Smart Money Radar / Whales / Howard Marks
H

Howard Marks

Oaktree Capital Management LP · Holdings as of Mar 31, 2026, filed by May 16, 2026 · 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
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 2026
TRMD 16% EXE 13% AU 7% GTX 6% INDV 5%
+37 more 23%
SymbolValue% of bookvs prior quarter
TRMD $675M 16% trimmed
EXE $575M 13% added
AU $314M 7% trimmed
GTX $265M 6% trimmed
INDV $213M 5% new
TDS $181M 4% added
VNOM $178M 4% trimmed
CORZ $140M 3% added
STKL $134M 3% unchanged
PBR $126M 3% new
B $107M 2% trimmed
TLN $106M 2% unchanged
unlisted $103M 2% unchanged
ITUB $102M 2% trimmed
NOK $90M 2% trimmed
TAC $84M 2% unchanged
CBL $83M 2% trimmed
FCX $72M 2% trimmed
XP $60M 1% trimmed
AERO $56M 1% added
BLCO $54M 1% unchanged
KRC $52M 1% unchanged
unlisted $51M 1% unchanged
unlisted $51M 1% new
RWAY $48M 1% unchanged
YPF $41M 1% new
AD $33M 1% unchanged
CX $32M 1% trimmed
ECVT $31M 1% trimmed
EMBJ $27M 1% new
unlisted $25M 1% unchanged
TX $23M 1% trimmed
SHAZ $23M 1% new
OCSL $21M 0% unchanged
TEO $19M 0% trimmed
SMPL $16M 0% new
MINE $14M 0% new
BATL $12M 0% unchanged
SMRT $11M 0% unchanged
BMM $11M 0% new
OPTU $10M 0% trimmed
MX $8M 0% unchanged
unlisted $7M 0% new
unlisted $7M 0% unchanged
NRG $7M 0% new
BKLN $4M 0% new
HDB $3M 0% trimmed
unlisted $1M 0% unchanged
PDD $493K 0% new
unlisted $339K 0% trimmed
BTAI $323K 0% unchanged
unlisted $320K 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.