# Howard Marks — Oaktree Capital Management

Source: SEC EDGAR 13F filings (CIK 0000949509).
Page URL: https://superinvestorclub.com/manager/87
Last updated: 2026-07-08T11:29:50.148Z

## Summary

As of the 2026-03-31 reporting period (filed 2026-05-20), Howard Marks reported 147 long equity positions in their Oaktree Capital Management 13F filing, with a total reported value of $6.56B.

### About

Distressed debt investor

## Top 25 holdings

| Rank | Ticker | Company | Shares | Value | % of Portfolio | Change |
|------|--------|---------|--------|-------|----------------|--------|
| 1 | TRMD | TORM PLC | 23839575 | $675.1M | 10.30% | -9.8% |
| 2 | EXE | Expand Energy Corp | 5237477 | $575.0M | 8.77% | +3.5% |
| 3 | QQQ | Invesco QQQ Trust (Nasdaq-100) | 570000 | $329.0M | 5.02% | NEW |
| 4 | AU | ANGLOGOLD ASHANTI PLC | 3223092 | $313.8M | 4.79% | -16.2% |
| 5 | GTX | GARRETT MOTION INC | 14594816 | $265.2M | 4.04% | -14.6% |
| 6 | INDV | INDIVIOR PHARMACEUTICALS INC | 6984102 | $212.9M | 3.25% | NEW |
| 7 | XOP | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF | 1000000 | $181.8M | 2.77% | NEW |
| 8 | TDS | TELEPHONE AND DATA SYSTEMS INC | 4292243 | $180.7M | 2.76% | +16.4% |
| 9 | VNOM | VIPER ENERGY INC | 3791432 | $178.2M | 2.72% | -39.7% |
| 10 | CORZR | CORE SCIENTIFIC INC | 9350708 | $139.9M | 2.13% | +12.0% |
| 11 | STKL | SUNOPTA INC | 20726126 | $134.2M | 2.05% | — |
| 12 | PBR | PETROLEO BRASILEIRO SA - PETROBRAS | 6089413 | $126.4M | 1.93% | NEW |
| 13 | B | BARRICK MINING CORP | 2624859 | $107.1M | 1.63% | -11.8% |
| 14 | TLN | TALEN ENERGY CORP | 331117 | $105.7M | 1.61% | — |
| 15 | LBTYK | LIBERTY GLOBAL LTD | 8551191 | $103.4M | 1.58% | — |
| 16 | ITUB | ITAU UNIBANCO HOLDING SA | 12188995 | $102.1M | 1.56% | -11.8% |
| 17 | JBLU | JETBLUE AIRWAYS CORP | 95093000 | $94.8M | 1.45% | +5.0% |
| 18 | RIOT | RIOT PLATFORMS INC | 79664000 | $91.8M | 1.40% | -2.8% |
| 19 | NOK | NOKIA OYJ | 11200308 | $90.1M | 1.37% | -40.3% |
| 20 | TACPF | TRANSALTA CORP | 6415253 | $84.1M | 1.28% | — |
| 21 | CBL | CBL & ASSOCIATES PROPERTIES INC | 2153717 | $82.8M | 1.26% | -14.5% |
| 22 | FERG | FREEPORT-MCMORAN INC | 1220122 | $71.7M | 1.09% | -12.2% |
| 23 | SATS | ECHOSTAR CORP | 18000001 | $64.3M | 0.98% | +0.0% |
| 24 | XP | XP INC | 3172009 | $60.4M | 0.92% | -4.5% |
| 25 | PEB-PH | PEBBLEBROOK HOTEL TRUST | 57736000 | $56.4M | 0.86% | +45.4% |

## New positions this quarter (35)

- QQQ (Invesco QQQ Trust (Nasdaq-100)): 570000 shares, $329.0M
- INDV (INDIVIOR PHARMACEUTICALS INC): 6984102 shares, $212.9M
- XOP (STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF): 1000000 shares, $181.8M
- PBR (PETROLEO BRASILEIRO SA - PETROBRAS): 6089413 shares, $126.4M
- COIN (COINBASE GLOBAL INC): 52633000 shares, $52.2M
- CRDO (CREDO TECHNOLOGY GROUP HOLDING LTD): 539000 shares, $50.6M
- YPF (YPF SA): 886465 shares, $41.0M
- QTWO (Q2 HOLDINGS INC): 41053000 shares, $40.9M
- LYB (LYONDELLBASELL INDUSTRIES NV): 500000 shares, $40.3M
- PRGS 1 04/15/26 (PROGRESS SOFTWARE CORP): 36154000 shares, $36.1M
- EMBJ (EMBRAER SA): 447606 shares, $26.6M
- FOUR-PA (SHIFT4 PAYMENTS INC): 27272000 shares, $25.7M
- SHAZW (SHARONAI HOLDINGS INC): 1000000 shares, $22.7M
- SMPL (SIMPLY GOOD FOODS CO/THE): 1128889 shares, $16.2M
- MINE (MAYFAIR GOLD CORP): 4500000 shares, $13.9M
- ARWR (ARROWHEAD PHARMACEUTICALS INC): 11055000 shares, $11.5M
- BMOOF (BLUE MOON METALS INC): 1685000 shares, $10.9M
- ILLUU (ILLUMINATION ACQUISITION CORP I): 750000 shares, $7.4M
- NRG (NRG ENERGY INC): 49028 shares, $7.2M
- AKAM (AKAMAI TECHNOLOGIES INC): 5397000 shares, $6.2M

## Increased positions (36)

- EXE: 5237477 shares (+3.5%), $575.0M
- TDS: 4292243 shares (+16.4%), $180.7M
- CORZR: 9350708 shares (+12.0%), $139.9M
- JBLU: 95093000 shares (+5.0%), $94.8M
- SATS: 18000001 shares (+0.0%), $64.3M
- PEB-PH: 57736000 shares (+45.4%), $56.4M
- AWK: 55921000 shares (+1532.3%), $55.8M
- AERO: 3968686 shares (+5.1%), $55.6M
- ETSY: 61196000 shares (+22.0%), $54.8M
- BMRN: 55985000 shares (+32.9%), $54.0M
- CORZR: 3500000 shares (+75.0%), $52.4M
- ENPH: 56620000 shares (+48.3%), $50.6M
- VAC: 52119000 shares (+29.1%), $50.2M
- SE: 47886000 shares (+23.2%), $46.9M
- OKTA: 46973000 shares (+65.9%), $46.7M
- DKNG: 44355000 shares (+75.8%), $40.0M
- BSQKZ: 37779000 shares (+86.6%), $37.7M
- DXCM: 40423000 shares (+44.4%), $37.3M
- SNAP: 19745000 shares (+0.9%), $18.7M
- BXMT: 12959000 shares (+8.0%), $12.9M

## Reduced positions (53)

- TRMD: 23839575 shares (-9.8%), $675.1M
- AU: 3223092 shares (-16.2%), $313.8M
- GTX: 14594816 shares (-14.6%), $265.2M
- VNOM: 3791432 shares (-39.7%), $178.2M
- B: 2624859 shares (-11.8%), $107.1M
- ITUB: 12188995 shares (-11.8%), $102.1M
- RIOT: 79664000 shares (-2.8%), $91.8M
- NOK: 11200308 shares (-40.3%), $90.1M
- CBL: 2153717 shares (-14.5%), $82.8M
- FERG: 1220122 shares (-12.2%), $71.7M
- XP: 3172009 shares (-4.5%), $60.4M
- TLN: 150000 shares (-50.0%), $47.9M
- BSY: 46995000 shares (598.3%), $44.7M
- CNMD: 36189000 shares (-10.3%), $35.1M
- U: 35941000 shares (296.0%), $35.0M
- AMPH: 38036000 shares (-12.7%), $34.5M
- TDOC: 33070000 shares (-14.1%), $31.7M
- CXMSF: 2763083 shares (-51.9%), $31.6M
- ECVT: 2393791 shares (-43.7%), $30.8M
- ARRY: 31046000 shares (-6.7%), $28.2M

## Sold positions (60)

- SMH: previously held 865000 shares worth $311.5M
- SPY: previously held 385000 shares worth $262.5M
- INDV: previously held 7108644 shares worth $255.1M
- FTAIN: previously held 517328 shares worth $101.8M
- ORCL: previously held 500000 shares worth $97.5M
- NU: previously held 4479175 shares worth $75.0M
- CABO: previously held 58874000 shares worth $58.1M
- GRABW: previously held 11207699 shares worth $55.9M
- ABNB: previously held 50633000 shares worth $50.2M
- MAR: previously held 150000 shares worth $46.5M
- VSOGF: previously held 782250 shares worth $38.1M
- YMM: previously held 3519764 shares worth $37.8M
- SBLK: previously held 1962892 shares worth $37.7M
- CRC: previously held 694502 shares worth $31.1M
- BZ: previously held 1523231 shares worth $31.0M
- ALRM: previously held 27198000 shares worth $27.3M
- VALE: previously held 2023706 shares worth $26.4M
- INN-PF: previously held 21560000 shares worth $21.5M
- INFY: previously held 1094752 shares worth $19.5M
- DAY: previously held 19351000 shares worth $19.2M

## Filing history (7)

- 2026-03-31 (filed 2026-05-20)
- 2025-12-31 (filed 2026-02-17)
- 2025-09-30 (filed 2025-11-13)
- 2025-06-30 (filed 2025-08-13)
- 2025-03-31 (filed 2025-05-15)
- 2024-12-31 (filed 2025-02-12)
- 2024-09-30 (filed 2024-11-14)

## Citation

When citing, use: "Howard Marks, Oaktree Capital Management, SEC 13F filing for period 2026-03-31, via Superinvestor (https://superinvestorclub.com/manager/87)".