Howard Marks
Portfolio value$7.2B
Positions145
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Q2 2026 versus Q1 2026: 40 bought, 51 added to, 33 reduced, 42 sold. By dollars, the largest buy was State Street Corp, $1.0B more at the quarter-end price; the largest sale Garrett Motion Inc, $253.6M less. Net, $208.9M more bought than sold. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| SPY | State Street Corp (Put) | bought | — → 1.4M | +$1.0B | +14.04% | 14.0% | — |
| GTX | Garrett Motion INC | reduced −48% | 14.6M → 7.6M | −$253.6M | −3.52% | 3.8% | — |
| QQQ | Invesco Qqq Trust Series 1 (Put) | added +55% | 570,000 → 885,000 | +$232.0M | +3.22% | 9.0% | — |
| XOP | State Street Spdr S&p Oil & Gas Exploration & Production ETF (Put) | sold | 1.0M → 0 | −$181.8M | −2.52% | — | — |
| PBR | Petroleo Brasileiro SA - Petrobras | sold | 6.1M → 0 | −$126.4M | −1.75% | — | — |
| STKL | Sunopta INC | reduced −100% | 20.7M → 74,314 | −$113.0M | −1.57% | 0.0% | — |
| CORZ | Core Scientific INC | reduced −47% | 9.4M → 5.0M | −$111.5M | −1.55% | 1.8% | — |
| RIOT 0.75 01/15/30 | Riot Platforms INC | reduced −67% | 79.7M → 26.0M | −$107.9M | −1.50% | 0.7% | — |
| JBLU 0.5 04/01/26 | Jetblue Airways Corp | sold | 95.1M → 0 | −$94.8M | −1.32% | — | — |
| TRMD | Torm PLC | reduced −15% | 23.8M → 20.3M | −$90.5M | −1.26% | 7.3% | — |
| NOK | Nokia Oyj | sold | 11.2M → 0 | −$90.1M | −1.25% | — | — |
| CBL | Cbl & Associates Properties INC | sold | 2.2M → 0 | −$82.8M | −1.15% | — | — |
| OCSL | Oaktree Specialty Lending Corp | added +325% | 1.9M → 7.9M | +$71.9M | +1.00% | 1.3% | — |
| SE | Sea LTD | bought | — → 635,443 | +$60.9M | +0.85% | 0.8% | — |
| SHAZ | Sharonai Holdings INC | reduced −71% | 1.0M → 289,456 | −$60.2M | −0.83% | 0.3% | — |
| VSAT | Viasat INC | bought | — → 630,280 | +$56.6M | +0.79% | 0.8% | — |
| AWK 3.625 06/15/26 | American Water Capital Corp | sold | 55.9M → 0 | −$55.8M | −0.77% | — | — |
| MMYT | Makemytrip LTD | bought | — → 983,068 | +$52.4M | +0.73% | 0.7% | — |
| COIN 0.5 06/01/26 | Coinbase Global INC | sold | 52.6M → 0 | −$52.2M | −0.72% | — | — |
| MATW | Matthews International Corp | bought | — → 1.9M | +$51.8M | +0.72% | 0.7% | — |
| CRDO | Credo Technology Group Holding LTD | sold | 539,000 → 0 | −$50.6M | −0.70% | — | — |
| TLN | Talen Energy Corp (Call) | sold | 150,000 → 0 | −$47.9M | −0.66% | — | — |
| TAC | Transalta Corp | reduced −53% | 6.4M → 3.0M | −$47.2M | −0.66% | 0.6% | — |
| OKTA 0.375 06/15/26 | Okta INC | sold | 47.0M → 0 | −$46.7M | −0.65% | — | — |
| QTWO 0.75 06/01/26 | Q2 Holdings INC | sold | 41.1M → 0 | −$40.9M | −0.57% | — | — |
| VC | Visteon Corp (Put) | bought | — → 400,000 | +$39.7M | +0.55% | 0.6% | — |
| CORZ | Core Scientific INC (Call) | added +43% | 3.5M → 5.0M | +$38.4M | +0.53% | 1.8% | — |
| ENOV 3.875 10/15/28 | Enovis Corp | bought | — → 39.2M | +$37.8M | +0.52% | 0.5% | — |
| XYZ 0 05/01/26 | Block INC | sold | 37.8M → 0 | −$37.7M | −0.52% | — | — |
| TDS | Telephone And Data Systems INC | added +23% | 4.3M → 5.3M | +$36.7M | +0.51% | 2.7% | — |
| PRGS 1 04/15/26 | Progress Software Corp | sold | 36.2M → 0 | −$36.1M | −0.50% | — | — |
| INDV | Indivior Pharmaceuticals INC | reduced −12% | 7.0M → 6.1M | −$35.2M | −0.49% | 3.5% | — |
| CX | Cemex Sab de Cv | reduced −96% | 2.8M → 100,000 | −$32.0M | −0.44% | 0.0% | — |
| ECVT | Ecovyst INC | sold | 2.4M → 0 | −$30.8M | −0.43% | — | — |
| FIVN 1 03/15/29 | Five9 INC | added +145% | 21.7M → 53.3M | +$28.1M | +0.39% | 0.7% | — |
| CBRL 0.625 06/15/26 | Cracker Barrel Old Country Store INC | sold | 26.2M → 0 | −$25.7M | −0.36% | — | — |
| AFRM 0 11/15/26 | Affirm Holdings INC | added +202% | 11.5M → 34.8M | +$22.9M | +0.32% | 0.5% | — |
| QMCO | Quantum Corp | bought | — → 2.0M | +$22.1M | +0.31% | 0.3% | — |
| B | Barrick Mining Corp | added +22% | 2.6M → 3.2M | +$21.3M | +0.30% | 1.6% | — |
| LYB | Lyondellbasell Industries NV (Put) | added +80% | 500,000 → 900,000 | +$21.1M | +0.29% | 0.7% | — |
| FOUR 0.5 08/01/27 | Shift4 Payments INC | added +78% | 27.3M → 48.4M | +$20.2M | +0.28% | 0.6% | — |
| TDOC 1.25 06/01/27 | Teladoc Health INC | added +62% | 33.1M → 53.6M | +$20.0M | +0.28% | 0.7% | — |
| TEO | Telecom Argentina SA | reduced −93% | 1.6M → 116,105 | −$19.6M | −0.27% | 0.0% | — |
| DXCM 0.375 05/15/28 | Dexcom INC | added +51% | 40.4M → 61.1M | +$19.4M | +0.27% | 0.8% | — |
| CNMD 2.25 06/15/27 | Conmed Corp | added +48% | 36.2M → 53.6M | +$17.1M | +0.24% | 0.7% | — |
| SEALTD 0.25 09/15/26 | Sea LTD | added +31% | 47.9M → 62.6M | +$14.6M | +0.20% | 0.9% | — |
| SGRY | Surgery Partners INC | bought | — → 862,588 | +$14.5M | +0.20% | 0.2% | — |
| SYNA 0.75 12/01/31 | Synaptics INC | sold | 13.8M → 0 | −$14.3M | −0.20% | — | — |
| LILAK | Liberty Latin America LTD | added +31% | 5.7M → 7.6M | +$14.1M | +0.20% | 0.8% | — |
| WK 1.25 08/15/28 | Workiva INC | bought | — → 15.0M | +$14.0M | +0.19% | 0.2% | — |
| ETSY 1 06/15/30 | Etsy INC | bought | — → 12.0M | +$13.9M | +0.19% | 0.2% | — |
| U 0 11/15/26 | Unity Software INC | added +38% | 35.9M → 49.4M | +$13.3M | +0.18% | 0.7% | — |
| DKNG 0 03/15/28 | Draftkings INC | added +32% | 44.4M → 58.5M | +$13.2M | +0.18% | 0.8% | — |
| STWD 6.75 07/15/27 | Starwood Property Trust INC | bought | — → 11.9M | +$12.1M | +0.17% | 0.2% | — |
| BTDR | Bitdeer Technologies Group (Call) | bought | — → 750,000 | +$11.9M | +0.17% | 0.2% | — |
| SNAP 0.125 03/01/28 | Snap INC | added +191% | 6.0M → 17.5M | +$10.6M | +0.15% | 0.2% | — |
| NET 0 06/15/30 | Cloudflare INC | bought | — → 8.1M | +$10.2M | +0.14% | 0.1% | — |
| WGO 3.25 01/15/30 | Winnebago Industries INC | added +114% | 9.4M → 20.1M | +$10.0M | +0.14% | 0.3% | — |
| PENN 2.75 05/15/26 | Penn Entertainment INC | sold | 9.6M → 0 | −$9.6M | −0.13% | — | — |
| OPTU | Optimum Communications INC | sold | 7.3M → 0 | −$9.5M | −0.13% | — | — |
| SNOW 0 10/01/27 | Snowflake INC | added +347% | 1.6M → 7.1M | +$9.2M | +0.13% | 0.2% | — |
| FRPT 3 04/01/28 | Freshpet INC | bought | — → 7.9M | +$9.2M | +0.13% | 0.1% | — |
| CALY 2.75 05/01/26 | Callaway Golf CO | sold | 9.2M → 0 | −$9.2M | −0.13% | — | — |
| ATEC 0.75 08/01/26 | Alphatec Holdings INC | bought | — → 9.2M | +$9.1M | +0.13% | 0.1% | — |
| LCII 1.125 05/15/26 | Lci Industries | sold | 9.1M → 0 | −$9.1M | −0.13% | — | — |
| DDOG 0 12/01/29 | Datadog INC | reduced −82% | 7.7M → 1.4M | −$9.0M | −0.12% | 0.0% | — |
| RGEN 1 12/15/28 | Repligen Corp | sold | 9.0M → 0 | −$8.8M | −0.12% | — | — |
| SITM 0 06/15/31 | Sitime Corp | bought | — → 7.3M | +$8.1M | +0.11% | 0.1% | — |
| RPD 0.25 03/15/27 | Rapid7 INC | added +503% | 1.7M → 10.1M | +$8.1M | +0.11% | 0.1% | — |
| DASH 0 05/15/30 | Doordash INC | bought | — → 8.1M | +$8.0M | +0.11% | 0.1% | — |
| SNAP 0 05/01/27 | Snap INC | added +42% | 19.7M → 28.0M | +$7.9M | +0.11% | 0.4% | — |
| TCOM 0.75 06/15/29 | Trip.com Group LTD | sold | 7.6M → 0 | −$7.9M | −0.11% | — | — |
| BMRN 1.25 05/15/27 | Biomarin Pharmaceutical INC | added +14% | 56.0M → 64.0M | +$7.8M | +0.11% | 0.9% | — |
| ILLUU | Illumination Acquisition Corp I | sold | 750,000 → 0 | −$7.4M | −0.10% | — | — |
| NRG | Nrg Energy INC | sold | 49,028 → 0 | −$7.2M | −0.10% | — | — |
| CELC 0.25 08/01/32 | Celcuity INC | bought | — → 6.3M | +$7.1M | +0.10% | 0.1% | — |
| WK 1.125 08/15/26 | Workiva INC | bought | — → 7.1M | +$7.1M | +0.10% | 0.1% | — |
| BSY 0.375 07/01/27 | Bentley Systems INC | added +15% | 47.0M → 54.3M | +$7.0M | +0.10% | 0.7% | — |
| CBRL 1.75 09/15/30 | Cracker Barrel Old Country Store INC | bought | — → 6.7M | +$6.9M | +0.10% | 0.1% | — |
| ETSY 0.125 09/01/27 | Etsy INC | bought | — → 7.2M | +$6.9M | +0.10% | 0.1% | — |
| ALRM 2.25 06/01/29 | Alarm.com Holdings INC | added +711% | 1.0M → 8.2M | +$6.8M | +0.09% | 0.1% | — |
| XYZ 0.25 11/01/27 | Block INC | added +64% | 11.0M → 18.0M | +$6.6M | +0.09% | 0.2% | — |
| MX | Magnachip Semiconductor Corp | reduced −47% | 2.8M → 1.5M | −$6.4M | −0.09% | 0.1% | — |
| SRPT 1.25 09/15/27 | Sarepta Therapeutics INC | bought | — → 6.7M | +$6.3M | +0.09% | 0.1% | — |
| LCII 3 03/01/30 | Lci Industries | bought | — → 5.7M | +$6.3M | +0.09% | 0.1% | — |
| UBER 0 05/15/28 | Uber Technologies INC | bought | — → 5.4M | +$6.2M | +0.09% | 0.1% | — |
| NTNX 0.25 10/01/27 | Nutanix INC | reduced −71% | 7.6M → 2.2M | −$6.1M | −0.08% | 0.0% | — |
| NVST 1.75 08/15/28 | Envista Holdings Corp | reduced −36% | 16.0M → 10.2M | −$5.8M | −0.08% | 0.1% | — |
| PEB 1.75 12/15/26 | Pebblebrook Hotel Trust | added +10% | 57.7M → 63.5M | +$5.8M | +0.08% | 0.9% | — |
| MSTR 0 12/01/29 | Strategy INC | reduced −55% | 12.1M → 5.5M | −$5.7M | −0.08% | 0.1% | — |
| ETSY 0.25 06/15/28 | Etsy INC | added +9% | 61.2M → 66.8M | +$5.2M | +0.07% | 0.8% | — |
| ENPH 0 03/01/28 | Enphase Energy INC | added +9% | 56.6M → 61.8M | +$4.8M | +0.07% | 0.8% | — |
| YPF | Ypf SA | added +12% | 886,465 → 991,346 | +$4.8M | +0.07% | 0.6% | — |
| MX | Magnachip Semiconductor Corp (Call) | bought | — → 1.0M | +$4.7M | +0.07% | 0.1% | — |
| VAC 3.25 12/15/27 | Marriott Vacations Worldwide Corp | added +9% | 52.1M → 56.9M | +$4.7M | +0.07% | 0.8% | — |
| FE 3.625 01/15/29 | Firstenergy Corp | bought | — → 4.3M | +$4.7M | +0.06% | 0.1% | — |
| RDFN 0.5 04/01/27 | Redfin Corp | added +53% | 9.2M → 14.0M | +$4.7M | +0.06% | 0.2% | — |
| RBRK 0 06/15/30 | Rubrik INC | bought | — → 4.5M | +$4.6M | +0.06% | 0.1% | — |
| NEO 0.25 01/15/28 | Neogenomics INC | reduced −81% | 5.6M → 1.0M | −$4.2M | −0.06% | 0.0% | — |
| PCG 4.25 12/01/27 | Pg&e Corp | sold | 4.0M → 0 | −$4.1M | −0.06% | — | — |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
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.