0.1% |
| CX | 1.8% | 1.7% | 1.8% | 2.7% | 2.6% | 2.0% | 1.5% | 0.7% | <0.1% |
| Alvotech Sa | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.1% | <0.1% | <0.1% | <0.1% |
| STKL | 2.1% | 2.5% | 3.6% | 2.5% | 3.0% | 2.6% | 1.7% | 3.1% | <0.1% |
| Rice Acquisition Corp 3 | — | — | — | — | — | — | <0.1% | <0.1% | <0.1% |
| Alvotech Sa | 0.6% | 0.6% | 0.6% | 0.4% | 0.4% | 0.3% | <0.1% | <0.1% | <0.1% |
| OPI | — | — | — | — | — | — | — | — | <0.1% |
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.