Smart Money Radar / Whales / Howard Marks
H

Howard Marks

Oaktree Capital Management LP · Holdings as of Mar 31, 2025, filed by May 16, 2025 · US long stock positions only

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

Reported value
$4B
53 positions shown
Copycat since 2016
3.31x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
TRMD
16% 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 · Mar 2025
TRMD 16% EXE 15% GTX 9%
unlisted 6%
AU 5%
+38 more 24%
SymbolValue% of bookvs prior quarter
TRMD $663M 16% unchanged
EXE $619M 15% trimmed
GTX $369M 9% unchanged
unlisted $257M 6% unchanged
AU $203M 5% unchanged
RWAY $112M 3% unchanged
CX $109M 3% added
unlisted $103M 3% added
VIST $102M 3% trimmed
STKL $101M 2% unchanged
NOK $99M 2% new
SBLK $84M 2% unchanged
FCX $83M 2% added
unlisted $83M 2% unchanged
CBL $80M 2% unchanged
TLN $64M 2% trimmed
KRC $61M 1% unchanged
CRC $61M 1% trimmed
VALE $60M 1% trimmed
TAC $52M 1% new
ABX $49M 1% added
unlisted $47M 1% new
HTHT $46M 1% added
JD $40M 1% trimmed
ITUB $38M 1% new
PBR $38M 1% trimmed
BILI $37M 1% new
EC $33M 1% new
OCSL $28M 1% unchanged
TEO $28M 1% trimmed
TX $25M 1% unchanged
BEKE $25M 1% new
BZ $22M 1% trimmed
OPTU $20M 0% unchanged
BMA $20M 0% trimmed
BIDU $18M 0% new
unlisted $18M 0% trimmed
UNIT $17M 0% unchanged
KC $16M 0% new
ONIT $13M 0% unchanged
TGS $13M 0% trimmed
unlisted $12M 0% unchanged
MX $10M 0% unchanged
EXEEL $10M 0% unchanged
SMRT $9M 0% unchanged
BAK $9M 0% trimmed
BHC $8M 0% unchanged
unlisted $7M 0% unchanged
unlisted $7M 0% unchanged
DQ $6M 0% trimmed
HDB $6M 0% unchanged
BATL $4M 0% unchanged
TPICQ $4M 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.