Smart Money Radar / Whales / Howard Marks
H

Howard Marks

Oaktree Capital Management LP · Holdings as of Sep 30, 2023, filed by Nov 15, 2023 · US long stock positions only

Credit-cycle sage. Equities are the sideshow to the bond book.

Reported value
$6B
60 positions shown
Copycat since 2016
3.31x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
TRMD
26% of book

Copying these filings vs SPY

$1 at every deadline since 2016
SPY 3.57x Howard Marks 3.31x
Price returns, dividends excluded on both lines. A copycat of public filings traded at each deadline, not the fund's actual performance.
Mar 2026 Dec 2025 Sep 2025 Jun 2025 Mar 2025 Dec 2024 Sep 2024 Jun 2024 Mar 2024 Dec 2023 Sep 2023 Jun 2023

The book

tile = share of the filed book · tap a tile for the ticker · Sep 2023
TRMD 26% EXE 11% GTX 6%
unlisted 6%
SBLK 5% VST 5% RWAY 5%
+61 more 22%
SymbolValue% of bookvs prior quarter
TRMD $1.5B 26% unchanged
EXE $604M 11% trimmed
GTX $347M 6% unchanged
unlisted $313M 6% unchanged
SBLK $310M 5% trimmed
VST $299M 5% trimmed
RWAY $270M 5% unchanged
NMIH $133M 2% unchanged
VALE $117M 2% added
unlisted $105M 2% unchanged
FCX $101M 2% added
PBR $93M 2% trimmed
CX $91M 2% trimmed
BBD $90M 2% added
VIST $88M 2% unchanged
AU $86M 2% new
CBL $84M 1% unchanged
STKL $70M 1% unchanged
INFY $65M 1% added
IBN $65M 1% trimmed
unlisted $64M 1% trimmed
KRC $58M 1% unchanged
JD $50M 1% added
unlisted $46M 1% trimmed
ITUB $45M 1% added
unlisted $44M 1% trimmed
DQ $41M 1% added
OCSL $37M 1% unchanged
SQM $37M 1% added
BAP $37M 1% added
TX $36M 1% trimmed
unlisted $33M 1% unchanged
unlisted $30M 1% trimmed
MX $24M 0% unchanged
MTG $20M 0% unchanged
SMRT $20M 0% unchanged
BATL $19M 0% unchanged
PAM $17M 0% trimmed
TGS $17M 0% trimmed
UNIT $16M 0% unchanged
AZUL $14M 0% trimmed
STHO $13M 0% unchanged
HTZ $12M 0% unchanged
TEO $12M 0% added
ONIT $12M 0% trimmed
DBD $11M 0% new
BHC $11M 0% new
JFR $10M 0% new
LBRDK $8M 0% unchanged
unlisted $8M 0% unchanged
HIMS $7M 0% unchanged
M $6M 0% new
unlisted $5M 0% unchanged
unlisted $5M 0% unchanged
EONR $5M 0% unchanged
EFT $4M 0% trimmed
XJQCX $4M 0% trimmed
AIEV $4M 0% trimmed
RSVR $4M 0% unchanged
unlisted $3M 0% unchanged
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.