Super investor portfolio
Howard Marks portfolio
Latest holdings of Oaktree Capital Management as of Q2 2026: 145 positions worth $7.2B, decoded into plain English.
Oaktree Capital Management · Los Angeles · since 1995
SEC 13F · period Q2 2026 · filed 14 Aug 2026 · View filing5-min briefing
Portfolio summary and charts
The 30-second read
30 sec- SPDR S&P 500 ETF Trust (put options) (SPY) is the largest position at 14.0% of a $7.2B portfolio.
- Biggest buy: opened a new position in SPDR S&P 500 ETF Trust (put options), about $1.0B of new money.
- Biggest sale: trimmed Garrett Motion, about $254M.
- Moderate conviction: the top 10 holdings make up 55%, and the portfolio behaves like 21 equal-sized bets.
Portfolio value
$7.2B
+9.9% vs Q1 2026
Positions
145
40 new · 42 sold out
Top-10 weight
55%
Moderate conviction
Behaves like
21 bets
Effective number of positions
Turnover
30%
Portfolio traded this quarter
01 · Holdings map
Every box is a position, sized by its weight
NewAddedTrimmedUnchanged
What this meansSPDR S&P 500 ETF Trust (put options) alone is 14% of the portfolio, and the top three make up 30%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
02 · Sector allocation
Where the money is
Bonds & notes 21%Other 16%Energy 10%Industrials 9%Funds & other 9%Materials 8%Financials 6%Communication 6%Other positions 14%
What this meansBonds & notes is the biggest slice at 21% of the portfolio.
03 · Concentration curve
How focused is the portfolio?
Howard MarksEqual-weight benchmark
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 21 equal-sized positions.
04 · Quarter activityQ1 2026 → Q2 2026
Biggest buys and sells
Bought / addedSold / trimmed
What this meansThe largest move was opening SPDR S&P 500 ETF Trust (put options), worth about $1.0B. Values are estimated at quarter-end prices.
05 · Portfolio valueQ2 2024 → Q2 2026
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $6.3B to $7.2B over 9 quarters.
06 · Position historyShare of portfolio by quarter
How today’s top positions grew over time
SPYQQQTRMDEXEGTXAUEverything else
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
07 · Holdings
All 145 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | SPY SPDR S&P 500 ETF Trust (put options) | Other | 14.04% | New | 1,355,000 | $1.0B |
| 2 | QQQ Invesco QQQ Trust Series 1 (put options) | Funds & other | 9.04% | Added +55% | 885,000 | $652M |
| 3 | TRMD TORM | Industrials | 7.28% | Trimmed −15% | 20,329,874 | $524M |
| 4 | EXE Expand Energy | Energy | 6.63% | Hold | 5,237,477 | $478M |
| 5 | GTX Garrett Motion | Consumer Discretionary | 3.82% | Trimmed −48% | 7,594,816 | $275M |
| 6 | AU AngloGold Ashanti | Materials | 3.57% | Trimmed −1% | 3,179,092 | $257M |
| 7 | INDV Indivior Pharmaceuticals | Health Care | 3.49% | Trimmed −12% | 6,127,212 | $251M |
| 8 | TDS Telephone & Data Systems | Communication | 2.71% | Added +23% | 5,282,905 | $196M |
| 9 | VNOM Viper Energy | Energy | 2.23% | Hold | 3,791,432 | $161M |
| 10 | CORZ Core Scientific (call options) | Financials | 1.78% | Added +43% | 5,000,000 | $128M |
| 11 | CORZ Core Scientific | Financials | 1.77% | Trimmed −47% | 4,993,708 | $128M |
| 12 | TLN Talen Energy | Utilities | 1.77% | Hold | 331,117 | $127M |
| 13 | B Barrick Mining | Materials | 1.63% | Added +22% | 3,206,087 | $118M |
| 14 | ITUB Itau Unibanco | Financials | 1.36% | Trimmed −2% | 11,977,665 | $98M |
| 15 | LBTYA Liberty Global | Communication | 1.35% | Hold | 8,551,191 | $97M |
| 16 | OCSL Oaktree Specialty Lending | Other | 1.30% | Added +325% | 7,872,199 | $94M |
| 17 | FCX Freeport-Mcmoran | Materials | 1.05% | Trimmed −2% | 1,201,122 | $76M |
| 18 | AERO Grupo Aeromexico, S.A.B. de C.V. | Industrials | 0.99% | Hold | 3,968,686 | $71M |
| 19 | KRC Kilroy Realty | Real Estate | 0.96% | Hold | 1,850,011 | $69M |
| 20 | Pebblebrook Pebblebrook Hotel Trust | Bonds & notes | 0.88% | Added +10% | 63,534,000 | $63M |
| 21 | Biomarin Biomarin Pharmaceutical | Bonds & notes | 0.87% | Added +14% | 64,025,000 | $62M |
| 22 | Sea Sea | Bonds & notes | 0.86% | Added +31% | 62,567,000 | $62M |
| 23 | Etsy Etsy | Bonds & notes | 0.85% | Added +9% | 66,836,000 | $61M |
| 24 | SE Sea | Consumer Discretionary | 0.85% | New | 635,443 | $61M |
| 25 | LILA Liberty Latin America | Communication | 0.82% | Added +31% | 7,559,083 | $59M |
| 26 | Enphase Enphase Energy | Bonds & notes | 0.80% | Added +9% | 61,820,000 | $58M |
| 27 | Dexcom Dexcom | Bonds & notes | 0.79% | Added +51% | 61,148,000 | $57M |
| 28 | BLCO Bausch & Lomb | Health Care | 0.79% | Added +2% | 3,441,042 | $57M |
| 29 | VSAT Viasat | Communication | 0.79% | New | 630,280 | $57M |
| 30 | Echostar Echostar | Bonds & notes | 0.78% | Hold | 18,000,001 | $56M |
| 31 | Marriott Marriott Vacations Worldwide | Bonds & notes | 0.78% | Added +9% | 56,893,000 | $56M |
| 32 | Draftkings Draftkings | Bonds & notes | 0.76% | Added +32% | 58,501,000 | $54M |
| 33 | Conmed Conmed | Bonds & notes | 0.73% | Added +48% | 53,645,000 | $52M |
| 34 | MMYT MakeMyTrip | Industrials | 0.73% | New | 983,068 | $52M |
| 35 | Riot Riot Platforms | Bonds & notes | 0.73% | Trimmed −67% | 26,000,000 | $52M |
| 36 | Teladoc Teladoc Health | Bonds & notes | 0.73% | Added +62% | 53,624,000 | $52M |
| 37 | Bentley Bentley Systems | Bonds & notes | 0.72% | Added +15% | 54,264,000 | $52M |
| 38 | MATW Matthews International | Materials | 0.72% | New | 1,925,992 | $52M |
| 39 | XP XP | Financials | 0.70% | Trimmed −2% | 3,116,809 | $51M |
| 40 | Unity Unity Software | Bonds & notes | 0.67% | Added +38% | 49,426,000 | $49M |
| 41 | Five9 Five9 | Bonds & notes | 0.66% | Added +145% | 53,306,000 | $47M |
| 42 | LYB LyondellBasell Industries (put options) | Materials | 0.66% | Added +80% | 900,000 | $47M |
| 43 | Shift4 Shift4 Payments | Bonds & notes | 0.64% | Added +78% | 48,444,000 | $46M |
| 44 | YPF Ypf Sociedad Anonima | Energy | 0.63% | Added +12% | 991,346 | $45M |
| 45 | TAC Transalta | Utilities | 0.58% | Trimmed −53% | 3,000,000 | $41M |
| 46 | VC Visteon (put options) | Consumer Discretionary | 0.55% | New | 400,000 | $40M |
| 47 | RWAY Runway Growth Finance | Other | 0.55% | Hold | 7,029,667 | $39M |
| 48 | Enovis Enovis | Bonds & notes | 0.52% | New | 39,207,000 | $38M |
| 49 | Amphastar Amphastar Pharmaceuticals | Bonds & notes | 0.52% | Added +7% | 40,880,000 | $37M |
| 50 | Affirm Affirm | Bonds & notes | 0.48% | Added +202% | 34,815,000 | $34M |
| 51 | Array Array Technologies | Bonds & notes | 0.44% | Added +9% | 33,985,000 | $32M |
| 52 | EMBJ Embraer | Industrials | 0.39% | Trimmed −2% | 439,706 | $28M |
| 53 | Snap Snap | Bonds & notes | 0.37% | Added +42% | 28,018,000 | $27M |
| 54 | AD Array Digital Infrastructure | Communication | 0.35% | Trimmed −4% | 696,858 | $25M |
| 55 | KRSP Rice Acquisition Corp 3 | Financials | 0.35% | Hold | 2,400,000 | $25M |
| 56 | SHAZ SharonAI | Technology | 0.34% | Trimmed −71% | 289,456 | $25M |
| 57 | Spectrum Spectrum Brands | Bonds & notes | 0.34% | Trimmed −10% | 23,452,000 | $25M |
| 58 | TX Ternium | Materials | 0.34% | Trimmed −2% | 572,324 | $24M |
| 59 | QMCO Quantum | Technology | 0.31% | New | 2,011,678 | $22M |
| 60 | Winnebago Winnebago Industries | Bonds & notes | 0.26% | Added +114% | 20,074,000 | $19M |
| 61 | Block Block | Bonds & notes | 0.24% | Added +64% | 17,983,000 | $17M |
| 62 | Snap Snap | Bonds & notes | 0.22% | Added +191% | 17,474,000 | $16M |
| 63 | SMPL Simply Good Foods | Consumer Staples | 0.22% | Added +7% | 1,203,889 | $16M |
| 64 | Cogent Cogent Biosciences | Bonds & notes | 0.20% | Added +16% | 11,890,000 | $15M |
| 65 | SGRY Surgery Partners | Health Care | 0.20% | New | 862,588 | $14M |
| 66 | Blackstone Blackstone Mortgage Trust | Bonds & notes | 0.20% | Added +9% | 14,064,000 | $14M |
| 67 | Upwork Upwork | Bonds & notes | 0.19% | Added +13% | 14,154,000 | $14M |
| 68 | Workiva Workiva | Bonds & notes | 0.19% | New | 14,970,000 | $14M |
| 69 | Etsy Etsy | Bonds & notes | 0.19% | New | 11,974,000 | $14M |
| 70 | Redfin Redfin | Bonds & notes | 0.19% | Added +53% | 14,041,000 | $14M |
| 71 | Starwood Starwood Property Trust | Bonds & notes | 0.17% | New | 11,894,933 | $12M |
| 72 | BTDR Bitdeer Technologies (call options) | Financials | 0.17% | New | 750,000 | $12M |
| 73 | Snowflake Snowflake | Bonds & notes | 0.17% | Added +347% | 7,147,000 | $12M |
| 74 | Nabors Nabors Industries | Bonds & notes | 0.16% | Trimmed −26% | 11,880,000 | $11M |
| 75 | Aerovironment Aerovironment | Bonds & notes | 0.16% | Added +14% | 11,799,000 | $11M |
| 76 | Itron Itron | Bonds & notes | 0.16% | Added +8% | 11,216,000 | $11M |
| 77 | Ziff Ziff Davis | Bonds & notes | 0.15% | Added +11% | 11,230,000 | $11M |
| 78 | MINE Mayfair Gold | Materials | 0.15% | Hold | 4,500,000 | $11M |
| 79 | Arrowhead Arrowhead Pharmaceuticals | Bonds & notes | 0.15% | Trimmed −17% | 9,146,000 | $11M |
| 80 | BMM Blue Moon Metals | Materials | 0.15% | Hold | 1,685,000 | $11M |
| 81 | Envista Envista | Bonds & notes | 0.14% | Trimmed −36% | 10,206,000 | $10M |
| 82 | Cloudflare Cloudflare | Bonds & notes | 0.14% | New | 8,050,000 | $10M |
| 83 | Rapid7 Rapid7 | Bonds & notes | 0.13% | Added +503% | 10,061,000 | $10M |
| 84 | Freshpet Freshpet | Bonds & notes | 0.13% | New | 7,913,000 | $9M |
| 85 | Alphatec Alphatec | Bonds & notes | 0.13% | New | 9,177,000 | $9M |
| 86 | SMRT SmartRent | Technology | 0.12% | Hold | 7,505,294 | $9M |
| 87 | Upstart Upstart | Bonds & notes | 0.11% | Added +71% | 8,312,000 | $8M |
| 88 | Sitime Sitime | Bonds & notes | 0.11% | New | 7,300,000 | $8M |
| 89 | Redwood Redwood Trust | Bonds & notes | 0.11% | Trimmed −4% | 7,881,000 | $8M |
| 90 | Doordash Doordash | Bonds & notes | 0.11% | New | 8,089,000 | $8M |
| 91 | Jd.Com Jd.Com | Bonds & notes | 0.11% | Trimmed −27% | 8,065,000 | $8M |
| 92 | Alarm.Com Alarm.Com | Bonds & notes | 0.11% | Added +711% | 8,171,000 | $8M |
| 93 | Pennymac Pennymac Mortgage Investment Trust | Bonds & notes | 0.10% | Added +79% | 7,101,000 | $7M |
| 94 | Cerence Cerence | Bonds & notes | 0.10% | Added +33% | 7,887,000 | $7M |
| 95 | Celcuity Celcuity | Bonds & notes | 0.10% | New | 6,250,000 | $7M |
| 96 | MX Magnachip Semiconductor | Technology | 0.10% | Trimmed −47% | 1,500,000 | $7M |
| 97 | Workiva Workiva | Bonds & notes | 0.10% | New | 7,100,000 | $7M |
| 98 | Cracker Cracker Barrel Old Country Store | Bonds & notes | 0.10% | New | 6,708,000 | $7M |
| 99 | Etsy Etsy | Bonds & notes | 0.10% | New | 7,233,000 | $7M |
| 100 | Pagerduty Pagerduty | Bonds & notes | 0.09% | Added +20% | 7,125,000 | $7M |
| 101 | LILA Liberty Latin America | Communication | 0.09% | Hold | 839,020 | $7M |
| 102 | Sarepta Sarepta Therapeutics | Bonds & notes | 0.09% | New | 6,709,000 | $6M |
| 103 | Lci Lci Industries | Bonds & notes | 0.09% | New | 5,650,000 | $6M |
| 104 | Uber Uber Technologies | Bonds & notes | 0.09% | New | 5,400,000 | $6M |
| 105 | Bill Bill | Bonds & notes | 0.09% | Added +91% | 6,330,000 | $6M |
| 106 | Green Green Plains | Bonds & notes | 0.07% | Hold | 4,998,000 | $5M |
| 107 | Gladstone Gladstone Capital | Bonds & notes | 0.07% | Added +163% | 4,999,000 | $5M |
| 108 | MX Magnachip Semiconductor (call options) | Technology | 0.07% | New | 1,000,000 | $5M |
| 109 | Strategy Strategy | Bonds & notes | 0.07% | Trimmed −55% | 5,451,000 | $5M |
| 110 | Firstenergy Firstenergy | Bonds & notes | 0.06% | New | 4,280,000 | $5M |
| 111 | Rubrik Rubrik | Bonds & notes | 0.06% | New | 4,504,000 | $5M |
| 112 | Northern Northern Oil & Gas | Bonds & notes | 0.06% | Added +131% | 4,614,000 | $4M |
| 113 | BATL Battalion Oil | Energy | 0.05% | Hold | 3,009,912 | $4M |
| 114 | DPC DPC | Materials | 0.05% | New | 75,000 | $4M |
| 115 | Rivian Rivian Automotive | Bonds & notes | 0.05% | Added +162% | 3,400,000 | $4M |
| 116 | Ziff Ziff Davis | Bonds & notes | 0.05% | Hold | 3,496,000 | $3M |
| 117 | Transmedics Transmedics | Bonds & notes | 0.05% | New | 3,131,000 | $3M |
| 118 | SVC Service Properties Trust | Real Estate | 0.05% | New | 1,988,382 | $3M |
| 119 | Wec Wec Energy | Bonds & notes | 0.05% | New | 3,214,000 | $3M |
| 120 | Akamai Akamai Technologies | Bonds & notes | 0.04% | Trimmed −51% | 2,631,000 | $3M |
| 121 | Norwegian Norwegian Cruise Line | Bonds & notes | 0.04% | New | 2,874,000 | $3M |
| 122 | Nutanix Nutanix | Bonds & notes | 0.03% | Trimmed −71% | 2,200,000 | $2M |
| 123 | Mgp Mgp Ingredients | Bonds & notes | 0.03% | Trimmed −60% | 2,515,000 | $2M |
| 124 | Uber Uber Technologies | Bonds & notes | 0.03% | Hold | 2,000,000 | $2M |
| 125 | Live Live Nation Entertainment | Bonds & notes | 0.03% | Hold | 1,813,000 | $2M |
| 126 | Haemonetics Haemonetics | Bonds & notes | 0.03% | Added +150% | 2,090,000 | $2M |
| 127 | Datadog Datadog | Bonds & notes | 0.03% | Trimmed −82% | 1,400,000 | $2M |
| 128 | BTAIQ BioXcel Therapeutics | Health Care | 0.03% | Added +472% | 1,380,248 | $2M |
| 129 | NNBR Nn | Industrials | 0.03% | New | 510,943 | $2M |
| 130 | Fluor Fluor | Bonds & notes | 0.02% | Trimmed −7% | 1,271,000 | $2M |
| 131 | Groupon Groupon | Bonds & notes | 0.02% | New | 1,677,000 | $2M |
| 132 | ON ON Semiconductor | Bonds & notes | 0.02% | New | 1,250,000 | $2M |
| 133 | TEO Telecom Argentina | Communication | 0.02% | Trimmed −93% | 116,105 | $2M |
| 134 | Revolution Revolution Medicines | Bonds & notes | 0.02% | New | 1,150,000 | $1M |
| 135 | CX Cemex Sab De Cv | Materials | 0.02% | Trimmed −96% | 100,000 | $1M |
| 136 | ALVO Alvotech | Health Care | 0.01% | Hold | 4,666,667 | $1M |
| 137 | Neogenomics Neogenomics | Bonds & notes | 0.01% | Trimmed −81% | 1,045,000 | $980K |
| 138 | Alibaba Alibaba | Bonds & notes | 0.01% | New | 750,000 | $886K |
| 139 | Snap Snap | Bonds & notes | 0.01% | Trimmed −77% | 877,000 | $873K |
| 140 | Immunocore Immunocore | Bonds & notes | 0.01% | Hold | 833,000 | $766K |
| 141 | STKL Sunopta | Funds & other | 0.01% | Trimmed −100% | 74,314 | $406K |
| 142 | KRSP Rice Acquisition Corp 3 | Financials | 0.01% | Hold | 399,999 | $396K |
| 143 | ALVO Alvotech | Health Care | 0.01% | Trimmed −59% | 97,982 | $362K |
| 144 | Shake Shake Shack | Bonds & notes | 0.00% | New | 270,000 | $252K |
| 145 | OPI Office Properties Income Trust | Real Estate | 0.00% | New | 10,851 | $184K |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0000949509-26-000005 · all filings on EDGAR.
08 · Sold out this quarter
Positions closed
- XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF (put options)$182M at Q1 2026
- PBRPetrobras - Petroleo Brasileiro$126M at Q1 2026
- JBLUJetblue Airways$95M at Q1 2026
- NOKNokia$90M at Q1 2026
- CBLCbl & Associates Properties$83M at Q1 2026
- AmericanAmerican Water Capital$56M at Q1 2026
- COINCoinbase Global$52M at Q1 2026
- CRDOCredo Technology$51M at Q1 2026
- TLNTalen Energy (call options)$48M at Q1 2026
- OKTAOkta$47M at Q1 2026
- QTWOQ2$41M at Q1 2026
- XYZBlock$38M at Q1 2026
09 · About the investor
Howard Marks
Howard Marks co-founded Oaktree, a global leader in credit and distressed investing; Brookfield owns a majority of the firm. His memos to clients are required reading on market cycles and risk. Oaktree’s 13F includes stocks, convertible bonds and index puts used for hedging.
Philosophy in brief
- You can’t predict the future, but you can know where we are in the cycle.
- Second-level thinking: ask what everyone else is missing.
- Risk means the chance of permanent loss, not volatility.
How to read this page
The 13F shows US-listed long positions at quarter end, filed up to 45 days later. It does not show short positions, cash, bonds (except convertibles) or most non-US holdings, so treat it as one view of the strategy, not the whole picture.
10 · Other smart moneyPoliticians and insiders
Who else is trading these holdings
- 07INDV Indivior Pharmaceuticalsinsiders bought $108K in Q3 20263.5% of portfolio
- 09VNOM Viper Energy1 congressional trade disclosed (1 buys)2.2% of portfolio
- 10CORZ Core Scientific (call options)insiders bought $342K in Q3 20261.8% of portfolio
- 11CORZ Core Scientificinsiders bought $342K in Q3 20261.8% of portfolio
- 16OCSL Oaktree Specialty Lendinginsiders bought $22K in Q3 20261.3% of portfolio
- 17FCX Freeport-Mcmoran2 congressional trades disclosed (2 buys)1.0% of portfolio
- 24SE Sea1 congressional trade disclosed (1 buys)0.8% of portfolio
- 25LILA Liberty Latin Americainsiders bought $17M in Q3 20260.8% of portfolio
11 · Similar portfolios
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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