Howard Marks
Howard Marks’s latest 13F equity portfolio (filed as Oaktree Capital Management), straight from the SEC filing on May 20, 2026. Positions are ranked by size; the ones Howard Marks opened or added to this quarter are flagged. This is what a 13F shows: reported long U.S. equity positions as of the quarter-end. It is not the full picture and it is not advice.
How Howard Marks invests
Derived from the 13F filing itself, not commentary.
- Moderately concentrated: the top 5 positions are 47% of the reported book.
- Largest position is TRMD at 15.7% of the book.
- Opened 5 new positions last quarter, the biggest being INDV.
- Mixed by size: 63% of measurable value sits in $10B+ companies.
- 1
$TRMDTorm Plc$675M15.7% of book
- 2
$EXEExpand Energy Corp$575M13.4% of book
- 3
$AUAnglogold Ashanti Plc$314M7.3% of book
- 4
$GTXGarrett Motion Inc$265M6.2% of book
- 5
$INDVNewIndivior Pharmaceuticals Inc$213M4.9% of book
- 6
$TDSTelephone and Data Systems Inc$181M4.2% of book
- 7
$VNOMViper Energy Inc$178M4.1% of book
- 8Core Scientific IncCore Scientific Inc$140M3.3% of book
- 9Sunopta IncSunopta Inc$134M3.1% of book
- 10Petroleo Brasileiro Sa - PetrobrasPetroleo Brasileiro Sa - Petrobras$126M2.9% of book
- 11
$BBarrick Mining Corp$107M2.5% of book
- 12
$TLNTalen Energy Corp$106M2.5% of book
- 13
$LBTYALiberty Global Ltd$103M2.4% of book
- 14Itau Unibanco Holding SaItau Unibanco Holding Sa$102M2.4% of book
- 15Nokia OyjNokia Oyj$90M2.1% of book
- 16
$TACTransalta Corp$84M2.0% of book
- 17Cbl &Amp; Associates Properties IncCbl &Amp; Associates Properties Inc$83M1.9% of book
- 18
$FCXFreeport-Mcmoran Inc$72M1.7% of book
- 19
$XPXp Inc$60M1.4% of book
- 20
$AEROGrupo Aeromexico Sab De Cv$56M1.3% of book
- 21Bausch Lomb CorpBausch Lomb Corp$54M1.3% of book
- 22
$KRCKilroy Realty Corp$52M1.2% of book
- 23
$LILALiberty Latin America Ltd$51M1.2% of book
- 24
$CRDOCredo Technology Group Holding Ltd$51M1.2% of book
- 25
$RWAYRunway Growth Finance Corp$48M1.1% of book
- 26Ypf SaYpf Sa$41M1.0% of book
- 27
$ADArray Digital Infrastructure Inc$33M0.8% of book
- 28
$CXCemex Sab De Cv$32M0.7% of book
- 29
$ECVTEcovyst Inc$31M0.7% of book
- 30Embraer SaEmbraer Sa$27M0.6% of book
- 31
$KRSPRice Acquisition Corp 3$25M0.6% of book
- 32Ternium SaTernium Sa$23M0.5% of book
- 33
$SHAZNewSharonai Holdings Inc$23M0.5% of book
- 34
$OCSLOaktree Specialty Lending Corp$21M0.5% of book
- 35
$TEOTelecom Argentina Sa$19M0.4% of book
- 36
$SMPLSimply Good Foods Co/the$16M0.4% of book
- 37
$MINENewMayfair Gold Corp$14M0.3% of book
- 38
$BATLBattalion Oil Corp$12M0.3% of book
- 39
$SMRTSmartrent Inc$11M0.3% of book
- 40
$BMMNewBlue Moon Metals Inc$11M0.3% of book
- 41
$OPTUOptimum Communications Inc$10M0.2% of book
- 42
$MXMagnachip Semiconductor Corp$8M0.2% of book
- 43
$ILLUNewIllumination Acquisition Corp I$7M0.2% of book
- 44
- 45
$NRGNrg Energy Inc$7M0.2% of book
- 46
$HDBHdfc Bank Ltd$3M0.1% of book
- 47
$PDDPdd Holdings Inc$493K0.0% of book
- 48
$ALVOAlvotech Sa$339K0.0% of book
- 49
$BTAIBioxcel Therapeutics Inc$323K0.0% of book
Updated Jul 26, 8:52 PM. Sourced from SEC EDGAR 13F filings. Showing the top 49 positions by value.
Common questions about Howard Marks
What stocks does Howard Marks own?
Howard Marks reported 49 equity positions worth $4.3B in the latest 13F filed May 20, 2026. The largest by value are TRMD, EXE, AU, GTX, INDV, TDS, VNOM and CORE SCIENTIFIC INC. The full ranked list is on this page.
What is Howard Marks's biggest holding?
TRMD is the largest reported position at $675M, about 15.7% of the reported book, held as 23,839,575 shares.
What did Howard Marks buy recently?
Howard Marks opened 5 new positions in the latest quarter. The largest new buys were INDV, SHAZ, MINE, BMM and ILLU.
What did Howard Marks sell recently?
No reductions appear among the reported positions in the latest filing. Keep in mind that a position sold out of completely simply stops appearing in the 13F, so a full exit shows as a name disappearing rather than as a sale.
Is Howard Marks buying or selling right now?
Across the reported book, Howard Marks added to 0 positions and trimmed 0, which makes the latest quarter a net balanced one. "Right now" is the important caveat: a 13F is a snapshot as of the quarter end, filed up to 45 days later, so it shows what was held then, not what is held today.
What fund does Howard Marks run?
The filings on this page come from Oaktree Capital Management (OAK), SEC CIK 949509. That is the entity that files the 13F, which is why holdings are reported under the firm name rather than the person's name.
Is this Howard Marks's current portfolio?
No. It is the most recent one that has been publicly filed. Institutional managers report holdings quarterly on Form 13F, as of the last day of the quarter, with up to 45 days to file. This page reflects the filing dated May 20, 2026 and updates automatically when the next one hits SEC EDGAR.
Does this show Howard Marks's short positions or options?
Mostly no. A 13F covers reported long U.S. exchange-traded equity positions and some equity options and convertibles. Short positions are not disclosed, and neither are bonds, cash, commodities, currencies, or foreign-listed holdings. A manager with a large short book or heavy non-equity exposure can look very different in a 13F than in reality.
How do I track Howard Marks's next moves?
This page rebuilds straight from SEC EDGAR, so the next 13F appears here as soon as it is filed. New stakes disclosed between quarters on Schedule 13D and 13G show up on the Smart Money page ahead of the next 13F, because those filings are due within days of crossing a 5% ownership threshold rather than at quarter end.