← All Managers

Howard Marks

Oaktree Capital Management

Distressed debt investor

🌐 Website📍 Los Angeles, CAEst. 1995💰 ~$180B AUM (Oaktree)

$7.21B

Portfolio Value

145

Holdings

Q2 '26

Period

2026-08-14

Filed

About Howard Marks

Howard Stanley Marks (born 1946) is an American investor and co-founder of Oaktree Capital Management, one of the largest distressed debt investors in the world. He is widely respected for his insightful investor memos, which are read by Warren Buffett and other top investors.

Investment Philosophy

Distressed debt and credit investing with emphasis on risk control. Believes that understanding market cycles and investor psychology is crucial. Focuses on 'second-level thinking' — going beyond the obvious. Prefers to control risk rather than maximize returns, believing superior returns come from risk awareness.

Notable Facts

  • •Author of 'The Most Important Thing' — a highly acclaimed investment book
  • •His investor memos are must-reads on Wall Street
  • •Warren Buffett has said 'When I see memos from Howard Marks, the first thing I do is read them'
  • •Co-founded Oaktree Capital, one of the largest distressed debt investors
📈

Simulated 13F Return

⚠️ Approximation

Total Return

+32.83%

Q1 '24 → Q4 '25

Annualized

+17.59%/yr

S&P: +7.61%/yr

Alpha (vs S&P)

+19.11%

7 quarters tracked

1-Year Return

+24.07%

α +10.36%

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

SPYNEW
14.0% of portfolio
New position
QQQINCREASED
9.0% of portfolio
+55% shares+4.0pp
TRMDREDUCED
7.3% of portfolio
-15% shares-3.0pp
GTXINCREASED
3.8% of portfolio
-48% shares-0.2pp
AUREDUCED
3.6% of portfolio
-1% shares-1.2pp
INDVREDUCED
3.5% of portfolio
-12% shares+0.2pp
TDSINCREASED
2.7% of portfolio
+23% shares-0.0pp
CORZINCREASED
1.8% of portfolio
+43% shares+1.0pp
CORZREDUCED
1.8% of portfolio
-47% shares-0.4pp
BINCREASED
1.6% of portfolio
+22% shares
ITUBREDUCED
1.4% of portfolio
-2% shares-0.2pp
OCSLINCREASED
1.3% of portfolio
+325% shares+1.0pp
FCXREDUCED
1.0% of portfolio
-2% shares-0.0pp
PEB-PHINCREASED
0.9% of portfolio
+10% shares+0.0pp
BMRNINCREASED
0.9% of portfolio
+14% shares+0.0pp
SEINCREASED
0.9% of portfolio
+31% shares+0.1pp
ETSYINCREASED
0.8% of portfolio
+9% shares+0.0pp
SENEW
0.8% of portfolio
New position
LILABINCREASED
0.8% of portfolio
+31% shares+0.0pp
ENPHINCREASED
0.8% of portfolio
+9% shares+0.0pp
DXCMINCREASED
0.8% of portfolio
+51% shares+0.2pp
BLCOINCREASED
0.8% of portfolio
+2% shares-0.0pp
VSATNEW
0.8% of portfolio
New position
VACINCREASED
0.8% of portfolio
+9% shares+0.0pp
DKNGINCREASED
0.8% of portfolio
+32% shares+0.1pp
CNMDINCREASED
0.7% of portfolio
+48% shares+0.2pp
MMYTNEW
0.7% of portfolio
New position
RIOTREDUCED
0.7% of portfolio
-67% shares-0.7pp
TDOCINCREASED
0.7% of portfolio
+62% shares+0.2pp
BSYINCREASED
0.7% of portfolio
+15% shares+0.0pp
MATWNEW
0.7% of portfolio
New position
XPREDUCED
0.7% of portfolio
-2% shares-0.2pp
UINCREASED
0.7% of portfolio
+38% shares+0.1pp
FIVNINCREASED
0.7% of portfolio
+145% shares+0.4pp
LYBINCREASED
0.7% of portfolio
+80% shares+0.0pp
FOUR-PAINCREASED
0.6% of portfolio
+78% shares+0.3pp
YPFINCREASED
0.6% of portfolio
+12% shares
TACPFREDUCED
0.6% of portfolio
-53% shares-0.7pp
VCNEW
0.6% of portfolio
New position
ENOVNEW
0.5% of portfolio
New position
AMPHINCREASED
0.5% of portfolio
+7% shares
AFRMINCREASED
0.5% of portfolio
+202% shares+0.3pp
ARRYINCREASED
0.4% of portfolio
+9% shares
EMBJREDUCED
0.4% of portfolio
-2% shares-0.0pp
SNAPINCREASED
0.4% of portfolio
+42% shares+0.1pp
ADREDUCED
0.4% of portfolio
-4% shares-0.2pp
SHAZWINCREASED
0.3% of portfolio
-71% shares
SPBREDUCED
0.3% of portfolio
-10% shares-0.1pp
TXREDUCED
0.3% of portfolio
-2% shares-0.0pp
QMCONEW
0.3% of portfolio
New position
WGOREDUCED
0.3% of portfolio
+114% shares+0.1pp
BSQKZINCREASED
0.2% of portfolio
+64% shares+0.1pp
SNAPREDUCED
0.2% of portfolio
+191% shares+0.1pp
SMPLINCREASED
0.2% of portfolio
+7% shares-0.0pp
COGTINCREASED
0.2% of portfolio
+16% shares+0.0pp
SGRYNEW
0.2% of portfolio
New position
BXMTINCREASED
0.2% of portfolio
+9% shares
UPWKINCREASED
0.2% of portfolio
+13% shares
WKNEW
0.2% of portfolio
New position
ETSYNEW
0.2% of portfolio
New position
RDFN 0.5 04/01/27REDUCED
0.2% of portfolio
+53% shares+0.1pp
STWDNEW
0.2% of portfolio
New position
BTDRNEW
0.2% of portfolio
New position
SNOWINCREASED
0.2% of portfolio
+347% shares+0.1pp
NBRWFREDUCED
0.2% of portfolio
-26% shares-0.1pp
AVAVINCREASED
0.2% of portfolio
+14% shares
ITRIINCREASED
0.2% of portfolio
+8% shares
ZDINCREASED
0.2% of portfolio
+11% shares
ARWRINCREASED
0.2% of portfolio
-17% shares-0.0pp
NVSTREDUCED
0.1% of portfolio
-36% shares-0.1pp
NETNEW
0.1% of portfolio
New position
RPDREDUCED
0.1% of portfolio
+503% shares+0.1pp
FRPTNEW
0.1% of portfolio
New position
ATECNEW
0.1% of portfolio
New position
UPSTINCREASED
0.1% of portfolio
+71% shares+0.0pp
SITMNEW
0.1% of portfolio
New position
RWTOREDUCED
0.1% of portfolio
-4% shares-0.0pp
DASHNEW
0.1% of portfolio
New position
JDCMFINCREASED
0.1% of portfolio
-27% shares-0.1pp
ALRMINCREASED
0.1% of portfolio
+711% shares+0.1pp
PMT-PCINCREASED
0.1% of portfolio
+79% shares+0.0pp
CRNCINCREASED
0.1% of portfolio
+33% shares+0.0pp
CELCNEW
0.1% of portfolio
New position
MXREDUCED
0.1% of portfolio
-47% shares-0.0pp
WKNEW
0.1% of portfolio
New position
CBRLNEW
0.1% of portfolio
New position
ETSYNEW
0.1% of portfolio
New position
PDINCREASED
0.1% of portfolio
+20% shares+0.0pp
SRPTNEW
0.1% of portfolio
New position
LCIINEW
0.1% of portfolio
New position
UBERNEW
0.1% of portfolio
New position
BILLINCREASED
0.1% of portfolio
+91% shares+0.0pp
GLADINCREASED
0.1% of portfolio
+163% shares+0.0pp
MXNEW
0.1% of portfolio
New position
STRDINCREASED
0.1% of portfolio
-55% shares-0.1pp
FENEW
0.1% of portfolio
New position
RBRKNEW
0.1% of portfolio
New position
NOGINCREASED
0.1% of portfolio
+131% shares+0.0pp
DPCNEW
0.1% of portfolio
New position
RIVN 3.625 10/15/30INCREASED
0.1% of portfolio
+162% shares+0.0pp
TMDXNEW
<0.1% of portfolio
New position
SVCNEW
<0.1% of portfolio
New position
WECNEW
<0.1% of portfolio
New position
AKAMREDUCED
<0.1% of portfolio
-51% shares-0.1pp
NCLHNEW
<0.1% of portfolio
New position
NTNXREDUCED
<0.1% of portfolio
-71% shares-0.1pp
MGPIREDUCED
<0.1% of portfolio
-60% shares-0.1pp
HAEREDUCED
<0.1% of portfolio
+150% shares+0.0pp
DDOGREDUCED
<0.1% of portfolio
-82% shares-0.1pp
BTAIREDUCED
<0.1% of portfolio
+472% shares+0.0pp
NNBRNEW
<0.1% of portfolio
New position
FLRREDUCED
<0.1% of portfolio
-7% shares
GRPNNEW
<0.1% of portfolio
New position
ONNEW
<0.1% of portfolio
New position
TCMFFREDUCED
<0.1% of portfolio
-93% shares-0.3pp
RVMDWNEW
<0.1% of portfolio
New position
CXMSFREDUCED
<0.1% of portfolio
-96% shares-0.5pp
NEOREDUCED
<0.1% of portfolio
-81% shares-0.1pp
BBAAYNEW
<0.1% of portfolio
New position
SNAPINCREASED
<0.1% of portfolio
-77% shares-0.0pp
STKLINCREASED
<0.1% of portfolio
Sold out position-2.0pp
ALVOWINCREASED
<0.1% of portfolio
-59% shares
SHAKNEW
<0.1% of portfolio
New position
OPINEW
<0.1% of portfolio
New position
XOPSOLD
was 2.8%
Sold out position
Filing price: $181.83
PBRSOLD
was 1.9%
Sold out position
Filing price: $20.75
JBLUSOLD
was 1.4%
Sold out position
Filing price: $1.00
NOKSOLD
was 1.4%
Sold out position
Filing price: $8.04
CBLSOLD
was 1.3%
Sold out position
Filing price: $38.43
AWKSOLD
was 0.9%
Sold out position
Filing price: $1.00
COINSOLD
was 0.8%
Sold out position
Filing price: $0.99
CRDOSOLD
was 0.8%
Sold out position
Filing price: $93.87
TLNSOLD
was 0.7%
Sold out position
Filing price: $319.23
OKTASOLD
was 0.7%
Sold out position
Filing price: $0.99
QTWOSOLD
was 0.6%
Sold out position
Filing price: $1.00
BSQKZSOLD
was 0.6%
Sold out position
Filing price: $1.00
PRGS 1 04/15/26SOLD
was 0.6%
Sold out position
Filing price: $1.00
ECVTSOLD
was 0.5%
Sold out position
Filing price: $12.86
CBRLSOLD
was 0.4%
Sold out position
Filing price: $0.98
SYNASOLD
was 0.2%
Sold out position
Filing price: $1.04
PENNSOLD
was 0.1%
Sold out position
Filing price: $1.00
OPTUSOLD
was 0.1%
Sold out position
Filing price: $1.30
CALY 2.75 05/01/26SOLD
was 0.1%
Sold out position
Filing price: $1.00
LCIISOLD
was 0.1%
Sold out position
Filing price: $1.00
RGENSOLD
was 0.1%
Sold out position
Filing price: $0.98
TRPCFSOLD
was 0.1%
Sold out position
Filing price: $1.04
ILLUWSOLD
was 0.1%
Sold out position
Filing price: $9.92
NRGSOLD
was 0.1%
Sold out position
Filing price: $146.14
PCG 4.25 12/01/27SOLD
was 0.1%
Sold out position
Filing price: $1.04
BKLNSOLD
was 0.1%
Sold out position
Filing price: $20.41
SOSOLD
was 0.1%
Sold out position
Filing price: $1.11
BANDSOLD
was 0.1%
Sold out position
Filing price: $0.90
JBTMSOLD
was <0.1%
Sold out position
Filing price: $1.00
DOCNSOLD
was <0.1%
Sold out position
Filing price: $0.98
HDBSOLD
was <0.1%
Sold out position
Filing price: $24.88
COINSOLD
was <0.1%
Sold out position
Filing price: $0.93
CAKESOLD
was <0.1%
Sold out position
Filing price: $0.99
STRDSOLD
was <0.1%
Sold out position
Filing price: $0.96
POSTSOLD
was <0.1%
Sold out position
Filing price: $1.08
JAZZSOLD
was <0.1%
Sold out position
Filing price: $1.42
PSNSOLD
was <0.1%
Sold out position
Filing price: $0.99
MTHSOLD
was <0.1%
Sold out position
Filing price: $0.97
NEE-PSSOLD
was <0.1%
Sold out position
Filing price: $1.39
IRTCSOLD
was <0.1%
Sold out position
Filing price: $1.10
CELCSOLD
was <0.1%
Sold out position
Filing price: $2.44
PDDSOLD
was <0.1%
Sold out position
Filing price: $102.18

Sold Out (42)

SOLDAWKAmerican Water Workswas 0.85%@$1.00
SOLDBANDBANDWIDTH INCwas 0.06%@$0.90
SOLDBSQKZBLOCK INCwas 0.57%@$1.00
SOLDCALY 2.75 05/01/26CALLAWAY GOLF COwas 0.14%@$1.00
SOLDCBLCBL & ASSOCIATES PROPERTIES INCwas 1.26%@$38.43
SOLDCELCCELCUITY INCwas 0.02%@$2.44
SOLDCAKECHEESECAKE FACTORY INC/THEwas 0.03%@$0.99
SOLDCOINCOINBASE GLOBAL INCwas 0.03%@$0.93
SOLDCOINCOINBASE GLOBAL INCwas 0.80%@$0.99
SOLDCBRLCRACKER BARREL OLD COUNTRY STORE INCwas 0.39%@$0.98
SOLDCRDOCREDO TECHNOLOGY GROUP HOLDING LTDwas 0.77%@$93.87
SOLDDOCNDIGITALOCEAN HOLDINGS INCwas 0.04%@$0.98
SOLDECVTECOVYST INCwas 0.47%@$12.86
SOLDPRGS 1 04/15/26PROGRESS SOFTWARE CORPwas 0.55%@$1.00
SOLDHDBHDFC BANK LTDwas 0.04%@$24.88
SOLDILLUWILLUMINATION ACQUISITION CORP Iwas 0.11%@$9.92
SOLDBKLNINVESCO SENIOR INCOME TRUSTwas 0.06%@$20.41
SOLDIRTCIRHYTHM TECHNOLOGIES INCwas 0.02%@$1.10
SOLDJAZZJAZZ PHARMACEUTICALS PLCwas 0.03%@$1.42
SOLDJBTMJBT MAREL CORPwas 0.04%@$1.00
SOLDJBLUJETBLUE AIRWAYS CORPwas 1.45%@$1.00
SOLDLCIILCI INDUSTRIESwas 0.14%@$1.00
SOLDMTHMERITAGE HOMES CORPwas 0.03%@$0.97
SOLDNEE-PSNEXTERA ENERGY INCwas 0.03%@$1.39
SOLDNOKNOKIA OYJwas 1.37%@$8.04
SOLDNRGNRG ENERGY INCwas 0.11%@$146.14
SOLDOKTAOKTA INCwas 0.71%@$0.99
SOLDOPTUOPTIMUM COMMUNICATIONS INCwas 0.15%@$1.30
SOLDPSNPARSONS CORPwas 0.03%@$0.99
SOLDPDDPDD HOLDINGS INCwas 0.01%@$102.18
SOLDPENNPENN ENTERTAINMENT INCwas 0.15%@$1.00
SOLDPBRPETROLEO BRASILEIRO SA - PETROBRASwas 1.93%@$20.75
SOLDPCG 4.25 12/01/27PG&E CORPwas 0.06%@$1.04
SOLDPOSTPOST HOLDINGS INCwas 0.03%@$1.08
SOLDQTWOQ2 HOLDINGS INCwas 0.62%@$1.00
SOLDRGENREPLIGEN CORPwas 0.13%@$0.98
SOLDSOSOUTHERN CO/THEwas 0.06%@$1.11
SOLDXOPSTATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFwas 2.77%@$181.83
SOLDSTRDSTRATEGY INCwas 0.03%@$0.96
SOLDSYNASYNAPTICS INCwas 0.22%@$1.04
SOLDTLNTALEN ENERGY CORPwas 0.73%@$319.23
SOLDTRPCFTRIP.COM GROUP LTDwas 0.12%@$1.04

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 93.4%Technology 2.8%Materials 1.7%Consumer Discretionary 1.2%Healthcare 0.7%+2 more (0.1%)

💼 Holdings

🔍

145 of 145 positions · $7.21B

This quarter: 40 new positions, increased 53, reduced 31, sold 42. Net buyer.

SPYPUTNEW
14.0%
14.0% of portfolio (new position)
Filed ~$747
—📄
QQQPUTINCREASED
9.0%
9.0% of portfolio (was 5.0%, added)
Filed ~$736
—📄
TRMDREDUCED
7.3%
7.3% of portfolio (was 10.3%, trimmed)
Filed ~$26
—📄
EXE
6.6%
6.6% of portfolio
Filed ~$91
—📄
GTXINCREASED
3.8%
3.8% of portfolio (was 4.0%, added)
Filed ~$36
—📄
AUREDUCED
3.6%
3.6% of portfolio (was 4.8%, trimmed)
Filed ~$81
—📄
INDVREDUCED
3.5%
3.5% of portfolio (was 3.2%, trimmed)
Filed ~$41
—📄
TDSINCREASED
2.7%
2.7% of portfolio (was 2.8%, added)
Filed ~$37
—📄
VNOM
2.2%
2.2% of portfolio
Filed ~$42
—📄
CORZCALLINCREASED
1.8%
1.8% of portfolio (was 0.8%, added)
Filed ~$26
—📄
CORZREDUCED
1.8%
1.8% of portfolio (was 2.1%, trimmed)
Filed ~$26
—📄
TLN
1.8%
1.8% of portfolio
Filed ~$384
—📄
BINCREASED
1.6%
1.6% of portfolio (was 1.6%, added)
Filed ~$37
—📄
ITUBREDUCED
1.4%
1.4% of portfolio (was 1.6%, trimmed)
Filed ~$8
—📄
LBTYK
1.3%
1.3% of portfolio
Filed ~$11
—📄
OCSLINCREASED
1.3%
1.3% of portfolio (was 0.3%, added)
Filed ~$12
—📄
FCXREDUCED
1.0%
1.0% of portfolio (was 1.1%, trimmed)
Filed ~$63
—📄
AERO
1.0%
1.0% of portfolio
Filed ~$18
—📄
KRC
1.0%
1.0% of portfolio
Filed ~$37
—📄
PEB-PHPRNINCREASED
0.9%
0.9% of portfolio (was 0.9%, added)
Filed ~$1
—📄
BMRNPRNINCREASED
0.9%
0.9% of portfolio (was 0.8%, added)
Filed ~$1
—📄
SEPRNINCREASED
0.9%
0.9% of portfolio (was 0.7%, added)
Filed ~$1
—📄
ETSYPRNINCREASED
0.8%
0.8% of portfolio (was 0.8%, added)
Filed ~$1
—📄
SENEW
0.8%
0.8% of portfolio (new position)
Filed ~$96
—📄
LILABINCREASED
0.8%
0.8% of portfolio (was 0.8%, added)
Filed ~$8
—📄
1–25 of 145

🚫 Sold Out (42 positions)

SOLDAWKAmerican Water Workswas 0.85%@$1.0055921000 shares · $55.8M
SOLDBANDBANDWIDTH INCwas 0.06%@$0.904167000 shares · $3.7M
SOLDBSQKZBLOCK INCwas 0.57%@$1.0037779000 shares · $37.7M
SOLDCALY 2.75 05/01/26CALLAWAY GOLF COwas 0.14%@$1.009166000 shares · $9.2M
SOLDCBLCBL & ASSOCIATES PROPERTIES INCwas 1.26%@$38.432153717 shares · $82.8M
SOLDCELCCELCUITY INCwas 0.02%@$2.44600000 shares · $1.5M
SOLDCAKECHEESECAKE FACTORY INC/THEwas 0.03%@$0.992173000 shares · $2.1M
SOLDCOINCOINBASE GLOBAL INCwas 0.03%@$0.932364000 shares · $2.2M
SOLDCOINCOINBASE GLOBAL INCwas 0.80%@$0.9952633000 shares · $52.2M
SOLDCBRLCRACKER BARREL OLD COUNTRY STORE INCwas 0.39%@$0.9826175000 shares · $25.7M
SOLDCRDOCREDO TECHNOLOGY GROUP HOLDING LTDwas 0.77%@$93.87539000 shares · $50.6M
SOLDDOCNDIGITALOCEAN HOLDINGS INCwas 0.04%@$0.982985000 shares · $2.9M
SOLDECVTECOVYST INCwas 0.47%@$12.862393791 shares · $30.8M
SOLDPRGS 1 04/15/26PROGRESS SOFTWARE CORPwas 0.55%@$1.0036154000 shares · $36.1M
SOLDHDBHDFC BANK LTDwas 0.04%@$24.88114261 shares · $2.8M
SOLDILLUWILLUMINATION ACQUISITION CORP Iwas 0.11%@$9.92750000 shares · $7.4M
SOLDBKLNINVESCO SENIOR INCOME TRUSTwas 0.06%@$20.41200020 shares · $4.1M
SOLDIRTCIRHYTHM TECHNOLOGIES INCwas 0.02%@$1.101350000 shares · $1.5M
SOLDJAZZJAZZ PHARMACEUTICALS PLCwas 0.03%@$1.421461000 shares · $2.1M
SOLDJBTMJBT MAREL CORPwas 0.04%@$1.002927000 shares · $2.9M
SOLDJBLUJETBLUE AIRWAYS CORPwas 1.45%@$1.0095093000 shares · $94.8M
SOLDLCIILCI INDUSTRIESwas 0.14%@$1.009138000 shares · $9.1M
SOLDMTHMERITAGE HOMES CORPwas 0.03%@$0.971900000 shares · $1.8M
SOLDNEE-PSNEXTERA ENERGY INCwas 0.03%@$1.391292000 shares · $1.8M
SOLDNOKNOKIA OYJwas 1.37%@$8.0411200308 shares · $90.1M
SOLDNRGNRG ENERGY INCwas 0.11%@$146.1449028 shares · $7.2M
SOLDOKTAOKTA INCwas 0.71%@$0.9946973000 shares · $46.7M
SOLDOPTUOPTIMUM COMMUNICATIONS INCwas 0.15%@$1.307330490 shares · $9.5M
SOLDPSNPARSONS CORPwas 0.03%@$0.992060000 shares · $2.0M
SOLDPDDPDD HOLDINGS INCwas 0.01%@$102.184823 shares · $493K
SOLDPENNPENN ENTERTAINMENT INCwas 0.15%@$1.009562000 shares · $9.6M
SOLDPBRPETROLEO BRASILEIRO SA - PETROBRASwas 1.93%@$20.756089413 shares · $126.4M
SOLDPCG 4.25 12/01/27PG&E CORPwas 0.06%@$1.044000000 shares · $4.1M
SOLDPOSTPOST HOLDINGS INCwas 0.03%@$1.081950000 shares · $2.1M
SOLDQTWOQ2 HOLDINGS INCwas 0.62%@$1.0041053000 shares · $40.9M
SOLDRGENREPLIGEN CORPwas 0.13%@$0.988997000 shares · $8.8M
SOLDSOSOUTHERN CO/THEwas 0.06%@$1.113357000 shares · $3.7M
SOLDXOPSTATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFwas 2.77%@$181.831000000 shares · $181.8M
SOLDSTRDSTRATEGY INCwas 0.03%@$0.962200000 shares · $2.1M
SOLDSYNASYNAPTICS INCwas 0.22%@$1.0413815000 shares · $14.3M
SOLDTLNTALEN ENERGY CORPwas 0.73%@$319.23150000 shares · $47.9M
SOLDTRPCFTRIP.COM GROUP LTDwas 0.12%@$1.047588000 shares · $7.9M