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.
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Buys
These are the positions the manager opened or added to this quarter, showing where they put more money to work. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| OCSL | OAKTREE SPECIALTY LENDING CORP | Add +325.0% | 2.49% | 7,872,199 | $93.99M | $11.94 | $10.98 - $13.39(40%)$11.19 -> $11.94 |
| SE | SEA LTD | New | 1.61% | 635,443 | $60.89M | $95.83 | $79.00 - $99.97(80%)$82.16 -> $95.83 |
| VSAT | VIASAT INC | New | 1.50% | 630,280 | $56.61M | $89.81 | $43.02 - $89.95(100%)$45.23 -> $89.81 |
| MMYT | MAKEMYTRIP LTD | New | 1.39% | 983,068 | $52.39M | $53.29 | $36.50 - $55.15(90%)$37.88 -> $53.29 |
| MATW | MATTHEWS INTERNATIONAL CORP | New | 1.37% | 1,925,992 | $51.85M | $26.92 | $24.60 - $28.01(68%)$26.51 -> $26.92 |
| SPY | STATE STREET CORP | New | — | 1,355,000 | $1.01B | $746.77 | $645.11 - $760.38(88%)$655.24 -> $746.77 |
| VC | VISTEON CORP | New | — | 400,000 | $39.68M | $99.21 | $88.73 - $126.95(27%)$92.66 -> $99.21 |
| - | ENOVIS CORPCUSIP 194014AB2 | New | — | 39,207,000 | $37.79M | — | - |
| QMCO | QUANTUM CORP | New | 0.59% | 2,011,678 | $22.13M | $11.00 | - |
| SGRY | SURGERY PARTNERS INC | New | 0.38% | 862,588 | $14.49M | $16.80 | $11.86 - $16.89(98%)$12.26 -> $16.80 |
| WK | WORKIVA INC | New | — | 14,970,000 | $14.03M | $0.94 | $43.34 - $60.32(0%)$59.71 -> $48.51 |
| ETSY | ETSY INC | New | — | 11,974,000 | $13.91M | $1.16 | $48.61 - $80.41(0%)$49.97 -> $75.33 |
| STWD | STARWOOD PROPERTY TRUST INC | New | — | 11,894,933 | $12.07M | $1.01 | $16.36 - $17.48(0%)$17.04 -> $16.38 |
| BTDR | BITDEER TECHNOLOGIES GROUP | New | — | 750,000 | $11.9M | $15.87 | $8.75 - $20.72(59%)$9.34 -> $15.87 |
| - | CLOUDFLARE INCCUSIP 18915MAF4 | New | — | 8,050,000 | $10.2M | — | - |
| - | FRESHPET INCCUSIP 358039AB1 | New | — | 7,913,000 | $9.2M | — | - |
| - | ALPHATEC HOLDINGS INCCUSIP 02081GAB8 | New | — | 9,177,000 | $9.14M | — | - |
| - | SITIME CORPCUSIP 82982TAA4 | New | — | 7,300,000 | $8.1M | — | - |
| - | DOORDASH INCCUSIP 25809KAB1 | New | — | 8,089,000 | $7.98M | — | - |
| WK | WORKIVA INC | New | — | 7,100,000 | $7.06M | $1.00 | $43.34 - $60.32(0%)$59.71 -> $48.51 |
| ETSY | ETSY INC | New | — | 7,233,000 | $6.86M | $0.95 | $48.61 - $80.41(0%)$49.97 -> $75.33 |
| SRPT | SAREPTA THERAPEUTICS INC | New | — | 6,709,000 | $6.34M | $0.95 | $14.69 - $23.84(0%)$22.13 -> $17.97 |
| UBER | UBER TECHNOLOGIES INC | New | — | 5,400,000 | $6.25M | $1.16 | $67.19 - $80.83(0%)$71.71 -> $72.16 |
| MX | MAGNACHIP SEMICONDUCTOR CORP | New | — | 1,000,000 | $4.73M | $4.73 | $2.73 - $9.86(28%)$2.83 -> $4.73 |
| FE | FIRSTENERGY CORP | New | — | 4,280,000 | $4.68M | $1.09 | $43.73 - $52.34(0%)$50.96 -> $47.53 |
| - | RUBRIK INCCUSIP 781154AD1 | New | — | 4,504,000 | $4.61M | — | - |
| DPC | DPC HOLDINGS LTD | New | 0.10% | 75,000 | $3.68M | $49.06 | - |
| TMDX | TRANSMEDICS GROUP INC | New | — | 3,131,000 | $3.4M | $1.08 | $60.10 - $120.91(0%)$100.40 -> $66.42 |
| SVC | SERVICE PROPERTIES TRUST | New | 0.09% | 1,988,382 | $3.36M | $1.69 | $1.52 - $1.83(55%)$1.66 -> $1.69 |
| WEC | WEC ENERGY GROUP INC | New | — | 3,214,000 | $3.34M | $1.04 | $108.59 - $119.62(0%)$116.17 -> $116.77 |
| - | NORWEGIAN CRUISE LINE HOLDINGS LTDCUSIP 62886HBD2 | New | — | 2,874,000 | $2.85M | — | - |
| NNBR | NN INC | New | 0.05% | 510,943 | $1.83M | $3.59 | $2.10 - $4.35(66%)$2.22 -> $3.59 |
| - | GROUPON INCCUSIP 399473AK3 | New | — | 1,677,000 | $1.66M | — | - |
| ON 1 12/01/20 | ON SEMICONDUCTOR CORPCUSIP 682189AU9 | New | — | 1,250,000 | $1.51M | — | - |
| - | REVOLUTION MEDICINES INCCUSIP 76155XAA8 | New | — | 1,150,000 | $1.44M | — | - |
| - | ALIBABA GROUP HOLDING LTDCUSIP 01609WBG6 | New | — | 750,000 | $885.75K | — | - |
| - | SHAKE SHACK INCCUSIP 819047AB7 | New | — | 270,000 | $252.11K | — | - |
| OPI | OFFICE PROPERTIES INCOME TRUST/MD | New | 0.00% | 10,851 | $184.47K | $17.00 | - |
| TDS | TELEPHONE AND DATA SYSTEMS INC | Add +23.1% | 5.18% | 5,282,905 | $195.52M | $37.01 | $36.80 - $49.12(2%)$44.14 -> $37.01 |
| B | BARRICK MINING CORP | Add +22.1% | 3.12% | 3,206,087 | $117.76M | $36.73 | $35.77 - $47.59(8%)$42.20 -> $36.69 |
| YPF | YPF SA | Add +11.8% | 1.19% | 991,346 | $45.08M | $45.47 | $39.35 - $57.49(34%)$44.31 -> $45.47 |
| BTAI | BIOXCEL THERAPEUTICS INC | Add +472.3% | 0.05% | 1,380,248 | $1.95M | $1.41 | $1.01 - $1.46(89%)$1.22 -> $1.41 |
| SMPL | SIMPLY GOOD FOODS CO/THE | Add +6.6% | 0.42% | 1,203,889 | $15.99M | $13.28 | $10.21 - $14.88(66%)$14.20 -> $13.28 |
| BLCO | BAUSCH LOMB CORP | Add +1.7% | 1.51% | 3,441,042 | $56.98M | $16.56 | $14.66 - $17.12(77%)$16.68 -> $16.55 |
| QQQ | INVESCO QQQ TRUST SERIES 1 | Add +55.3% | — | 885,000 | $651.71M | $736.40 | $571.92 - $748.63(93%)$584.31 -> $736.40 |
| CORZ | CORE SCIENTIFIC INC | Add +42.9% | — | 5,000,000 | $127.95M | $25.59 | $14.42 - $30.46(70%)$15.30 -> $25.59 |
| - | PEBBLEBROOK HOTEL TRUSTCUSIP 70509VAA8 | Add +10.0% | — | 63,534,000 | $63.1M | — | - |
| BMRN | BIOMARIN PHARMACEUTICAL INC | Add +14.4% | — | 64,025,000 | $62.37M | $0.97 | $49.26 - $59.77(0%)$57.24 -> $57.22 |
| - | SEA LTDCUSIP 81141RAG5 | Add +30.7% | — | 62,567,000 | $62.06M | — | - |
| ETSY | ETSY INC | Add +9.2% | — | 66,836,000 | $61.16M | $0.92 | $48.61 - $80.41(0%)$49.97 -> $75.33 |
| - | ENPHASE ENERGY INCCUSIP 29355AAK3 | Add +9.2% | — | 61,820,000 | $57.61M | — | - |
| DXCM | DEXCOM INC | Add +51.3% | — | 61,148,000 | $57.1M | $0.93 | $56.72 - $78.91(0%)$62.37 -> $67.35 |
| - | MARRIOTT VACATIONS WORLDWIDE CORPCUSIP 57164YAF4 | Add +9.2% | — | 56,893,000 | $55.95M | — | - |
| DKNG | DRAFTKINGS INC | Add +31.9% | — | 58,501,000 | $54.48M | $0.93 | $21.66 - $30.11(0%)$22.16 -> $25.26 |
| CNMD | CONMED CORP | Add +48.2% | — | 53,645,000 | $52.46M | $0.98 | $31.44 - $40.64(0%)$35.53 -> $32.80 |
| TDOC | TELADOC HEALTH INC | Add +62.1% | — | 53,624,000 | $52.26M | $0.97 | $4.97 - $8.95(0%)$5.28 -> $8.48 |
| - | BENTLEY SYSTEMS INCCUSIP 08265TAD1 | Add +15.5% | — | 54,264,000 | $52.16M | — | - |
| - | UNITY SOFTWARE INCCUSIP 91332UAB7 | Add +37.5% | — | 49,426,000 | $48.64M | — | - |
| FIVN | FIVE9 INC | Add +145.2% | — | 53,306,000 | $47.42M | $0.89 | $13.29 - $26.92(0%)$15.06 -> $21.32 |
| LYB | LYONDELLBASELL INDUSTRIES NV | Add +80.0% | — | 900,000 | $47.39M | $52.65 | $52.34 - $81.96(1%)$76.71 -> $52.65 |
| - | SHIFT4 PAYMENTS INCCUSIP 82452JAD1 | Add +77.6% | — | 48,444,000 | $46.26M | — | - |
| AMPH | AMPHASTAR PHARMACEUTICALS INC | Add +7.5% | — | 40,880,000 | $37.2M | $0.91 | $16.65 - $24.35(0%)$20.24 -> $20.14 |
| - | AFFIRM HOLDINGS INCCUSIP 00827BAB2 | Add +201.8% | — | 34,815,000 | $34.29M | — | - |
| - | ARRAY TECHNOLOGIES INCCUSIP 04271TAB6 | Add +9.5% | — | 33,985,000 | $31.62M | — | - |
| - | SNAP INCCUSIP 83304AAF3 | Add +41.9% | — | 28,018,000 | $26.69M | — | - |
| - | WINNEBAGO INDUSTRIES INCCUSIP 974637AF7 | Add +114.1% | — | 20,074,000 | $18.72M | — | - |
| SQ | BLOCK INC | Add +63.8% | — | 17,983,000 | $17.07M | — | - |
| - | SNAP INCCUSIP 83304AAH9 | Add +191.2% | — | 17,474,000 | $16.1M | — | - |
| COGT | COGENT BIOSCIENCES INC | Add +16.3% | — | 11,890,000 | $14.76M | $1.24 | $30.87 - $40.09(0%)$35.24 -> $38.70 |
| - | BLACKSTONE MORTGAGE TRUST INCCUSIP 09257WAE0 | Add +8.5% | — | 14,064,000 | $14.06M | — | - |
| UPWK | UPWORK INC | Add +13.2% | — | 14,154,000 | $14.05M | $0.99 | $7.44 - $11.88(0%)$11.18 -> $8.36 |
| RDFN | REDFIN CORP | Add +52.7% | — | 14,041,000 | $13.55M | — | - |
| - | SNOWFLAKE INCCUSIP 833445AB5 | Add +346.7% | — | 7,147,000 | $11.9M | — | - |
| - | AEROVIRONMENT INCCUSIP 008073AA6 | Add +14.4% | — | 11,799,000 | $11.28M | — | - |
| ITRI | ITRON INC | Add +8.4% | — | 11,216,000 | $11.2M | $1.00 | $77.77 - $100.49(0%)$90.42 -> $86.53 |
| ZD | ZIFF DAVIS INC | Add +11.3% | — | 11,230,000 | $11.13M | $0.99 | $39.66 - $52.59(0%)$42.21 -> $52.37 |
| - | RAPID7 INCCUSIP 753422AF1 | Add +503.2% | — | 10,061,000 | $9.71M | — | - |
| - | UPSTART HOLDINGS INCCUSIP 91680MAB3 | Add +70.7% | — | 8,312,000 | $8.28M | — | - |
| ALRM | ALARM.COM HOLDINGS INC | Add +710.6% | — | 8,171,000 | $7.77M | $0.95 | $41.49 - $48.62(0%)$43.30 -> $46.81 |
| - | PENNYMAC MORTGAGE INVESTMENT TRUSTCUSIP 70932AAH6 | Add +78.8% | — | 7,101,000 | $7.27M | — | - |
| - | CERENCE INCCUSIP 156727AD1 | Add +32.7% | — | 7,887,000 | $7.24M | — | - |
| - | CELCUITY INCCUSIP 15102KAB6 | Add +941.7% | — | 6,250,000 | $7.13M | — | - |
| PD | PAGERDUTY INC | Add +20.1% | — | 7,125,000 | $6.69M | $0.94 | $5.70 - $10.70(0%)$6.32 -> $9.65 |
| BILL | BILL HOLDINGS INC | Add +91.5% | — | 6,330,000 | $6.13M | $0.97 | $31.41 - $43.57(0%)$38.44 -> $36.16 |
| - | GLADSTONE CAPITAL CORPCUSIP 376535AG5 | Add +163.4% | — | 4,999,000 | $4.82M | — | - |
| - | NORTHERN OIL & GAS INCCUSIP 665531AJ8 | Add +130.7% | — | 4,614,000 | $4.43M | — | - |
| - | RIVIAN AUTOMOTIVE INCCUSIP 76954AAD5 | Add +161.5% | — | 3,400,000 | $3.63M | — | - |
| - | HAEMONETICS CORPCUSIP 405024AD2 | Add +149.7% | — | 2,090,000 | $2.12M | — | - |