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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Updated 2026-06-06 from SEC 13F data.
Live quotes available for 31 of 174 rows. Rows without a quote are marked unavailable.
| 1 | SBLK | STAR BULK CARRIERS CORP | 17.48% | Add +787.3% | 51,234,231 | $564.6M | $11.02 | No quote |
| 2 | DYN | DYNEGY INC | 7.08% | Add +14.3% | 7,928,800 | $228.83M | No quote | No quote |
| 3 | FBP | FIRST BANCORP PUERTO RICO | 6.15% | - | 41,843,581 | $198.76M | No quote | No quote |
| 4 | ALLY | ALLY FINANCIAL INC | 5.91% | Add +3.3% | 8,256,030 | $191.05M | $23.14 | No quote |
| 5 | DOOR | MASONITE INTERNATIONAL CORP | 5.09% | Reduce -18.1% | 2,966,585 | $164.29M | No quote | No quote |
| 6 | XCO | EXCO RESOURCES INC | 4.67% | - | 45,173,682 | $150.88M | No quote | No quote |
| 7 | DMND | DIAMOND FOODS INC | 3.91% | - | 4,420,859 | $126.48M | No quote | No quote |
| 8 | AIQZZZZ | ALLIANCE HEALTHCARE SERVICES | 3.33% | - | 4,756,491 | $107.54M | No quote | No quote |
| 9 | MTG | MGIC INVESTMENT CORP | 3.12% | Add +13.4% | 12,925,800 | $100.95M | $7.81 | No quote |
| 10 | TPUB | TRIBUNE PUBLISHING CO | 2.93% | New | 4,691,371 | $94.67M | No quote | No quote |
| 11 | PBR | PETROLEO BRASILEIRO-SPON ADR | 2.77% | Add +13.7% | 6,305,991 | $89.48M | $14.19 | No quote |
| 12 | TSM | TAIWAN SEMICONDUCTOR-SP ADR | 2.76% | Add +36.3% | 4,415,484 | $89.1M | $20.18 | No quote |
| 13 | CCIPRA | CROWN CASTLE INTL CORP | 2.38% | - | 730,000 | $76.78M | No quote | No quote |
| 14 | TTM | TATA MOTORS LTD-SPON ADR | 1.75% | Add +22.8% | 1,289,861 | $56.38M | No quote | No quote |
| 15 | VALEP | VALE SA-SP PREF ADR | 1.69% | Add +39.0% | 5,637,772 | $54.74M | No quote | No quote |
| 16 | CX | CEMEX SAB-SPONS ADR PART CER | 1.59% | Add +31.1% | 3,938,637 | $51.36M | $13.04 | No quote |
| 17 | MCF | CONTANGO OIL & GAS | 1.32% | - | 1,287,732 | $42.8M | No quote | No quote |
| 18 | NRG | NRG ENERGY INC | 1.25% | - | 1,325,000 | $40.39M | $30.48 | No quote |
| 19 | VSH | VISHAY INTERTECHNOLOGY INC | 1.22% | - | 2,750,000 | $39.3M | $14.29 | No quote |
| 20 | TSL | TRINA SOLAR LTD-SPON ADR | 1.18% | Add +23.9% | 3,145,624 | $37.97M | No quote | No quote |
| 21 | GWRU | GENESEE & WYOMING INC | 1.15% | - | 301,100 | $37.07M | No quote | No quote |
| 22 | TV | GRUPO TELEVISA SA-SPON ADR | 1.09% | Reduce -1.2% | 1,041,410 | $35.28M | No quote | No quote |
| 23 | BRFS | BRF SA-ADR | 1.05% | Add +27.1% | 1,428,500 | $33.98M | No quote | No quote |
| 24 | VIV | TELEFONICA BRASIL-ADR | 0.99% | Add +24.1% | 1,626,810 | $32.02M | No quote | No quote |
| 25 | AMGPP | AMSURG CORP | 0.96% | New | 292,600 | $31.14M | No quote | No quote |
| 26 | AIG | AMERICAN INTERNATIONAL GROUP | 0.91% | Reduce -41.4% | 544,100 | $29.39M | $54.02 | No quote |
| 27 | SCAI | SURGICAL CARE AFFILIATES INC | 0.91% | Reduce -33.1% | 1,099,090 | $29.38M | No quote | No quote |
| 28 | JD | JD.COM INC-ADR | 0.90% | Add +14.2% | 1,129,150 | $29.16M | $25.82 | No quote |
| 29 | RKT | ROCK TENN COMPANY -CL A | 0.87% | New | 588,832 | $28.02M | $47.58 | No quote |
| 30 | PULS | PULSE ELECTRONICS CORP | 0.84% | - | 11,999,585 | $27.12M | No quote | No quote |
| 31 | ALRPRB | ALERE INC | 0.84% | Reduce -60.8% | 83,368 | $27.04M | No quote | No quote |
| 32 | YNDX | YANDEX NV | 0.83% | New | 961,100 | $26.71M | No quote | No quote |
| 33 | IRDMB | IRIDIUM COMMUNICATIONS INC | 0.81% | - | 76,720 | $26.05M | No quote | No quote |
| 34 | ITUB | ITAU UNIBANCO H-SPON PRF ADR | 0.80% | New | 1,855,600 | $25.76M | $13.88 | No quote |
| 35 | IBN | ICICI BANK LTD-SPON ADR | 0.78% | New | 511,615 | $25.12M | $49.10 | No quote |
| 36 | GTY | GETTY REALTY CORP | 0.75% | - | 1,422,221 | $24.18M | No quote | No quote |
| 37 | APO | APOLLO GLOBAL MANAGEMENT - A | 0.74% | Reduce -10.5% | 1,000,000 | $23.84M | $23.84 | No quote |
| 38 | NTAP | NETAPP INC | 0.65% | - | 490,000 | $21.05M | $42.96 | No quote |
| 39 | AU | ANGLOGOLD ASHANTI-SPON ADR | 0.64% | Add +27.9% | 1,719,744 | $20.64M | $12.00 | No quote |
| 40 | MBT | MOBILE TELESYSTEMS-SP ADR | 0.63% | Add +29.4% | 1,357,248 | $20.28M | No quote | No quote |
| 41 | TSQ | TOWNSQUARE MEDIA INC | 0.59% | New | 1,595,224 | $19.17M | No quote | No quote |
| 42 | WFCPRL | WELLS FARGO & COMPANY | 0.59% | Reduce -13.7% | 15,750 | $18.94M | $1202.41 | No quote |
| 43 | EMC | EMC CORP/MA | 0.55% | - | 610,000 | $17.85M | No quote | No quote |
| 44 | BACPRL | BANK OF AMERICA CORP | 0.51% | Reduce -14.8% | 14,400 | $16.51M | $1146.53 | No quote |
| 45 | MDR | MCDERMOTT INTL INC | 0.40% | - | 2,240,599 | $12.82M | No quote | No quote |
| 46 | WPZ | WILLIAMS PARTNERS LP | 0.36% | New | 217,146 | $11.52M | No quote | No quote |
| 47 | NYCBPRU | NY COMMUNITY CAP TRUST V | 0.35% | Reduce -9.5% | 227,585 | $11.46M | No quote | No quote |
| 48 | TEO | TELECOM ARGENTINA SA-SP ADR | 0.33% | Add +1.8% | 519,851 | $10.55M | $20.30 | No quote |
| 49 | VIP | VIMPELCOM LTD-SPON ADR | 0.32% | - | 1,410,000 | $10.18M | No quote | No quote |
| 50 | OIBR | OI SA-ADRPREF | 0.21% | - | 9,863,971 | $6.91M | No quote | No quote |
| 51 | OCN | OCWEN FINANCIAL CORP | 0.19% | - | 237,000 | $6.21M | No quote | No quote |
| 52 | EPRPRC | EPR PROPERTIES | 0.19% | Reduce -31.1% | 276,321 | $6.09M | No quote | No quote |
| 53 | NMIH | NMI HOLDINGS INC | 0.16% | New | 600,300 | $5.19M | $8.65 | No quote |
| 54 | DSX | DIANA SHIPPING INC | 0.13% | New | 484,800 | $4.33M | $8.94 | No quote |
| 55 | PARR | PAR PETROLEUM CORP | 0.10% | New | 190,862 | $3.22M | $16.85 | No quote |
| 56 | CPLP | CAPITAL PRODUCT PARTNERS LP | 0.09% | New | 275,000 | $2.75M | No quote | No quote |
| 57 | OIBRC | OI SA-ADR | 0.08% | - | 3,464,543 | $2.56M | No quote | No quote |
| 58 | EPRPRE | EPR PROPERTIES | 0.06% | Reduce -45.9% | 62,250 | $1.9M | No quote | No quote |
| 59 | TGS | TRANSPORTADORA DE GAS DEL SUR SA | 0.06% | - | 547,476 | $1.82M | No quote | No quote |
| 60 | QUAD | QUAD GRAPHICS INC | 0.03% | New | 44,931 | $864K | $19.23 | No quote |
| 61 | WH | WSP HOLDINGS LTD-ADR | 0.01% | - | 1,408,800 | $423K | No quote | No quote |
| 65 | PRGN | PARAGON SHIPPING INC-CLASS A | - | Sold | 0 | $0 | No quote | No quote |
| 64 | LXPPRC | LEXINGTON REALTY TRUST | - | Sold | 0 | $0 | No quote | No quote |
| 63 | BX | BLACKSTONE GROUP LP/THE | - | Sold | 0 | $0 | No quote | No quote |
| 62 | ABEV | AMBEV SA-ADR | - | Sold | 0 | $0 | No quote | No quote |
Other instruments
Bonds, warrants, or non-share principal positions reported alongside the equity portfolio.
| 1 | MU | MICRON TECHNOLOGY INCCV SR UNSEC NT SER-G PNC | OTHER | 86,790,000 | $114.69M |
| 2 | - | COBALT INTL ENERGY INCCV SR UNSEC NT PNC | OTHER | 109,000,000 | $98.47M |
| 3 | - | SALESFORCE.COM INCCV SR UNSEC NT | OTHER | 84,705,000 | $94.39M |
| 4 | NUVA | NUVASIVE INCCV SR UNSEC NT | OTHER | 83,710,000 | $93.59M |
| 5 | - | ON SEMICONDUCTOR CORPCV SR SUB NT SER-B | OTHER | 79,204,000 | $89.5M |
| 6 | - | OMNICARE INCCV SR SUB NT CPDI | OTHER | 79,145,000 | $87.4M |
| 7 | HOLX | HOLOGIC INCCV SR UNSEC NT 2% MULTI-CPN CPDI | OTHER | 79,702,000 | $84.66M |
| 8 | - | PRICELINE GROUP INC/THECV SR UNSEC NT | OTHER | 73,755,000 | $82.99M |
| 9 | - | BROOKDALE SENIOR LIVINGCV SR UNSEC NT | OTHER | 61,350,000 | $80.02M |
| 10 | SGY | STONE ENERGY CORPCV SR UNSEC NT | OTHER | 72,280,000 | $76.87M |
| 11 | MDRX 1.25 07/01/20 | ALLSCRIPTS HEALTHCARE SOLUTIONSCV SR UNSEC NT | OTHER | 73,785,000 | $75.02M |
| 12 | VRNT | VERINT SYSTEMS INCCV SR UNSEC NT | OTHER | 68,130,000 | $74.49M |
| 13 | BMRN | BIOMARIN PHARMACEUTICALCV SR SUB NT | OTHER | 66,800,000 | $73.8M |
| 14 | - | WRIGHT MEDICAL GROUP INCCV SR UNSEC NT | OTHER | 53,237,000 | $71.86M |
| 15 | VERZZZZ | AMERICAN REALTY CAP PROPCV SR UNSEC NT REIT | OTHER | 69,165,000 | $69.75M |
| 16 | TSLA 1.25 03/01/21 | TESLA MOTORS INCCV SR UNSEC NT | OTHER | 69,000,000 | $65.75M |
| 17 | - | LAM RESEARCH CORPCV SR UNSEC NT | OTHER | 50,260,000 | $64.32M |
| 18 | CKH 3 11/15/28 | SEACOR HOLDINGS INCCV SR UNSEC NT CPDI PNC | OTHER | 58,420,000 | $63.26M |
| 19 | - | MEDIDATA SOLUTIONS INCCV SR UNSEC NT | OTHER | 56,488,000 | $61.53M |
| 20 | HOS | HORNBECK OFFSHORE SERVICESCV SR UNSEC NT | OTHER | 57,810,000 | $56.71M |
| 21 | - | SPECTRANETICS CORPCV SR UNSEC NT PNC | OTHER | 45,015,000 | $50.85M |
| 22 | - | CUBIST PHARMACEUTICALSCV SR UNSEC NT | OTHER | 41,100,000 | $44.83M |
| 23 | - | MOLINA HEALTHCARE INCCV SR UNSEC NT | OTHER | 37,870,000 | $44.82M |
| 24 | INTC | INTEL CORPCV JR SUB NT CPDI PNC | OTHER | 33,690,000 | $43.19M |
| 25 | ASRT 2.5 09/01/21 | DEPOMED INCCV SR UNSEC NT PNC | OTHER | 39,540,000 | $42.14M |
| 26 | - | RTI INTERNATIONAL METALSCV SR UNSEC NT | OTHER | 43,805,000 | $42.12M |
| 27 | - | FOREST CITY ENTERPRISESCV SR UNSEC NT PNC | OTHER | 36,356,000 | $40.28M |
| 28 | - | MENTOR GRAPHICS CORPCV SUB UNSEC NT | OTHER | 32,106,000 | $38.14M |
| 29 | BMRN | BIOMARIN PHARMACEUTICALCV SR SUB NT | OTHER | 34,510,000 | $37M |
| 30 | - | CORNERSTONE ONDEMAND INCCV SR UNSEC NT | OTHER | 33,219,000 | $33.42M |
| 31 | - | J2 GLOBAL COMMUNICATIONSCV SR UNSEC NT CPDI | OTHER | 33,115,000 | $33.37M |
| 32 | ALRPRB | ALERE INCCV SR SUB NT | OTHER | 30,735,000 | $32.65M |
| 33 | - | BPZ RESOURCES INCCV SR UNSEC NT | OTHER | 30,550,000 | $30.66M |
| 34 | - | MACQUARIE INFRASTRUCTURECV SR UNSEC NT | OTHER | 26,835,000 | $30.01M |
| 35 | TTMI | TTM TECHNOLOGIES INCCV SR UNSEC NT | OTHER | 30,858,000 | $29.96M |
| 36 | - | HANWHA SOLARONE CO LTDCV SR UNSEC NT | OTHER | 30,476,000 | $29.39M |
| 37 | DBRG 3.875 01/15/21 | COLONY FINANCIAL INCCV SR UNSEC NT REIT PNC | OTHER | 28,138,000 | $29.39M |
| 38 | - | KEYW HOLDING CORPCV SR UNSEC NT | OTHER | 27,820,000 | $27.31M |
| 39 | - | PHOTRONICS INCCV SR UNSEC NT | OTHER | 24,717,000 | $26.12M |
| 40 | - | HOLOGIC INCCV SR UNSEC NT SER-2010 CPDI | OTHER | 21,179,000 | $25.35M |
| 41 | - | CEMEX SAB DE CVCV SUB NT | OTHER | 20,395,000 | $24.48M |
| 42 | - | HEARTWARE INTERNATIONALCV SR UNSEC NT | OTHER | 21,166,000 | $23.39M |
| 43 | - | WEBMD HEALTH CORPCV SR UNSEC NT | OTHER | 22,200,000 | $22.32M |
| 44 | - | AIR LEASE CORPCV SR UNSEC NT | OTHER | 16,223,000 | $22.14M |
| 45 | - | NETSUITE INCCV SR UNSEC NT | OTHER | 20,741,000 | $21.58M |
| 46 | ICON | ICONIX BRAND GROUP INCCV SR SUB NT | OTHER | 16,395,000 | $20.95M |
| 47 | - | CUBIST PHARMACEUTICALSCV SR UNSEC NT | OTHER | 17,731,000 | $19.8M |
| 48 | - | GOODRICH PETROLEUM CORPCV SR UNSEC NT PNC | OTHER | 18,757,000 | $19.74M |
| 49 | - | APOLLO COMMERCIAL REAL ESTATE FIN REITCV SR UNSEC NT | OTHER | 18,475,000 | $18.43M |
| 50 | PMT 5.375 05/01/20 | PENNYMAC CORPCV SR UNSEC NT REIT | OTHER | 17,480,000 | $17.33M |
| 51 | - | HELIX ENERGY SOLUTIONSCV SR UNSEC NT CPDI | OTHER | 13,087,000 | $15.45M |
| 52 | - | BGC PARTNERS INCCV SR UNSEC NT | OTHER | 14,145,000 | $15.08M |
| 53 | HOLX | HOLOGIC INCCV SR UNSEC NT 2%/0% MULTI-CPN | OTHER | 13,098,000 | $14.32M |
| 54 | - | FIFTH STREET FINANCECV SR UNSEC NT | OTHER | 13,115,000 | $13.66M |
| 55 | - | CHESAPEAKE ENERGY CORPCV SR UNSEC NT CPDI | OTHER | 14,000,000 | $13.36M |
| 56 | - | STERLITE INDUSTRIES LTDCV SR UNSEC NT PNC | OTHER | 13,335,000 | $13.3M |
| 57 | - | RAIT FINANCIAL TRUSTCV SR UNSEC NT REIT | OTHER | 14,095,000 | $13.24M |
| 58 | AVHI | AV HOMES INCCV SR UNSEC NT | OTHER | 11,717,000 | $12.33M |
| 59 | - | HOME INNS HTL MNGMT INCCV SR UNSEC NT | OTHER | 12,630,000 | $12.24M |
| 60 | - | ARES COMMERCIAL REAL ESTATECV SR UNSEC NT | OTHER | 11,025,000 | $11.32M |
| 61 | VGR | VECTOR GROUP LTDCV SR UNSEC NT | OTHER | 10,000,000 | $11.19M |
| 62 | - | APOLLO INVESTMENT CORPCV SR UNSEC NT | OTHER | 10,525,000 | $10.98M |
| 63 | PODD | INSULET CORPORATIONCV SR UNSEC NT PNC | OTHER | 9,436,000 | $10.11M |
| 64 | NUAN 2.75 11/01/31 | NUANCE COMMUNICATIONSCV SR UNSEC NT | OTHER | 9,500,000 | $9.42M |
| 65 | - | PROSPECT CAPITAL CORPCV SR UNSEC NT | OTHER | 8,421,000 | $8.73M |
| 66 | RSO | RESOURCE CAPITAL CORPCV SR UNSEC NT REIT | OTHER | 8,689,000 | $8.64M |
| 67 | - | MEDICINES COMPANYCV SR UNSEC NT | OTHER | 8,085,000 | $8.62M |
| 68 | - | ASCENT CAPITAL GROUP INCCV SR UNSEC NT | OTHER | 9,390,000 | $8.49M |
| 69 | VERZZZZ | AMERICAN REALTY CAP PROPCV SR UNSEC NT REIT | OTHER | 8,500,000 | $8.49M |
| 70 | - | TTM TECHNOLOGIESCV SR UNSEC NT | OTHER | 8,299,000 | $8.4M |
| 71 | - | HEADWATERS INCCV SR SUB NT | OTHER | 7,646,000 | $8.34M |
| 72 | - | ALPHA NATURAL RESOURCESCV SR UNSEC NT | OTHER | 11,365,000 | $8.16M |
| 73 | MTCN | ARCELORMITTALMAND 6% CV SR SUB NT | OTHER | 380,000 | $8.13M |
| 74 | - | PROSPECT CAPITAL CORPCV SR UNSEC NT | OTHER | 7,082,000 | $7.29M |
| 75 | - | ANNALY CAPITAL MGMTCV SR UNSEC NT | OTHER | 7,000,000 | $7.05M |
| 76 | - | WALTER INVESTMENT MGMTCV SR SUB NT | OTHER | 7,846,000 | $6.56M |
| 77 | - | SPIRIT REALTY CAPITAL INCCV SR UNSEC NT REIT | OTHER | 6,510,000 | $6.36M |
| 78 | - | GOLDEN STAR RESOURCESCV SR UNSEC NT | OTHER | 8,750,000 | $5.9M |
| 79 | - | TITAN MACHINERY INCCV SR UNSEC NT | OTHER | 6,429,000 | $4.96M |
| 80 | - | PROSPECT CAPITAL CORPCV SR UNSEC NT | OTHER | 4,750,000 | $4.89M |
| 81 | - | SEQUENOM INCCV SR UNSEC NT PNC | OTHER | 2,800,000 | $2.67M |
| 82 | - | BPZ RESOURCES INCCV SR UNSEC NT PNC | OTHER | 2,590,000 | $2.59M |
| 83 | ARCC 4.625 03/01/24 | ARES CAPITAL CORPCV SR UNSEC NT | OTHER | 2,146,000 | $2.25M |
| 84 | AIR | AAR CORPCV SR UNSEC NT | OTHER | 2,000,000 | $2.01M |
| 109 | - | YRC WORLDWIDE INCCV SEC 2ND LIEN 10% PIK NT SER-A | OTHER | 0 | $0 |
| 108 | - | WEB.COM GROUP INCCV SR UNSEC NT PNC | OTHER | 0 | $0 |
| 107 | - | WABASH NATIONAL CORPCV SR UNSEC NT | OTHER | 0 | $0 |
| 106 | - | TOWER GROUP INTL LTDCV SR UNSEC NT | OTHER | 0 | $0 |
| 105 | - | TAKE-TWO INTERACTIVE SOFTWARECV SR UNSEC NT | OTHER | 0 | $0 |
| 104 | STWD | STARWOOD PROPERTY TRUSTCV SR UNSEC NT REIT | OTHER | 0 | $0 |
| 103 | STWD | STARWOOD PROPERTY TRUSTCV SR UNSEC NT REIT | OTHER | 0 | $0 |
| 102 | SCTY | SOLARCITY CORPCV SR UNSEC NT | OTHER | 0 | $0 |
| 101 | - | RTI INTERNATIONAL METALSCV SR UNSEC NT | OTHER | 0 | $0 |
| 100 | - | REDWOOD TRUST INCCV SR UNSEC NT REIT | OTHER | 0 | $0 |
| 99 | - | MORGANS HOTEL GROUP COCV SR SUB NT | OTHER | 0 | $0 |
| 98 | - | MOLYCORP INCCV SR UNSEC NT PNC | OTHER | 0 | $0 |
| 97 | - | MOLYCORP INCCV SR UNSEC NT | OTHER | 0 | $0 |
| 96 | - | MERRIMACK PHARMACEUTICALSCV SR UNSEC NT | OTHER | 0 | $0 |
| 95 | MTOR 3.25 10/15/37 | MERITOR INCCV SR UNSEC STEP CPN NT | OTHER | 0 | $0 |
| 94 | MTH | MERITAGE HOMES CORPCV SR UNSEC NT | OTHER | 0 | $0 |
| 93 | - | LIBERTY INTERACTIVE LLCCV SR UNSEC NT (TWC, TWX) CPDI | OTHER | 0 | $0 |
| 92 | - | INTEROIL CORPCV SR UNSEC NT PNC | OTHER | 0 | $0 |
| 91 | - | INTEL CORPCV JR SUB NT CPDI PNC | OTHER | 0 | $0 |
| 90 | ELGX | ENDOLOGIX INCCV SR UNSEC NT PNC | OTHER | 0 | $0 |
| 89 | - | DRYSHIPS INCCV SR UNSEC NT | OTHER | 0 | $0 |
| 88 | - | CONCUR TECHNOLOGIES INCCV SR UNSEC NT | OTHER | 0 | $0 |
| 87 | CIEN | CIENA CORPCV SR UNSEC NT | OTHER | 0 | $0 |
| 86 | - | CAL DIVE INTERNATIONALCV SR UNSEC NT | OTHER | 0 | $0 |
| 85 | - | BOTTOMLINE TECHNOLOGIESCV SR UNSEC NT | OTHER | 0 | $0 |