Seth Klarman vs Howard Marks
Seth Klarman discloses $5.42B across 23 positions as of 2026Q2; Howard Marks (Oaktree Capital Management) discloses $5.31B across 138 as of 2026Q2. They overlap on 1 holding.
The two distressed-value authors — Margin of Safety against The Most Important Thing.
| Metric | Buffett | Howard Marks |
|---|---|---|
| Disclosed portfolio | $5.42B | $5.31B |
| Positions | 23 | 138 |
| Top-5 concentration | 50% | 34% |
| Latest filing | 2026Q2 · Aug 13, 2026 | 2026Q2 · Aug 14, 2026 |
| Cloning this 13F returned | 3.5%/yr over 12.2 yrs | 4.3%/yr over 12.2 yrs |
| S&P 500, same window | 13.7%/yr | 13.7%/yr |
Clone returns replicate each manager's 13F at reported weights with the real disclosure lag; the S&P 500 figure beneath is measured over that manager's identical window (SPY total return). Because each manager has a different amount of 13F history, the two columns cover different spans — compare each manager against their own benchmark row, not across columns. Methodology.
Where they agree
| Shared holding | Buffett wt. | Howard Marks wt. |
|---|---|---|
| AERO | 1.6% | 1.3% |
Where they diverge
Buffett's largest holding that Howard Marks doesn't own: AMZN at 16.5% of the book. Howard Marks's largest holding Buffett doesn't own: TRMD at 9.9%.
From SEC EDGAR Form 13F-HR filings (2026Q2 / 2026Q2). Long US-listed equities only — cash, shorts, bonds, and non-US positions are not disclosed, and both managers' real books extend beyond what a 13F shows. Not investment advice.