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← Howard Marks

Howard Marks's 2025Q1 portfolio

Howard Marks (Oaktree Capital Management) held 52 positions as of Mar 31, 2025, with the largest position at 13.5% of the portfolio.

Showing positions still held at the most recent quarter so their historical weights can be reconstructed. Positions that were held in 2025Q1but have since been exited aren't included in this table — for a full point-in-time reconstruction, use the SEC EDGAR filing directly.

Holdings as of Mar 31, 2025 (52)

  1. 1TRMDTorm Plc
    % port
    13.5%
    -1.4pp vs prior Qnow 11.4%
  2. 2EXEExpand Energy Corp
    % port
    12.6%
    -0.5pp vs prior Qnow 9.7%
  3. 3GTXGarrett Motion Inc
    % port
    7.5%
    now 4.5%
  4. 4AUAnglogold Ashanti Plc
    % port
    4.1%
    +1.7pp vs prior Qnow 5.3%
  5. 5RWAYRunway Growth Finance Corp
    % port
    2.3%
    now 0.8%
  6. 6CXCemex Sab-spons Adr Part Cer
    % port
    2.2%
    +0.6pp vs prior Qnow 0.5%
  7. 7STKLSunopta Inc
    % port
    2.0%
    -1.0pp vs prior Qnow 2.3%
  8. 8NOKNokia Corp-spon Adr
    % port
    2.0%
    now 1.5%
  9. 9FCXFreeport-mcmoran Inc
    % port
    1.7%
    +0.4pp vs prior Qnow 1.2%
  10. 10(cusip)Liberty Global Ltd
    % port
    1.7%
  11. 11CBLCbl & Associates Properties
    % port
    1.6%
    now 1.4%
  12. 12TLNTalen Energy Corp
    % port
    1.3%
    -0.2pp vs prior Qnow 1.8%
  13. 13KRCKilroy Realty Corp
    % port
    1.2%
    -0.2pp vs prior Qnow 0.9%
  14. 14TACTransalta Corp
    % port
    1.1%
    now 1.4%
  15. 15JBLU 0.5 04/01/26Jetblue Airways Corp
    % port
    0.8%
    +0.1pp vs prior Qnow 1.6%
  16. 16PEB 1.75 12/15/26Pebblebrook Hotel Trust
    % port
    0.8%
    now 1.0%
  17. 17PBRPetroleo Brasileiro-spon Adr
    % port
    0.8%
    now 2.1%
  18. 18ITUBItau Unibanco H-spon Prf Adr
    % port
    0.8%
    now 1.7%
  19. 19OCSLOaktree Specialty Lending CO
    % port
    0.6%
    now 0.4%
  20. 20TEOTelecom Argentina Sa-sp Adr
    % port
    0.6%
    -0.1pp vs prior Qnow 0.3%
  21. 21NEO 0.25 01/15/28Neogenomics Inc
    % port
    0.6%
    +0.5pp vs prior Qnow 0.1%
  22. 22TXTernium Sa-sponsored Adr
    % port
    0.5%
    now 0.4%
  23. 23ETSY 0.25 06/15/28Etsy Inc
    % port
    0.4%
    +0.2pp vs prior Qnow 0.9%
  24. 24SEALTD 0.25 09/15/26Sea Ltd
    % port
    0.4%
    +0.3pp vs prior Qnow 0.8%
  25. 25OPTUOptimum Communications Inc-a
    % port
    0.4%
    now 0.2%
  26. 26(cusip)Alvotech SA
    % port
    0.4%
    -0.1pp vs prior Qnow 0.0%
  27. 27SATS 3.875 11/30/30Echostar Corp
    % port
    0.4%
    now 1.1%
  28. 28SNAP 0.125 03/01/28Snap Inc
    % port
    0.4%
    +0.2pp vs prior Qnow 0.1%
  29. 29CNMD 2.25 06/15/27Conmed Corp
    % port
    0.3%
    +0.2pp vs prior Qnow 0.6%
  30. 30NVST 1.75 08/15/28Envista Holdings Corp
    % port
    0.3%
    +0.2pp vs prior Q
  31. 31VAC 3.25 12/15/27Marriott Vacation Worldw
    % port
    0.3%
    +0.2pp vs prior Qnow 0.8%
  32. 32TDOC 1.25 06/01/27Teladoc Health Inc
    % port
    0.3%
    +0.2pp vs prior Qnow 0.5%
  33. 33FOUR 0.5 08/01/27Shift4 Payments Inc
    % port
    0.2%
    now 0.4%
  34. 34NEE 3 03/01/27Nextera Energy Capital
    % port
    0.2%
    now 0.0%
  35. 35ENPH 0 03/01/28Enphase Energy Inc
    % port
    0.2%
    now 0.9%
  36. 36MXMagnachip Semiconductor Corp
    % port
    0.2%
  37. 37DXCM 0.375 05/15/28Dexcom Inc
    % port
    0.2%
    now 0.6%
  38. 38UPST 0.25 08/15/26Upstart Holdings Inc
    % port
    0.2%
    now 0.1%
  39. 39SMRTSmartrent Inc
    % port
    0.2%
  40. 40(cusip)Alvotech SA
    % port
    0.1%
    -0.1pp vs prior Qnow 0.0%
  41. 41BXMT 5.5 03/15/27Blackstone Mortgage TR
    % port
    0.1%
  42. 42PCG 4.25 12/01/27Pg&e Corp
    % port
    0.1%
    -0.2pp vs prior Q
  43. 43ZD 1.75 11/01/26Ziff Davis Inc
    % port
    0.1%
  44. 44XYZ 0.25 11/01/27Block Inc
    % port
    0.1%
  45. 45HDBHdfc Bank Ltd-adr
    % port
    0.1%
  46. 46FLR 1.125 08/15/29Fluor Corp
    % port
    0.1%
  47. 47BATLBattalion Oil Corp
    % port
    0.1%
    now 0.2%
  48. 48UBER 0.875 12/01/28 2028Uber Technologies Inc
    % port
    0.1%
    -0.1pp vs prior Q
  49. 49AFRM 0 11/15/26Affirm Holdings Inc
    % port
    0.1%
    now 0.2%
  50. 50U 0 11/15/26Unity Software Inc
    % port
    0.1%
    now 0.6%

13F-HR filings disclose long US-equity positions only. 13Fs don't cover shorts, bonds, derivatives, or non-US listings, so the picture here is the public part of the portfolio — not the whole.

Not investment advice.