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Howard Marks Portfolio: All Stocks & Buys/Sells

Every US stock position Oaktree Capital Management reported in its most recent mandatory SEC filing — weightings, plus the buys and sells against the prior quarter.

As of Q1 2026 · reported on SEC Form 13F

Portfolio at a glance

Portfolio value
$6.56B
Positions
147
Top 10 share
46.5%
Reporting period
Q1 2026

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.

Buys and sells this quarter

Comparing the Q1 2026 filing against Q4 2025.

New positions

  • QQQN Put option 570,000 new
  • INDV 6,984,102 new
  • XOP Put option 1,000,000 new
  • PBR 6,089,413 new
  • COINBASE GLOBAL INC 52,633,000 new
  • CRDO 539,000 new
  • YPF 886,465 new
  • Q2 HOLDINGS INC 41,053,000 new
  • LYB Put option 500,000 new
  • PROGRESS SOFTWARE CORP 36,154,000 new
  • ERJ 447,606 new
  • SHIFT4 PAYMENTS INC 27,272,000 new
  • SHAZ 1,000,000 new
  • SMPL 1,128,889 new
  • MFGCD 4,500,000 new

and 20 more

Added to

  • CHK 5,062,363 → 5,237,477
  • TDS 3,688,386 → 4,292,243
  • CORZ 8,350,708 → 9,350,708
  • JETBLUE AIRWAYS CORP 90,530,000 → 95,093,000
  • ECHOSTAR CORP 18,000,000 → 18,000,001
  • PEBBLEBROOK HOTEL TRUST 39,706,000 → 57,736,000
  • AMERICAN WATER CAPITAL CORP 3,426,000 → 55,921,000
  • GRUPO AEROMEXICO SAB DE CV 3,776,986 → 3,968,686
  • ETSY INC 50,165,000 → 61,196,000
  • BIOMARIN PHARMACEUTICAL INC 42,118,000 → 55,985,000
  • CORZ Call option 2,000,000 → 3,500,000
  • ENPHASE ENERGY INC 38,178,000 → 56,620,000
  • MARRIOTT VACATIONS WORLDWIDE CORP 40,370,000 → 52,119,000
  • SEA LTD 38,855,000 → 47,886,000
  • OKTA INC 28,311,000 → 46,973,000

and 23 more

Trimmed

  • TRMD 26,425,059 → 23,839,575
  • ANGLOGOLD ASHANTI PLC 3,847,991 → 3,223,092
  • GTX 17,094,816 → 14,594,816
  • VNOM 6,285,062 → 3,791,432
  • B 2,975,118 → 2,624,859
  • ITUB 13,822,747 → 12,188,995
  • RIOT PLATFORMS INC 81,960,000 → 79,664,000
  • NOK 18,752,229 → 11,200,308
  • CBL 2,517,576 → 2,153,717
  • FCX 1,390,053 → 1,220,122
  • XP 3,320,159 → 3,172,009
  • TLNE Call option 300,000 → 150,000
  • CONMED CORP 40,324,000 → 36,189,000
  • AMPHASTAR PHARMACEUTICALS INC 43,578,000 → 38,036,000
  • TELADOC HEALTH INC 38,479,000 → 33,070,000

and 36 more

Sold out

  • SMH Put option was 865,000
  • SPY Put option was 385,000
  • Indivior Pharmaceuticals Inc was 7,108,644
  • FTAI AVIATION LTD was 517,328
  • ORCL Put option was 500,000
  • NU was 4,479,175
  • CABLE ONE INC was 58,874,000
  • GRAB was 11,207,699
  • AIRBNB INC was 50,633,000
  • MAR Put option was 150,000
  • VIST was 782,250
  • YMM was 3,519,764
  • SBLK was 1,962,892
  • CRC was 694,502
  • BZ was 1,523,231

and 45 more

Every position in the portfolio

Scrolls sideways. Linked tickers lead to our own stock page for that company.

# Ticker Company Value Weight Shares Change
1 TRMD TORM PLC $675.1M 10.30% 23,839,575 -9.8%
2 CHK EXPAND ENERGY CORP $575.0M 8.77% 5,237,477 +3.5%
3 QQQN INVESCO QQQ TRUST SERIES 1 Put option $329.0M 5.02% 570,000 new
4 ANGLOGOLD ASHANTI PLC $313.8M 4.79% 3,223,092 -16.2%
5 GTX GARRETT MOTION INC $265.2M 4.04% 14,594,816 -14.6%
6 INDV INDIVIOR PHARMACEUTICALS INC $212.9M 3.25% 6,984,102 new
7 XOP STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF Put option $181.8M 2.77% 1,000,000 new
8 TDS TELEPHONE AND DATA SYSTEMS INC $180.7M 2.76% 4,292,243 +16.4%
9 VNOM VIPER ENERGY INC $178.2M 2.72% 3,791,432 -39.7%
10 CORZ CORE SCIENTIFIC INC $139.9M 2.13% 9,350,708 +12.0%
11 STKL SUNOPTA INC $134.2M 2.05% 20,726,126 unchanged
12 PBR PETROLEO BRASILEIRO SA - PETROBRAS $126.4M 1.93% 6,089,413 new
13 B BARRICK MINING CORP $107.1M 1.63% 2,624,859 -11.8%
14 TLNE TALEN ENERGY CORP $105.7M 1.61% 331,117 unchanged
15 LIBERTY GLOBAL LTD $103.4M 1.58% 8,551,191 unchanged
16 ITUB ITAU UNIBANCO HOLDING SA $102.1M 1.56% 12,188,995 -11.8%
17 JETBLUE AIRWAYS CORP Bond $94.8M 1.45% 95,093,000 Principal +5.0%
18 RIOT PLATFORMS INC Bond $91.8M 1.40% 79,664,000 Principal -2.8%
19 NOK NOKIA OYJ $90.1M 1.37% 11,200,308 -40.3%
20 TAC TRANSALTA CORP $84.1M 1.28% 6,415,253 unchanged
21 CBL CBL & ASSOCIATES PROPERTIES INC $82.8M 1.26% 2,153,717 -14.5%
22 FCX FREEPORT-MCMORAN INC $71.7M 1.09% 1,220,122 -12.2%
23 ECHOSTAR CORP Bond $64.3M 0.98% 18,000,001 Principal 0.0%
24 XP XP INC $60.4M 0.92% 3,172,009 -4.5%
25 PEBBLEBROOK HOTEL TRUST Bond $56.4M 0.86% 57,736,000 Principal +45.4%
26 AMERICAN WATER CAPITAL CORP Bond $55.8M 0.85% 55,921,000 Principal +1,532.3%
27 GRUPO AEROMEXICO SAB DE CV $55.6M 0.85% 3,968,686 +5.1%
28 ETSY INC Bond $54.8M 0.84% 61,196,000 Principal +22.0%
29 BIOMARIN PHARMACEUTICAL INC Bond $54.0M 0.82% 55,985,000 Principal +32.9%
30 BLCO BAUSCH LOMB CORP $53.8M 0.82% 3,382,739 unchanged
31 CORZ CORE SCIENTIFIC INC Call option $52.4M 0.80% 3,500,000 +75.0%
32 COINBASE GLOBAL INC Bond $52.2M 0.80% 52,633,000 Principal new
33 KRC KILROY REALTY CORP $52.2M 0.80% 1,850,011 unchanged
34 LILAK LIBERTY LATIN AMERICA LTD $50.7M 0.77% 5,748,780 unchanged
35 ENPHASE ENERGY INC Bond $50.6M 0.77% 56,620,000 Principal +48.3%
36 CRDO CREDO TECHNOLOGY GROUP HOLDING LTD $50.6M 0.77% 539,000 new
37 MARRIOTT VACATIONS WORLDWIDE CORP Bond $50.2M 0.77% 52,119,000 Principal +29.1%
38 RWAY RUNWAY GROWTH FINANCE CORP $48.3M 0.74% 7,029,667 unchanged
39 TLNE TALEN ENERGY CORP Call option $47.9M 0.73% 150,000 -50.0%
40 SEA LTD Bond $46.9M 0.72% 47,886,000 Principal +23.2%
41 OKTA INC Bond $46.7M 0.71% 46,973,000 Principal +65.9%
42 BENTLEY SYSTEMS INC Bond $44.7M 0.68% 46,995,000 Principal +598.3%
43 YPF YPF SA $41.0M 0.63% 886,465 new
44 Q2 HOLDINGS INC Bond $40.9M 0.62% 41,053,000 Principal new
45 LYB LYONDELLBASELL INDUSTRIES NV Put option $40.3M 0.61% 500,000 new
46 DRAFTKINGS INC Bond $40.0M 0.61% 44,355,000 Principal +75.8%
47 BLOCK INC Bond $37.7M 0.58% 37,779,000 Principal +86.6%
48 DEXCOM INC Bond $37.3M 0.57% 40,423,000 Principal +44.4%
49 PROGRESS SOFTWARE CORP Bond $36.1M 0.55% 36,154,000 Principal new
50 CONMED CORP Bond $35.1M 0.54% 36,189,000 Principal -10.3%
51 UNITY SOFTWARE INC Bond $35.0M 0.53% 35,941,000 Principal +296.0%
52 AMPHASTAR PHARMACEUTICALS INC Bond $34.5M 0.53% 38,036,000 Principal -12.7%
53 USM ARRAY DIGITAL INFRASTRUCTURE INC $33.4M 0.51% 724,444 unchanged
54 TELADOC HEALTH INC Bond $31.7M 0.48% 33,070,000 Principal -14.1%
55 CX CEMEX SAB DE CV $31.6M 0.48% 2,763,083 -51.9%
56 ECVT ECOVYST INC $30.8M 0.47% 2,393,791 -43.7%
57 ARRAY TECHNOLOGIES INC Bond $28.2M 0.43% 31,046,000 Principal -6.7%
58 ERJ EMBRAER SA $26.6M 0.41% 447,606 new
59 SPECTRUM BRANDS HOLDINGS INC Bond $26.1M 0.40% 26,126,000 Principal -5.0%
60 SHIFT4 PAYMENTS INC Bond $25.7M 0.39% 27,272,000 Principal new
61 CRACKER BARREL OLD COUNTRY STORE INC Bond $25.7M 0.39% 26,175,000 Principal -20.9%
62 RICE ACQUISITION CORP 3 $24.7M 0.38% 2,400,000 unchanged
63 TX TERNIUM SA $23.4M 0.36% 582,924 -11.5%
64 SHAZ SHARONAI HOLDINGS INC $22.7M 0.35% 1,000,000 new
65 OAKTREE SPECIALTY LENDING CORP $20.9M 0.32% 1,852,456 unchanged
66 FIVE9 INC Bond $19.0M 0.29% 21,743,000 Principal -28.4%
67 TEO TELECOM ARGENTINA SA $19.0M 0.29% 1,622,244 -30.9%
68 SNAP INC Bond $18.7M 0.29% 19,745,000 Principal +0.9%
69 SMPL SIMPLY GOOD FOODS CO/THE $16.2M 0.25% 1,128,889 new
70 ENVISTA HOLDINGS CORP Bond $15.9M 0.24% 15,977,000 Principal -48.1%
71 NABORS INDUSTRIES LTD Bond $14.7M 0.22% 16,137,000 Principal -32.9%
72 SYNAPTICS INC Bond $14.3M 0.22% 13,815,000 Principal -19.9%
73 MFGCD MAYFAIR GOLD CORP $13.9M 0.21% 4,500,000 new
74 BLACKSTONE MORTGAGE TRUST INC Bond $12.9M 0.20% 12,959,000 Principal +8.0%
75 COGENT BIOSCIENCES INC Bond $12.5M 0.19% 10,221,000 Principal +33.6%
76 UPWORK INC Bond $12.3M 0.19% 12,499,000 Principal +77.6%
77 BATL BATTALION OIL CORP $11.7M 0.18% 3,009,912 unchanged
78 ARROWHEAD PHARMACEUTICALS INC Bond $11.5M 0.18% 11,055,000 Principal new
79 SMRT SMARTRENT INC $11.3M 0.17% 7,505,294 unchanged
80 AFFIRM HOLDINGS INC Bond $11.2M 0.17% 11,537,000 Principal +120.8%
81 JD.COM INC Bond $11.0M 0.17% 11,053,000 Principal -42.5%
82 MOON.V BLUE MOON METALS INC $10.9M 0.17% 1,685,000 new
83 ITRON INC Bond $10.4M 0.16% 10,349,000 Principal +19.0%
84 BLOCK INC Bond $10.3M 0.16% 10,982,000 Principal +85.0%
85 AEROVIRONMENT INC Bond $10.1M 0.15% 10,313,000 Principal -34.6%
86 STRATEGY INC Bond $10.1M 0.15% 12,080,000 Principal +109.6%
87 ZIFF DAVIS INC Bond $9.9M 0.15% 10,091,000 Principal unchanged
88 PENN ENTERTAINMENT INC Bond $9.6M 0.15% 9,562,000 Principal +93.1%
89 OPTU OPTIMUM COMMUNICATIONS INC $9.5M 0.15% 7,330,490 -2.3%
90 CALLAWAY GOLF CO Bond $9.2M 0.14% 9,166,000 Principal -4.5%
91 LCI INDUSTRIES Bond $9.1M 0.14% 9,138,000 Principal -7.9%
92 REDFIN CORP Bond $8.8M 0.14% 9,197,000 Principal -22.3%
93 REPLIGEN CORP Bond $8.8M 0.13% 8,997,000 Principal -8.5%
94 WINNEBAGO INDUSTRIES INC Bond $8.5M 0.13% 9,376,000 Principal -53.6%
95 REDWOOD TRUST INC Bond $8.4M 0.13% 8,247,000 Principal +10.6%
96 MX MAGNACHIP SEMICONDUCTOR CORP $8.0M 0.12% 2,849,858 unchanged
97 TRIP.COM GROUP LTD Bond $7.9M 0.12% 7,588,000 Principal +538.2%
98 NUTANIX INC Bond $7.8M 0.12% 7,600,000 Principal +280.0%
99 DATADOG INC Bond $7.5M 0.11% 7,699,000 Principal +2.7%
100 ILLUU ILLUMINATION ACQUISITION CORP I $7.4M 0.11% 750,000 new
101 LILA LIBERTY LATIN AMERICA LTD $7.2M 0.11% 839,020 unchanged
102 NRG NRG ENERGY INC $7.2M 0.11% 49,028 new
103 AKAMAI TECHNOLOGIES INC Bond $6.2M 0.09% 5,397,000 Principal new
104 MGP INGREDIENTS INC Bond $6.0M 0.09% 6,251,000 Principal -73.1%
105 SNAP INC Bond $5.5M 0.08% 6,000,000 Principal -55.3%
106 PAGERDUTY INC Bond $5.4M 0.08% 5,935,000 Principal new
107 CERENCE INC Bond $5.3M 0.08% 5,942,000 Principal -10.0%
108 NEOGENOMICS INC Bond $5.1M 0.08% 5,575,000 Principal -21.5%
109 GREEN PLAINS INC Bond $5.0M 0.08% 4,998,000 Principal -34.9%
110 UPSTART HOLDINGS INC Bond $4.8M 0.07% 4,869,000 Principal -32.4%
111 PENNYMAC MORTGAGE INVESTMENT TRUST Bond $4.2M 0.06% 3,971,000 Principal new
112 PG&E CORP Bond $4.1M 0.06% 4,000,000 Principal new
113 BKLN INVESCO SENIOR INCOME TRUST $4.1M 0.06% 200,020 new
114 SOUTHERN CO/THE Bond $3.7M 0.06% 3,357,000 Principal -26.3%
115 BANDWIDTH INC Bond $3.7M 0.06% 4,167,000 Principal -69.5%
116 SNAP INC Bond $3.7M 0.06% 3,767,000 Principal unchanged
117 ZIFF DAVIS INC Bond $3.4M 0.05% 3,496,000 Principal unchanged
118 BILL HOLDINGS INC Bond $3.2M 0.05% 3,306,000 Principal unchanged
119 JBT MAREL CORP Bond $2.9M 0.05% 2,927,000 Principal new
120 DIGITALOCEAN HOLDINGS INC Bond $2.9M 0.05% 2,985,000 Principal +58.8%
121 HDB HDFC BANK LTD $2.8M 0.04% 114,261 -12.4%
122 UBER TECHNOLOGIES INC Bond $2.4M 0.04% 2,000,000 Principal new
123 NORTHERN OIL & GAS INC Bond $2.2M 0.03% 2,000,000 Principal new
124 COINBASE GLOBAL INC Bond $2.2M 0.03% 2,364,000 Principal -77.5%
125 CHEESECAKE FACTORY INC/THE Bond $2.1M 0.03% 2,173,000 Principal +10.9%
126 STRATEGY INC Bond $2.1M 0.03% 2,200,000 Principal +69.2%
127 POST HOLDINGS INC Bond $2.1M 0.03% 1,950,000 Principal -26.4%
128 JAZZ PHARMACEUTICALS PLC Bond $2.1M 0.03% 1,461,000 Principal -86.2%
129 PARSONS CORP Bond $2.0M 0.03% 2,060,000 Principal +77.6%
130 LIVE NATION ENTERTAINMENT INC Bond $2.0M 0.03% 1,813,000 Principal -81.3%
131 SNOWFLAKE INC Bond $1.9M 0.03% 1,600,000 Principal new
132 MERITAGE HOMES CORP Bond $1.8M 0.03% 1,900,000 Principal new
133 NEXTERA ENERGY INC Bond $1.8M 0.03% 1,292,000 Principal unchanged
134 GLADSTONE CAPITAL CORP Bond $1.8M 0.03% 1,898,000 Principal +151.7%
135 FLUOR CORP Bond $1.7M 0.03% 1,371,000 Principal -85.4%
136 RAPID7 INC Bond $1.6M 0.02% 1,668,000 Principal new
137 IRHYTHM TECHNOLOGIES INC Bond $1.5M 0.02% 1,350,000 Principal new
138 CELCUITY INC Bond $1.5M 0.02% 600,000 Principal -14.3%
139 RIVIAN AUTOMOTIVE INC Bond $1.2M 0.02% 1,300,000 Principal new
140 ALVOW ALVOTECH SA $1.2M 0.02% 4,666,667 unchanged
141 ALARM.COM HOLDINGS INC Bond $930.5K 0.01% 1,008,000 Principal new
142 HAEMONETICS CORP Bond $800.8K 0.01% 837,000 Principal -7.2%
143 IMMUNOCORE HOLDINGS PLC Bond $751.3K 0.01% 833,000 Principal new
144 PDD PDD HOLDINGS INC $492.8K 0.01% 4,823 new
145 ALVO ALVOTECH SA $338.9K 0.01% 240,038 -55.0%
146 BTAI BIOXCEL THERAPEUTICS INC $323.2K 0.01% 241,188 unchanged
147 RICE ACQUISITION CORP 3 $320.0K 0.01% 399,999 unchanged

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.

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