# Howard Marks — Oaktree Capital Management

Portfolio USD 3,778,630,000 · 51 positions · 2026 Q2 · history from 2012 Q4.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/oc

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| TRMD | Torm Plc | 14% | USD 524,261,000 | -14.72% |  |
| EXE | Expand Energy Corp. | 13% | USD 477,606,000 | hold |  |
| GTX | Garrett Motion Inc. | 7.3% | USD 275,160,000 | -47.96% |  |
| AU | AngloGold Ashanti Ltd. | 6.8% | USD 257,157,000 | -1.37% |  |
| INDV | Indivior Pharmaceuticals Inc. | 6.7% | USD 251,400,000 | -12.27% |  |
| TDS | Telephone & Data Systems | 5.2% | USD 195,520,000 | +23.08% |  |
| VNOM | Viper Energy Inc. | 4.3% | USD 160,757,000 | hold |  |
| CORZ | Core Scientific Inc | 3.4% | USD 127,789,000 | -46.6% |  |
| TLN | Talen Energy Corp | 3.4% | USD 127,235,000 | hold |  |
| B | Barrick Mining Corp. | 3.1% | USD 117,760,000 | +22.14% |  |
| ITUB | ita Unibanco Holding S.A. | 2.6% | USD 97,858,000 | -1.73% |  |
| LBTYA | Liberty Global Ltd CL A | 2.6% | USD 97,227,000 | hold |  |
| OCSL | Oaktree Specialty Lending Corp | 2.5% | USD 93,994,000 | +324.96% |  |
| FCX | Freeport-McMoran Inc. | 2.0% | USD 75,539,000 | -1.56% |  |
| AERO | Grupo Aeromexico Sab De Cv | 1.9% | USD 71,436,000 | hold |  |
| KRC | Kilroy Realty Corp. | 1.8% | USD 69,320,000 | hold |  |
| SE | Sea Ltd | 1.6% | USD 60,895,000 | new |  |
| LILAK | Liberty LiLAC Group C | 1.6% | USD 58,885,000 | +31.49% |  |
| BLCO | Bausch + Lomb Corp | 1.5% | USD 56,984,000 | +1.72% |  |
| VSAT | Viasat Inc. | 1.5% | USD 56,605,000 | new |  |
| MMYT | MakeMyTrip Ltd | 1.4% | USD 52,388,000 | new |  |
| MATW | Matthews Intl Corp. A | 1.4% | USD 51,848,000 | new |  |
| XP | XP Inc. | 1.3% | USD 50,679,000 | -1.74% |  |
| YPF | YPF S.A. | 1.2% | USD 45,077,000 | +11.83% |  |
| TAC | TransAlta Corp. | 1.1% | USD 41,487,000 | -53.24% |  |
| RWAY | Runway Growth Finance Corp | 1.0% | USD 39,436,000 | hold |  |
| EMBJ | Embraer SA | 0.7% | USD 28,053,000 | -1.76% |  |
| AD | Array Digital Infrastructure Inc. | 0.7% | USD 25,268,000 | -3.81% |  |
| KRSP | Rice Acquisition Corp 3 A | 0.7% | USD 25,200,000 | hold |  |
| SHAZ | Sharonai Holdings Inc | 0.7% | USD 24,505,000 | -71.05% |  |
| TX | Ternium S.A. | 0.7% | USD 24,438,000 | -1.82% |  |
| QMCO | Quantum Corp. | 0.6% | USD 22,128,000 | new |  |
| SMPL | Simply Good Foods Co. | 0.4% | USD 15,988,000 | +6.64% |  |
| SGRY | Surgery Partners Inc. | 0.4% | USD 14,491,000 | new |  |
| MINE | Mayfair Gold Corp | 0.3% | USD 11,070,000 | hold |  |
| BMM | Blue Moon Metals Inc | 0.3% | USD 10,689,000 | hold |  |
| SMRT | SmartRent Inc. | 0.2% | USD 8,931,000 | hold |  |
| MX | MagnaChip Semiconductor Corp. | 0.2% | USD 7,095,000 | -47.37% |  |
| LILA | Liberty LiLAC Group A | 0.2% | USD 6,578,000 | hold |  |
| BATL | Battalion Oil Corp. | 0.1% | USD 3,943,000 | hold |  |
| DPC | Dpc Holdings Plc | 0.1% | USD 3,680,000 | new |  |
| SVC | Service Properties Trust | 0.1% | USD 3,360,000 | new |  |
| BTAI | Bioxcel Therapeutics Inc | 0.1% | USD 1,946,000 | +472.27% |  |
| NNBR | NN Inc. | 0.1% | USD 1,834,000 | new |  |
| TEO | Telecom Argentina S.A. | <0.1% | USD 1,509,000 | -92.84% |  |
| CX | Cemex | <0.1% | USD 1,200,000 | -96.38% |  |
| ALVOW | Alvotech SA 27 | <0.1% | USD 1,073,000 | hold |  |
| STKL-OLD | SunOpta Inc. | <0.1% | USD 406,000 | -99.64% |  |
| KRSP.WS | Rice Acquisition Corp 3 | <0.1% | USD 396,000 | hold |  |
| ALVO | Alvotech SA | <0.1% | USD 362,000 | -59.18% |  |
| OPI | Office Properties Income Tru | 0.0% | USD 184,000 | new |  |

## Moves this quarter (47)

- TRMD Torm Plc: -14.72% (USD 524,261,000)
- GTX Garrett Motion Inc.: -47.96% (USD 275,160,000)
- AU AngloGold Ashanti Ltd.: -1.37% (USD 257,157,000)
- INDV Indivior Pharmaceuticals Inc.: -12.27% (USD 251,400,000)
- TDS Telephone & Data Systems: +23.08% (USD 195,520,000)
- CORZ Core Scientific Inc: -46.6% (USD 127,789,000)
- PBR Petroleo Brasileiro: sold (USD 126,355,320)
- B Barrick Mining Corp.: +22.14% (USD 117,760,000)
- ITUB ita Unibanco Holding S.A.: -1.73% (USD 97,858,000)
- OCSL Oaktree Specialty Lending Corp: +324.96% (USD 93,994,000)
- NOK Nokia Corp.: sold (USD 90,050,476)
- CBL CBL & Associates Pptys Inc.: sold (USD 82,767,344)
- FCX Freeport-McMoran Inc.: -1.56% (USD 75,539,000)
- SE Sea Ltd: new (USD 60,895,000)
- LILAK Liberty LiLAC Group C: +31.49% (USD 58,885,000)
- BLCO Bausch + Lomb Corp: +1.72% (USD 56,984,000)
- VSAT Viasat Inc.: new (USD 56,605,000)
- MMYT MakeMyTrip Ltd: new (USD 52,388,000)
- MATW Matthews Intl Corp. A: new (USD 51,848,000)
- XP XP Inc.: -1.74% (USD 50,679,000)
- CRDO Credo Technology Group Holdi: sold (USD 50,595,930)
- YPF YPF S.A.: +11.83% (USD 45,077,000)
- TAC TransAlta Corp.: -53.24% (USD 41,487,000)
- ECVT Ecovyst Inc.: sold (USD 30,784,152)
- EMBJ Embraer SA: -1.76% (USD 28,053,000)
- AD Array Digital Infrastructure Inc.: -3.81% (USD 25,268,000)
- SHAZ Sharonai Holdings Inc: -71.05% (USD 24,505,000)
- TX Ternium S.A.: -1.82% (USD 24,438,000)
- QMCO Quantum Corp.: new (USD 22,128,000)
- SMPL Simply Good Foods Co.: +6.64% (USD 15,988,000)
- SGRY Surgery Partners Inc.: new (USD 14,491,000)
- OPTU Optimum Communications Inc.: sold (USD 9,529,637)
- ILLUU Illumination Acquisition Cor: sold (USD 7,440,000)
- NRG NRG Energy Inc.: sold (USD 7,164,952)
- MX MagnaChip Semiconductor Corp.: -47.37% (USD 7,095,000)
- BKLN Invesco Senior Loan ETF: sold (USD 4,082,408)
- DPC Dpc Holdings Plc: new (USD 3,680,000)
- SVC Service Properties Trust: new (USD 3,360,000)
- HDB HDFC Bank Ltd.: sold (USD 2,842,814)
- BTAI Bioxcel Therapeutics Inc: +472.27% (USD 1,946,000)
- NNBR NN Inc.: new (USD 1,834,000)
- TEO Telecom Argentina S.A.: -92.84% (USD 1,509,000)
- CX Cemex: -96.38% (USD 1,200,000)
- PDD Pinduoduo Inc.: sold (USD 493,007)
- STKL-OLD SunOpta Inc.: -99.64% (USD 406,000)
- ALVO Alvotech SA: -59.18% (USD 362,000)
- OPI Office Properties Income Tru: new (USD 184,000)

## Portfolio value by quarter

- 2012 Q4: USD 2,278,775,381 (11 positions)
- 2013 Q1: USD 1,651,392,215 (11 positions)
- 2013 Q2: USD 1,775,955,541 (9 positions)
- 2013 Q3: USD 1,909,645,068 (9 positions)
- 2013 Q4: USD 2,237,144,949 (9 positions)
- 2014 Q1: USD 2,275,951,221 (9 positions)
- 2014 Q2: USD 2,452,379,537 (12 positions)
- 2014 Q3: USD 2,890,536,620 (15 positions)
- 2014 Q4: USD 5,744,313,572 (18 positions)
- 2015 Q1: USD 5,862,898,091 (19 positions)
- 2015 Q2: USD 5,082,658,492 (19 positions)
- 2015 Q3: USD 4,000,379,043 (16 positions)
- 2015 Q4: USD 3,955,818,793 (16 positions)
- 2016 Q1: USD 2,084,669,290 (16 positions)
- 2016 Q2: USD 2,137,981,106 (14 positions)
- 2016 Q3: USD 3,455,602,737 (13 positions)
- 2016 Q4: USD 3,392,380,581 (14 positions)
- 2017 Q1: USD 3,469,325,407 (17 positions)
- 2017 Q2: USD 3,344,309,043 (20 positions)
- 2017 Q3: USD 3,681,543,948 (18 positions)
- 2017 Q4: USD 3,688,982,629 (19 positions)
- 2018 Q1: USD 3,629,512,644 (18 positions)
- 2018 Q2: USD 3,870,338,014 (21 positions)
- 2018 Q3: USD 3,563,165,861 (27 positions)
- 2018 Q4: USD 3,177,459,273 (27 positions)
- 2019 Q1: USD 3,335,393,929 (27 positions)
- 2019 Q2: USD 3,567,817,735 (28 positions)
- 2019 Q3: USD 3,639,595,911 (31 positions)
- 2019 Q4: USD 4,015,766,987 (32 positions)
- 2020 Q1: USD 2,804,775,335 (40 positions)
- 2020 Q2: USD 3,670,060,488 (42 positions)
- 2020 Q3: USD 3,684,981,448 (42 positions)
- 2020 Q4: USD 4,688,021,127 (40 positions)
- 2021 Q1: USD 5,339,361,934 (37 positions)
- 2021 Q2: USD 6,274,895,155 (52 positions)
- 2021 Q3: USD 5,715,900,518 (72 positions)
- 2021 Q4: USD 7,005,346,571 (140 positions)
- 2022 Q1: USD 7,752,901,243 (209 positions)
- 2022 Q2: USD 6,914,478,415 (266 positions)
- 2022 Q3: USD 7,397,055,541 (257 positions)
- 2022 Q4: USD 7,553,320,597 (224 positions)
- 2023 Q1: USD 7,291,004,751 (171 positions)
- 2023 Q2: USD 6,351,630,350 (113 positions)
- 2023 Q3: USD 5,663,888,667 (76 positions)
- 2023 Q4: USD 5,390,363,699 (67 positions)
- 2024 Q1: USD 5,678,778,092 (57 positions)
- 2024 Q2: USD 5,244,200,038 (51 positions)
- 2024 Q3: USD 5,311,039,771 (58 positions)
- 2024 Q4: USD 4,480,295,178 (56 positions)
- 2025 Q1: USD 4,045,980,228 (53 positions)
- 2025 Q2: USD 3,948,101,054 (52 positions)
- 2025 Q3: USD 4,739,951,667 (56 positions)
- 2025 Q4: USD 4,539,448,838 (53 positions)
- 2026 Q1: USD 4,306,883,212 (52 positions)
- 2026 Q2: USD 3,778,630,000 (51 positions)