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
- -1.99%
- 1-year
- +43.50%
- 3-year
- +72.44%
- 5-year
- +127.86%
- 3-year vs S&P 500
- -4.01%
- 5-year vs S&P 500
- +54.92%
- 5-year top 5
- +191.55%
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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Sells
These are the positions the manager reduced or sold out of this quarter, showing where they pulled money back. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| GTX | GARRETT MOTION INC | Reduce -48.0% | 7.28% | 7,594,816 | $275.16M | $36.23 | $17.80 - $36.25(100%)$18.60 -> $36.23 |
| STKL | SUNOPTA INC | Reduce -99.6% | 0.01% | 74,314 | $406.5K | $5.47 | $6.46 - $6.52(0%)$6.49 -> $6.50 |
| CORZ | CORE SCIENTIFIC INC | Reduce -46.6% | 3.38% | 4,993,708 | $127.79M | $25.59 | $14.42 - $30.46(70%)$15.30 -> $25.59 |
| TRMD | TORM PLC | Reduce -14.7% | 13.88% | 20,329,874 | $524.26M | $25.79 | $25.52 - $35.33(3%)$28.01 -> $26.06 |
| SHAZ | SHARONAI HOLDINGS INC | Reduce -71.0% | 0.65% | 289,456 | $24.51M | $84.66 | $22.54 - $97.48(83%)$27.62 -> $84.66 |
| TAC | TRANSALTA CORP | Reduce -53.2% | 1.10% | 3,000,000 | $41.49M | $13.83 | $11.92 - $14.77(67%)$13.29 -> $13.83 |
| - | AMERICAN WATER CAPITAL CORPCUSIP 03040WBE4 | Sold | — | 0 | $0 | — | - |
| - | BANDWIDTH INCCUSIP 05988JAD5 | Sold | — | 0 | $0 | — | - |
| SQ | BLOCK INC | Sold | — | 0 | $0 | — | - |
| MODG | CALLAWAY GOLF CO | Sold | — | 0 | $0 | — | - |
| CBL | CBL & ASSOCIATES PROPERTIES INC | Sold | — | 0 | $0 | — | - |
| CAKE | CHEESECAKE FACTORY INC/THE | Sold | — | 0 | $0 | — | - |
| COIN 0.5 06/01/26 | COINBASE GLOBAL INCCUSIP 19260QAB3 | Sold | — | 0 | $0 | — | - |
| COIN 0.5 06/01/26 | COINBASE GLOBAL INCCUSIP 19260QAF4 | Sold | — | 0 | $0 | — | - |
| CRDO | CREDO TECHNOLOGY GROUP HOLDING LTD | Sold | — | 0 | $0 | — | - |
| - | DIGITALOCEAN HOLDINGS INCCUSIP 25402DAB8 | Sold | — | 0 | $0 | — | - |
| ECVT | ECOVYST INC | Sold | — | 0 | $0 | — | - |
| HDB | HDFC BANK LTD | Sold | — | 0 | $0 | — | - |
| ILLUU | ILLUMINATION ACQUISITION CORP I | Sold | — | 0 | $0 | — | - |
| BKLN | INVESCO SENIOR INCOME TRUST | Sold | — | 0 | $0 | — | - |
| - | IRHYTHM TECHNOLOGIES INCCUSIP 450056AB2 | Sold | — | 0 | $0 | — | - |
| - | JAZZ PHARMACEUTICALS PLCCUSIP 472145AH4 | Sold | — | 0 | $0 | — | - |
| - | JBT MAREL CORPCUSIP 477839AB0 | Sold | — | 0 | $0 | — | - |
| JBLU | JETBLUE AIRWAYS CORP | Sold | — | 0 | $0 | — | - |
| MTH | MERITAGE HOMES CORP | Sold | — | 0 | $0 | — | - |
| NEEPRP | NEXTERA ENERGY INC | Sold | — | 0 | $0 | — | - |
| NOK | NOKIA OYJ | Sold | — | 0 | $0 | — | - |
| NRG | NRG ENERGY INC | Sold | — | 0 | $0 | — | - |
| - | OKTA INCCUSIP 679295AF2 | Sold | — | 0 | $0 | — | - |
| OPTU | OPTIMUM COMMUNICATIONS INC | Sold | — | 0 | $0 | — | - |
| - | PARSONS CORPCUSIP 70202LAD4 | Sold | — | 0 | $0 | — | - |
| PDD | PDD HOLDINGS INC | Sold | — | 0 | $0 | — | - |
| PENN | PENN ENTERTAINMENT INC | Sold | — | 0 | $0 | — | - |
| PBR | PETROLEO BRASILEIRO SA - PETROBRAS | Sold | — | 0 | $0 | — | - |
| PCG | PG&E CORP | Sold | — | 0 | $0 | — | - |
| POST | POST HOLDINGS INC | Sold | — | 0 | $0 | — | - |
| - | PROGRESS SOFTWARE CORPCUSIP 743312AB6 | Sold | — | 0 | $0 | — | - |
| - | Q2 HOLDINGS INCCUSIP 74736LAD1 | Sold | — | 0 | $0 | — | - |
| RGEN | REPLIGEN CORP | Sold | — | 0 | $0 | — | - |
| SO | SOUTHERN CO/THE | Sold | — | 0 | $0 | — | - |
| XOP | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF | Sold | — | 0 | $0 | — | - |
| - | STRATEGY INCCUSIP 594972AL5 | Sold | — | 0 | $0 | — | - |
| SYNA | SYNAPTICS INC | Sold | — | 0 | $0 | — | - |
| TLN | TALEN ENERGY CORP | Sold | — | 0 | $0 | — | - |
| TCOM 1 07/01/20 | TRIP.COM GROUP LTDCUSIP 89677QAB3 | Sold | — | 0 | $0 | — | - |
| INDV | INDIVIOR PHARMACEUTICALS INC | Reduce -12.3% | 6.66% | 6,127,212 | $251.4M | $41.03 | $29.65 - $42.81(86%)$30.65 -> $41.03 |
| CX | CEMEX SAB DE CV | Reduce -96.4% | 0.03% | 100,000 | $1.2M | $12.00 | $11.02 - $13.67(37%)$11.59 -> $12.00 |
| TEO | TELECOM ARGENTINA SA | Reduce -92.8% | 0.04% | 116,105 | $1.51M | $13.00 | $11.07 - $16.34(37%)$11.85 -> $13.00 |
| MX | MAGNACHIP SEMICONDUCTOR CORP | Reduce -47.4% | 0.19% | 1,500,000 | $7.1M | $4.73 | $2.73 - $9.86(28%)$2.83 -> $4.73 |
| AU | ANGLOGOLD ASHANTI PLC | Reduce -1.4% | 6.81% | 3,179,092 | $257.16M | $80.89 | $77.13 - $113.30(10%)$103.52 -> $80.89 |
| ITUB | ITAU UNIBANCO HOLDING SA | Reduce -1.7% | 2.59% | 11,977,665 | $97.86M | $8.17 | $7.39 - $9.57(36%)$8.49 -> $8.17 |
| FCX | FREEPORT-MCMORAN INC | Reduce -1.6% | 2.00% | 1,201,122 | $75.54M | $62.89 | $55.49 - $72.28(44%)$61.20 -> $62.89 |
| AD | ARRAY DIGITAL INFRASTRUCTURE INC | Reduce -3.8% | 0.67% | 696,858 | $25.27M | $36.26 | $35.12 - $58.29(5%)$47.62 -> $36.26 |
| XP | XP INC | Reduce -1.7% | 1.34% | 3,116,809 | $50.68M | $16.26 | $14.80 - $21.79(21%)$18.71 -> $16.26 |
| ALVO | ALVOTECH SA | Reduce -59.2% | 0.01% | 97,982 | $361.55K | $3.69 | $2.94 - $4.59(45%)$3.62 -> $3.69 |
| EMBJ | EMBRAER SA | Reduce -1.8% | 0.74% | 439,706 | $28.05M | $63.80 | $53.56 - $71.68(57%)$62.39 -> $63.80 |
| TX | TERNIUM SA | Reduce -1.8% | 0.65% | 572,324 | $24.44M | $42.70 | $39.06 - $51.73(29%)$40.74 -> $42.70 |
| - | RIOT PLATFORMS INCCUSIP 767292AB1 | Reduce -67.4% | — | 26,000,000 | $52.28M | — | - |
| SPB | SPECTRUM BRANDS HOLDINGS INC | Reduce -10.2% | — | 23,452,000 | $24.5M | $1.04 | $71.63 - $88.14(0%)$74.29 -> $85.75 |
| - | NABORS INDUSTRIES LTDCUSIP 62957HAL9 | Reduce -26.4% | — | 11,880,000 | $11.29M | — | - |
| ARWR | ARROWHEAD PHARMACEUTICALS INC | Reduce -17.3% | — | 9,146,000 | $10.95M | $1.20 | $59.25 - $84.55(0%)$62.92 -> $81.51 |
| - | ENVISTA HOLDINGS CORPCUSIP 29415FAD6 | Reduce -36.1% | — | 10,206,000 | $10.25M | — | - |
| - | REDWOOD TRUST INCCUSIP 758075AF2 | Reduce -4.4% | — | 7,881,000 | $8M | — | - |
| - | JD.COM INCCUSIP 47215PAJ5 | Reduce -27.0% | — | 8,065,000 | $7.93M | — | - |
| - | CRACKER BARREL OLD COUNTRY STORE INCCUSIP 22410JAD8 | Reduce -74.4% | — | 6,708,000 | $6.87M | — | - |
| - | LCI INDUSTRIESCUSIP 501812AD3 | Reduce -38.2% | — | 5,650,000 | $6.34M | — | - |
| - | STRATEGY INCCUSIP 594972AS0 | Reduce -54.9% | — | 5,451,000 | $4.71M | — | - |
| AKAM | AKAMAI TECHNOLOGIES INC | Reduce -51.3% | — | 2,631,000 | $3.14M | $1.19 | $88.50 - $165.45(0%)$115.75 -> $118.21 |
| NTNX | NUTANIX INC | Reduce -71.0% | — | 2,200,000 | $2.48M | $1.13 | $34.01 - $56.02(0%)$38.04 -> $50.96 |
| MGPI | MGP INGREDIENTS INC | Reduce -59.8% | — | 2,515,000 | $2.45M | $0.97 | $15.72 - $20.78(0%)$18.34 -> $17.52 |
| - | DATADOG INCCUSIP 23804LAD5 | Reduce -81.8% | — | 1,400,000 | $1.99M | — | - |
| - | FLUOR CORPCUSIP 343412AJ1 | Reduce -7.3% | — | 1,271,000 | $1.69M | — | - |
| - | NEOGENOMICS INCCUSIP 64049MAB6 | Reduce -81.3% | — | 1,045,000 | $979.68K | — | - |
| - | SNAP INCCUSIP 83304AAB2 | Reduce -76.7% | — | 877,000 | $873.19K | — | - |