Howard Marks portfolio

Oaktree Capital Management · 13F for Q2 2026, filed Aug 14, 2026

Oaktree Capital Management, the firm Howard Marks co-founded, reported 145 positions worth $7.2B as of Jun 30, 2026. The largest were SPDR S&P 500 Etf Trust puts (14.0%), Invesco Qqq Trust, Series 1 puts (9.0%) and TORM plc (7.3%). Against Q1 2026: 40 new, 51 added to, 28 reduced, 42 sold out.

The filing on sec.gov · Every fund · What a 13F shows

Reported value: $7.2Bas of Jun 30
Positions: 14540 new, 42 sold out
Largest position: SPY14.0% of the portfolio
Top 10 positions: 55%of reported value
In options: 26%puts and calls, at reported value

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What Howard Marks bought

Largest 8 of 91

Position	Change	Value
SPYSPDR S&P 500 Etf Trust · Put options	New	$1.0B
QQQInvesco Qqq Trust, Series 1 · Put options	+55.3%	$232M
OCSLOaktree Specialty Lending Corp	+325.0%	$71.9M
Sea Ltd-Adr	New	$60.9M
VSATViasat Inc	New	$56.6M
MMYTMakeMyTrip Ltd	New	$52.4M
MATWMatthews International Corp	New	$51.8M
VCVisteon Corp · Put options	New	$39.7M

What Howard Marks sold

Largest 8 of 70

Position	Change	Value
Ss SPDR S&P Og Exp & ProdPut options	Closed	$182M
PBRPetrobras - Petroleo Brasileiro Sa	Sold out	$126M
Sunopta Inc	−99.6%	$113M
Riot Platforms IncBonds	−67.4%	$108M
Jetblue Airways CorpBonds	Sold out	$94.8M
TRMDTORM plc	−14.7%	$90.5M
NOKNokia Corp	Sold out	$90.1M
CBLCBL & Associates Properties Inc	Sold out	$82.8M

Every position, largest first

145 positions, Q2 2026

#	Position	Portfolio	Value	Shares	Change
1	SPYSPDR S&P 500 Etf Trust · Put options	14.0%	$1.0B	1,355,000	New
2	QQQInvesco Qqq Trust, Series 1 · Put options	9.04%	$652M	885,000	+55.3%
3	TRMDTORM plc	7.28%	$524M	20,329,874	−14.7%
4	EXEEXPAND ENERGY Corp	6.63%	$478M	5,237,477	No change
5	GTXGarrett Motion Inc.	3.82%	$275M	7,594,816	Not compared
6	AUAngloGold Ashanti PLC	3.57%	$257M	3,179,092	−1.4%
7	INDVIndivior Pharmaceuticals, Inc.	3.49%	$251M	6,127,212	−12.3%
8	TDSTelephone & Data Systems Inc	2.71%	$196M	5,282,905	+23.1%
9	VNOMViper Energy, Inc.	2.23%	$161M	3,791,432	No change
10	CORZCore Scientific, Inc. · Call options	1.78%	$128M	5,000,000	+42.9%
11	CORZCore Scientific, Inc.	1.77%	$128M	4,993,708	Not compared
12	TLNTalen Energy Corp	1.77%	$127M	331,117	No change
13	BBarrick Mining Corp	1.63%	$118M	3,206,087	+22.1%
14	ITUBItau Unibanco Holding S.A.	1.36%	$97.9M	11,977,665	−1.7%
15	LBTYALiberty Global Ltd.	1.35%	$97.2M	8,551,191	No change
16	OCSLOaktree Specialty Lending Corp	1.30%	$94.0M	7,872,199	+325.0%
17	FCXFreeport-Mcmoran Inc	1.05%	$75.5M	1,201,122	−1.6%
18	AEROGrupo Aeromexico, S.A.B. de C.V.	0.99%	$71.4M	3,968,686	No change
19	KRCKilroy Realty Corp	0.96%	$69.3M	1,850,011	No change
20	Pebblebrook Hotel TrustBonds	0.88%	$63.1M	63,534,000	+10.0%
21	Biomarin PharmaceuticalBonds	0.87%	$62.4M	64,025,000	+14.4%
22	Sea LtdBonds	0.86%	$62.1M	62,567,000	+30.7%
23	Etsy IncBonds	0.85%	$61.2M	66,836,000	+9.2%
24	Sea Ltd-Adr	0.85%	$60.9M	635,443	New
25	LILAKLiberty Latin America Ltd.	0.82%	$58.9M	7,559,083	+31.5%

120 more positions

#	Position	Portfolio	Value	Shares	Change
26	Enphase Energy IncBonds	0.80%	$57.6M	61,820,000	+9.2%
27	Dexcom IncBonds	0.79%	$57.1M	61,148,000	+51.3%
28	BLCOBausch & Lomb Corp	0.79%	$57.0M	3,441,042	+1.7%
29	VSATViasat Inc	0.79%	$56.6M	630,280	New
30	Echostar CorpBonds	0.78%	$56.3M	18,000,001	No change
31	Marriott Vacation WorldwBonds	0.78%	$56.0M	56,893,000	+9.2%
32	Draftkings Holdings IncBonds	0.76%	$54.5M	58,501,000	+31.9%
33	Conmed CorpBonds	0.73%	$52.5M	53,645,000	+48.2%
34	MMYTMakeMyTrip Ltd	0.73%	$52.4M	983,068	New
35	Riot Platforms IncBonds	0.73%	$52.3M	26,000,000	−67.4%
36	Teladoc Health IncBonds	0.73%	$52.3M	53,624,000	+62.1%
37	Bentley SystemsBonds	0.72%	$52.2M	54,264,000	+15.5%
38	MATWMatthews International Corp	0.72%	$51.8M	1,925,992	New
39	XPXP Inc.	0.70%	$50.7M	3,116,809	−1.7%
40	Unity Software IncBonds	0.67%	$48.6M	49,426,000	+37.5%
41	Five9 IncBonds	0.66%	$47.4M	53,306,000	+145.2%
42	LYBLyondellBasell Industries N.V. · Put options	0.66%	$47.4M	900,000	+80.0%
43	Shift4 Payments IncBonds	0.64%	$46.3M	48,444,000	+77.6%
44	YPFYPF Sociedad Anonima	0.63%	$45.1M	991,346	+11.8%
45	TACTransalta Corp	0.58%	$41.5M	3,000,000	−53.2%
46	VCVisteon Corp · Put options	0.55%	$39.7M	400,000	New
47	RWAYRunway Growth Finance Corp.	0.55%	$39.4M	7,029,667	No change
48	Enovis CorpBonds	0.52%	$37.8M	39,207,000	New
49	Amphastar PharmaceuticalBonds	0.52%	$37.2M	40,880,000	+7.5%
50	Affirm Holdings IncBonds	0.48%	$34.3M	34,815,000	+201.8%
51	Array Technologies IncBonds	0.44%	$31.6M	33,985,000	+9.5%
52	EMBJEmbraer S.A.	0.39%	$28.1M	439,706	−1.8%
53	Snap IncBonds	0.37%	$26.7M	28,018,000	+41.9%
54	ADArray Digital Infrastructure, Inc.	0.35%	$25.3M	696,858	−3.8%
55	KRSPRice Acquisition Corp 3	0.35%	$25.2M	2,400,000	No change
56	SHAZSharonAI Holdings Inc.	0.34%	$24.5M	289,456	Not compared
57	Spectrum Brands IncBonds	0.34%	$24.5M	23,452,000	−10.2%
58	TXTernium S.A.	0.34%	$24.4M	572,324	−1.8%
59	QMCOQuantum Corp	0.31%	$22.1M	2,011,678	New
60	Winnebago IndustriesBonds	0.26%	$18.7M	20,074,000	+114.1%
61	Block IncBonds	0.24%	$17.1M	17,983,000	+63.8%
62	Snap IncBonds	0.22%	$16.1M	17,474,000	+191.2%
63	SMPLSimply Good Foods Co	0.22%	$16.0M	1,203,889	+6.6%
64	Cogent Biosciences IncBonds	0.20%	$14.8M	11,890,000	+16.3%
65	SGRYSurgery Partners, Inc.	0.20%	$14.5M	862,588	New
66	Blackstone Mortgage TrBonds	0.20%	$14.1M	14,064,000	+8.5%
67	Upwork IncBonds	0.19%	$14.0M	14,154,000	+13.2%
68	Workiva IncBonds	0.19%	$14.0M	14,970,000	New
69	Etsy IncBonds	0.19%	$13.9M	11,974,000	New
70	Redfin CorpBonds	0.19%	$13.5M	14,041,000	+52.7%
71	Starwood Property TrustBonds	0.17%	$12.1M	11,894,933	New
72	BTDRBitdeer Technologies Group · Call options	0.17%	$11.9M	750,000	New
73	Snowflake IncBonds	0.17%	$11.9M	7,147,000	+346.7%
74	Nabors Industries IncBonds	0.16%	$11.3M	11,880,000	−26.4%
75	Aerovironment IncBonds	0.16%	$11.3M	11,799,000	+14.4%
76	Itron IncBonds	0.16%	$11.2M	11,216,000	+8.4%
77	Ziff Davis IncBonds	0.15%	$11.1M	11,230,000	+11.3%
78	MINEMayfair Gold Corp.	0.15%	$11.1M	4,500,000	No change
79	Arrowhead Research CorpBonds	0.15%	$11.0M	9,146,000	−17.3%
80	BMMBlue Moon Metals Inc.	0.15%	$10.7M	1,685,000	No change
81	Envista Holdings CorpBonds	0.14%	$10.3M	10,206,000	−36.1%
82	Cloudflare IncBonds	0.14%	$10.2M	8,050,000	New
83	Rapid7 IncBonds	0.13%	$9.7M	10,061,000	+503.2%
84	Freshpet IncBonds	0.13%	$9.2M	7,913,000	New
85	Alphatec Holdings IncBonds	0.13%	$9.1M	9,177,000	New
86	SMRTSmartRent, Inc.	0.12%	$8.9M	7,505,294	No change
87	Upstart Holdings IncBonds	0.11%	$8.3M	8,312,000	+70.7%
88	Sitime CorpBonds	0.11%	$8.1M	7,300,000	New
89	Redwood Trust IncBonds	0.11%	$8.0M	7,881,000	−4.4%
90	Doordash IncBonds	0.11%	$8.0M	8,089,000	New
91	Jd.com IncBonds	0.11%	$7.9M	8,065,000	−27.0%
92	Alarm.com Hldgs IncBonds	0.11%	$7.8M	8,171,000	+710.6%
93	Pennymac CorpBonds	0.10%	$7.3M	7,101,000	+78.8%
94	Cerence IncBonds	0.10%	$7.2M	7,887,000	+32.7%
95	Celcuity IncBonds	0.10%	$7.1M	6,250,000	New
96	MXMAGNACHIP SEMICONDUCTOR Corp	0.10%	$7.1M	1,500,000	Not compared
97	Workiva IncBonds	0.10%	$7.1M	7,100,000	New
98	Cracker Barrel Old Country Store IncBonds	0.10%	$6.9M	6,708,000	New
99	Etsy IncBonds	0.10%	$6.9M	7,233,000	New
100	Pagerduty Inc.Bonds	0.09%	$6.7M	7,125,000	+20.1%
101	LILALiberty Latin America Ltd.	0.09%	$6.6M	839,020	No change
102	Sarepta Therapeutics IncBonds	0.09%	$6.3M	6,709,000	New
103	Lci IndustriesBonds	0.09%	$6.3M	5,650,000	New
104	Uber Technologies IncBonds	0.09%	$6.2M	5,400,000	New
105	Bill Holdings IncBonds	0.09%	$6.1M	6,330,000	+91.5%
106	Green Plains IncBonds	0.07%	$4.9M	4,998,000	No change
107	Gladstone Capital CorpBonds	0.07%	$4.8M	4,999,000	+163.4%
108	MXMAGNACHIP SEMICONDUCTOR Corp · Call options	0.07%	$4.7M	1,000,000	New
109	Strategy IncBonds	0.07%	$4.7M	5,451,000	−54.9%
110	Firstenergy CorpBonds	0.06%	$4.7M	4,280,000	New
111	Rubrik IncBonds	0.06%	$4.6M	4,504,000	New
112	Northern Oil & Gas IncBonds	0.06%	$4.4M	4,614,000	+130.7%
113	BATLBattalion Oil Corp	0.05%	$3.9M	3,009,912	No change
114	Dpc Holdings Ltd	0.05%	$3.7M	75,000	New
115	Rivian Auto IncBonds	0.05%	$3.6M	3,400,000	+161.5%
116	Ziff Davis IncBonds	0.05%	$3.5M	3,496,000	No change
117	Transmedics Group IncBonds	0.05%	$3.4M	3,131,000	New
118	Service Pptys Tr	0.05%	$3.4M	1,988,382	New
119	Wec Energy Group IncBonds	0.05%	$3.3M	3,214,000	New
120	Akamai Technologies IncBonds	0.04%	$3.1M	2,631,000	−51.3%
121	Ncl Corporation LtdBonds	0.04%	$2.8M	2,874,000	New
122	Nutanix IncBonds	0.03%	$2.5M	2,200,000	−71.0%
123	Mgp Ingredients IncBonds	0.03%	$2.5M	2,515,000	−59.8%
124	Uber Technologies IncBonds	0.03%	$2.4M	2,000,000	No change
125	Live Nation EntertainmenBonds	0.03%	$2.2M	1,813,000	No change
126	Haemonetics CorpBonds	0.03%	$2.1M	2,090,000	+149.7%
127	Datadog IncBonds	0.03%	$2.0M	1,400,000	−81.8%
128	BTAIBioXcel Therapeutics, Inc.	0.03%	$1.9M	1,380,248	+472.3%
129	NNBRNN Inc	0.03%	$1.8M	510,943	New
130	Fluor CorpBonds	0.02%	$1.7M	1,271,000	−7.3%
131	Groupon IncBonds	0.02%	$1.7M	1,677,000	New
132	On Semiconductor CorpBonds	0.02%	$1.5M	1,250,000	New
133	TEOTelecom Argentina Sa	0.02%	$1.5M	116,105	−92.8%
134	Revolution Medicines IncBonds	0.02%	$1.4M	1,150,000	New
135	CXCemex Sab De Cv	0.02%	$1.2M	100,000	−96.4%
136	ALVOWAlvotech	0.01%	$1.1M	4,666,667	No change
137	Neogenomics IncBonds	0.01%	$980K	1,045,000	−81.3%
138	Alibaba Group HoldingBonds	0.01%	$886K	750,000	New
139	Snap IncBonds	0.01%	$873K	877,000	−76.7%
140	Immunocore HoldingsBonds	0.01%	$766K	833,000	No change
141	Sunopta Inc	0.01%	$406K	74,314	−99.6%
142	Rice Acquisition Corp 3	0.01%	$396K	399,999	No change
143	ALVOAlvotech	0.01%	$362K	97,982	Not compared
144	Shake Shack IncBonds	0.00%	$252K	270,000	New
145	Office Properties Income Trust/Md	0.00%	$184K	10,851	New

What a 13F shows

This is Oaktree Capital Management’s Form 13F for the quarter ended Jun 30, 2026, filed with the SEC on Aug 14, 2026 as OAKTREE CAPITAL MANAGEMENT LP. A 13F lists long positions in US-listed securities on the quarter’s last day: shares, convertible bonds, puts and calls. It does not list short positions, cash, private holdings or most securities listed abroad, and a position may have changed since.

Options are shown as options, never added to the shares of the stock they are written on. A change is the share count against the fund's filing for Q1 2026; the estimated value of a change uses the price the filing's own figures imply. Where a count moved with a stock split, no change is shown.