Howard Marks's portfolio — Oaktree Capital Management

Co-founder of Oaktree, known for credit and distressed investing and his widely read memos.

Oaktree Capital Management's 13F filing for Q2 2026 lists 143 stocks worth $7.21B, led by SPY, QQQ, TRMD. That quarter it opened 39 new positions, added to 50, reduced 34 and sold out of 41.

Top holdings, Q2 2026

1. SPY SPDR S&P 500 ETF TR — $1.01B (14.0% of the portfolio)
2. QQQ Invesco Qqq Tr — $652M (9.0% of the portfolio)
3. TRMD TORM PLC — $524M (7.3% of the portfolio)
4. EXE EXPAND ENERGY CORPORATION — $478M (6.6% of the portfolio)
5. GTX GARRETT MOTION INC — $275M (3.8% of the portfolio)
6. AU ANGLOGOLD ASHANTI PLC — $257M (3.6% of the portfolio)
7. CORZ CORE SCIENTIFIC INC NEW — $256M (3.5% of the portfolio)
8. INDV INDIVIOR PHARMACEUTICALS INC — $251M (3.5% of the portfolio)
9. TDS TELEPHONE & DATA SYS INC — $196M (2.7% of the portfolio)
10. VNOM VIPER ENERGY INC — $161M (2.2% of the portfolio)

Every position in Oaktree Capital Management's 13F filing · All famous investors · What they hold in common