---
title: Howard Marks (Oaktree Capital Management LP) — 13F holdings
canonical: https://sweetvaluelab.com/investors/howard-marks
cik: 0000949509
quarter: 2026-06-30
filed: 2026-08-14
---
# Howard Marks — Oaktree Capital Management LP

Latest 13F for the quarter ended Jun 30, 2026, filed Aug 14, 2026: 145 positions worth $7.2B. Against the quarter ended Mar 31, 2026: 40 bought, 51 added to, 21 unchanged, 33 reduced, 42 sold. The top five are 41% of the portfolio, the top ten 55%; 3 of the positions have a research page on this site.

## Holdings

| Ticker | Issuer | Shares | Value | % of portfolio | Change this quarter |
| --- | --- | ---: | ---: | ---: | --- |
| SPY | STATE STREET CORP | 1,355,000 | $1.0B | 14.0% | bought |
| QQQ | INVESCO QQQ TRUST SERIES 1 | 885,000 | $651.7M | 9.0% | added (+55%) |
| TRMD | TORM PLC | 20,329,874 | $524.3M | 7.3% | reduced (-15%) |
| EXE | EXPAND ENERGY CORP | 5,237,477 | $477.6M | 6.6% | held (0%) |
| GTX | GARRETT MOTION INC | 7,594,816 | $275.2M | 3.8% | reduced (-48%) |
| AU | ANGLOGOLD ASHANTI PLC | 3,179,092 | $257.2M | 3.6% | reduced (-1%) |
| INDV | INDIVIOR PHARMACEUTICALS INC | 6,127,212 | $251.4M | 3.5% | reduced (-12%) |
| TDS | TELEPHONE AND DATA SYSTEMS INC | 5,282,905 | $195.5M | 2.7% | added (+23%) |
| VNOM | VIPER ENERGY INC | 3,791,432 | $160.8M | 2.2% | held (0%) |
| CORZ | CORE SCIENTIFIC INC | 5,000,000 | $128.0M | 1.8% | added (+43%) |
| CORZ | CORE SCIENTIFIC INC | 4,993,708 | $127.8M | 1.8% | reduced (-47%) |
| TLN | TALEN ENERGY CORP | 331,117 | $127.2M | 1.8% | held (0%) |
| B | BARRICK MINING CORP | 3,206,087 | $117.8M | 1.6% | added (+22%) |
| ITUB | ITAU UNIBANCO HOLDING SA | 11,977,665 | $97.9M | 1.4% | reduced (-2%) |
| LBTYA | LIBERTY GLOBAL LTD | 8,551,191 | $97.2M | 1.3% | held (0%) |
| OCSL | OAKTREE SPECIALTY LENDING CORP | 7,872,199 | $94.0M | 1.3% | added (+325%) |
| FCX | FREEPORT-MCMORAN INC | 1,201,122 | $75.5M | 1.0% | reduced (-2%) |
| AERO | GRUPO AEROMEXICO SAB DE CV | 3,968,686 | $71.4M | 1.0% | held (0%) |
| KRC | KILROY REALTY CORP | 1,850,011 | $69.3M | 1.0% | held (0%) |
| PEB 1.75 12/15/26 | PEBBLEBROOK HOTEL TRUST | 63,534,000 | $63.1M | 0.9% | added (+10%) |
| BMRN 1.25 05/15/27 | BIOMARIN PHARMACEUTICAL INC | 64,025,000 | $62.4M | 0.9% | added (+14%) |
| SEALTD 0.25 09/15/26 | SEA LTD | 62,567,000 | $62.1M | 0.9% | added (+31%) |
| ETSY 0.25 06/15/28 | ETSY INC | 66,836,000 | $61.2M | 0.8% | added (+9%) |
| SE | SEA LTD | 635,443 | $60.9M | 0.8% | bought |
| LILAK | LIBERTY LATIN AMERICA LTD | 7,559,083 | $58.9M | 0.8% | added (+31%) |
| ENPH 0 03/01/28 | ENPHASE ENERGY INC | 61,820,000 | $57.6M | 0.8% | added (+9%) |
| DXCM 0.375 05/15/28 | DEXCOM INC | 61,148,000 | $57.1M | 0.8% | added (+51%) |
| BLCO | BAUSCH LOMB CORP | 3,441,042 | $57.0M | 0.8% | added (+2%) |
| VSAT | VIASAT INC | 630,280 | $56.6M | 0.8% | bought |
| SATS 3.875 11/30/30 | ECHOSTAR CORP | 18,000,001 | $56.3M | 0.8% | held (0%) |
| VAC 3.25 12/15/27 | MARRIOTT VACATIONS WORLDWIDE CORP | 56,893,000 | $56.0M | 0.8% | added (+9%) |
| DKNG 0 03/15/28 | DRAFTKINGS INC | 58,501,000 | $54.5M | 0.8% | added (+32%) |
| CNMD 2.25 06/15/27 | CONMED CORP | 53,645,000 | $52.5M | 0.7% | added (+48%) |
| MMYT | MAKEMYTRIP LTD | 983,068 | $52.4M | 0.7% | bought |
| RIOT 0.75 01/15/30 | RIOT PLATFORMS INC | 26,000,000 | $52.3M | 0.7% | reduced (-67%) |
| TDOC 1.25 06/01/27 | TELADOC HEALTH INC | 53,624,000 | $52.3M | 0.7% | added (+62%) |
| BSY 0.375 07/01/27 | BENTLEY SYSTEMS INC | 54,264,000 | $52.2M | 0.7% | added (+15%) |
| MATW | MATTHEWS INTERNATIONAL CORP | 1,925,992 | $51.8M | 0.7% | bought |
| XP | XP INC | 3,116,809 | $50.7M | 0.7% | reduced (-2%) |
| U 0 11/15/26 | UNITY SOFTWARE INC | 49,426,000 | $48.6M | 0.7% | added (+38%) |
| FIVN 1 03/15/29 | FIVE9 INC | 53,306,000 | $47.4M | 0.7% | added (+145%) |
| LYB | LYONDELLBASELL INDUSTRIES NV | 900,000 | $47.4M | 0.7% | added (+80%) |
| FOUR 0.5 08/01/27 | SHIFT4 PAYMENTS INC | 48,444,000 | $46.3M | 0.6% | added (+78%) |
| YPF | YPF SA | 991,346 | $45.1M | 0.6% | added (+12%) |
| TAC | TRANSALTA CORP | 3,000,000 | $41.5M | 0.6% | reduced (-53%) |
| VC | VISTEON CORP | 400,000 | $39.7M | 0.6% | bought |
| RWAY | RUNWAY GROWTH FINANCE CORP | 7,029,667 | $39.4M | 0.5% | held (0%) |
| ENOV 3.875 10/15/28 | ENOVIS CORP | 39,207,000 | $37.8M | 0.5% | bought |
| AMPH 2 03/15/29 | AMPHASTAR PHARMACEUTICALS INC | 40,880,000 | $37.2M | 0.5% | added (+7%) |
| AFRM 0 11/15/26 | AFFIRM HOLDINGS INC | 34,815,000 | $34.3M | 0.5% | added (+202%) |
| ARRY 1 12/01/28 | ARRAY TECHNOLOGIES INC | 33,985,000 | $31.6M | 0.4% | added (+9%) |
| EMBJ | EMBRAER SA | 439,706 | $28.1M | 0.4% | reduced (-2%) |
| SNAP 0 05/01/27 | SNAP INC | 28,018,000 | $26.7M | 0.4% | added (+42%) |
| AD | ARRAY DIGITAL INFRASTRUCTURE INC | 696,858 | $25.3M | 0.4% | reduced (-4%) |
| KRSP | RICE ACQUISITION CORP 3 | 2,400,000 | $25.2M | 0.3% | held (0%) |
| SHAZ | SHARONAI HOLDINGS INC | 289,456 | $24.5M | 0.3% | reduced (-71%) |
| SPB 3.375 06/01/29 | SPECTRUM BRANDS HOLDINGS INC | 23,452,000 | $24.5M | 0.3% | reduced (-10%) |
| TX | TERNIUM SA | 572,324 | $24.4M | 0.3% | reduced (-2%) |
| QMCO | QUANTUM CORP | 2,011,678 | $22.1M | 0.3% | bought |
| WGO 3.25 01/15/30 | WINNEBAGO INDUSTRIES INC | 20,074,000 | $18.7M | 0.3% | added (+114%) |
| XYZ 0.25 11/01/27 | BLOCK INC | 17,983,000 | $17.1M | 0.2% | added (+64%) |
| SNAP 0.125 03/01/28 | SNAP INC | 17,474,000 | $16.1M | 0.2% | added (+191%) |
| SMPL | SIMPLY GOOD FOODS CO/THE | 1,203,889 | $16.0M | 0.2% | added (+7%) |
| COGT 1.625 11/15/31 | COGENT BIOSCIENCES INC | 11,890,000 | $14.8M | 0.2% | added (+16%) |
| SGRY | SURGERY PARTNERS INC | 862,588 | $14.5M | 0.2% | bought |
| BXMT 5.5 03/15/27 | BLACKSTONE MORTGAGE TRUST INC | 14,064,000 | $14.1M | 0.2% | added (+9%) |
| UPWK 0.25 08/15/26 | UPWORK INC | 14,154,000 | $14.0M | 0.2% | added (+13%) |
| WK 1.25 08/15/28 | WORKIVA INC | 14,970,000 | $14.0M | 0.2% | bought |
| ETSY 1 06/15/30 | ETSY INC | 11,974,000 | $13.9M | 0.2% | bought |
| RDFN 0.5 04/01/27 | REDFIN CORP | 14,041,000 | $13.5M | 0.2% | added (+53%) |
| STWD 6.75 07/15/27 | STARWOOD PROPERTY TRUST INC | 11,894,933 | $12.1M | 0.2% | bought |
| BTDR | BITDEER TECHNOLOGIES GROUP | 750,000 | $11.9M | 0.2% | bought |
| SNOW 0 10/01/27 | SNOWFLAKE INC | 7,147,000 | $11.9M | 0.2% | added (+347%) |
| NBR 1.75 06/15/29 | NABORS INDUSTRIES LTD | 11,880,000 | $11.3M | 0.2% | reduced (-26%) |
| AVAV 0 07/15/30 | AEROVIRONMENT INC | 11,799,000 | $11.3M | 0.2% | added (+14%) |
| ITRI 1.375 07/15/30 | ITRON INC | 11,216,000 | $11.2M | 0.2% | added (+8%) |
| ZD 1.75 11/01/26 | ZIFF DAVIS INC | 11,230,000 | $11.1M | 0.2% | added (+11%) |
| MINE | MAYFAIR GOLD CORP | 4,500,000 | $11.1M | 0.2% | held (0%) |
| ARWR 0 01/15/32 | ARROWHEAD PHARMACEUTICALS INC | 9,146,000 | $11.0M | 0.2% | reduced (-17%) |
| BMM | BLUE MOON METALS INC | 1,685,000 | $10.7M | 0.1% | held (0%) |
| NVST 1.75 08/15/28 | ENVISTA HOLDINGS CORP | 10,206,000 | $10.3M | 0.1% | reduced (-36%) |
| NET 0 06/15/30 | CLOUDFLARE INC | 8,050,000 | $10.2M | 0.1% | bought |
| RPD 0.25 03/15/27 | RAPID7 INC | 10,061,000 | $9.7M | 0.1% | added (+503%) |
| FRPT 3 04/01/28 | FRESHPET INC | 7,913,000 | $9.2M | 0.1% | bought |
| ATEC 0.75 08/01/26 | ALPHATEC HOLDINGS INC | 9,177,000 | $9.1M | 0.1% | bought |
| SMRT | SMARTRENT INC | 7,505,294 | $8.9M | 0.1% | held (0%) |
| UPST 0.25 08/15/26 | UPSTART HOLDINGS INC | 8,312,000 | $8.3M | 0.1% | added (+71%) |
| SITM 0 06/15/31 | SITIME CORP | 7,300,000 | $8.1M | 0.1% | bought |
| RWT 7.75 06/15/27 | REDWOOD TRUST INC | 7,881,000 | $8.0M | 0.1% | reduced (-4%) |
| DASH 0 05/15/30 | DOORDASH INC | 8,089,000 | $8.0M | 0.1% | bought |
| JD 0.25 06/01/29 | JD.COM INC | 8,065,000 | $7.9M | 0.1% | reduced (-27%) |
| ALRM 2.25 06/01/29 | ALARM.COM HOLDINGS INC | 8,171,000 | $7.8M | 0.1% | added (+711%) |
| PMT 8.5 06/01/29 | PENNYMAC MORTGAGE INVESTMENT TRUST | 7,101,000 | $7.3M | 0.1% | added (+79%) |
| CRNC 1.5 07/01/28 | CERENCE INC | 7,887,000 | $7.2M | 0.1% | added (+33%) |
| CELC 0.25 08/01/32 | CELCUITY INC | 6,250,000 | $7.1M | 0.1% | bought |
| MX | MAGNACHIP SEMICONDUCTOR CORP | 1,500,000 | $7.1M | 0.1% | reduced (-47%) |
| WK 1.125 08/15/26 | WORKIVA INC | 7,100,000 | $7.1M | 0.1% | bought |
| CBRL 1.75 09/15/30 | CRACKER BARREL OLD COUNTRY STORE INC | 6,708,000 | $6.9M | 0.1% | bought |
| ETSY 0.125 09/01/27 | ETSY INC | 7,233,000 | $6.9M | 0.1% | bought |
| PD 1.5 10/15/28 * | PAGERDUTY INC | 7,125,000 | $6.7M | 0.1% | added (+20%) |
| LILA | LIBERTY LATIN AMERICA LTD | 839,020 | $6.6M | 0.1% | held (0%) |
| SRPT 1.25 09/15/27 | SAREPTA THERAPEUTICS INC | 6,709,000 | $6.3M | 0.1% | bought |
| LCII 3 03/01/30 | LCI INDUSTRIES | 5,650,000 | $6.3M | 0.1% | bought |
| UBER 0 05/15/28 | UBER TECHNOLOGIES INC | 5,400,000 | $6.2M | 0.1% | bought |
| BILL 0 04/01/27 | BILL HOLDINGS INC | 6,330,000 | $6.1M | 0.1% | added (+91%) |
| GPRE 2.25 03/15/27 | GREEN PLAINS INC | 4,998,000 | $4.9M | 0.1% | held (0%) |
| GLAD 5.875 10/01/30 | GLADSTONE CAPITAL CORP | 4,999,000 | $4.8M | 0.1% | added (+163%) |
| MX | MAGNACHIP SEMICONDUCTOR CORP | 1,000,000 | $4.7M | 0.1% | bought |
| MSTR 0 12/01/29 | STRATEGY INC | 5,451,000 | $4.7M | 0.1% | reduced (-55%) |
| FE 3.625 01/15/29 | FIRSTENERGY CORP | 4,280,000 | $4.7M | 0.1% | bought |
| RBRK 0 06/15/30 | RUBRIK INC | 4,504,000 | $4.6M | 0.1% | bought |
| NOG 3.625 04/15/29 | NORTHERN OIL & GAS INC | 4,614,000 | $4.4M | 0.1% | added (+131%) |
| BATL | BATTALION OIL CORP | 3,009,912 | $3.9M | 0.1% | held (0%) |
| DPC | DPC HOLDINGS LTD | 75,000 | $3.7M | 0.1% | bought |
| RIVN 3.625 10/15/30 | RIVIAN AUTOMOTIVE INC | 3,400,000 | $3.6M | 0.1% | added (+162%) |
| ZD 3.625 03/01/28 | ZIFF DAVIS INC | 3,496,000 | $3.5M | 0.0% | held (0%) |
| TMDX 1.5 06/01/28 | TRANSMEDICS GROUP INC | 3,131,000 | $3.4M | 0.0% | bought |
| — | SERVICE PROPERTIES TRUST | 1,988,382 | $3.4M | 0.0% | bought |
| WEC 3.375 06/01/28 | WEC ENERGY GROUP INC | 3,214,000 | $3.3M | 0.0% | bought |
| AKAM 1.125 02/15/29 | AKAMAI TECHNOLOGIES INC | 2,631,000 | $3.1M | 0.0% | reduced (-51%) |
| NCLH 1.125 02/15/27 | NORWEGIAN CRUISE LINE HOLDINGS LTD | 2,874,000 | $2.8M | 0.0% | bought |
| NTNX 0.25 10/01/27 | NUTANIX INC | 2,200,000 | $2.5M | 0.0% | reduced (-71%) |
| MGPI 1.875 11/15/41 | MGP INGREDIENTS INC | 2,515,000 | $2.5M | 0.0% | reduced (-60%) |
| UBER 0.875 12/01/28 2028 | UBER TECHNOLOGIES INC | 2,000,000 | $2.4M | 0.0% | held (0%) |
| LYV 2.875 01/15/30 | LIVE NATION ENTERTAINMENT INC | 1,813,000 | $2.2M | 0.0% | held (0%) |
| HAE 2.5 06/01/29 | HAEMONETICS CORP | 2,090,000 | $2.1M | 0.0% | added (+150%) |
| DDOG 0 12/01/29 | DATADOG INC | 1,400,000 | $2.0M | 0.0% | reduced (-82%) |
| BTAI | BIOXCEL THERAPEUTICS INC | 1,380,248 | $1.9M | 0.0% | added (+472%) |
| NNBR | NN INC | 510,943 | $1.8M | 0.0% | bought |
| FLR 1.125 08/15/29 | FLUOR CORP | 1,271,000 | $1.7M | 0.0% | reduced (-7%) |
| GRPN 4.875 06/30/30 UNRS | GROUPON INC | 1,677,000 | $1.7M | 0.0% | bought |
| ON 0.5 03/01/29 | ON SEMICONDUCTOR CORP | 1,250,000 | $1.5M | 0.0% | bought |
| TEO | TELECOM ARGENTINA SA | 116,105 | $1.5M | 0.0% | reduced (-93%) |
| RVMD 0.5 05/01/33 | REVOLUTION MEDICINES INC | 1,150,000 | $1.4M | 0.0% | bought |
| CX | CEMEX SAB DE CV | 100,000 | $1.2M | 0.0% | reduced (-96%) |
| ALVOW | ALVOTECH SA | 4,666,667 | $1.1M | 0.0% | held (0%) |
| NEO 0.25 01/15/28 | NEOGENOMICS INC | 1,045,000 | $979,683 | 0.0% | reduced (-81%) |
| BABA 0.5 06/01/31 | ALIBABA GROUP HOLDING LTD | 750,000 | $885,750 | 0.0% | bought |
| SNAP 0.75 08/01/26 | SNAP INC | 877,000 | $873,185 | 0.0% | reduced (-77%) |
| IMCR 2.5 02/01/30 | IMMUNOCORE HOLDINGS PLC | 833,000 | $766,360 | 0.0% | held (0%) |
| STKL | SUNOPTA INC | 74,314 | $406,498 | 0.0% | reduced (-100%) |
| KRSP/WS | RICE ACQUISITION CORP 3 | 399,999 | $395,999 | 0.0% | held (0%) |
| ALVO | ALVOTECH SA | 97,982 | $361,553 | 0.0% | reduced (-59%) |
| SHAK 0 03/01/28 | SHAKE SHACK INC | 270,000 | $252,112 | 0.0% | bought |
| OPI | OFFICE PROPERTIES INCOME TRUST/MD | 10,851 | $184,467 | 0.0% | bought |

## Largest moves this quarter

| Ticker | Issuer | Shares now | Shares before | Change | Bought / sold at reported prices | Value |
| --- | --- | ---: | ---: | --- | ---: | ---: |
| SPY | STATE STREET CORP | 1,355,000 | 0 | bought | +$1.0B | $1.0B |
| GTX | GARRETT MOTION INC | 7,594,816 | 14,594,816 | reduced (-48%) | −$253.6M | $275.2M |
| QQQ | INVESCO QQQ TRUST SERIES 1 | 885,000 | 570,000 | added (+55%) | +$232.0M | $651.7M |
| XOP | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF | 0 | 1,000,000 | sold | −$181.8M | $0 |
| PBR | PETROLEO BRASILEIRO SA - PETROBRAS | 0 | 6,089,413 | sold | −$126.4M | $0 |
| STKL | SUNOPTA INC | 74,314 | 20,726,126 | reduced (-100%) | −$113.0M | $406,498 |
| CORZ | CORE SCIENTIFIC INC | 4,993,708 | 9,350,708 | reduced (-47%) | −$111.5M | $127.8M |

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Source: https://sweetvaluelab.com/investors/howard-marks (SweetValueLab, free, no account). Holdings from SEC Form 13F-HR filings; tickers resolved from CUSIPs. Values as reported by the filer. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.