Smart Money Radar / Whales / Howard Marks
H

Howard Marks

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

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

Reported value
$5B
56 positions shown
Copycat since 2016
3.31x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
TRMD
18% 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 2025
TRMD 18% EXE 11% GTX 9% AU 6% VNOM 5%
+41 more 28%
SymbolValue% of bookvs prior quarter
TRMD $835M 18% unchanged
EXE $538M 11% unchanged
GTX $434M 9% trimmed
AU $294M 6% trimmed
VNOM $240M 5% new
TDS $145M 3% new
TLN $124M 3% added
STKL $121M 3% unchanged
CORZ $115M 2% new
B $108M 2% added
unlisted $98M 2% added
unlisted $98M 2% new
CX $94M 2% trimmed
ITUB $93M 2% added
CBL $92M 2% unchanged
NOK $90M 2% unchanged
TAC $88M 2% added
RWAY $84M 2% trimmed
KRC $78M 2% unchanged
unlisted $73M 2% added
NU $72M 2% new
VIST $63M 1% trimmed
FCX $59M 1% trimmed
unlisted $56M 1% added
YMM $49M 1% added
BLCO $49M 1% added
ECHO $46M 1% new
BZ $38M 1% added
XP $38M 1% new
CRC $37M 1% trimmed
SBLK $36M 1% trimmed
AD $36M 1% new
TX $31M 1% trimmed
NBR $30M 1% new
SE $25M 1% added
ECVT $25M 1% new
OCSL $24M 1% unchanged
JBS $24M 0% added
VALE $22M 0% unchanged
TEO $19M 0% unchanged
OPTU $18M 0% unchanged
unlisted $13M 0% unchanged
unlisted $11M 0% added
SMRT $11M 0% unchanged
EXEEL $9M 0% unchanged
MX $9M 0% unchanged
ACR $8M 0% new
BHC $8M 0% unchanged
unlisted $7M 0% unchanged
unlisted $7M 0% new
LGN $5M 0% new
HDB $5M 0% added
BATL $4M 0% unchanged
TGS $1M 0% trimmed
BTAI $617K 0% unchanged
TPICQ $143K 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.