Smart Money Radar / Whales / Howard Marks
H

Howard Marks

Oaktree Capital Management LP · Holdings as of Jun 30, 2025, filed by Aug 15, 2025 · US long stock positions only

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

Reported value
$4B
52 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 · Jun 2025
TRMD 17% EXE 15% GTX 10%
unlisted 6%
AU 6%
+37 more 21%
SymbolValue% of bookvs prior quarter
TRMD $682M 17% unchanged
EXE $592M 15% trimmed
GTX $388M 10% trimmed
unlisted $238M 6% unchanged
AU $225M 6% trimmed
unlisted $162M 4% unchanged
STKL $120M 3% unchanged
RWAY $105M 3% trimmed
CX $103M 3% trimmed
VIST $99M 2% trimmed
NOK $97M 2% unchanged
FCX $87M 2% trimmed
unlisted $82M 2% added
CBL $76M 2% unchanged
ITUB $75M 2% added
B $66M 2% new
TAC $66M 2% added
KRC $63M 2% unchanged
CRC $63M 2% unchanged
unlisted $58M 1% added
SBLK $56M 1% trimmed
TLN $38M 1% trimmed
BLCO $33M 1% new
EC $31M 1% added
BZ $28M 1% added
TX $28M 1% added
BEKE $27M 1% added
OCSL $25M 1% unchanged
TEO $23M 1% trimmed
YMM $22M 1% new
VALE $20M 1% trimmed
OPTU $16M 0% unchanged
UNIT $15M 0% unchanged
unlisted $14M 0% new
unlisted $14M 0% trimmed
SE $13M 0% new
MX $11M 0% unchanged
EXEEL $10M 0% unchanged
unlisted $10M 0% unchanged
YPF $10M 0% new
BHC $8M 0% unchanged
unlisted $8M 0% unchanged
SMRT $7M 0% unchanged
HDB $7M 0% trimmed
HDSN $5M 0% new
BMA $4M 0% trimmed
TPICQ $4M 0% unchanged
BATL $4M 0% unchanged
TGS $4M 0% trimmed
JBS $3M 0% new
BAK $1M 0% trimmed
BTAI $437K 0% new
Positions built under SEC confidential treatment appear only after the SEC releases them. Cash, foreign listings and shorts never appear in these filings.