Howard Marks' portfolio
Distressed debt and credit specialist; concentrated value bias.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- SPYSPY$1.0B
- ViaSatVSAT$57M
- MATWMATW$52M
- VisteonVC$40M
- QMCOQMCO$22M
- Surgery PartnersSGRY$14M
- Bitdeer Technologies Group Class A Ordinary SharesBTDR$12M
- Dpc HoldingsDPC$4M
- NNBRNNBR$2M
- Office Properties Income TruOPI$184,467
Added to
- QQQQQQ$652M
- Barrick MiningB$118M
- Oaktree Specialty LendingOCSL$94M
- Liberty Latin AmericaLILA$65M
- YPF Sociedad AnonimaYPF$45M
- Simply Good FoodsSMPL$16M
- BioXcel TherapeuticsBTAI$2M
Trimmed
- Torm PLC Class ATRMD$524M
- Garrett MotionGTX$275M
- AngloGold AshantiAU$257M
- Indivior PLC Ordinary SharesINDV$251M
- Talen EnergyTLN$127M
- Itau Unibanco Banco Holding SAITUB$98M
- Freeport-McMoran Copper & GoldFCX$76M
- XpXP$51M
- TransAltaTAC$41M
- EmbraerEMBJ$28M
Sold out
None this quarter.
Holdings
54 US-listed positions in the Q2 2026 13F, largest first (top 50 shown; all of them in Investingly).
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| SPYSPY | 17.83% | $1.0B | 1,355,000 | New |
| QQQQQQ | 11.49% | $652M | 885,000 | Added |
| Torm PLC Class ATRMD | 9.24% | $524M | 20,329,874 | Trimmed |
| Expand EnergyEXE | 8.42% | $478M | 5,237,477 | Held |
| Garrett MotionGTX | 4.85% | $275M | 7,594,816 | Trimmed |
| AngloGold AshantiAU | 4.53% | $257M | 3,179,092 | Trimmed |
| Core Scientific | 4.51% | $256M | 9,993,708 | Held |
| Indivior PLC Ordinary SharesINDV | 4.43% | $251M | 6,127,212 | Trimmed |
| Telephone And Data Systems | 3.45% | $196M | 5,282,905 | Held |
| Viper Energy UtVNOM | 2.83% | $161M | 3,791,432 | Held |
| Talen EnergyTLN | 2.24% | $127M | 331,117 | Trimmed |
| Barrick MiningB | 2.08% | $118M | 3,206,087 | Added |
| Itau Unibanco Banco Holding SAITUB | 1.73% | $98M | 11,977,665 | Trimmed |
| Liberty GlobalLBTYA | 1.71% | $97M | 8,551,191 | Held |
| Oaktree Specialty LendingOCSL | 1.66% | $94M | 7,872,199 | Added |
| Freeport-McMoran Copper & GoldFCX | 1.33% | $76M | 1,201,122 | Trimmed |
| Grupo Aeroméxico, S.A.B. de C.V.AERO | 1.26% | $71M | 3,968,686 | Held |
| Kilroy RealtyKRC | 1.22% | $69M | 1,850,011 | Held |
| Liberty Latin AmericaLILA | 1.15% | $65M | 8,398,103 | Added |
| Sea | 1.07% | $61M | 635,443 | Held |
| Bausch Lomb | 1.00% | $57M | 3,441,042 | Held |
| ViaSatVSAT | 1.00% | $57M | 630,280 | New |
| Makemytrip | 0.92% | $52M | 983,068 | Held |
| MATWMATW | 0.91% | $52M | 1,925,992 | New |
| XpXP | 0.89% | $51M | 3,116,809 | Trimmed |
| Lyondellbasell Industries Nv | 0.83% | $47M | 900,000 | Held |
| YPF Sociedad AnonimaYPF | 0.79% | $45M | 991,346 | Added |
| TransAltaTAC | 0.73% | $41M | 3,000,000 | Trimmed |
| VisteonVC | 0.70% | $40M | 400,000 | New |
| RWAYRWAY | 0.69% | $39M | 7,029,667 | Held |
| EmbraerEMBJ | 0.49% | $28M | 439,706 | Trimmed |
| Rice Acquisition Corp 3KRSP | 0.45% | $26M | 2,799,999 | Held |
| Array Digital InfrastructureAD | 0.45% | $25M | 696,858 | Trimmed |
| SHAZSHAZ | 0.43% | $25M | 289,456 | Trimmed |
| Ternium SA ADRTX | 0.43% | $24M | 572,324 | Trimmed |
| QMCOQMCO | 0.39% | $22M | 2,011,678 | New |
| Simply Good FoodsSMPL | 0.28% | $16M | 1,203,889 | Added |
| Surgery PartnersSGRY | 0.26% | $14M | 862,588 | New |
| Bitdeer Technologies Group Class A Ordinary SharesBTDR | 0.21% | $12M | 750,000 | New |
| MXMX | 0.21% | $12M | 2,500,000 | Trimmed |
| MINEMINE | 0.20% | $11M | 4,500,000 | Held |
| Blue Moon MetalsBMM | 0.19% | $11M | 1,685,000 | Held |
| SMRTSMRT | 0.16% | $9M | 7,505,294 | Held |
| Battalion OilBATL | 0.07% | $4M | 3,009,912 | Held |
| Dpc HoldingsDPC | 0.07% | $4M | 75,000 | New |
| Service Properties Trust | 0.06% | $3M | 1,988,382 | Held |
| BioXcel TherapeuticsBTAI | 0.03% | $2M | 1,380,248 | Added |
| NNBRNNBR | 0.03% | $2M | 510,943 | New |
| Telecom Argentina SA ADRTEO | 0.03% | $2M | 116,105 | Trimmed |
| Cemex SAB de CV ADRCX | 0.02% | $1M | 100,000 | Trimmed |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Howard Marks own?
In the Q2 2026 13F, Oaktree Capital Management reported 54 US stock positions worth $5.7B. The largest: SPY (SPY) 17.8%, QQQ (QQQ) 11.5%, Torm PLC Class A (TRMD) 9.2%, Expand Energy (EXE) 8.4%, Garrett Motion (GTX) 4.8%.
What did Howard Marks buy last quarter?
In Q2 2026: new position in SPY (SPY); new position in ViaSat (VSAT); new position in MATW (MATW); added to QQQ (QQQ); added to Barrick Mining (B); added to Oaktree Specialty Lending (OCSL).
When is Howard Marks's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash,
bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.
Photo: kellywritershouse (credits).