Smart Money Radar / Whales / Howard Marks
H

Howard Marks

Oaktree Capital Management LP · Holdings as of Dec 31, 2025, filed by Feb 15, 2026 · US long stock positions only

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

Reported value
$5B
53 positions shown
Copycat since 2016
3.31x
12% per year
vs SPY
behind
SPY 3.57x same window
Top position
EXE
12% 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 2025
EXE 12% TRMD 12% AU 7% GTX 7%
unlisted 6%
VNOM 5%
+38 more 28%
SymbolValue% of bookvs prior quarter
EXE $559M 12% unchanged
TRMD $527M 12% trimmed
AU $328M 7% trimmed
GTX $298M 7% trimmed
unlisted $255M 6% trimmed
VNOM $243M 5% unchanged
TDS $151M 3% unchanged
B $130M 3% trimmed
TLN $124M 3% added
CORZ $122M 3% added
NOK $121M 3% unchanged
unlisted $102M 2% trimmed
ITUB $99M 2% added
unlisted $95M 2% unchanged
CBL $93M 2% trimmed
AERO $83M 2% new
TAC $81M 2% unchanged
STKL $79M 2% unchanged
NU $75M 2% unchanged
FCX $71M 2% trimmed
KRC $69M 2% unchanged
CX $66M 1% trimmed
RWAY $63M 1% trimmed
BLCO $58M 1% added
unlisted $56M 1% trimmed
XP $54M 1% added
unlisted $43M 1% trimmed
ECVT $41M 1% added
AD $39M 1% unchanged
VIST $38M 1% trimmed
YMM $38M 1% trimmed
SBLK $38M 1% unchanged
CRC $31M 1% unchanged
BZ $31M 1% trimmed
TEO $27M 1% trimmed
VALE $26M 1% unchanged
TX $25M 1% trimmed
unlisted $25M 1% new
OCSL $24M 1% unchanged
INFY $20M 0% new
ONIT $18M 0% new
SMRT $15M 0% unchanged
OPTU $12M 0% unchanged
EXEEL $9M 0% unchanged
BHC $9M 0% unchanged
MX $7M 0% unchanged
unlisted $6M 0% unchanged
HDB $5M 0% trimmed
BATL $3M 0% unchanged
unlisted $3M 0% unchanged
unlisted $2M 0% trimmed
BTAI $386K 0% unchanged
unlisted $320K 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.