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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Updated 2026-09-19 from SEC 13F data.
Live quotes available for 32 of 158 rows. Rows without a quote are marked unavailable.
| 1 | CHTR | CHARTER COMMUNICATION-A | 30.15% | - | 16,733,819 | $1.06B | $63.45 | No quote |
| 2 | DLPH | DELPHI AUTOMOTIVE PLC | 17.24% | - | 19,217,976 | $607.11M | No quote | No quote |
| 3 | CIT | CIT GROUP INC | 10.23% | - | 8,733,059 | $360.15M | No quote | No quote |
| 4 | SAVE | SPIRIT AIRLINES INC | 7.42% | - | 13,017,261 | $261.26M | No quote | No quote |
| 5 | XCO | EXCO RESOURCES INC | 6.92% | - | 36,778,946 | $243.84M | No quote | No quote |
| 6 | FBP | FIRST BANCORP PUERTO RICO | 6.33% | - | 50,684,485 | $223.01M | No quote | No quote |
| 7 | GMPRB | GENERAL MOTORS CO | 2.26% | - | 1,902,400 | $79.62M | No quote | No quote |
| 8 | CXPO | CRIMSON EXPLORATION INC | 1.83% | - | 15,524,819 | $64.43M | No quote | No quote |
| 9 | TWC | TIME WARNER CABLE INC | 1.25% | - | 541,000 | $44.09M | No quote | No quote |
| 10 | MLU | METLIFE INC | 1.15% | - | 574,300 | $40.61M | No quote | No quote |
| 11 | OCRPRB | OMNICARE CAP TRUST II | 1.14% | - | 835,260 | $40.08M | No quote | No quote |
| 12 | FITBP | FIFTH THIRD BANCORP | 1.10% | - | 270,380 | $38.61M | No quote | No quote |
| 13 | - | BPZ RESOURCES INCCUSIP 055639AB4 | 1.08% | - | 41,995,000 | $38.07M | No quote | No quote |
| 14 | CZR | CAESARS ENTERTAINMENT CORP | 1.06% | - | 2,537,957 | $37.41M | $14.74 | No quote |
| 15 | AIQ | ALLIANCE HEALTHCARE SRVCS | 1.01% | - | 23,782,451 | $35.67M | No quote | No quote |
| 16 | APAPRD | APACHE CORP | 1.00% | - | 668,700 | $35.39M | No quote | No quote |
| 17 | VSH | VISHAY INTERTECHNOLOGY INC | 0.95% | - | 2,750,000 | $33.44M | $12.16 | No quote |
| 18 | CMCSA | COMCAST CORP-CLASS A | 0.80% | - | 939,500 | $28.19M | $30.01 | No quote |
| 19 | JAKK | JAKKS PACIFIC INC | 0.66% | - | 1,334,017 | $23.28M | No quote | No quote |
| 20 | EPRPRC | ENTERTAINMENT PROPERTIES | 0.59% | - | 1,002,821 | $20.91M | No quote | No quote |
| 21 | SWY | SAFEWAY INC | 0.57% | - | 1,000,000 | $20.21M | No quote | No quote |
| 22 | BACPRL | BANK OF AMERICA CORP | 0.48% | - | 17,415 | $16.94M | $972.50 | No quote |
| 23 | SWU | STANLEY BLACK & DECKER INC | 0.48% | - | 138,760 | $16.88M | No quote | No quote |
| 24 | LVLT | LEVEL 3 COMMUNICATIONS INC | 0.47% | - | 650,000 | $16.73M | No quote | No quote |
| 25 | CMLS | CUMULUS MEDIA INC-CL A | 0.40% | - | 3,985,983 | $13.91M | No quote | No quote |
| 26 | GG | GOLDCORP INC NEW | 0.37% | - | 291,950 | $13.16M | No quote | No quote |
| 27 | VALE | VALE SA | 0.35% | - | 525,754 | $12.27M | $23.33 | No quote |
| 28 | EGLE | EAGLE BULK SHIPPING INC | 0.34% | - | 6,175,000 | $11.98M | No quote | No quote |
| 29 | GEN | GENON ENERGY INC | 0.30% | - | 5,000,000 | $10.4M | $2.08 | No quote |
| 30 | GNK | GENCO SHIPPING & TRADING LTD | 0.27% | - | 1,512,532 | $9.62M | No quote | No quote |
| 31 | RIO | RIO TINTO PLC | 0.22% | - | 141,500 | $7.87M | $55.59 | No quote |
| 32 | BBD | BANCO BRADESCO S A | 0.21% | - | 416,700 | $7.29M | No quote | No quote |
| 33 | BVN | COMPANIA DE MINAS BUEN SPON ADR SER B | 0.18% | - | 159,444 | $6.43M | No quote | No quote |
| 34 | MLCO | Melco PBL Entertainment | 0.17% | - | 436,612 | $5.96M | $13.64 | No quote |
| 35 | AMX | AMERICA MOVIL SAB DE CV | 0.17% | - | 238,000 | $5.91M | No quote | No quote |
| 36 | BRFS | BRF-BRASIL FOODS S A | 0.16% | - | 292,400 | $5.77M | No quote | No quote |
| 37 | UMC | UNITED MICROELECTRONICS CORP | 0.16% | - | 2,287,900 | $5.61M | $2.45 | No quote |
| 38 | CWHPRD | COMMONWEALTH REIT | 0.15% | - | 240,711 | $5.14M | No quote | No quote |
| 39 | FBN | FURNITURE BRANDS INTL INC | 0.12% | - | 2,600,000 | $4.37M | No quote | No quote |
| 40 | WH | WSP HOLDINGS LIMITED | 0.08% | - | 1,408,800 | $2.72M | No quote | No quote |
| 41 | SINA | SINA COM ORD | 0.07% | - | 40,300 | $2.62M | No quote | No quote |
| 42 | EPRPRE | ENTERTAINMENT PROPERTIES | 0.07% | - | 87,500 | $2.44M | No quote | No quote |
| 43 | SCCO | Southern Copper Corp | 0.01% | - | 9,052 | $287K | $31.71 | No quote |
| 44 | VIV | TELEFONICA BRASIL SA | 0.01% | - | 9,200 | $282K | No quote | No quote |
Other instruments
Bonds, warrants, or non-share principal positions reported alongside the equity portfolio.
| 1 | GILD | GILEAD SCIENCES INCNOTE 1.625% 5/0 | OTHER | 116,165,000 | $144.47M |
| 2 | - | MGM RESORTS INTLNOTE 4.260% 4/1 | OTHER | 109,165,000 | $116.75M |
| 3 | - | CEMEX SAB DE CVNOTE 4.875% 3/1 | OTHER | 114,171,000 | $108.12M |
| 4 | SNDK | SANDISK CORPNOTE 1.500% | OTHER | 85,405,000 | $100.9M |
| 5 | ON 1 12/01/20 | ON SEMICONDUCTOR CORPNOTE 2.625% 12/1 | OTHER | 67,445,000 | $79.95M |
| 6 | - | UNITED STATES STL CORP NEWNOTE 4.000% 5/1 | OTHER | 66,010,000 | $78.39M |
| 7 | - | COVANTA HOLDING CORPNOTE 3.250% 6/1 | OTHER | 61,135,000 | $70.54M |
| 8 | MU | MICRON TECHNOLOGY INCDEBT 1.875% 6/0 | OTHER | 65,724,000 | $65.72M |
| 9 | CAR | AVIS BUDGET GROUPNOTE 3.500%10/0 | OTHER | 52,500,000 | $62.04M |
| 10 | LSTZB | LIBERTY MEDIA CORP NEWDEB 3.125% 3/3 | OTHER | 50,870,000 | $61.39M |
| 11 | SBAC | SBA COMMUNICATIONS CORPNOTE 1.875% 5/0 | OTHER | 46,382,000 | $58.59M |
| 12 | HOLX | HOLOGIC INCFRNT 2.000%12/1 | OTHER | 49,275,000 | $58.23M |
| 13 | UTHR | UNITED THERAPEUTICS CORP DELNOTE 1.000% 9/1 | OTHER | 49,460,000 | $57.22M |
| 14 | - | BROOKDALE SENIOR LIVINGNOTE 2.750% 6/1 | OTHER | 60,850,000 | $56.71M |
| 15 | HLX 4.25 05/01/22 | HELIX ENERGY SOLUTIONS GRP INOTE 3.250% 3/1 | OTHER | 50,000,000 | $53.79M |
| 16 | - | CHART INDUSTRIES INCNOTE 2.000% 8/0 | OTHER | 37,571,000 | $48.57M |
| 17 | OCR | OMNICARE INCNOTE 3.750%12/1 | OTHER | 32,645,000 | $46.91M |
| 18 | STLD | STEEL DYNAMICS INCNOTE 5.125% 6/1 | OTHER | 40,922,000 | $46.71M |
| 19 | - | KNIGHT CAP GROUP INCNOTE 3.500% 3/1 | OTHER | 47,110,000 | $44.59M |
| 20 | ONXX | ONYX PHARMACEUTICALS INCNOTE 4.000% 8/1 | OTHER | 35,247,000 | $44.42M |
| 21 | - | LIFEPOINT HOSPITALS INCNOTE 3.500% 5/1 | OTHER | 41,467,000 | $43.55M |
| 22 | - | CHEMED CORPNOTE 1.875% 5/1 | OTHER | 41,499,000 | $42.49M |
| 23 | - | DFC GLOBAL CORPNOTE 3.00% 4/0 | OTHER | 35,072,000 | $41.89M |
| 24 | - | RTI INTL METALS INCNOTE 3.000%12/0 | OTHER | 36,475,000 | $37.31M |
| 25 | NR 4 12/01/21 | NEWPARK RESOURCES INCNOTE 4.000%10/0 | OTHER | 29,474,000 | $32.4M |
| 26 | - | NAVISTAR INTL CORPNOTE 3.000%10/1 | OTHER | 28,075,000 | $30.92M |
| 27 | TFX | TELEFLEX INCNOTE 3.875% 8/0 | OTHER | 28,615,000 | $30.6M |
| 28 | - | CACI INTERNATIONAL INCNOTE 2.125% 5/0 | OTHER | 24,347,000 | $30.31M |
| 29 | - | ROVI CORPNOTE 2.625% 2/1 | OTHER | 28,741,000 | $30.3M |
| 30 | ORI | OLD REPUBLIC INTL CORPNOTE 3.750% 3/1 | OTHER | 30,323,000 | $29.16M |
| 31 | SPWR 4 01/15/23 | SUNPOWER CORPDBCV 4.500% 3/1 | OTHER | 31,817,000 | $28.6M |
| 32 | CMTL | COMTECH TELECOMMUNICATIONSNOTE 3.000% 5/1 | OTHER | 24,820,000 | $28.13M |
| 33 | VRSN | VERISIGN INCSDCV 3.250% 8/1 | OTHER | 20,259,000 | $26.01M |
| 34 | - | BARNES GROUP INCNOTE 3.375% 3/1 | OTHER | 22,737,000 | $25.76M |
| 35 | IEP | ICAHN ENTERPRISES LPFRNT 8/1 | OTHER | 25,225,000 | $25.35M |
| 36 | TTMI | TTM TECHNOLOGIES INCNOTE 3.250% 5/1 | OTHER | 22,925,000 | $24.79M |
| 37 | DRYS | DRYSHIPS INCNOTE 5.000%12/0 | OTHER | 29,000,000 | $24.65M |
| 38 | NUVA | NUVASIVE INCNOTE 2.750% 7/0 | OTHER | 28,815,000 | $24.14M |
| 39 | INTC | INTEL CORPSDCV 2.950%12/1 | OTHER | 22,375,000 | $23.84M |
| 40 | CHK | CHESAPEAKE ENERGY CORPNOTE 2.750%11/1 | OTHER | 23,830,000 | $23.65M |
| 41 | - | ISTAR FINANCIAL INCFRNT 10/0 | OTHER | 23,201,000 | $22.74M |
| 42 | - | INTERPUBLIC GROUP COSNOTE 4.750% 3/1 | OTHER | 19,645,000 | $22.28M |
| 43 | LLTC | LINEAR TECHNOLOGY CORPNOTE 3.000% 5/0 | OTHER | 20,750,000 | $22.22M |
| 44 | BTU | PEABODY ENERGY CORPSDCV 4.750%12/1 | OTHER | 23,281,000 | $22.21M |
| 45 | ALRPRB | ALERE INCNOTE 3.000% 5/1 | OTHER | 21,580,000 | $21.52M |
| 46 | HOLX | HOLOGIC INCDEBT 2.000% 3/0 | OTHER | 22,500,000 | $21.38M |
| 47 | - | PHH CORPNOTE 4.000% 9/0 | OTHER | 21,975,000 | $21.24M |
| 48 | MDVN | MEDIVATION INCNOTE 2.625% | OTHER | 20,000,000 | $21.07M |
| 49 | GG | GOLDCORP INCNOTE 2% 8/0 | OTHER | 17,120,000 | $20.79M |
| 50 | JEF | JEFFERIES GROUP INC NEWDBCV 3.875%11/0 | OTHER | 20,432,000 | $19.77M |
| 51 | AINV | APOLLO INVT CORPNOTE 5.750% 1/1 | OTHER | 19,630,000 | $19.39M |
| 52 | - | HERCULES OFFSHORE LLCNOTE 3.375% 6/0 | OTHER | 19,583,000 | $19.28M |
| 53 | - | ANNALY CAP MGMT INCNOTE 4.000% 2/1 | OTHER | 15,500,000 | $18.18M |
| 54 | RDN | RADIAN GROUP INCNOTE 3.000%11/1 | OTHER | 25,380,000 | $17.48M |
| 55 | GPI | GROUP 1 AUTOMOTIVE INCFRNT 2.250% 6/1 | OTHER | 15,535,000 | $17.34M |
| 56 | MTG | MGIC INVESTMENT CORPNOTE 5.00% 5/0 | OTHER | 22,000,000 | $17.15M |
| 57 | - | SALIX PHARMACEUTICALS INCNOTE 2.750% | OTHER | 12,454,000 | $16.73M |
| 58 | - | INSULET CORPORATIONNOTE 3.750% 6/1 | OTHER | 15,741,000 | $16.68M |
| 59 | - | PROSPECT CAPITAL CORPNOTE 5.500% 8/1 | OTHER | 16,800,000 | $16.3M |
| 60 | NAFC | NASH FINCH COFRNT 1.631% 3/1 | OTHER | 34,302,000 | $16.08M |
| 61 | - | SOLARFUN POWER HOLDINGS CO LNOTE 3.500% 1/1 | OTHER | 23,271,000 | $15.77M |
| 62 | - | COGENT COMMUNICATIONS GROUPNOTE 1.000% 6/1 | OTHER | 17,000,000 | $15.56M |
| 63 | ARM | ARVINMERITOR INCFRNT 4.625% 3/0 | OTHER | 16,527,000 | $15.3M |
| 64 | LNG | CHENIERE ENERGY INCNOTE 2.250% 8/0 | OTHER | 15,035,000 | $15.03M |
| 65 | - | GOLDEN STAR RES LTD CDADBCV 4% 11/3 | OTHER | 14,760,000 | $14.72M |
| 66 | - | LUCENT TECHNOLOGIES INCDBCV 2.875% 6/1 | OTHER | 18,200,000 | $14.41M |
| 67 | - | CHARMING SHOPPESNOTE 1.125% 5/0 | OTHER | 13,753,000 | $13.09M |
| 68 | PRSC | PROVIDENCE SERVICE CORPNOTE 6.500% 5/1 | OTHER | 12,655,000 | $12.64M |
| 69 | - | FIVE STAR QUALITY CARE INOTE 3.750%10/1 | OTHER | 13,014,000 | $12.29M |
| 70 | - | HANOVER COMPRESSOR CONOTE 4.750% | OTHER | 12,980,000 | $11.87M |
| 71 | - | STERLITE INDS INDIA LTDNOTE 4.000%10/3 | OTHER | 12,539,000 | $11.83M |
| 72 | OCR | OMNICARE INCDBCV 3.250%12/1 | OTHER | 12,845,000 | $11.73M |
| 73 | CHK | CHESAPEAKE ENERGY CORPNOTE 2.250%12/1 | OTHER | 14,000,000 | $11.47M |
| 74 | - | JAMES RIVER COAL CONOTE 4.500%12/0 | OTHER | 21,210,000 | $10.68M |
| 75 | - | RAIT FINANCIAL TRUSTNOTE 7.000% 4/0 | OTHER | 12,042,000 | $10.19M |
| 76 | RSYS | RADISYS CORPNOTE 2.750% 2/1 | OTHER | 10,184,000 | $10.11M |
| 77 | - | VERENIUM CORPNOTE 5.500% 4/0 | OTHER | 10,080,000 | $9.87M |
| 78 | - | ARCELORMITTAL SA LUXEMBOURGNOTE 5.000% 5/1 | OTHER | 9,040,000 | $9.8M |
| 79 | LYV | LIVE NATION ENTERTAINMENTNOTE 2.875% 7/1 | OTHER | 10,184,000 | $9.77M |
| 80 | - | SUNTECH PWR HLDGS CO LTDNOTE 3.000% 3/1 | OTHER | 11,885,000 | $9.51M |
| 81 | - | CENTRAL EURO MEDIA ENTERNOTE 5.000%11/1 | OTHER | 10,400,000 | $8.36M |
| 82 | TWTC | TIME WARNER TELECOM INCDBCV 2.375% | OTHER | 6,632,000 | $8.3M |
| 83 | RTK | RENTECH INCNOTE 4.000% 4/1 | OTHER | 7,509,000 | $7.49M |
| 84 | XXIA | IXIANOTE 3.000%12/1 | OTHER | 7,000,000 | $7.08M |
| 85 | - | AMERICAN EQTY INVT LIFE HLDNOTE 5.250%12/0 | OTHER | 6,465,000 | $6.85M |
| 86 | SPWR 4 01/15/23 | SUNPOWER CORPDBCV 4.750% 4/1 | OTHER | 7,350,000 | $6.52M |
| 87 | - | VOLCANO CORPNOTE 2.875% 9/0 | OTHER | 5,640,000 | $6.51M |
| 88 | - | COMPUCREDIT HLDGNOTE 3.625% 5/3 | OTHER | 6,702,000 | $6.45M |
| 89 | - | LUCENT TECHNOLOGIES INCDBCV 2.750% 6/1 | OTHER | 7,000,000 | $6.31M |
| 90 | - | ALBANY INTL CORPFRNT 2.250% 3/1 | OTHER | 6,832,000 | $6.2M |
| 91 | GB | GREATBATCH INCSDCV 2.250% 6/1 | OTHER | 6,000,000 | $6.03M |
| 92 | XIDEW | EXIDE TECHNOLOGIESFRNT 9/1 | OTHER | 6,740,000 | $5.79M |
| 93 | - | CHIQUITA BRANDS INTLNOTE 4.250% 8/1 | OTHER | 6,485,000 | $5.65M |
| 94 | - | INTEROIL CORPNOTE 2.750%11/1 | OTHER | 6,750,000 | $5.54M |
| 95 | - | DENDREON CORPNOTE 2.875% 1/1 | OTHER | 7,000,000 | $5.32M |
| 96 | - | ISIS PHARMACEUTICALS INCNOTE 2.625% 2/1 | OTHER | 5,439,000 | $5.26M |
| 97 | GDPAL | GOODRICH PETE CORPNOTE 5.000%10/0 | OTHER | 5,290,000 | $5.23M |
| 98 | USU | USEC INCNOTE 3.000%10/0 | OTHER | 10,455,000 | $5.01M |
| 99 | ORI | OLD REPUBLIC INTL CORPNOTE 8.000% 5/1 | OTHER | 4,743,000 | $4.81M |
| 100 | SPTN | SPARTAN STORES INCNOTE 3.375% | OTHER | 4,898,000 | $4.48M |
| 101 | HA | HAWAIIAN HOLDINGS INCNOTE 5.000% 3/1 | OTHER | 4,649,000 | $4.32M |
| 102 | GBX 2.875 02/01/24 | GREENBRIER COS INCNOTE 2.375% 5/1 | OTHER | 3,835,000 | $3.51M |
| 103 | - | ALLIANCE ONE INTL INCNOTE 5.500% 7/1 | OTHER | 2,582,000 | $2.55M |
| 104 | - | MORGANS HOTEL GROUP CONOTE 2.375%10/1 | OTHER | 3,000,000 | $2.45M |
| 105 | - | RAMBUS INC DELNOTE 5.000% 6/1 | OTHER | 2,500,000 | $2.44M |
| 106 | - | STEWART ENTERPRISES INCNOTE 3.125% 7/1 | OTHER | 2,250,000 | $2.23M |
| 107 | AVHI | AVATAR HLDGS INCNOTE 7.500% 2/1 | OTHER | 2,000,000 | $1.95M |
| 108 | PWAV | POWERWAVE TECHNOLOGIES INCNOTE 3.875%10/0 | OTHER | 2,972,000 | $1.42M |
| 109 | AMLN | AMYLIN PHARMACEUTICALS INCNOTE 3.000% 6/1 | OTHER | 1,491,000 | $1.4M |
| 110 | - | HEADWATERS INCNOTE 2.500% 2/0 | OTHER | 1,330,000 | $1.17M |
| 111 | PKD | PARKER DRILLING CONOTE 2.125% 7/1 | OTHER | 925,000 | $924K |
| 112 | CRZO | CARRIZO OIL & GAS INCNOTE 4.375% 6/1 | OTHER | 850,000 | $847K |
| 113 | - | STILLWATER MNG CONOTE 1.875% 3/1 | OTHER | 795,000 | $788K |
| 114 | - | K V PHARMACEUTICALNOTE 2.500% | OTHER | 2,500,000 | $625K |