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← Howard Marks

Howard Marks's 2025Q4 portfolio

Howard Marks (Oaktree Capital Management) held 95 positions as of Dec 31, 2025, with the largest position at 9.1% of the portfolio.

Showing positions still held at the most recent quarter so their historical weights can be reconstructed. Positions that were held in 2025Q4but 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 Dec 31, 2025 (95)

  1. 1EXEExpand Energy Corp
    % port
    9.1%
    now 9.7%
  2. 2TRMDTorm Plc
    % port
    8.5%
    -5.4pp vs prior Qnow 11.4%
  3. 3AUAnglogold Ashanti Plc
    % port
    5.3%
    +0.4pp vs prior Q
  4. 4GTXGarrett Motion Inc
    % port
    4.8%
    -2.4pp vs prior Qnow 4.5%
  5. 5VNOMViper Energy Inc-cl A
    % port
    3.9%
    now 3.0%
  6. 6TDSTelephone And Data Systems
    % port
    2.5%
    now 3.1%
  7. 7BBarrick Mining Corp
    % port
    2.1%
    +0.3pp vs prior Qnow 1.8%
  8. 8TLNTalen Energy Corp
    % port
    2.0%
    now 1.8%
  9. 9CORZCore Scientific Inc
    % port
    2.0%
    now 2.4%
  10. 10NOKNokia Corp-spon Adr
    % port
    2.0%
    +0.5pp vs prior Qnow 1.5%
  11. 11ITUBItau Unibanco H-spon Prf Adr
    % port
    1.6%
    now 1.7%
  12. 12(cusip)Liberty Global Ltd
    % port
    1.5%
    now 1.7%
  13. 13CBLCbl & Associates Properties
    % port
    1.5%
    now 1.4%
  14. 14RIOT 0.75 01/15/30Riot Platforms Inc
    % port
    1.5%
  15. 15JBLU 0.5 04/01/26Jetblue Airways Corp
    % port
    1.4%
    +0.3pp vs prior Qnow 1.6%
  16. 16AEROGrupo Aeromexico Sab DE CV
    % port
    1.3%
    now 0.9%
  17. 17TACTransalta Corp
    % port
    1.3%
    -0.1pp vs prior Qnow 1.4%
  18. 18STKLSunopta Inc
    % port
    1.3%
    -0.7pp vs prior Qnow 2.3%
  19. 19FCXFreeport-mcmoran Inc
    % port
    1.1%
    +0.2pp vs prior Q
  20. 20KRCKilroy Realty Corp
    % port
    1.1%
    -0.2pp vs prior Qnow 0.9%
  21. 21CXCemex Sab-spons Adr Part Cer
    % port
    1.1%
    -0.5pp vs prior Qnow 0.5%
  22. 22RWAYRunway Growth Finance Corp
    % port
    1.0%
    -0.4pp vs prior Qnow 0.8%
  23. 23SATS 3.875 11/30/30Echostar Corp
    % port
    1.0%
    now 1.1%
  24. 24BLCOBausch + Lomb Corp
    % port
    0.9%
    +0.1pp vs prior Q
  25. 25(cusip)XP Inc
    % port
    0.9%
    +0.2pp vs prior Qnow 1.0%
  26. 26ETSY 0.25 06/15/28Etsy Inc
    % port
    0.7%
    +0.1pp vs prior Qnow 0.9%
  27. 27(cusip)Liberty Latin America Ltd
    % port
    0.7%
    -0.2pp vs prior Qnow 0.9%
  28. 28ECVTEcovyst Inc
    % port
    0.7%
    +0.3pp vs prior Qnow 0.5%
  29. 29BMRN 1.25 05/15/27Biomarin Pharmaceutical
    % port
    0.7%
    +0.3pp vs prior Qnow 0.9%
  30. 30AMPH 2 03/15/29Amphastar Pharmaceutical
    % port
    0.7%
    +0.4pp vs prior Q
  31. 31ADArray Digital Infrastructure
    % port
    0.6%
  32. 32CNMD 2.25 06/15/27Conmed Corp
    % port
    0.6%
  33. 33PEB 1.75 12/15/26Pebblebrook Hotel Trust
    % port
    0.6%
    +0.2pp vs prior Qnow 1.0%
  34. 34VAC 3.25 12/15/27Marriott Vacation Worldw
    % port
    0.6%
    now 0.8%
  35. 35SEALTD 0.25 09/15/26Sea Ltd
    % port
    0.6%
    now 0.8%
  36. 36TDOC 1.25 06/01/27Teladoc Health Inc
    % port
    0.6%
  37. 37ENPH 0 03/01/28Enphase Energy Inc
    % port
    0.5%
    +0.1pp vs prior Qnow 0.9%
  38. 38CBRL 0.625 06/15/26Cracker Barrel Old Count
    % port
    0.5%
    +0.1pp vs prior Q
  39. 39ARRY 1 12/01/28Array Technologies Inc
    % port
    0.5%
    +0.1pp vs prior Q
  40. 40NVST 1.75 08/15/28Envista Holdings Corp
    % port
    0.5%
    now 0.3%
  41. 41OKTA 0.375 06/15/26Okta Inc
    % port
    0.5%
    +0.2pp vs prior Qnow 0.8%
  42. 42FIVN 1 03/15/29Five9 Inc
    % port
    0.4%
    +0.3pp vs prior Qnow 0.3%
  43. 43TEOTelecom Argentina Sa-sp Adr
    % port
    0.4%
    +0.1pp vs prior Qnow 0.3%
  44. 44SPB 3.375 06/01/29Spectrum Brands Inc
    % port
    0.4%
    +0.2pp vs prior Q
  45. 45DXCM 0.375 05/15/28Dexcom Inc
    % port
    0.4%
    now 0.6%
  46. 46TXTernium Sa-sponsored Adr
    % port
    0.4%
    -0.1pp vs prior Q
  47. 47(cusip)Rice Acquisition Corp 3
    % port
    0.4%
  48. 48OCSLOaktree Specialty Lending CO
    % port
    0.4%
  49. 49DKNG 0 03/15/28Draftkings Holdings Inc
    % port
    0.4%
    now 0.7%
  50. 50MGPI 1.875 11/15/41Mgp Ingredients Inc
    % port
    0.4%
    now 0.1%

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.