Howard Marks (Oaktree Capital Management) portfolio: Q2 2026 13F
Every US-listed position Oaktree Capital Management reported in its 13F for Q2 2026, the quarter ended Jun 30, 2026, filed with the SEC on Aug 14, 2026. 51 positions at the quarter end, after opening 10 and exiting 11 during it.
50 largest positions
| Ticker | Company | Allocation | Value | Shares | Change |
|---|---|---|---|---|---|
| TRMD | TORM plc | 13.87% | $524.26M | 20,329,874 | Trimmed |
| EXE | Expand Energy Corp | 12.64% | $477.61M | 5,237,477 | Unchanged |
| GTX | Garrett Motion Inc. | 7.28% | $275.16M | 7,594,816 | Trimmed |
| AU | AngloGold Ashanti PLC | 6.81% | $257.16M | 3,179,092 | Trimmed |
| SUPN | Supernus, Inc. | 6.65% | $251.40M | 6,127,212 | Trimmed |
| TDS | Telephone & Data Systems Inc | 5.17% | $195.52M | 5,282,905 | Added |
| VNOM | Viper Energy, Inc. | 4.25% | $160.76M | 3,791,432 | Unchanged |
| CORZ | Core Scientific, Inc. | 3.38% | $127.79M | 4,993,708 | Trimmed |
| TLN | Talen Energy Corp | 3.37% | $127.24M | 331,117 | Unchanged |
| B | Barrick Mining Corp | 3.12% | $117.76M | 3,206,087 | Added |
| ITUB | Itau Unibanco Holding S.A. | 2.59% | $97.86M | 11,977,665 | Trimmed |
| LBTYA | Liberty Global Ltd. | 2.57% | $97.23M | 8,551,191 | Unchanged |
| OCSL | Oaktree Specialty Lending Corp | 2.49% | $93.99M | 7,872,199 | Added |
| FCX | Freeport-McMoRan Inc | 2.00% | $75.54M | 1,201,122 | Trimmed |
| AERO | Grupo Aeromexico SAB de CV | 1.89% | $71.44M | 3,968,686 | Unchanged |
| KRC | Kilroy Realty Corp | 1.83% | $69.32M | 1,850,011 | Unchanged |
| SE | Sea Ltd | 1.61% | $60.89M | 635,443 | New |
| LILAK | Liberty Latin America Ltd. | 1.56% | $58.89M | 7,559,083 | Added |
| BLCO | Bausch & Lomb Corp | 1.51% | $56.98M | 3,441,042 | Added |
| VSAT | Viasat Inc | 1.50% | $56.61M | 630,280 | New |
| MMYT | MakeMyTrip Ltd | 1.39% | $52.39M | 983,068 | New |
| MATW | Matthews International Corp | 1.37% | $51.85M | 1,925,992 | New |
| XP | XP Inc. | 1.34% | $50.68M | 3,116,809 | Trimmed |
| YPF | YPF Sociedad Anonima | 1.19% | $45.08M | 991,346 | Added |
| TAC | TransAlta Corp | 1.10% | $41.49M | 3,000,000 | Trimmed |
| RWAY | Runway Growth Finance Corp. | 1.04% | $39.44M | 7,029,667 | Unchanged |
| EMBJ | Embraer S.A. | 0.74% | $28.05M | 439,706 | Trimmed |
| AD | Array Digital Infrastructure, Inc. | 0.67% | $25.27M | 696,858 | Trimmed |
| KRSP | Rice Acquisition Corp 3 | 0.67% | $25.20M | 2,400,000 | Unchanged |
| SHAZ | SharonAI Holdings Inc. | 0.65% | $24.51M | 289,456 | Trimmed |
| TX | Ternium S.A. | 0.65% | $24.44M | 572,324 | Trimmed |
| QMCO | Quantum Corp | 0.59% | $22.13M | 2,011,678 | New |
| SMPL | Simply Good Foods Co | 0.42% | $15.99M | 1,203,889 | Added |
| SGRY | Surgery Partners, Inc. | 0.38% | $14.49M | 862,588 | New |
| MINE | Mayfair Gold Corp. | 0.29% | $11.07M | 4,500,000 | Unchanged |
| BMM | Blue Moon Metals Inc. | 0.28% | $10.69M | 1,685,000 | Unchanged |
| SMRT | SmartRent, Inc. | 0.24% | $8.93M | 7,505,294 | Unchanged |
| MX | Magnachip Semiconductor Corp | 0.19% | $7.09M | 1,500,000 | Trimmed |
| LILA | Liberty Latin America Ltd. | 0.17% | $6.58M | 839,020 | Unchanged |
| BATL | Battalion Oil Corp | 0.10% | $3.94M | 3,009,912 | Unchanged |
| DPC | DPC Holdings plc | 0.10% | $3.68M | 75,000 | New |
| SVC | Service Properties Trust | 0.09% | $3.36M | 1,988,382 | New |
| BTAIQ | BioXcel Therapeutics, Inc. | 0.05% | $1.95M | 1,380,248 | Added |
| NNBR | NN Inc | 0.05% | $1.83M | 510,943 | New |
| TEO | Telecom Argentina SA | 0.04% | $1.51M | 116,105 | Trimmed |
| CX | CEMEX SAB de CV | 0.03% | $1.20M | 100,000 | Trimmed |
| ALVOW | Alvotech | 0.03% | $1.07M | 4,666,667 | Unchanged |
| STKL | SunOpta Inc. | 0.01% | $406.50K | 74,314 | Trimmed |
| KRSP-WS | Rice Acquisition Corp 3 | 0.01% | $396.00K | 399,999 | Unchanged |
| ALVO | Alvotech | 0.01% | $361.55K | 97,982 | Trimmed |
Showing the 50 largest of 51 positions by allocation. The full portfolio, sortable by value, allocation and share count, loads below.
What changed in Q2 2026
| Action | Ticker | Company | Share change | Value |
|---|---|---|---|---|
| Trimmed | TRMD | TORM plc | -3,509,701 | $524.26M |
| Trimmed | GTX | Garrett Motion Inc. | -7,000,000 | $275.16M |
| Trimmed | AU | AngloGold Ashanti PLC | -44,000 | $257.16M |
| Trimmed | SUPN | Supernus, Inc. | -856,890 | $251.40M |
| Added | TDS | Telephone & Data Systems Inc | +990,662 | $195.52M |
| Trimmed | CORZ | Core Scientific, Inc. | -4,357,000 | $127.79M |
| Added | B | Barrick Mining Corp | +581,228 | $117.76M |
| Trimmed | ITUB | Itau Unibanco Holding S.A. | -211,330 | $97.86M |
| Added | OCSL | Oaktree Specialty Lending Corp | +6,019,743 | $93.99M |
| Trimmed | FCX | Freeport-McMoRan Inc | -19,000 | $75.54M |
| New | SE | Sea Ltd | +635,443 | $60.89M |
| Added | LILAK | Liberty Latin America Ltd. | +1,810,303 | $58.89M |
| Added | BLCO | Bausch & Lomb Corp | +58,303 | $56.98M |
| New | VSAT | Viasat Inc | +630,280 | $56.61M |
| New | MMYT | MakeMyTrip Ltd | +983,068 | $52.39M |
| New | MATW | Matthews International Corp | +1,925,992 | $51.85M |
| Trimmed | XP | XP Inc. | -55,200 | $50.68M |
| Added | YPF | YPF Sociedad Anonima | +104,881 | $45.08M |
| Trimmed | TAC | TransAlta Corp | -3,415,253 | $41.49M |
| Trimmed | EMBJ | Embraer S.A. | -7,900 | $28.05M |
| Trimmed | AD | Array Digital Infrastructure, Inc. | -27,586 | $25.27M |
| Trimmed | SHAZ | SharonAI Holdings Inc. | -710,544 | $24.51M |
| Trimmed | TX | Ternium S.A. | -10,600 | $24.44M |
| New | QMCO | Quantum Corp | +2,011,678 | $22.13M |
| Added | SMPL | Simply Good Foods Co | +75,000 | $15.99M |
The 25 largest changes by value. The full quarter, filterable by action, loads below.
About these holdings
The 13F on record for Howard Marks (Oaktree Capital Management), filed on Aug 14, 2026, reports 51 positions as of Jun 30, 2026. The largest is TORM plc (TRMD) at 13.9% of the reported portfolio, followed by Expand Energy Corp (EXE, 12.6%) and Garrett Motion Inc. (GTX, 7.3%). The ten largest make up 66.5% of it. Against the previous quarter, it opened 10 new positions, added to 8, trimmed 18 and sold out of 11. The largest new position is Sea Ltd (SE), at 1.6% of the portfolio. The largest position it added to is Telephone & Data Systems Inc (TDS), now 5.2%. The largest it sold out of, by its value the quarter before, is Petrobras - Petroleo Brasileiro SA (PBR).
TORM plc (TRMD), the largest position, is also held by Ken Griffin and Sarah Ketterer.
Other investors
Christopher BloomstranFrancois RochonWallace WeitzRuane CunniffKahn BrothersHillman CapitalMason HawkinsThird Avenue Management