Howard Marks Portfolio: All Stocks & Buys/Sells
As of Q2 2026 · reported on SEC Form 13F
Portfolio at a glance
- Portfolio value ?Total market value of every reported position on the quarter's reporting date, in US dollars.
- $7.21B
- Positions ?Number of distinct securities in the filing. Names reported on several lines are merged into one position.
- 145
- Top 10 share ?Share of the reported portfolio held in the ten largest positions. The higher it is, the more concentrated the bets.
- 54.6%
- Reporting period ?The quarter the filing covers. Managers have up to 45 days after the reporting date to file.
- Q2 2026
- Portfolio vs. S&P 500 (4.8 yr) ?Cumulative return of the replicated portfolio and of the S&P 500 over the calculated window. The sentence below states the gap between the two in percentage points — the plain difference between the two percentages. Replicated means: the reported stock weights at each quarterly reporting date, carried forward to the next one.
- +125.0% vs. +62.1%
That puts the replication 62.9 percentage points ahead of the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q2 2021 to Q1 2026, in 18 quarterly steps.
This window differs from the usual five years: Oaktree Capital Management last filed for Q1 2026. Without a newer filing there is no weighting to carry forward, so the calculation ends there. The S&P 500 comparison covers exactly the same period.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Why the portfolio value looks bigger than it is
About 26% of the reported value sits in options. On a 13F an option is carried at the value of the underlying shares, not at what the manager paid for it. The stated portfolio value therefore runs well above the actual capital at risk. Affected rows are flagged as put or call options in the table below.
Buys and sells this quarter
Comparing the Q2 2026 filing against Q1 2026.
New positions
- SPY Put option
- 1,355,000 new
- SE
- 635,443 new
- VSAT
- 630,280 new
- MMYT
- 983,068 new
- MATW
- 1,925,992 new
- VC Put option
- 400,000 new
- ENOVIS CORP
- 39,207,000 new
- QMCO
- 2,011,678 new
- SGRY
- 862,588 new
- WORKIVA INC
- 14,970,000 new
- ETSY INC
- 11,974,000 new
- STARWOOD PROPERTY TRUST INC
- 11,894,933 new
- BTDR Call option
- 750,000 new
- CLOUDFLARE INC
- 8,050,000 new
- FRESHPET INC
- 7,913,000 new
and 25 more
Added to
- QQQN Put option
- 570,000 → 885,000
- TDS
- 4,292,243 → 5,282,905
- CORZ Call option
- 3,500,000 → 5,000,000
- B
- 2,624,859 → 3,206,087
- OAKTREE SPECIALTY LENDING CORP
- 1,852,456 → 7,872,199
- PEBBLEBROOK HOTEL TRUST
- 57,736,000 → 63,534,000
- BIOMARIN PHARMACEUTICAL INC
- 55,985,000 → 64,025,000
- SEA LTD
- 47,886,000 → 62,567,000
- ETSY INC
- 61,196,000 → 66,836,000
- LILAK
- 5,748,780 → 7,559,083
- ENPHASE ENERGY INC
- 56,620,000 → 61,820,000
- DEXCOM INC
- 40,423,000 → 61,148,000
- BLCO
- 3,382,739 → 3,441,042
- MARRIOTT VACATIONS WORLDWIDE CORP
- 52,119,000 → 56,893,000
- DRAFTKINGS INC
- 44,355,000 → 58,501,000
and 36 more
Trimmed
- TRMD
- 23,839,575 → 20,329,874
- GTX
- 14,594,816 → 7,594,816
- ANGLOGOLD ASHANTI PLC
- 3,223,092 → 3,179,092
- INDV
- 6,984,102 → 6,127,212
- CORZ
- 9,350,708 → 4,993,708
- ITUB
- 12,188,995 → 11,977,665
- FCX
- 1,220,122 → 1,201,122
- RIOT PLATFORMS INC
- 79,664,000 → 26,000,000
- XP
- 3,172,009 → 3,116,809
- TAC
- 6,415,253 → 3,000,000
- ERJ
- 447,606 → 439,706
- USM
- 724,444 → 696,858
- SHAZ
- 1,000,000 → 289,456
- SPECTRUM BRANDS HOLDINGS INC
- 26,126,000 → 23,452,000
- TX
- 582,924 → 572,324
and 18 more
Sold out
- XOP Put option
- was 1,000,000
- PBR
- was 6,089,413
- JETBLUE AIRWAYS CORP
- was 95,093,000
- NOK
- was 11,200,308
- CBL
- was 2,153,717
- AMERICAN WATER CAPITAL CORP
- was 55,921,000
- COINBASE GLOBAL INC
- was 52,633,000
- CRDO
- was 539,000
- TLNE Call option
- was 150,000
- OKTA INC
- was 46,973,000
- Q2 HOLDINGS INC
- was 41,053,000
- BLOCK INC
- was 37,779,000
- PROGRESS SOFTWARE CORP
- was 36,154,000
- ECVT
- was 2,393,791
- CRACKER BARREL OLD COUNTRY STORE INC
- was 26,175,000
and 27 more
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STREET CORP Put option | $1.01B | 14.04% | 1,355,000 | new |
| 2 | QQQN | INVESCO QQQ TRUST SERIES 1 Put option | $651.7M | 9.04% | 885,000 | +55.3% |
| 3 | TRMD | TORM PLC | $524.3M | 7.28% | 20,329,874 | -14.7% |
| 4 | CHK | EXPAND ENERGY CORP | $477.6M | 6.63% | 5,237,477 | unchanged |
| 5 | GTX | GARRETT MOTION INC | $275.2M | 3.82% | 7,594,816 | -48.0% |
| 6 | – | ANGLOGOLD ASHANTI PLC | $257.2M | 3.57% | 3,179,092 | -1.4% |
| 7 | INDV | INDIVIOR PHARMACEUTICALS INC | $251.4M | 3.49% | 6,127,212 | -12.3% |
| 8 | TDS | TELEPHONE AND DATA SYSTEMS INC | $195.5M | 2.71% | 5,282,905 | +23.1% |
| 9 | VNOM | VIPER ENERGY INC | $160.8M | 2.23% | 3,791,432 | unchanged |
| 10 | CORZ | CORE SCIENTIFIC INC Call option | $128.0M | 1.78% | 5,000,000 | +42.9% |
| 11 | CORZ | CORE SCIENTIFIC INC | $127.8M | 1.77% | 4,993,708 | -46.6% |
| 12 | TLNE | TALEN ENERGY CORP | $127.2M | 1.77% | 331,117 | unchanged |
| 13 | B | BARRICK MINING CORP | $117.8M | 1.63% | 3,206,087 | +22.1% |
| 14 | ITUB | ITAU UNIBANCO HOLDING SA | $97.9M | 1.36% | 11,977,665 | -1.7% |
| 15 | – | LIBERTY GLOBAL LTD | $97.2M | 1.35% | 8,551,191 | unchanged |
| 16 | – | OAKTREE SPECIALTY LENDING CORP | $94.0M | 1.30% | 7,872,199 | +325.0% |
| 17 | FCX | FREEPORT-MCMORAN INC | $75.5M | 1.05% | 1,201,122 | -1.6% |
| 18 | – | GRUPO AEROMEXICO SAB DE CV | $71.4M | 0.99% | 3,968,686 | unchanged |
| 19 | KRC | KILROY REALTY CORP | $69.3M | 0.96% | 1,850,011 | unchanged |
| 20 | – | PEBBLEBROOK HOTEL TRUST Bond | $63.1M | 0.88% | 63,534,000 Principal | +10.0% |
| 21 | – | BIOMARIN PHARMACEUTICAL INC Bond | $62.4M | 0.87% | 64,025,000 Principal | +14.4% |
| 22 | – | SEA LTD Bond | $62.1M | 0.86% | 62,567,000 Principal | +30.7% |
| 23 | – | ETSY INC Bond | $61.2M | 0.85% | 66,836,000 Principal | +9.2% |
| 24 | SE | SEA LTD | $60.9M | 0.85% | 635,443 | new |
| 25 | LILAK | LIBERTY LATIN AMERICA LTD | $58.9M | 0.82% | 7,559,083 | +31.5% |
| 26 | – | ENPHASE ENERGY INC Bond | $57.6M | 0.80% | 61,820,000 Principal | +9.2% |
| 27 | – | DEXCOM INC Bond | $57.1M | 0.79% | 61,148,000 Principal | +51.3% |
| 28 | BLCO | BAUSCH LOMB CORP | $57.0M | 0.79% | 3,441,042 | +1.7% |
| 29 | VSAT | VIASAT INC | $56.6M | 0.79% | 630,280 | new |
| 30 | – | ECHOSTAR CORP Bond | $56.3M | 0.78% | 18,000,001 Principal | unchanged |
| 31 | – | MARRIOTT VACATIONS WORLDWIDE CORP Bond | $56.0M | 0.78% | 56,893,000 Principal | +9.2% |
| 32 | – | DRAFTKINGS INC Bond | $54.5M | 0.76% | 58,501,000 Principal | +31.9% |
| 33 | – | CONMED CORP Bond | $52.5M | 0.73% | 53,645,000 Principal | +48.2% |
| 34 | MMYT | MAKEMYTRIP LTD | $52.4M | 0.73% | 983,068 | new |
| 35 | – | RIOT PLATFORMS INC Bond | $52.3M | 0.73% | 26,000,000 Principal | -67.4% |
| 36 | – | TELADOC HEALTH INC Bond | $52.3M | 0.73% | 53,624,000 Principal | +62.2% |
| 37 | – | BENTLEY SYSTEMS INC Bond | $52.2M | 0.72% | 54,264,000 Principal | +15.5% |
| 38 | MATW | MATTHEWS INTERNATIONAL CORP | $51.8M | 0.72% | 1,925,992 | new |
| 39 | XP | XP INC | $50.7M | 0.70% | 3,116,809 | -1.7% |
| 40 | – | UNITY SOFTWARE INC Bond | $48.6M | 0.68% | 49,426,000 Principal | +37.5% |
| 41 | – | FIVE9 INC Bond | $47.4M | 0.66% | 53,306,000 Principal | +145.2% |
| 42 | LYB | LYONDELLBASELL INDUSTRIES NV Put option | $47.4M | 0.66% | 900,000 | +80.0% |
| 43 | – | SHIFT4 PAYMENTS INC Bond | $46.3M | 0.64% | 48,444,000 Principal | +77.6% |
| 44 | YPF | YPF SA | $45.1M | 0.63% | 991,346 | +11.8% |
| 45 | TAC | TRANSALTA CORP | $41.5M | 0.58% | 3,000,000 | -53.2% |
| 46 | VC | VISTEON CORP Put option | $39.7M | 0.55% | 400,000 | new |
| 47 | RWAY | RUNWAY GROWTH FINANCE CORP | $39.4M | 0.55% | 7,029,667 | unchanged |
| 48 | – | ENOVIS CORP Bond | $37.8M | 0.52% | 39,207,000 Principal | new |
| 49 | – | AMPHASTAR PHARMACEUTICALS INC Bond | $37.2M | 0.52% | 40,880,000 Principal | +7.5% |
| 50 | – | AFFIRM HOLDINGS INC Bond | $34.3M | 0.48% | 34,815,000 Principal | +201.8% |
| 51 | – | ARRAY TECHNOLOGIES INC Bond | $31.6M | 0.44% | 33,985,000 Principal | +9.5% |
| 52 | ERJ | EMBRAER SA | $28.1M | 0.39% | 439,706 | -1.8% |
| 53 | – | SNAP INC Bond | $26.7M | 0.37% | 28,018,000 Principal | +41.9% |
| 54 | USM | ARRAY DIGITAL INFRASTRUCTURE INC | $25.3M | 0.35% | 696,858 | -3.8% |
| 55 | – | RICE ACQUISITION CORP 3 | $25.2M | 0.35% | 2,400,000 | unchanged |
| 56 | SHAZ | SHARONAI HOLDINGS INC | $24.5M | 0.34% | 289,456 | -71.1% |
| 57 | – | SPECTRUM BRANDS HOLDINGS INC Bond | $24.5M | 0.34% | 23,452,000 Principal | -10.2% |
| 58 | TX | TERNIUM SA | $24.4M | 0.34% | 572,324 | -1.8% |
| 59 | QMCO | QUANTUM CORP | $22.1M | 0.31% | 2,011,678 | new |
| 60 | – | WINNEBAGO INDUSTRIES INC Bond | $18.7M | 0.26% | 20,074,000 Principal | +114.1% |
| 61 | – | BLOCK INC Bond | $17.1M | 0.24% | 17,983,000 Principal | +63.7% |
| 62 | – | SNAP INC Bond | $16.1M | 0.22% | 17,474,000 Principal | +191.2% |
| 63 | SMPL | SIMPLY GOOD FOODS CO/THE | $16.0M | 0.22% | 1,203,889 | +6.6% |
| 64 | – | COGENT BIOSCIENCES INC Bond | $14.8M | 0.21% | 11,890,000 Principal | +16.3% |
| 65 | SGRY | SURGERY PARTNERS INC | $14.5M | 0.20% | 862,588 | new |
| 66 | – | BLACKSTONE MORTGAGE TRUST INC Bond | $14.1M | 0.20% | 14,064,000 Principal | +8.5% |
| 67 | – | UPWORK INC Bond | $14.0M | 0.20% | 14,154,000 Principal | +13.2% |
| 68 | – | WORKIVA INC Bond | $14.0M | 0.20% | 14,970,000 Principal | new |
| 69 | – | ETSY INC Bond | $13.9M | 0.19% | 11,974,000 Principal | new |
| 70 | – | REDFIN CORP Bond | $13.5M | 0.19% | 14,041,000 Principal | +52.7% |
| 71 | – | STARWOOD PROPERTY TRUST INC Bond | $12.1M | 0.17% | 11,894,933 Principal | new |
| 72 | BTDR | BITDEER TECHNOLOGIES GROUP Call option | $11.9M | 0.17% | 750,000 | new |
| 73 | – | SNOWFLAKE INC Bond | $11.9M | 0.17% | 7,147,000 Principal | +346.7% |
| 74 | – | NABORS INDUSTRIES LTD Bond | $11.3M | 0.16% | 11,880,000 Principal | -26.4% |
| 75 | – | AEROVIRONMENT INC Bond | $11.3M | 0.16% | 11,799,000 Principal | +14.4% |
| 76 | – | ITRON INC Bond | $11.2M | 0.16% | 11,216,000 Principal | +8.4% |
| 77 | – | ZIFF DAVIS INC Bond | $11.1M | 0.15% | 11,230,000 Principal | +11.3% |
| 78 | MFGCD | MAYFAIR GOLD CORP | $11.1M | 0.15% | 4,500,000 | unchanged |
| 79 | – | ARROWHEAD PHARMACEUTICALS INC Bond | $11.0M | 0.15% | 9,146,000 Principal | -17.3% |
| 80 | MOON.V | BLUE MOON METALS INC | $10.7M | 0.15% | 1,685,000 | unchanged |
| 81 | – | ENVISTA HOLDINGS CORP Bond | $10.3M | 0.14% | 10,206,000 Principal | -36.1% |
| 82 | – | CLOUDFLARE INC Bond | $10.2M | 0.14% | 8,050,000 Principal | new |
| 83 | – | RAPID7 INC Bond | $9.7M | 0.14% | 10,061,000 Principal | +503.2% |
| 84 | – | FRESHPET INC Bond | $9.2M | 0.13% | 7,913,000 Principal | new |
| 85 | – | ALPHATEC HOLDINGS INC Bond | $9.1M | 0.13% | 9,177,000 Principal | new |
| 86 | SMRT | SMARTRENT INC | $8.9M | 0.12% | 7,505,294 | unchanged |
| 87 | – | UPSTART HOLDINGS INC Bond | $8.3M | 0.12% | 8,312,000 Principal | +70.7% |
| 88 | – | SITIME CORP Bond | $8.1M | 0.11% | 7,300,000 Principal | new |
| 89 | – | REDWOOD TRUST INC Bond | $8.0M | 0.11% | 7,881,000 Principal | -4.4% |
| 90 | – | DOORDASH INC Bond | $8.0M | 0.11% | 8,089,000 Principal | new |
| 91 | – | JD.COM INC Bond | $7.9M | 0.11% | 8,065,000 Principal | -27.0% |
| 92 | – | ALARM.COM HOLDINGS INC Bond | $7.8M | 0.11% | 8,171,000 Principal | +710.6% |
| 93 | – | PENNYMAC MORTGAGE INVESTMENT TRUST Bond | $7.3M | 0.10% | 7,101,000 Principal | +78.8% |
| 94 | – | CERENCE INC Bond | $7.2M | 0.10% | 7,887,000 Principal | +32.7% |
| 95 | – | CELCUITY INC Bond | $7.1M | 0.10% | 6,250,000 Principal | new |
| 96 | MX | MAGNACHIP SEMICONDUCTOR CORP | $7.1M | 0.10% | 1,500,000 | -47.4% |
| 97 | – | WORKIVA INC Bond | $7.1M | 0.10% | 7,100,000 Principal | new |
| 98 | – | CRACKER BARREL OLD COUNTRY STORE INC Bond | $6.9M | 0.10% | 6,708,000 Principal | new |
| 99 | – | ETSY INC Bond | $6.9M | 0.10% | 7,233,000 Principal | new |
| 100 | – | PAGERDUTY INC Bond | $6.7M | 0.09% | 7,125,000 Principal | +20.1% |
| 45 more positions (together 1.8% of the portfolio) | ||||||
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance. For bonds (flagged “Bond”) the quantity column carries the principal amount rather than a share count.
About Howard Marks
Howard Marks co-founded Oaktree Capital Management in 1995 and has spent three decades building one of the world's leading credit investors, with a deep specialty in distressed debt and high-yield bonds. He's best known outside credit circles for his memos — candid, widely-read notes on markets and psychology that Warren Buffett has said he drops everything to read. Marks built his reputation on a simple but hard-to-execute idea: you can't predict where markets are headed, but you can figure out where you stand in the cycle and position accordingly. His books, The Most Important Thing and Mastering the Market Cycle, lay out what he calls second-level thinking — reasoning past the consensus rather than with it.
Here's the catch for this page: Oaktree's real business runs on credit, not public stocks. Distressed debt, high-yield bonds, and private credit make up the bulk of what the firm manages, and none of that shows up in an SEC Form 13F — the quarterly disclosure institutional investors with over $100 million in assets must file with US regulators. A 13F only captures US-listed long equity positions, arrives up to 45 days after quarter-end, and skips bonds, credit, short positions, and returns entirely. What you see in the table above is a narrow, equity-only slice of Oaktree's holdings, not the full picture of how Marks and his team actually invest.
Frequently Asked Questions
Through Oaktree Capital, Howard Marks holds a relatively small number of US stocks, often tied to cyclical industries or companies that have gone through restructuring — a natural extension of Oaktree's credit and distressed-investing focus. The table above shows the complete, current list of holdings and their weightings, based on the most recently reported filing.
Oaktree's latest reported buys and sells are shown directly in the portfolio table on this page, updated each time a new SEC filing is processed. Because 13F filings are only submitted quarterly and can be published up to 45 days after quarter-end, they always reflect a past snapshot rather than real-time trading.
Howard Marks built his approach around understanding market cycles and what he calls second-level thinking — reasoning differently and more deeply than the crowd. Rather than forecasting, he emphasizes risk awareness, patience, and contrarian discipline: leaning in when fear drives prices down, and pulling back when euphoria pushes them up.
A 13F filing, formally SEC Form 13F, is a quarterly disclosure that institutional investment managers overseeing more than $100 million must file with the US Securities and Exchange Commission. It lists only US-listed long equity positions as of quarter-end, is published up to 45 days later, and excludes bonds, credit, short positions, and performance figures.
Because Oaktree is fundamentally a credit investor: most of its assets under management sit in distressed debt, high-yield bonds, and private credit funds — none of which fall under 13F disclosure rules, which apply only to US equities. The stock positions shown on this page are a narrow slice of Oaktree's actual business, not the whole picture.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.