Q2 2026 · SEC CIK 0000949509

Howard Marks portfolio

SuperinvestorHedge fundOaktree Capital Management LP filed on 2026-08-14. Open SEC filings ↗

Reported 13F value: $3.8B
Reported positions: 51
Eligible equities: 37
Holdings vs S&P 500, 3 years: -1.3 pts

Average holding period of the top positions: 4.0 yrs. Holdings vs the S&P 500 over 1 and 5 years: +21.0 pts, +2.5 pts.

In its Q2 2026 13F, filed 2026-08-14, Oaktree Capital Management LP reported 51 positions worth $3.8B. Its largest holdings were TORM PLC (TRMD, 13.9%), EXPAND ENERGY CORP (EXE, 12.6%), GARRETT MOTION INC (GTX, 7.3%). Over the last 3 years its top holdings ran 1.3 points a year behind the S&P 500.

Reported holdings in the Q2 2026 13F.

The portfolio weight uses the full reported share-portfolio denominator. Weight changes compare this 13F with the one before it; price moves also change weights, so these are not trade labels. “New” means the position was not in the previous 13F at all; “—” marks a small position the earlier filing data does not cover.

Howard Marks eligible holdings
Stock	% of reported portfolio	Prior quarter	Weight change	Reported shares	Reported value
TRMDTORM PLC	13.9%	15.7%	-1.80 pp	20,329,874	$524.3M
EXEEXPAND ENERGY CORP	12.6%	13.3%	-0.71 pp	5,237,477	$477.6M
GTXGARRETT MOTION INC	7.3%	6.2%	+1.12 pp	7,594,816	$275.2M
INDVINDIVIOR PHARMACEUTICALS INC	6.7%	4.9%	+1.71 pp	6,127,212	$251.4M
TDSTELEPHONE AND DATA SYSTEMS INC	5.2%	4.2%	+0.98 pp	5,282,905	$195.5M
VNOMVIPER ENERGY INC	4.3%	4.1%	+0.12 pp	3,791,432	$160.8M
CORZCORE SCIENTIFIC INC	3.4%	3.2%	+0.13 pp	4,993,708	$127.8M
TLNTALEN ENERGY CORP	3.4%	2.5%	+0.91 pp	331,117	$127.2M
BBARRICK MINING CORP	3.1%	2.5%	+0.63 pp	3,206,087	$117.8M
ITUBITAU UNIBANCO HOLDING SA	2.6%	2.4%	+0.22 pp	11,977,665	$97.9M
LBTYALIBERTY GLOBAL LTD	2.6%	2.4%	+0.17 pp	8,551,191	$97.2M
OCSLOAKTREE SPECIALTY LENDING CORP	2.5%	0.5%	+2.00 pp	7,872,199	$94.0M
FCXFREEPORT-MCMORAN INC	2.0%	1.7%	+0.33 pp	1,201,122	$75.5M
AEROGRUPO AEROMEXICO SAB DE CV	1.9%	1.3%	+0.60 pp	3,968,686	$71.4M
KRCKILROY REALTY CORP	1.8%	1.2%	+0.62 pp	1,850,011	$69.3M
SESEA LTD	1.6%	—	—	635,443	$60.9M
LILAKLIBERTY LATIN AMERICA LTD	1.6%	1.2%	+0.38 pp	7,559,083	$58.9M
BLCOBAUSCH LOMB CORP	1.5%	1.2%	+0.26 pp	3,441,042	$57.0M
VSATVIASAT INC	1.5%	—	—	630,280	$56.6M
MMYTMAKEMYTRIP LTD	1.4%	—	—	983,068	$52.4M
MATWMATTHEWS INTERNATIONAL CORP	1.4%	—	—	1,925,992	$51.8M
XPXP INC	1.3%	1.4%	-0.06 pp	3,116,809	$50.7M
YPFYPF SA	1.2%	1.0%	+0.24 pp	991,346	$45.1M
TACTRANSALTA CORP	1.1%	2.0%	-0.85 pp	3,000,000	$41.5M
RWAYRUNWAY GROWTH FINANCE CORP	1.0%	1.1%	-0.08 pp	7,029,667	$39.4M
KRSPRICE ACQUISITION CORP 3	0.7%	0.6%	+0.09 pp	2,400,000	$25.2M
SHAZSHARONAI HOLDINGS INC	0.6%	0.5%	+0.12 pp	289,456	$24.5M
TXTERNIUM SA	0.6%	0.5%	+0.10 pp	572,324	$24.4M
QMCOQUANTUM CORP	0.6%	—	—	2,011,678	$22.1M
SMPLSIMPLY GOOD FOODS CO/THE	0.4%	0.4%	+0.05 pp	1,203,889	$16.0M
SGRYSURGERY PARTNERS INC	0.4%	—	—	862,588	$14.5M
BMMBLUE MOON METALS INC	0.3%	0.3%	+0.03 pp	1,685,000	$10.7M
LILALIBERTY LATIN AMERICA LTD	0.2%	0.2%	+0.01 pp	839,020	$6.6M
TEOTELECOM ARGENTINA SA	0.0%	0.4%	-0.40 pp	116,105	$1.5M
CXCEMEX SAB DE CV	0.0%	0.7%	-0.70 pp	100,000	$1.2M
ALVOALVOTECH SA	0.0%	0.0%	+0.00 pp	97,982	$362K
OPIOFFICE PROPERTIES INCOME TRUST/MD	0.0%	—	—	10,851	$184K

What Howard Marks bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +44.7% /yr; S&P 500 +20.1%
3 years: +17.7% /yr; S&P 500 +20.4%
5 years: +13.9% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Questions about Howard Marks's portfolio

What stocks does Howard Marks own?

Oaktree Capital Management LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 51 positions worth $3.8B. The largest are Torm PLC (TRMD) at 13.9%, Expand Energy Corporation (EXE) at 12.6%, Garrett Motion Inc (GTX) at 7.3%, Anglogold Ashanti PLC (AU) at 6.8% and Indivior Pharmaceuticals Inc (INDV) at 6.7%.

What did Howard Marks buy last quarter?

In Q2 2026, Oaktree Capital Management LP added Oaktree Specialty Lending Corp (OCSL) (+325.0% shares), Liberty Latin America Ltd (LILAK) (+31.5% shares) and Telephone & Data Sys Inc (TDS) (+23.1% shares), compared with its Q1 2026 filing.

What did Howard Marks sell last quarter?

In Q2 2026, Oaktree Capital Management LP cut from its top 50 Petroleo Brasileiro S A Sponsored ADR (b (PBR), cut from its top 50 Nokia Corp (NOK), cut from its top 50 Cbl & Assoc Pptys Inc (CBL), cut from its top 50 Credo Technology Group Holdi (CRDO), cut from its top 50 Ecovyst Inc (ECVT), Sunopta Inc (STKL) (-99.6% shares), Cemex Sab de Cv Spon ADR New (CX) (-96.4% shares) and Telecom Argentina SA (TEO) (-92.8% shares), compared with its Q1 2026 filing.

How has Howard Marks's portfolio performed?

A portfolio copying Oaktree Capital Management LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +17.7% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +44.7% against +20.1%. Over 5 years: +13.9% a year against +11.6%.

When is Oaktree Capital Management LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Oaktree Capital Management LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.