Smart Money Radar / Whales / Howard Marks
H

Howard Marks

Oaktree Capital Management LP · Holdings as of Dec 31, 2024, filed by Feb 15, 2025 · US long stock positions only

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

Reported value
$4B
56 positions shown
Copycat since 2016
3.31x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
TRMD
17% 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 · Dec 2024
TRMD 17% EXE 15% GTX 9%
unlisted 6%
+41 more 25%
SymbolValue% of bookvs prior quarter
TRMD $780M 17% unchanged
EXE $691M 15% unchanged
GTX $398M 9% unchanged
unlisted $248M 6% unchanged
unlisted $165M 4% unchanged
STKL $159M 4% unchanged
AU $128M 3% unchanged
VIST $124M 3% trimmed
RWAY $118M 3% unchanged
unlisted $112M 3% trimmed
CRC $106M 2% unchanged
unlisted $92M 2% added
CBL $88M 2% trimmed
CX $82M 2% unchanged
SBLK $80M 2% trimmed
TLN $80M 2% trimmed
KRC $75M 2% unchanged
FCX $67M 1% trimmed
VALE $64M 1% trimmed
SNNRF $62M 1% new
TCOM $49M 1% trimmed
JD $49M 1% trimmed
PBR $43M 1% trimmed
YUMC $42M 1% trimmed
HTHT $38M 1% unchanged
INFY $37M 1% unchanged
BMA $37M 1% trimmed
NTES $36M 1% added
unlisted $35M 1% unchanged
TEO $35M 1% trimmed
OCSL $28M 1% unchanged
PDD $27M 1% unchanged
unlisted $25M 1% trimmed
BZ $24M 1% trimmed
TX $24M 1% unchanged
TGS $23M 1% trimmed
UNIT $19M 0% unchanged
OPTU $18M 0% unchanged
ABX $16M 0% new
unlisted $15M 0% unchanged
unlisted $15M 0% unchanged
SMRT $13M 0% unchanged
ONIT $13M 0% trimmed
PAM $12M 0% trimmed
MX $11M 0% unchanged
DQ $11M 0% trimmed
BHC $10M 0% unchanged
BAK $10M 0% unchanged
TPICQ $9M 0% unchanged
EXEEL $8M 0% new
unlisted $7M 0% unchanged
HDB $6M 0% added
CPNG $5M 0% new
BATL $5M 0% unchanged
MESO $4M 0% new
unlisted $72K 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.