Howard Marks — Oaktree Capital ManagementSuperinvestor
About Howard Marks — Oaktree Capital Management’s 13F portfolio
Howard Marks — Oaktree Capital Management is an institutional investment manager that discloses its US-listed holdings each quarter through an SEC Form 13F filing. As of , Howard Marks — Oaktree Capital Management reported $5.3B across 138 US-listed positions (). Its largest position is TORM PLC (TRMD) at 9.9% of the reported book, and its ten biggest holdings make up 47% of the portfolio. Browse every manager in the fund managers directory, or see the legendary investors we track on the superinvestors page.
| # | Stock | Price | % of portfolio | Shares | Value |
|---|---|---|---|---|---|
| 1 |  NASDAQ: TRMD TORM PLC | — — | 9.9% | 20.3M | $524.3M |
| 2 |  NASDAQ: EXE EXPAND ENERGY CORP | — — | 9.0% | 5.2M | $477.6M |
| 3 |  NASDAQ: GTX GARRETT MOTION INC | — — | 5.2% | 7.6M | $275.2M |
| 4 |  NYSE: AU ANGLOGOLD ASHANTI PLC | — — | 4.8% | 3.2M | $257.2M |
| 5 |  NASDAQ: INDV INDIVIOR PHARMACEUTICALS INC | — — | 4.7% | 6.1M | $251.4M |
| 6 |  NYSE: TDS TELEPHONE AND DATA SYSTEMS INC | — — | 3.7% | 5.3M | $195.5M |
| 7 |  NASDAQ: VNOM VIPER ENERGY INC | — — | 3.0% | 3.8M | $160.8M |
| 8 |  NASDAQ: CORZ CORE SCIENTIFIC INC | — — | 2.4% | 5.0M | $127.8M |
| 9 |  OTC: TLN TALEN ENERGY CORP | — — | 2.4% | 331K | $127.2M |
| 10 |  NYSE: B BARRICK MINING CORP | — — | 2.2% | 3.2M | $117.8M |
| 11 |  NYSE: ITUB ITAU UNIBANCO HOLDING SA | — — | 1.8% | 12.0M | $97.9M |
| 12 |  NASDAQ: LBTYA LIBERTY GLOBAL LTD | — — | 1.8% | 8.6M | $97.2M |
| 13 |  NASDAQ: OCSL OAKTREE SPECIALTY LENDING CORP | — — | 1.8% | 7.9M | $94.0M |
| 14 |  NYSE: FCX FREEPORT-MCMORAN INC | — — | 1.4% | 1.2M | $75.5M |
| 15 |  AERO GRUPO AEROMEXICO SAB DE CV | — — | 1.3% | 4.0M | $71.4M |
| 16 |  NYSE: KRC KILROY REALTY CORP | — — | 1.3% | 1.9M | $69.3M |
| 17 |  PEB 6.375 PERP E PEBBLEBROOK HOTEL TRUST | — — | 1.2% | 63.5M | $63.1M |
| 18 |  NASDAQ: BMRN BIOMARIN PHARMACEUTICAL INC | — — | 1.2% | 64.0M | $62.4M |
| 19 |  NYSE: SE SEA LTD | — — | 1.2% | 62.6M | $62.1M |
| 20 |  NYSE: ETSY ETSY INC | — — | 1.2% | 66.8M | $61.2M |
| 21 | NYSE: SE SEA LTD | — — | 1.1% | 635K | $60.9M |
| 22 |  NASDAQ: LILAK LIBERTY LATIN AMERICA LTD | — — | 1.1% | 7.6M | $58.9M |
| 23 |  NASDAQ: ENPH ENPHASE ENERGY INC | — — | 1.1% | 61.8M | $57.6M |
| 24 |  NASDAQ: DXCM DEXCOM INC | — — | 1.1% | 61.1M | $57.1M |
| 25 |  NYSE: BLCO BAUSCH LOMB CORP | — — | 1.1% | 3.4M | $57.0M |
Showing 1–25 of 138 positions on this page reported in this 13F.
- Energy23%
- Consumer Cyclical13%
- Healthcare12%
- Technology11%
- Communication Services9.7%
- Basic Materials9.1%
- Financial Services6.4%
- Industrials1.8%
- Real Estate1.6%
- Consumer Defensive1.0%
- Utilities0.8%
- AddedTDSTELEPHONE AND DATA SYSTEMS INC+23.1%$195.5M
- AddedBBARRICK MINING CORP+22.1%$117.8M
- AddedOCSLOAKTREE SPECIALTY LENDING CORP+325%$94.0M
- AddedPEB 6.375 PERP EPEBBLEBROOK HOTEL TRUST+10.0%$63.1M
- AddedBMRNBIOMARIN PHARMACEUTICAL INC+14.4%$62.4M
- AddedSESEA LTD+30.7%$62.1M
- AddedETSYETSY INC+9.2%$61.2M
- NewSESEA LTD—$60.9M
- AddedLILAKLIBERTY LATIN AMERICA LTD+31.5%$58.9M
- AddedENPHENPHASE ENERGY INC+9.2%$57.6M
- ReducedTRMDTORM PLC−14.7%$524.3M
- ReducedGTXGARRETT MOTION INC−48.0%$275.2M
- ReducedAUANGLOGOLD ASHANTI PLC−1.4%$257.2M
- ReducedINDVINDIVIOR PHARMACEUTICALS INC−12.3%$251.4M
- ReducedCORZCORE SCIENTIFIC INC−46.6%$127.8M
- ReducedITUBITAU UNIBANCO HOLDING SA−1.7%$97.9M
- ReducedFCXFREEPORT-MCMORAN INC−1.6%$75.5M
- ReducedRIOTRIOT PLATFORMS INC−67.4%$52.3M
- ReducedXPXP INC−1.7%$50.7M
- ReducedTACTRANSALTA CORP−53.2%$41.5M
Reading Howard Marks — Oaktree Capital Management’s 13F portfolio
Howard Marks — Oaktree Capital Management’s $5.3B 13F book is spread across 138 reported positions and is concentrated toward its biggest ideas, with the top ten holdings at 47%. The largest positions carry real weight, so how those names perform matters a lot to the overall book. Its five largest positions are TRMD, EXE, GTX, AU and INDV, led by TORM PLC (TRMD) at 9.9% of the portfolio. The heaviest sector exposure is Energy (23%), then Consumer Cyclical (13%).
What Howard Marks — Oaktree Capital Management changed last quarter
Between 2026-03-31 and Q2 2026, Howard Marks — Oaktree Capital Management was a net buyer: it opened 36 new positions and added to 48 more, while trimming 33 and closing 40 outright. Against a 138-name book, that is high turnover, pointing to an active reshuffle of the book. Its largest new or increased position was TELEPHONE AND DATA SYSTEMS INC (TDS), and its biggest reduction was TORM PLC (TRMD).
What a 13F does and doesn’t reveal
A 13F captures only Howard Marks — Oaktree Capital Management’s long positions in US-listed stocks at a single quarter-end, so it is best read as a lagged snapshot rather than a live portfolio. It won’t show shorts, cash, bonds, or holdings listed outside the US, and it never reveals the price paid or the reasoning behind a trade. The signal is in the pattern over time: which names Howard Marks — Oaktree Capital Management is building up, trimming, or exiting, and how concentrated the book stays from quarter to quarter.
Frequently asked questions
What is an SEC 13F filing?
A Form 13F is a report that every institutional investment manager with at least $100 million in US-listed securities must file with the SEC within 45 days of each quarter's end. It lists the manager's long positions in US-listed stocks and certain options, with the share count and market value of each. Howard Marks — Oaktree Capital Management's profile on this page is built directly from those filings.
How current is the 13F data on Howard Marks — Oaktree Capital Management's page?
It reflects Howard Marks — Oaktree Capital Management's most recently filed 13F, currently the quarter ending Q2 2026. Because managers have up to 45 days after a quarter closes to file, a 13F is always a slightly lagged view rather than a live portfolio. When Howard Marks — Oaktree Capital Management files its next quarterly report, this page refreshes automatically.
Can I see Howard Marks — Oaktree Capital Management's complete list of holdings?
This page highlights Howard Marks — Oaktree Capital Management's largest positions rather than all 138 names in the filing. The complete, position-by-position 13F is public and available from the SEC's EDGAR database under Howard Marks — Oaktree Capital Management's filings.
Does a 13F show everything Howard Marks — Oaktree Capital Management owns?
No. A 13F only covers long positions in US-listed stocks and certain options. It leaves out short positions, cash, bonds, commodities, foreign-listed stocks, and private holdings, so it is a partial view of Howard Marks — Oaktree Capital Management's book rather than its full strategy or total assets.
Is 13F data investment advice?
No. Everything here is educational. 13F positions are disclosed with a delay, cover only long US-listed holdings, and never explain why Howard Marks — Oaktree Capital Management made a trade or at what price. Treat it as a research lens, not a recommendation, and speak with a licensed financial advisor before making investment decisions.
Not investment advice. Holdings data comes from public SEC Form 13F filings, which are filed with a delay of up to 45 days and may be amended later. It describes historical, disclosed positions in US-listed securities only, meaning no shorts, cash, or foreign holdings, and it is not a recommendation. Always do your own research and speak with a licensed financial advisor before making investment decisions.