Howl / Investor portfolios / Howard Marks

Howard Marks portfolio

Oaktree Capital Management

Co-founder of Oaktree Capital, a leader in distressed-debt and value investing, known for his widely read memos.

Oaktree Capital Management's 13F for the quarter ending Jun 30, 2026 (filed Aug 14, 2026) reports 145 positions worth $7.2B. The largest are State Street SPDR S&P 500 ETF Trust (14.0%), Invesco QQQ Trust (9.0%), Torm plc (7.3%). The top five make up 41% of the reported portfolio.

Since their last filing

Their stocks
+4.2%
since Jun 30, 2026
S&P 500
+3.6%
same period
Priced
46
positions, as of Oct 8, 2026

How the stocks in this filing have moved since its quarter ended, weighted by position size. This is not the fund's own return: a 13F leaves out cash, short positions and anything bought or sold since.

Biggest movers

  • TRMDTORM PLC+53.7%
  • GTXGARRETT MOTION INC−28.9%
  • CORZCore Scientific, Inc.−40.0%
  • XPXP INC+85.8%

What changed in Q2 2026

Compared with the previous 13F. Sorted by how much the share count changed, not by position size.

New 40

SPY State Street SPDR S&P 500 ETF Trust (put options)New position0% to 14.0%
SE Sea LimitedNew position0% to 0.8%
VSAT Viasat IncNew position0% to 0.8%
MMYT Makemytrip LtdNew position0% to 0.7%
MATW Matthews International CorpNew position0% to 0.7%
VC Visteon Corp (put options)New position0% to 0.6%
Enovis CorpNew position0% to 0.5%
QMCO Quantum CorpNew position0% to 0.3%
SGRY Surgery Partners IncNew position0% to 0.2%
Etsy IncNew position0% to 0.2%
Workiva IncNew position0% to 0.2%
BTDR Bitdeer Technologies Group (call options)New position0% to 0.2%
Starwood Property Trust IncNew position0% to 0.2%
Cloudflare IncNew position0% to 0.1%
Freshpet IncNew position0% to 0.1%

Plus 25 more in the Howl app.

Added 51

Alarm.com Holdings Inc+710.6% shares<0.1% to 0.1%
Rapid7 Inc+503.2% shares<0.1% to 0.1%
BTAI Bioxcel Therapeutics Inc+472.3% shares0.0% to <0.1%
Snowflake Inc+346.7% shares<0.1% to 0.2%
OCSL Oaktree Specialty Lending Corp+325.0% shares0.3% to 1.3%
Affirm Holdings Inc+201.8% shares0.2% to 0.5%
Snap Inc+191.2% shares<0.1% to 0.2%
Gladstone Capital Corp+163.4% shares<0.1% to <0.1%
Rivian Automotive Inc+161.5% shares<0.1% to <0.1%
Haemonetics Corp+149.7% shares<0.1% to <0.1%
Five9 Inc+145.2% shares0.3% to 0.7%
Northern Oil &amp; Gas Inc+130.7% shares<0.1% to <0.1%
Winnebago Industries Inc+114.1% shares0.1% to 0.3%
Bill Holdings Inc+91.5% shares<0.1% to <0.1%
LYB LyondellBasell Industries N.V. (put options)+80.0% shares0.6% to 0.7%

Plus 36 more in the Howl app.

Trimmed 33

STKL Sunopta Inc−99.6% shares2.0% to <0.1%
CX Cemex Sab De Cv−96.4% shares0.5% to <0.1%
TEO Telecom Argentina SA−92.8% shares0.3% to <0.1%
Datadog Inc−81.8% shares0.1% to <0.1%
Neogenomics Inc−81.3% shares<0.1% to <0.1%
Snap Inc−76.7% shares<0.1% to <0.1%
SHAZ Sharonai Holdings Inc−71.1% shares0.3% to 0.3%
Nutanix Inc−71.1% shares0.1% to <0.1%
Riot Platforms Inc−67.4% shares1.4% to 0.7%
Mgp Ingredients Inc−59.8% shares<0.1% to <0.1%
ALVO Alvotech SA−59.2% shares<0.1% to <0.1%
Strategy Inc−54.9% shares0.1% to <0.1%
TAC TransAlta Corporation−53.2% shares1.3% to 0.6%
Akamai Technologies Inc−51.3% shares<0.1% to <0.1%
GTX Garrett Motion Inc−48.0% shares4.0% to 3.8%

Plus 18 more in the Howl app.

Sold out 42

XOP State Street Spdr S&amp;p Oil &amp; Gas Exploration &amp; Production ETF (put options)Sold outwas 2.8% of portfolio
PBR Petroleo Brasileiro SA - PetrobrasSold outwas 1.9% of portfolio
Jetblue Airways CorpSold outwas 1.4% of portfolio
NOK Nokia OyjSold outwas 1.4% of portfolio
CBL Cbl &amp; Associates Properties IncSold outwas 1.3% of portfolio
American Water Capital CorpSold outwas 0.8% of portfolio
Coinbase Global IncSold outwas 0.8% of portfolio
CRDO Credo Technology Group Holding LtdSold outwas 0.8% of portfolio
TLN Talen Energy Corp (call options)Sold outwas 0.7% of portfolio
Okta IncSold outwas 0.7% of portfolio
Q2 Holdings IncSold outwas 0.6% of portfolio
Block IncSold outwas 0.6% of portfolio
Progress Software CorpSold outwas 0.6% of portfolio
ECVT Ecovyst IncSold outwas 0.5% of portfolio
Cracker Barrel Old Country Store IncSold outwas 0.4% of portfolio

Plus 27 more in the Howl app.

Holdings

#StockWeightValueShares vs last quarter
1SPY State Street SPDR S&P 500 ETF Trust (put options)14.0%$1.0BNew
2QQQ Invesco QQQ Trust (put options)9.0%$651.7M+55.3%
3TRMD Torm plc7.3%$524.3M−14.7%
4EXE Expand Energy Corp6.6%$477.6MNo change
5GTX Garrett Motion Inc3.8%$275.2M−48.0%
6AU Anglogold Ashanti plc3.6%$257.2M−1.4%
7INDV Indivior Pharmaceuticals Inc3.5%$251.4M−12.3%
8TDS Telephone And Data Systems Inc2.7%$195.5M+23.1%
9VNOM Viper Energy Inc2.2%$160.8MNo change
10CORZ Core Scientific, Inc. (call options)1.8%$128.0M+42.9%
11TLN Talen Energy Corp1.8%$127.2MNo change
12CORZ Core Scientific, Inc.1.8%$127.8M−46.6%
13B Barrick Mining Corp1.6%$117.8M+22.1%
14ITUB Itau Unibanco Holding SA1.4%$97.9M−1.7%
15LBTYA Liberty Global Ltd1.4%$97.2MNo change
16OCSL Oaktree Specialty Lending Corp1.3%$94.0M+325.0%
17FCX Freeport-McMoRan Inc.1.1%$75.5M−1.6%
18AERO Grupo Aeromexico Sab De Cv1.0%$71.4MNo change
19KRC Kilroy Realty Corp1.0%$69.3MNo change
20 Pebblebrook Hotel Trust0.9%$63.1M+10.0%
21 Biomarin Pharmaceutical Inc0.9%$62.4M+14.4%
22 Sea Ltd0.9%$62.1M+30.7%
23 Etsy Inc0.8%$61.2M+9.2%
24SE Sea Limited0.8%$60.9MNew
25LILAK Liberty Latin America Ltd0.8%$58.9M+31.5%
26 Enphase Energy Inc0.8%$57.6M+9.2%
27BLCO Bausch Lomb Corp0.8%$57.0M+1.7%
28VSAT Viasat Inc0.8%$56.6MNew
29 Dexcom Inc0.8%$57.1M+51.3%
30 Echostar Corp0.8%$56.3MNo change
31 Marriott Vacations Worldwide Corp0.8%$56.0M+9.2%
32 Draftkings Inc0.8%$54.5M+31.9%
33 Conmed Corp0.7%$52.5M+48.2%
34 Teladoc Health Inc0.7%$52.3M+62.2%
35 Riot Platforms Inc0.7%$52.3M−67.4%
36MMYT Makemytrip Ltd0.7%$52.4MNew
37 Bentley Systems Inc0.7%$52.2M+15.5%
38MATW Matthews International Corp0.7%$51.8MNew
39XP Xp Inc0.7%$50.7M−1.7%
40 Unity Software Inc0.7%$48.6M+37.5%
41 Five9 Inc0.7%$47.4M+145.2%
42LYB LyondellBasell Industries N.V. (put options)0.7%$47.4M+80.0%
43 Shift4 Payments Inc0.6%$46.3M+77.6%
44YPF Ypf SA0.6%$45.1M+11.8%
45TAC TransAlta Corporation0.6%$41.5M−53.2%
46RWAY Runway Growth Finance Corp0.6%$39.4MNo change
47VC Visteon Corp (put options)0.6%$39.7MNew
48 Amphastar Pharmaceuticals Inc0.5%$37.2M+7.5%
49 Enovis Corp0.5%$37.8MNew
50 Affirm Holdings Inc0.5%$34.3M+201.8%
51 Array Technologies Inc0.4%$31.6M+9.5%
52EMBJ Embraer SA0.4%$28.1M−1.8%
53 Snap Inc0.4%$26.7M+41.9%
54KRSP Rice Acquisition Corp 30.3%$25.2MNo change
55AD Array Digital Infrastructure Inc0.3%$25.3M−3.8%
56SHAZ Sharonai Holdings Inc0.3%$24.5M−71.1%
57 Spectrum Brands Holdings Inc0.3%$24.5M−10.2%
58TX Ternium SA0.3%$24.4M−1.8%
59QMCO Quantum Corp0.3%$22.1MNew
60 Winnebago Industries Inc0.3%$18.7M+114.1%
61 Block Inc0.2%$17.1M+63.7%
62SMPL Simply Good Foods Co/the0.2%$16.0M+6.6%
63 Snap Inc0.2%$16.1M+191.2%
64 Blackstone Mortgage Trust Inc0.2%$14.1M+8.5%
65SGRY Surgery Partners Inc0.2%$14.5MNew
66 Cogent Biosciences Inc0.2%$14.8M+16.3%
67 Upwork Inc0.2%$14.0M+13.2%
68 Etsy Inc0.2%$13.9MNew
69 Workiva Inc0.2%$14.0MNew
70 Redfin Corp0.2%$13.5M+52.7%
71BTDR Bitdeer Technologies Group (call options)0.2%$11.9MNew
72 Starwood Property Trust Inc0.2%$12.1MNew
73 Snowflake Inc0.2%$11.9M+346.7%
74 Aerovironment Inc0.2%$11.3M+14.4%
75 Itron Inc0.2%$11.2M+8.4%
76 Nabors Industries Ltd0.2%$11.3M−26.4%
77 Ziff Davis Inc0.1%$11.1M+11.3%
78 Arrowhead Pharmaceuticals Inc0.1%$11.0M−17.3%
79BMM Blue Moon Metals Inc0.1%$10.7MNo change
80MINE Mayfair Gold Corp0.1%$11.1MNo change
81 Envista Holdings Corp0.1%$10.3M−36.1%
82 Cloudflare Inc0.1%$10.2MNew
83 Rapid7 Inc0.1%$9.7M+503.2%
84 Freshpet Inc0.1%$9.2MNew
85 Alphatec Holdings Inc0.1%$9.1MNew
86SMRT Smartrent Inc0.1%$8.9MNo change
87 Sitime Corp0.1%$8.1MNew
88 Jd.com Inc0.1%$7.9M−27.0%
89 Alarm.com Holdings Inc0.1%$7.8M+710.6%
90 Upstart Holdings Inc0.1%$8.3M+70.7%
91 Doordash Inc0.1%$8.0MNew
92 Redwood Trust Inc0.1%$8.0M−4.4%
93MX Magnachip Semiconductor Corp0.1%$7.1M−47.4%
94 Workiva Inc0.1%$7.1MNew
95 Celcuity Inc0.1%$7.1MNew
96 Etsy Inc0.1%$6.9MNew
97 Cerence Inc0.1%$7.2M+32.7%
98 Pennymac Mortgage Investment Trust0.1%$7.3M+78.8%
99 Cracker Barrel Old Country Store Inc0.1%$6.9MNew
100 Bill Holdings Inc<0.1%$6.1M+91.5%

Showing the 100 largest of 145 positions. The full list is in the Howl app.

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Questions

What does Howard Marks own?

As of the 13F for Jun 30, 2026, Oaktree Capital Management's largest holdings were State Street SPDR S&P 500 ETF Trust (14.0%), Invesco QQQ Trust (9.0%), Torm plc (7.3%), Expand Energy Corp (6.6%), Garrett Motion Inc (3.8%).

What did Howard Marks buy last quarter?

New positions: State Street SPDR S&P 500 ETF Trust, Sea Limited, Viasat Inc, Makemytrip Ltd, Matthews International Corp. Biggest additions by share count: Alarm.com Holdings Inc, Rapid7 Inc, Bioxcel Therapeutics Inc, Snowflake Inc, Oaktree Specialty Lending Corp.

What did Howard Marks sell last quarter?

Sold out of: State Street Spdr S&amp;p Oil &amp; Gas Exploration &amp; Production ETF, Petroleo Brasileiro SA - Petrobras, Jetblue Airways Corp, Nokia Oyj, Cbl &amp; Associates Properties Inc. Biggest reductions by share count: Sunopta Inc, Cemex Sab De Cv, Telecom Argentina SA, Datadog Inc, Neogenomics Inc.

When is Howard Marks's next 13F filing?

Funds file a 13F within 45 days after each quarter ends. The next one, covering the quarter ending Sep 30, 2026, is due by Nov 14, 2026.

What doesn't a 13F show?

A 13F lists US-listed stocks and options a fund held on the last day of the quarter. It leaves out cash, short positions, bonds, most non-US stocks, and any trading since the quarter ended.

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