Howard Marks
Portfolio value$7.2B
Positions145
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Oaktree Capital Management LP's Q2 2026 13F, filed Aug 14, 2026, reports 145 positions worth $7.2B. The ten largest are 54.6% of the book, led by State Street Corp at 14.0%, Invesco Qqq Trust Series 1 at 9.0% and Torm Plc at 7.3%. Against Q1 2026: 40 bought, 51 added to, 33 reduced, 42 sold; the largest moves were bought State Street Corp and reduced Garrett Motion Inc (−48%).
Where the money is
SPYQQQTRMDEXE135 other
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| SPY | State Street Corp (Put) | 14.0% | $1.0B1.4M sh | 746.77 | — | bought |
| QQQ | Invesco Qqq Trust Series 1 (Put) | 9.0% | $651.7M885,000 sh | 736.40 | — | added +55% |
| TRMD | Torm PLC | 7.3% | $524.3M20.3M sh | 25.79 | — | reduced −15% |
| EXE | Expand Energy Corp | 6.6% | $477.6M5.2M sh | 91.19 → +2% | 40% undervalued | held |
| GTX | Garrett Motion INC | 3.8% | $275.2M7.6M sh | 36.23 | — | reduced −48% |
| AU | Anglogold Ashanti PLC | 3.6% | $257.2M3.2M sh | 80.89 | — | reduced −1% |
| INDV | Indivior Pharmaceuticals INC | 3.5% | $251.4M6.1M sh | 41.03 | — | reduced −12% |
| TDS | Telephone And Data Systems INC | 2.7% | $195.5M5.3M sh | 37.01 | — | added +23% |
| VNOM | Viper Energy INC | 2.2% | $160.8M3.8M sh | 42.40 | — | held |
| CORZ | Core Scientific INC (Call) | 1.8% | $128.0M5.0M sh | 25.59 | — | added +43% |
| CORZ | Core Scientific INC | 1.8% | $127.8M5.0M sh | 25.59 | — | reduced −47% |
| TLN | Talen Energy Corp | 1.8% | $127.2M331,117 sh | 384.26 | — | held |
| B | Barrick Mining Corp | 1.6% | $117.8M3.2M sh | 36.73 | — | added +22% |
| ITUB | Itau Unibanco Holding SA | 1.4% | $97.9M12.0M sh | 8.17 | — | reduced −2% |
| LBTYA | Liberty Global LTD | 1.3% | $97.2M8.6M sh | 11.37 | — | held |
| OCSL | Oaktree Specialty Lending Corp | 1.3% | $94.0M7.9M sh | 11.94 | — | added +325% |
| FCX | Freeport-mcmoran INC | 1.0% | $75.5M1.2M sh | 62.89 → +11% | 37% overvalued | reduced −2% |
| AERO | Grupo Aeromexico Sab de Cv | 1.0% | $71.4M4.0M sh | 18.00 | — | held |
| KRC | Kilroy Realty Corp | 1.0% | $69.3M1.9M sh | 37.47 | — | held |
| PEB 1.75 12/15/26 | Pebblebrook Hotel Trust | 0.9% | $63.1M63.5M sh | 0.99 | — | added +10% |
| BMRN 1.25 05/15/27 | Biomarin Pharmaceutical INC | 0.9% | $62.4M64.0M sh | 0.97 | — | added +14% |
| SEALTD 0.25 09/15/26 | Sea LTD | 0.9% | $62.1M62.6M sh | 0.99 | — | added +31% |
| ETSY 0.25 06/15/28 | Etsy INC | 0.8% | $61.2M66.8M sh | 0.92 | — | added +9% |
| SE | Sea LTD | 0.8% | $60.9M635,443 sh | 95.83 | — | bought |
| LILAK | Liberty Latin America LTD | 0.8% | $58.9M7.6M sh | 7.79 | — | added +31% |
| ENPH 0 03/01/28 | Enphase Energy INC | 0.8% | $57.6M61.8M sh | 0.93 | — | added +9% |
| DXCM 0.375 05/15/28 | Dexcom INC | 0.8% | $57.1M61.1M sh | 0.93 | — | added +51% |
| BLCO | Bausch Lomb Corp | 0.8% | $57.0M3.4M sh | 16.56 | — | added +2% |
| VSAT | Viasat INC | 0.8% | $56.6M630,280 sh | 89.81 | — | bought |
| SATS 3.875 11/30/30 | Echostar Corp | 0.8% | $56.3M18.0M sh | 3.12 | — | held |
| VAC 3.25 12/15/27 | Marriott Vacations Worldwide Corp | 0.8% | $56.0M56.9M sh | 0.98 | — | added +9% |
| DKNG 0 03/15/28 | Draftkings INC | 0.8% | $54.5M58.5M sh | 0.93 | — | added +32% |
| CNMD 2.25 06/15/27 | Conmed Corp | 0.7% | $52.5M53.6M sh | 0.98 | — | added +48% |
| MMYT | Makemytrip LTD | 0.7% | $52.4M983,068 sh | 53.29 | — | bought |
| RIOT 0.75 01/15/30 | Riot Platforms INC | 0.7% | $52.3M26.0M sh | 2.01 | — | reduced −67% |
| TDOC 1.25 06/01/27 | Teladoc Health INC | 0.7% | $52.3M53.6M sh | 0.97 | — | added +62% |
| BSY 0.375 07/01/27 | Bentley Systems INC | 0.7% | $52.2M54.3M sh | 0.96 | — | added +15% |
| MATW | Matthews International Corp | 0.7% | $51.8M1.9M sh | 26.92 | — | bought |
| XP | Xp INC | 0.7% | $50.7M3.1M sh | 16.26 | — | reduced −2% |
| U 0 11/15/26 | Unity Software INC | 0.7% | $48.6M49.4M sh | 0.98 | — | added +38% |
| FIVN 1 03/15/29 | Five9 INC | 0.7% | $47.4M53.3M sh | 0.89 | — | added +145% |
| LYB | Lyondellbasell Industries NV (Put) | 0.7% | $47.4M900,000 sh | 52.65 | — | added +80% |
| FOUR 0.5 08/01/27 | Shift4 Payments INC | 0.6% | $46.3M48.4M sh | 0.96 | — | added +78% |
| YPF | Ypf SA | 0.6% | $45.1M991,346 sh | 45.47 | — | added +12% |
| TAC | Transalta Corp | 0.6% | $41.5M3.0M sh | 13.83 | — | reduced −53% |
| VC | Visteon Corp (Put) | 0.6% | $39.7M400,000 sh | 99.21 | — | bought |
| RWAY | Runway Growth Finance Corp | 0.5% | $39.4M7.0M sh | 5.61 | — | held |
| ENOV 3.875 10/15/28 | Enovis Corp | 0.5% | $37.8M39.2M sh | 0.96 | — | bought |
| AMPH 2 03/15/29 | Amphastar Pharmaceuticals INC | 0.5% | $37.2M40.9M sh | 0.91 | — | added +7% |
| AFRM 0 11/15/26 | Affirm Holdings INC | 0.5% | $34.3M34.8M sh | 0.99 | — | added +202% |
| ARRY 1 12/01/28 | Array Technologies INC | 0.4% | $31.6M34.0M sh | 0.93 | — | added +9% |
| EMBJ | Embraer SA | 0.4% | $28.1M439,706 sh | 63.80 | — | reduced −2% |
| SNAP 0 05/01/27 | Snap INC | 0.4% | $26.7M28.0M sh | 0.95 | — | added +42% |
| AD | Array Digital Infrastructure INC | 0.4% | $25.3M696,858 sh | 36.26 | — | reduced −4% |
| KRSP | Rice Acquisition Corp 3 | 0.3% | $25.2M2.4M sh | 10.50 | — | held |
| SHAZ | Sharonai Holdings INC | 0.3% | $24.5M289,456 sh | 84.66 | — | reduced −71% |
| SPB 3.375 06/01/29 | Spectrum Brands Holdings INC | 0.3% | $24.5M23.5M sh | 1.04 | — | reduced −10% |
| TX | Ternium SA | 0.3% | $24.4M572,324 sh | 42.70 | — | reduced −2% |
| QMCO | Quantum Corp | 0.3% | $22.1M2.0M sh | 11.00 | — | bought |
| WGO 3.25 01/15/30 | Winnebago Industries INC | 0.3% | $18.7M20.1M sh | 0.93 | — | added +114% |
| XYZ 0.25 11/01/27 | Block INC | 0.2% | $17.1M18.0M sh | 0.95 | — | added +64% |
| SNAP 0.125 03/01/28 | Snap INC | 0.2% | $16.1M17.5M sh | 0.92 | — | added +191% |
| SMPL | Simply Good Foods Co/the | 0.2% | $16.0M1.2M sh | 13.28 | — | added +7% |
| COGT 1.625 11/15/31 | Cogent Biosciences INC | 0.2% | $14.8M11.9M sh | 1.24 | — | added +16% |
| SGRY | Surgery Partners INC | 0.2% | $14.5M862,588 sh | 16.80 | — | bought |
| BXMT 5.5 03/15/27 | Blackstone Mortgage Trust INC | 0.2% | $14.1M14.1M sh | 1.00 | — | added +9% |
| UPWK 0.25 08/15/26 | Upwork INC | 0.2% | $14.0M14.2M sh | 0.99 | — | added +13% |
| WK 1.25 08/15/28 | Workiva INC | 0.2% | $14.0M15.0M sh | 0.94 | — | bought |
| ETSY 1 06/15/30 | Etsy INC | 0.2% | $13.9M12.0M sh | 1.16 | — | bought |
| RDFN 0.5 04/01/27 | Redfin Corp | 0.2% | $13.5M14.0M sh | 0.97 | — | added +53% |
| STWD 6.75 07/15/27 | Starwood Property Trust INC | 0.2% | $12.1M11.9M sh | 1.01 | — | bought |
| BTDR | Bitdeer Technologies Group (Call) | 0.2% | $11.9M750,000 sh | 15.87 | — | bought |
| SNOW 0 10/01/27 | Snowflake INC | 0.2% | $11.9M7.1M sh | 1.66 | — | added +347% |
| NBR 1.75 06/15/29 | Nabors Industries LTD | 0.2% | $11.3M11.9M sh | 0.95 | — | reduced −26% |
| AVAV 0 07/15/30 | Aerovironment INC | 0.2% | $11.3M11.8M sh | 0.96 | — | added +14% |
| ITRI 1.375 07/15/30 | Itron INC | 0.2% | $11.2M11.2M sh | 1.00 | — | added +8% |
| ZD 1.75 11/01/26 | Ziff Davis INC | 0.2% | $11.1M11.2M sh | 0.99 | — | added +11% |
| MINE | Mayfair Gold Corp | 0.2% | $11.1M4.5M sh | 2.46 | — | held |
| ARWR 0 01/15/32 | Arrowhead Pharmaceuticals INC | 0.2% | $11.0M9.1M sh | 1.20 | — | reduced −17% |
| BMM | Blue Moon Metals INC | 0.1% | $10.7M1.7M sh | 6.34 | — | held |
| NVST 1.75 08/15/28 | Envista Holdings Corp | 0.1% | $10.3M10.2M sh | 1.00 | — | reduced −36% |
| NET 0 06/15/30 | Cloudflare INC | 0.1% | $10.2M8.1M sh | 1.27 | — | bought |
| RPD 0.25 03/15/27 | Rapid7 INC | 0.1% | $9.7M10.1M sh | 0.96 | — | added +503% |
| FRPT 3 04/01/28 | Freshpet INC | 0.1% | $9.2M7.9M sh | 1.16 | — | bought |
| ATEC 0.75 08/01/26 | Alphatec Holdings INC | 0.1% | $9.1M9.2M sh | 1.00 | — | bought |
| SMRT | Smartrent INC | 0.1% | $8.9M7.5M sh | 1.19 | — | held |
| UPST 0.25 08/15/26 | Upstart Holdings INC | 0.1% | $8.3M8.3M sh | 1.00 | — | added +71% |
| SITM 0 06/15/31 | Sitime Corp | 0.1% | $8.1M7.3M sh | 1.11 | — | bought |
| RWT 7.75 06/15/27 | Redwood Trust INC | 0.1% | $8.0M7.9M sh | 1.02 | — | reduced −4% |
| DASH 0 05/15/30 | Doordash INC | 0.1% | $8.0M8.1M sh | 0.99 | — | bought |
| JD 0.25 06/01/29 | Jd.com INC | 0.1% | $7.9M8.1M sh | 0.98 | — | reduced −27% |
| ALRM 2.25 06/01/29 | Alarm.com Holdings INC | 0.1% | $7.8M8.2M sh | 0.95 | — | added +711% |
| PMT 8.5 06/01/29 | Pennymac Mortgage Investment Trust | 0.1% | $7.3M7.1M sh | 1.02 | — | added +79% |
| CRNC 1.5 07/01/28 | Cerence INC | 0.1% | $7.2M7.9M sh | 0.92 | — | added +33% |
| CELC 0.25 08/01/32 | Celcuity INC | 0.1% | $7.1M6.3M sh | 1.14 | — | bought |
| MX | Magnachip Semiconductor Corp | 0.1% | $7.1M1.5M sh | 4.73 | — | reduced −47% |
| WK 1.125 08/15/26 | Workiva INC | 0.1% | $7.1M7.1M sh | 1.00 | — | bought |
| CBRL 1.75 09/15/30 | Cracker Barrel Old Country Store INC | 0.1% | $6.9M6.7M sh | 1.02 | — | bought |
| ETSY 0.125 09/01/27 | Etsy INC | 0.1% | $6.9M7.2M sh | 0.95 | — | bought |
| PD 1.5 10/15/28 * | Pagerduty INC | 0.1% | $6.7M7.1M sh | 0.94 | — | added +20% |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.