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Focused investors/Howard Marks

Howard Marks - Oaktree Capital Management

As of Q2 2026, Howard Marks reported 49 long-equity positions worth $3.78B in aggregate.

It also disclosed $1.75B of put notional and $144.58M of call notional. Notional is the contracts’ face value, not the premium paid, so it is reported separately from the equity above — see the Options section below.

Copy-investor backtest

Latest quarter
-2.57%
1-year
+42.80%
3-year
+67.77%
5-year
+122.77%
3-year vs S&P 500
-5.47%
5-year vs S&P 500
+49.09%
5-year top 5
+183.78%

Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.

Get email alerts when Howard Marks files a new 13F — sign in or create a free account.

All activity

This tab shows every position the manager opened, added to, reduced, or exited compared with the prior quarter, so you can see exactly what changed. The quarter shown is Q2 2026.

TickerSecurityActivity% portfolioSharesValueReported priceQ range
GTXGARRETT MOTION INCReduce -48.0%7.28%7,594,816$275.16M$36.23$17.80 - $36.25(100%)$18.60 -> $36.23
STKLSUNOPTA INCReduce -99.6%0.01%74,314$406.5K$5.47$6.46 - $6.52(0%)$6.49 -> $6.50
CORZCORE SCIENTIFIC INCReduce -46.6%3.38%4,993,708$127.79M$25.59$14.42 - $30.46(70%)$15.30 -> $25.59
TRMDTORM PLCReduce -14.7%13.88%20,329,874$524.26M$25.79$25.52 - $35.33(3%)$28.01 -> $26.06
OCSLOAKTREE SPECIALTY LENDING CORPAdd +325.0%2.49%7,872,199$93.99M$11.94$10.98 - $13.39(40%)$11.19 -> $11.94
SESEA LTDNew1.61%635,443$60.89M$95.83$79.00 - $99.97(80%)$82.16 -> $95.83
SHAZSHARONAI HOLDINGS INCReduce -71.0%0.65%289,456$24.51M$84.66$22.54 - $97.48(83%)$27.62 -> $84.66
VSATVIASAT INCNew1.50%630,280$56.61M$89.81$43.02 - $89.95(100%)$45.23 -> $89.81
MMYTMAKEMYTRIP LTDNew1.39%983,068$52.39M$53.29$36.50 - $55.15(90%)$37.88 -> $53.29
MATWMATTHEWS INTERNATIONAL CORPNew1.37%1,925,992$51.85M$26.92$24.60 - $28.01(68%)$26.51 -> $26.92
TACTRANSALTA CORPReduce -53.2%1.10%3,000,000$41.49M$13.83$11.92 - $14.77(67%)$13.29 -> $13.83
SPYSTATE STREET CORPNew1,355,000$1.01B$746.77$645.11 - $760.38(88%)$655.24 -> $746.77
VCVISTEON CORPNew400,000$39.68M$99.21$88.73 - $126.95(27%)$92.66 -> $99.21
-ENOVIS CORPCUSIP 194014AB2New39,207,000$37.79M-
QMCOQUANTUM CORPNew0.59%2,011,678$22.13M$11.00-
SGRYSURGERY PARTNERS INCNew0.38%862,588$14.49M$16.80$11.86 - $16.89(98%)$12.26 -> $16.80
WKWORKIVA INCNew14,970,000$14.03M$0.94$43.34 - $60.32(0%)$59.71 -> $48.51
ETSYETSY INCNew11,974,000$13.91M$1.16$48.61 - $80.41(0%)$49.97 -> $75.33
STWDSTARWOOD PROPERTY TRUST INCNew11,894,933$12.07M$1.01$16.36 - $17.48(0%)$17.04 -> $16.38
BTDRBITDEER TECHNOLOGIES GROUPNew750,000$11.9M$15.87$8.75 - $20.72(59%)$9.34 -> $15.87
-CLOUDFLARE INCCUSIP 18915MAF4New8,050,000$10.2M-
-FRESHPET INCCUSIP 358039AB1New7,913,000$9.2M-
-ALPHATEC HOLDINGS INCCUSIP 02081GAB8New9,177,000$9.14M-
-SITIME CORPCUSIP 82982TAA4New7,300,000$8.1M-
-DOORDASH INCCUSIP 25809KAB1New8,089,000$7.98M-
WKWORKIVA INCNew7,100,000$7.06M$1.00$43.34 - $60.32(0%)$59.71 -> $48.51
ETSYETSY INCNew7,233,000$6.86M$0.95$48.61 - $80.41(0%)$49.97 -> $75.33
SRPTSAREPTA THERAPEUTICS INCNew6,709,000$6.34M$0.95$14.69 - $23.84(0%)$22.13 -> $17.97
UBERUBER TECHNOLOGIES INCNew5,400,000$6.25M$1.16$67.19 - $80.83(0%)$71.71 -> $72.16
MXMAGNACHIP SEMICONDUCTOR CORPNew1,000,000$4.73M$4.73$2.73 - $9.86(28%)$2.83 -> $4.73
FEFIRSTENERGY CORPNew4,280,000$4.68M$1.09$43.73 - $52.34(0%)$50.96 -> $47.53
-RUBRIK INCCUSIP 781154AD1New4,504,000$4.61M-
DPCDPC HOLDINGS LTDNew0.10%75,000$3.68M$49.06-
TMDXTRANSMEDICS GROUP INCNew3,131,000$3.4M$1.08$60.10 - $120.91(0%)$100.40 -> $66.42
SVCSERVICE PROPERTIES TRUSTNew0.09%1,988,382$3.36M$1.69$1.52 - $1.83(55%)$1.66 -> $1.69
WECWEC ENERGY GROUP INCNew3,214,000$3.34M$1.04$108.59 - $119.62(0%)$116.17 -> $116.77
-NORWEGIAN CRUISE LINE HOLDINGS LTDCUSIP 62886HBD2New2,874,000$2.85M-
NNBRNN INCNew0.05%510,943$1.83M$3.59$2.10 - $4.35(66%)$2.22 -> $3.59
-GROUPON INCCUSIP 399473AK3New1,677,000$1.66M-
ON 1 12/01/20ON SEMICONDUCTOR CORPCUSIP 682189AU9New1,250,000$1.51M-
-REVOLUTION MEDICINES INCCUSIP 76155XAA8New1,150,000$1.44M-
-ALIBABA GROUP HOLDING LTDCUSIP 01609WBG6New750,000$885.75K-
-SHAKE SHACK INCCUSIP 819047AB7New270,000$252.11K-
OPIOFFICE PROPERTIES INCOME TRUST/MDNew0.00%10,851$184.47K$17.00-
-AMERICAN WATER CAPITAL CORPCUSIP 03040WBE4Sold0$0-
-BANDWIDTH INCCUSIP 05988JAD5Sold0$0-
SQBLOCK INCSold0$0-
MODGCALLAWAY GOLF COSold0$0-
CBLCBL & ASSOCIATES PROPERTIES INCSold0$0-
CAKECHEESECAKE FACTORY INC/THESold0$0-
COIN 0.5 06/01/26COINBASE GLOBAL INCCUSIP 19260QAB3Sold0$0-
COIN 0.5 06/01/26COINBASE GLOBAL INCCUSIP 19260QAF4Sold0$0-
CRDOCREDO TECHNOLOGY GROUP HOLDING LTDSold0$0-
-DIGITALOCEAN HOLDINGS INCCUSIP 25402DAB8Sold0$0-
ECVTECOVYST INCSold0$0-
HDBHDFC BANK LTDSold0$0-
ILLUUILLUMINATION ACQUISITION CORP ISold0$0-
BKLNINVESCO SENIOR INCOME TRUSTSold0$0-
-IRHYTHM TECHNOLOGIES INCCUSIP 450056AB2Sold0$0-
-JAZZ PHARMACEUTICALS PLCCUSIP 472145AH4Sold0$0-
-JBT MAREL CORPCUSIP 477839AB0Sold0$0-
JBLUJETBLUE AIRWAYS CORPSold0$0-
MTHMERITAGE HOMES CORPSold0$0-
NEEPRPNEXTERA ENERGY INCSold0$0-
NOKNOKIA OYJSold0$0-
NRGNRG ENERGY INCSold0$0-
-OKTA INCCUSIP 679295AF2Sold0$0-
OPTUOPTIMUM COMMUNICATIONS INCSold0$0-
-PARSONS CORPCUSIP 70202LAD4Sold0$0-
PDDPDD HOLDINGS INCSold0$0-
PENNPENN ENTERTAINMENT INCSold0$0-
PBRPETROLEO BRASILEIRO SA - PETROBRASSold0$0-
PCGPG&E CORPSold0$0-
POSTPOST HOLDINGS INCSold0$0-
-PROGRESS SOFTWARE CORPCUSIP 743312AB6Sold0$0-
-Q2 HOLDINGS INCCUSIP 74736LAD1Sold0$0-
RGENREPLIGEN CORPSold0$0-
SOSOUTHERN CO/THESold0$0-
XOPSTATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFSold0$0-
-STRATEGY INCCUSIP 594972AL5Sold0$0-
SYNASYNAPTICS INCSold0$0-
TLNTALEN ENERGY CORPSold0$0-
TCOM 1 07/01/20TRIP.COM GROUP LTDCUSIP 89677QAB3Sold0$0-
TDSTELEPHONE AND DATA SYSTEMS INCAdd +23.1%5.18%5,282,905$195.52M$37.01$36.80 - $49.12(2%)$44.14 -> $37.01
INDVINDIVIOR PHARMACEUTICALS INCReduce -12.3%6.66%6,127,212$251.4M$41.03$29.65 - $42.81(86%)$30.65 -> $41.03
CXCEMEX SAB DE CVReduce -96.4%0.03%100,000$1.2M$12.00$11.02 - $13.67(37%)$11.59 -> $12.01
BBARRICK MINING CORPAdd +22.1%3.12%3,206,087$117.76M$36.73$35.77 - $47.59(8%)$42.20 -> $36.69
TEOTELECOM ARGENTINA SAReduce -92.8%0.04%116,105$1.51M$13.00$11.07 - $16.34(37%)$11.85 -> $13.00
LILAKLIBERTY LATIN AMERICA LTDReduce -10.7%1.472:1 split1.56%7,559,083$58.89M$7.79$4.76 - $8.92(73%)$8.63 -> $7.79
MXMAGNACHIP SEMICONDUCTOR CORPReduce -47.4%0.19%1,500,000$7.1M$4.73$2.73 - $9.86(28%)$2.83 -> $4.73
YPFYPF SAAdd +11.8%1.19%991,346$45.08M$45.47$39.35 - $57.49(34%)$44.31 -> $45.47
AUANGLOGOLD ASHANTI PLCReduce -1.4%6.81%3,179,092$257.16M$80.89$77.13 - $113.30(10%)$103.52 -> $80.49
LILALIBERTY LATIN AMERICA LTDReduce -32.1%1.472:1 split0.17%839,020$6.58M$7.84$4.79 - $8.73(77%)$8.41 -> $7.84
ITUBITAU UNIBANCO HOLDING SAReduce -1.7%2.59%11,977,665$97.86M$8.17$7.42 - $9.57(35%)$8.49 -> $8.17
BTAIBIOXCEL THERAPEUTICS INCAdd +472.3%0.05%1,380,248$1.95M$1.41$1.01 - $1.46(89%)$1.22 -> $1.41
FCXFREEPORT-MCMORAN INCReduce -1.6%2.00%1,201,122$75.54M$62.89$55.49 - $72.28(44%)$61.20 -> $62.88
ADARRAY DIGITAL INFRASTRUCTURE INCReduce -3.8%0.67%696,858$25.27M$36.26$35.18 - $58.29(5%)$47.62 -> $36.28
SMPLSIMPLY GOOD FOODS CO/THEAdd +6.6%0.42%1,203,889$15.99M$13.28$10.21 - $14.88(66%)$14.20 -> $13.28
BLCOBAUSCH LOMB CORPAdd +1.7%1.51%3,441,042$56.98M$16.56$14.66 - $17.12(77%)$16.68 -> $16.55
XPXP INCReduce -1.7%1.34%3,116,809$50.68M$16.26$14.80 - $21.79(21%)$18.71 -> $16.26
ALVOALVOTECH SAReduce -59.2%0.01%97,982$361.55K$3.69$2.94 - $4.59(45%)$3.62 -> $3.69
EMBJEMBRAER SAReduce -1.8%0.74%439,706$28.05M$63.80$53.56 - $71.68(57%)$62.39 -> $63.78
TXTERNIUM SAReduce -1.8%0.65%572,324$24.44M$42.70$39.06 - $51.73(29%)$40.74 -> $42.70
QQQINVESCO QQQ TRUST SERIES 1Add +55.3%885,000$651.71M$736.40$571.92 - $748.63(93%)$584.31 -> $736.40
CORZCORE SCIENTIFIC INCAdd +42.9%5,000,000$127.95M$25.59$14.42 - $30.46(70%)$15.30 -> $25.59
-PEBBLEBROOK HOTEL TRUSTCUSIP 70509VAA8Add +10.0%63,534,000$63.1M-
BMRNBIOMARIN PHARMACEUTICAL INCAdd +14.4%64,025,000$62.37M$0.97$49.26 - $59.77(0%)$57.24 -> $57.22
-SEA LTDCUSIP 81141RAG5Add +30.7%62,567,000$62.06M-
ETSYETSY INCAdd +9.2%66,836,000$61.16M$0.92$48.61 - $80.41(0%)$49.97 -> $75.33
-ENPHASE ENERGY INCCUSIP 29355AAK3Add +9.2%61,820,000$57.61M-
DXCMDEXCOM INCAdd +51.3%61,148,000$57.1M$0.93$56.72 - $78.91(0%)$62.37 -> $67.35
-MARRIOTT VACATIONS WORLDWIDE CORPCUSIP 57164YAF4Add +9.2%56,893,000$55.95M-
DKNGDRAFTKINGS INCAdd +31.9%58,501,000$54.48M$0.93$21.66 - $30.11(0%)$22.16 -> $25.26
CNMDCONMED CORPAdd +48.2%53,645,000$52.46M$0.98$31.44 - $40.64(0%)$35.53 -> $32.80
-RIOT PLATFORMS INCCUSIP 767292AB1Reduce -67.4%26,000,000$52.28M-
TDOCTELADOC HEALTH INCAdd +62.1%53,624,000$52.26M$0.97$4.97 - $8.95(0%)$5.28 -> $8.48
-BENTLEY SYSTEMS INCCUSIP 08265TAD1Add +15.5%54,264,000$52.16M-
-UNITY SOFTWARE INCCUSIP 91332UAB7Add +37.5%49,426,000$48.64M-
FIVNFIVE9 INCAdd +145.2%53,306,000$47.42M$0.89$13.29 - $26.92(0%)$15.06 -> $21.32
LYBLYONDELLBASELL INDUSTRIES NVAdd +80.0%900,000$47.39M$52.65$52.34 - $81.96(1%)$76.71 -> $52.65
-SHIFT4 PAYMENTS INCCUSIP 82452JAD1Add +77.6%48,444,000$46.26M-
AMPHAMPHASTAR PHARMACEUTICALS INCAdd +7.5%40,880,000$37.2M$0.91$16.65 - $24.35(0%)$20.24 -> $20.14
-AFFIRM HOLDINGS INCCUSIP 00827BAB2Add +201.8%34,815,000$34.29M-
-ARRAY TECHNOLOGIES INCCUSIP 04271TAB6Add +9.5%33,985,000$31.62M-
-SNAP INCCUSIP 83304AAF3Add +41.9%28,018,000$26.69M-
SPBSPECTRUM BRANDS HOLDINGS INCReduce -10.2%23,452,000$24.5M$1.04$71.63 - $88.06(0%)$74.29 -> $85.75
-WINNEBAGO INDUSTRIES INCCUSIP 974637AF7Add +114.1%20,074,000$18.72M-
SQBLOCK INCAdd +63.8%17,983,000$17.07M-
-SNAP INCCUSIP 83304AAH9Add +191.2%17,474,000$16.1M-
COGTCOGENT BIOSCIENCES INCAdd +16.3%11,890,000$14.76M$1.24$30.87 - $40.09(0%)$35.24 -> $38.70
-BLACKSTONE MORTGAGE TRUST INCCUSIP 09257WAE0Add +8.5%14,064,000$14.06M-
UPWKUPWORK INCAdd +13.2%14,154,000$14.05M$0.99$7.44 - $11.88(0%)$11.18 -> $8.36
RDFNREDFIN CORPAdd +52.7%14,041,000$13.55M-
-SNOWFLAKE INCCUSIP 833445AB5Add +346.7%7,147,000$11.9M-
-NABORS INDUSTRIES LTDCUSIP 62957HAL9Reduce -26.4%11,880,000$11.29M-
-AEROVIRONMENT INCCUSIP 008073AA6Add +14.4%11,799,000$11.28M-
ITRIITRON INCAdd +8.4%11,216,000$11.2M$1.00$77.77 - $100.49(0%)$90.42 -> $86.53
ZDZIFF DAVIS INCAdd +11.3%11,230,000$11.13M$0.99$39.66 - $52.59(0%)$42.21 -> $52.37
ARWRARROWHEAD PHARMACEUTICALS INCReduce -17.3%9,146,000$10.95M$1.20$59.25 - $84.55(0%)$62.92 -> $81.43
-ENVISTA HOLDINGS CORPCUSIP 29415FAD6Reduce -36.1%10,206,000$10.25M-
-RAPID7 INCCUSIP 753422AF1Add +503.2%10,061,000$9.71M-
-UPSTART HOLDINGS INCCUSIP 91680MAB3Add +70.7%8,312,000$8.28M-
-REDWOOD TRUST INCCUSIP 758075AF2Reduce -4.4%7,881,000$8M-
-JD.COM INCCUSIP 47215PAJ5Reduce -27.0%8,065,000$7.93M-
ALRMALARM.COM HOLDINGS INCAdd +710.6%8,171,000$7.77M$0.95$41.49 - $48.62(0%)$43.30 -> $46.81
-PENNYMAC MORTGAGE INVESTMENT TRUSTCUSIP 70932AAH6Add +78.8%7,101,000$7.27M-
-CERENCE INCCUSIP 156727AD1Add +32.7%7,887,000$7.24M-
-CELCUITY INCCUSIP 15102KAB6Add +941.7%6,250,000$7.13M-
-CRACKER BARREL OLD COUNTRY STORE INCCUSIP 22410JAD8Reduce -74.4%6,708,000$6.87M-
PDPAGERDUTY INCAdd +20.1%7,125,000$6.69M$0.94$5.70 - $10.70(0%)$6.32 -> $9.65
-LCI INDUSTRIESCUSIP 501812AD3Reduce -38.2%5,650,000$6.34M-
BILLBILL HOLDINGS INCAdd +91.5%6,330,000$6.13M$0.97$31.41 - $43.57(0%)$38.44 -> $36.16
-GLADSTONE CAPITAL CORPCUSIP 376535AG5Add +163.4%4,999,000$4.82M-
-STRATEGY INCCUSIP 594972AS0Reduce -54.9%5,451,000$4.71M-
-NORTHERN OIL & GAS INCCUSIP 665531AJ8Add +130.7%4,614,000$4.43M-
-RIVIAN AUTOMOTIVE INCCUSIP 76954AAD5Add +161.5%3,400,000$3.63M-
AKAMAKAMAI TECHNOLOGIES INCReduce -51.3%2,631,000$3.14M$1.19$88.50 - $165.45(0%)$115.75 -> $118.01
NTNXNUTANIX INCReduce -71.0%2,200,000$2.48M$1.13$34.01 - $56.02(0%)$38.04 -> $50.96
MGPIMGP INGREDIENTS INCReduce -59.8%2,515,000$2.45M$0.97$15.72 - $20.78(0%)$18.34 -> $17.52
-HAEMONETICS CORPCUSIP 405024AD2Add +149.7%2,090,000$2.12M-
-DATADOG INCCUSIP 23804LAD5Reduce -81.8%1,400,000$1.99M-
-FLUOR CORPCUSIP 343412AJ1Reduce -7.3%1,271,000$1.69M-
-NEOGENOMICS INCCUSIP 64049MAB6Reduce -81.3%1,045,000$979.68K-
-SNAP INCCUSIP 83304AAB2Reduce -76.7%877,000$873.19K-