# Oaktree Capital (Howard Marks): 13F portfolio, Q2 2026

Howard Marks's investment firm, Los Angeles.

Source: SEC Form 13F filed 2026-08-14 for the quarter ended 2026-06-30: https://www.sec.gov/Archives/edgar/data/949509/000094950926000005/0000949509-26-000005-index.htm
Values are as the manager reported them in the filing, not current market prices.
Page: https://valuepeg.com/managers/oaktree-capital
Updated: 2026-08-14 · Next filing due by 2026-11-14

## Summary
- Reported value: $3.8B (Q1 2026: $4.3B)
- Positions: 51 (Q1 2026: 52)
- Top 10 holdings: 66.5% of the portfolio
- This quarter: 10 new, 8 added to, 18 trimmed, 11 sold out

## What Marks did in Q2 2026
Oaktree Capital opened 10 new positions, the largest Sea, Viasat and MakeMyTrip. It raised its stake in Bioxcel Therapeutics by 472% and Oaktree Specialty Lending by 325%. It sold out of 11 positions, among them Petrobras - Petroleo Brasileiro, Nokia and Cbl & Associates Properties. It cut Sunopta by 100%, Cemex Sab De Cv by 96% and Telecom Argentina by 93%, among 6 it cut by half or more. Torm is still the largest holding, at 13.9% of the portfolio.

## Biggest buys
- Sea (SE): New
- Viasat (VSAT): New
- MakeMyTrip (MMYT): New
- Matthews International (MATW): New
- Quantum (QMCO): New

## Biggest sells
- Petrobras - Petroleo Brasileiro (PBR): Sold out
- Nokia (NOK): Sold out
- Cbl & Associates Properties (CBL): Sold out
- Credo Technology Group Holding (CRDO): Sold out
- Ecovyst (ECVT): Sold out

## Top 15 holdings
| # | Company | Ticker | % of portfolio | Reported value | Change vs Q1 2026 | Held since |
|---|---|---|---|---|---|---|
| 1 | Torm | TRMD | 13.9% | $524.3M | −15% | Q3 2024 or earlier |
| 2 | Expand Energy | EXE | 12.6% | $477.6M | No change | Q3 2024 or earlier |
| 3 | Garrett Motion | GTX | 7.3% | $275.2M | −48% | Q3 2024 or earlier |
| 4 | AngloGold Ashanti | AU | 6.8% | $257.2M | −1% | Q3 2024 or earlier |
| 5 | Indivior Pharmaceuticals | INDV | 6.7% | $251.4M | −12% | Q1 2026 |
| 6 | Telephone & Data Systems | TDS | 5.2% | $195.5M | +23% | Q3 2025 |
| 7 | Viper Energy | VNOM | 4.3% | $160.8M | No change | Q3 2025 |
| 8 | Core Scientific, Inc./tx | CORZ | 3.4% | $127.8M | −47% | Q3 2025 |
| 9 | Talen Energy | TLN | 3.4% | $127.2M | No change | Q3 2024 or earlier |
| 10 | Barrick Mining | B | 3.1% | $117.8M | +22% | Q2 2025 |
| 11 | Itau Unibanco Holding | ITUB | 2.6% | $97.9M | −2% | Q3 2024 or earlier |
| 12 | Liberty Global | LBTYA | 2.6% | $97.2M | No change | Q3 2024 or earlier |
| 13 | Oaktree Specialty Lending | OCSL | 2.5% | $94.0M | +325% | Q3 2024 or earlier |
| 14 | Freeport-Mcmoran | FCX | 2.0% | $75.5M | −2% | Q3 2024 or earlier |
| 15 | Grupo Aeromexico, S.A.B. de C.V | AERO | 1.9% | $71.4M | No change | Q4 2025 |

36 more positions and every quarter's holdings are on Valuepeg for members: https://valuepeg.com/managers/oaktree-capital

## Other value investors
- Pershing Square (Bill Ackman): https://valuepeg.com/managers/pershing-square
- Polen Capital: https://valuepeg.com/managers/polen-capital
- Scion Asset Management (Michael Burry): https://valuepeg.com/managers/scion-asset-management
- Semper Augustus: https://valuepeg.com/managers/semper-augustus
- Sound Shore Management: https://valuepeg.com/managers/sound-shore-management

## About this data
- **What is a 13F?** A quarterly report to the SEC in which an investment manager with over $100 million in US-listed stocks lists what it holds.
- **How current is it?** Managers file up to 45 days after each quarter ends, so the holdings may have changed since.
- **Whose figures are these?** The values are as the manager reported them in the filing, not today's prices. The SEC lets a manager keep some positions confidential for a time, and those are not in the filing.
- **What does it leave out?** Short positions, cash, bonds and most holdings outside US markets. Options are left out here too.

Not investment advice.