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Investor profile

Howard Marks

Oaktree Capital · Co-Founder & Co-Chairman · Net worth: ~$2.2B

The king of distressed debt investing. His memos to Oaktree clients are required reading on Wall Street — Buffett himself admits he drops everything to read them.

"You can't predict, you can prepare. Second-level thinking."

Data verified 2026-08-14 · sourced from SEC EDGAR · view filing

Informational only — not investment advice. HoldLens tracks institutional positioning from public 13F filings. We are not a registered investment advisor and do not provide recommendations to buy or sell securities. Our 2026 backtest over 221 ticker-quarter pairs found the ConvictionScore has no predictive signal for forward returns (Pearson r = −0.12). The rankings describe what tracked superinvestors were accumulating or selling at the latest 13F snapshot — useful as market intelligence, not as personal investment advice. 13F data is reported with a 45-day SEC filing lag.

See the backtest →

Today — 2026-04-21

All movers →

Portfolio day:+1.13%

Biggest winner:GRBK +6.81%

Biggest loser:VST -3.87%

Positions: Q1 2026 13F · Prices: EOD 2026-04-21

Latest 13F: Q2 2026(48d ago)Next due: Q3 2026by 2026-11-14View on SEC EDGAR →● RSS — move alerts

Tracked positions

Top concentration

56%

Longest holding

Torm plc (shipping)

Howard's portfolio concentration: top-1, top-5, top-10

Diversified

Top 1 · SPY

14.0%

Top 5 combined

40.7%

Top 10 combined

56.2%

Tracked positions

SPYTop-5 zoneTop-10

Howard's single largest bet is SPY at 14.0% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.

Realized 10-year track record

Oaktree distressed funds composite (approximate)

See leaderboard →

10y CAGR

9.0%

net of fees

Alpha vs S&P

-4.2%

vs 13.1% benchmark

Win rate

30%

years beating S&P

Quality score

3.7

computed 0–10

Best year

+19%

Worst year

-2%

Cumulative 10y

2.4×

Volatility

Howard Marks's recent 13F moves: buys, adds, trims, and exits

Manager quality score: 3.7/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q2 2026

39 buys · 28 sells

Ticker	Activity	Share change	% portfolio
BTAIQ	Add 472%	+1.14M	0.00%
OCSL	Add 325%	+6.02M	1.30%
UBER	Add 270%	+5.40M	0.10%
FIVE9	Add 145%	+31.56M	0.70%
SPY	Buy (new)	+1.35M	14.00%
VSAT	Buy (new)	+630K	0.80%
MMYT	Buy (new)	+983K	0.70%
MATW	Buy (new)	+1.93M	0.70%
VC	Buy (new)	+400K	0.60%
QMCO	Buy (new)	+2.01M	0.30%
SHAZ	Buy (new)	+289K	0.30%
BTDR	Buy (new)	+750K	0.20%
MINE	Buy (new)	+4.50M	0.20%
SGRY	Buy (new)	+863K	0.20%
BMM	Buy (new)	+1.69M	0.10%
DASH	Buy (new)	+8.09M	0.10%
DPC	Buy (new)	+75K	0.10%
BABA	Buy (new)	+750K	0.00%
NNBR	Buy (new)	+511K	0.00%
OPI	Buy (new)	+11K	0.00%

Showing top 20 by position change · 47 smaller moves hidden

Q1 2026

24 buys · 49 sells

Ticker	Activity	Share change	% portfolio
U	Add 296%	+26.86M	0.60%
QQQ	Buy (new)	+570K	5.20%
XOP	Buy (new)	+1.00M	2.90%
PBR	Buy (new)	+6.09M	2.00%
CRDO	Buy (new)	+539K	0.80%
Q2	Buy (new)	+41.05M	0.70%
YPF	Buy (new)	+886K	0.70%
LYB	Buy (new)	+500K	0.60%
FOUR	Buy (new)	+27.27M	0.40%
EMBJ	Buy (new)	+448K	0.40%
SMPL	Buy (new)	+1.13M	0.30%
PDD	Buy (new)	+4.00M	0.10%
BKLN	Buy (new)	+200K	0.10%
NRG	Buy (new)	+49K	0.10%
UBER	Buy (new)	+2.00M	0.00%
SMH	Sell (exit)	-865K	0.00%
SPY	Sell (exit)	-385K	0.00%
FTAI	Sell (exit)	-517K	0.00%
ORCL	Sell (exit)	-500K	0.00%
NU	Sell (exit)	-4.48M	0.00%

Showing top 20 by position change · 53 smaller moves hidden

Q4 2025

27 buys · 35 sells

Ticker	Activity	Share change	% portfolio
FIVE9	Add 290%	+22.57M	0.40%
U	Add 142%	+5.33M	0.10%
BMRN	Add 114%	+22.40M	0.60%
POST	Add 104%	+1.35M	0.00%
SMH	Buy (new)	+865K	4.40%
AERO	Buy (new)	+3.78M	1.20%
INFY	Buy (new)	+1.09M	0.30%
ONIT	Buy (new)	+391K	0.30%
OPTU	Buy (new)	+7.50M	0.20%
ITRON	Buy (new)	+8.70M	0.10%
LYV	Buy (new)	+9.67M	0.10%
IWM	Sell (exit)	-220K	0.00%
JBS	Sell (exit)	-1.58M	0.00%
OPTU	Sell (exit)	-7.50M	0.00%
WING	Sell (exit)	-50K	0.00%
FOUR	Sell (exit)	-14.54M	0.00%
GUESS	Sell (exit)	-3.62M	0.00%
LGN	Sell (exit)	-175K	0.00%
ACR	Sell (exit)	-391K	0.00%
TGS	Sell (exit)	-57K	0.00%

Showing top 20 by position change · 42 smaller moves hidden

Q3 2025

43 buys · 31 sells

Ticker	Activity	Share change	% portfolio
BMRN	Add 1231%	+18.24M	0.30%
JBS	Add 562%	+1.34M	0.40%
BLOCK	Add 349%	+10.41M	0.20%
LILA	Add 223%	+5.19M	1.00%
FLUOR	Add 109%	+5.46M	0.20%
YMM	Add 106%	+1.96M	0.80%
BAND	Add 101%	+4.33M	0.10%
VNOM	Buy (new)	+6.29M	3.70%
ORCL	Buy (new)	+500K	2.20%
TDS	Buy (new)	+3.69M	2.20%
CORZ	Buy (new)	+6.40M	1.80%
FTAI	Buy (new)	+585K	1.50%
NU	Buy (new)	+4.52M	1.10%
BLCO	Buy (new)	+3.25M	0.80%
MAR	Buy (new)	+150K	0.60%
AD	Buy (new)	+724K	0.60%
XP	Buy (new)	+2.03M	0.60%
ECVT	Buy (new)	+2.86M	0.40%
WING	Buy (new)	+50K	0.20%
LGN	Buy (new)	+175K	0.10%

Showing top 20 by position change · 54 smaller moves hidden

Howard's sector breakdown

How the top 10 positions are diversified across 2 sectors. Weighted by stated portfolio percentage.

Other

9 positions · SPY, QQQ, EXE, GTX, AU, CORZ, INDV, TDS +1

87.0%

48.9% of AUM

Industrials

1 position · TRMD

13.0%

7.3% of AUM

Position intelligence · 13F-derived

How Marks is sized + moving

Every position classified by both portfolio weight (size bucket) and recent move activity (trend bucket). A 22% Apple position building +5% this quarter signals different intent than a 1% starter trimmed in half. Descriptive analysis of 13F filings — not recommendation.

Core

≥10% positions

Significant

3–10%

Starter

1–3%

Small

<1%

Building

Steady

Trimming

New

Exit pending

Position	% portfolio	Size	Trend
SPY STATE STREET CORP	14.0%	core	★ new
QQQ INVESCO QQQ TRUST SERIES 1	9.0%	significant	↑ building
TRMD TORM PLC	7.3%	significant	↓ trimming
EXE EXPAND ENERGY CORP	6.6%	significant	↓ trimming
GTX GARRETT MOTION INC	3.8%	significant	↓ trimming
AU ANGLOGOLD ASHANTI PLC	3.6%	significant	↓ trimming
CORZ CORE SCIENTIFIC INC	3.5%	significant	→ steady
INDV INDIVIOR PHARMACEUTICALS INC	3.5%	significant	↓ trimming
TDS TELEPHONE AND DATA SYSTEMS INC	2.7%	starter	↑ building
VNOM VIPER ENERGY INC	2.2%	starter	↑ building
TLN TALEN ENERGY CORP	1.8%	starter	↓ trimming
SE SEA LTD	1.7%	starter	↑ building
B BARRICK MINING CORP	1.6%	starter	↑ building
ITUB ITAU UNIBANCO HOLDING SA	1.4%	starter	→ steady
LBTYA LIBERTY GLOBAL LTD	1.3%	starter	↑ building
Showing top 15 of 58 positions.

How to read: Size bucket from current 13F-filed portfolio weight. Trend bucket from the last 2 quarters of move activity (net delta >5% in either direction = building/trimming; new = first-appearance this quarter; exit pending = trimmed >50% last quarter). Data lag: SEC 13F filings are reported 45 days after quarter-end. This is descriptive intelligence — not investment advice.

Score explainability · 9-factor breakdown

What drives the ConvictionScore on Marks's top positions

The HoldLens ConvictionScore combines 9 factors. This table shows the per-position breakdown — exactly which factors contribute and by how much for each of Marks's top 8 holdings. Hover any header for factor definition. Empty cells (·) = neutral (no contribution).

Ticker	% port	Score	Smart $	Insider	Track	Streak	Conc	Contra	Event	Dissent	Crowd
SPY	14.0	−2	+9	·	-6	·	+7	·	·	+12	·
QQQ	9.0	+3	+5	·	-6	·	+5	·	·	·	·
TRMD	7.3	+16	+4	+3	-6	+10	+8	·	·	+2	·
EXE	6.6	+3	+1	·	+5	·	·	·	·	+3	·
GTX	3.8	−13	+2	-1	-3	·	·	·	·	+11	·
AU	3.6	−12	·	·	-6	·	·	·	·	+6	·
CORZ	3.5	−3	+4	-1	-7	·	+2	·	·	+2	·
INDV	3.5	−5	+1	·	-6	·	·	·	·	·	·

Factor definitions →

Smart $: Manager quality × consensus (0–30)
Insider: Form 4 net buy/sell (-15..+20)
Track: Buyer 10y CAGR × concentration (-10..+20)
Streak: Multi-quarter compounding (0–10)
Conc: Biggest position size as conviction (0–10)
Contra: Under-the-radar bonus (0–10)
Event: 8-K events last 90d (-15..+5)
Dissent: Sells subtract, weighted ×1.6 (0–60)
Crowd: Too many owners = priced in (0–10)

Factors are summed (positive add, penalties subtract), then clamped to the -100/+100 range. Each factor has a maximum contribution shown in parentheses next to its name. Read positive cells as bullish contributions, negative as bearish. See /learn/conviction-score-explained for the full methodology. ConvictionScore is descriptive synthesis of public filings — not investment advice.

Cross-portfolio overlap

Who else holds what Marks holds

Top 6 highest-conviction overlap pairs containing Howard Marks. Each page is the full intersection of two 13F-filed portfolios.

vs Joel Greenblatt
9 shared positions · 31% joint conviction
Top: SPY, QQQ, B, EQIX
vs Stanley Druckenmiller
6 shared positions · 26% joint conviction
Top: SPY, SE, YPF, EQIX
vs Lee Ainslie
2 shared positions · 22% joint conviction
Top: SPY, TDS
vs Bill Ackman
1 shared positions · 16% joint conviction
Top: UBER
vs François Rochon
1 shared positions · 14% joint conviction
Top: SPY
vs Tom Slater
6 shared positions · 11% joint conviction
Top: SE, ITUB, MMYT, DASH

See all 435 overlap pairs →

Howard Marks's top 10 disclosed holdings (Q2 2026)

Ticker	Company	% Portfolio	Shares (M)
SPY	STATE STREET CORP	14.0%	1.36
QQQ	INVESCO QQQ TRUST SERIES 1	9.0%	0.89
TRMD	TORM PLC Product tanker shipping — cyclical deep value.	7.3%	20.33
EXE	EXPAND ENERGY CORP	6.6%	5.24
GTX	GARRETT MOTION INC	3.8%	7.59
AU	ANGLOGOLD ASHANTI PLC	3.6%	3.18
CORZ	CORE SCIENTIFIC INC	3.5%	9.99
INDV	INDIVIOR PHARMACEUTICALS INC	3.5%	6.13
TDS	TELEPHONE AND DATA SYSTEMS INC	2.7%	5.28
VNOM	VIPER ENERGY INC	2.2%	3.79

Deep dive

The books behind Howard's thinking

You can't predict, you can prepare. Second-level thinking. These are the books that map Howard's approach.

Amazon affiliate links — as an Amazon Associate, HoldLens earns from qualifying purchases and membership trials at no extra cost to you. These are books we genuinely recommend. Not investment advice; always do your own research.

Howard Marks

The Most Important Thing

Oaktree's Marks on risk, cycles, and second-level thinking — the framework behind reading any 13F.

See price on Amazon

Howard Marks

Mastering the Market Cycle

Where in the cycle are we, and how should that change your positioning? Marks's companion volume.

See price on Amazon

Benjamin Graham

The Intelligent Investor

The foundational text. Buffett calls it 'by far the best book about investing ever written.'

See price on Amazon

Prefer to listen? Start a free Audible trial

New Audible members only · 30-day trial · many of these titles are included with membership.

See the full investing reading list

More by topic:Foundations Mental models & temperament

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Dividend tax by country

Estimate your withholding on cross-border dividends

Your country of residenceCompany is domiciled inGross dividend (example)

Withholding rate

Domestic (no cross-border)

Tax withheld

$0.00

You'd receive

$1000.00

Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.

Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.

Full dividend-tax rules for United States investors →

Want Howard move-alerts?

One email per 13F filing. Summarizes every new position, exit, and trim.

Investors with portfolios similar to Howard Marks

Tracked managers whose top positions overlap with Howard's portfolio.

David Einhorn

Greenlight Capital

1 shared position: GRBK

Seth Klarman

Baupost Group

1 shared position: VST

See all 29 investors ranked by portfolio similarity →

ETF replication

Which ETF replicates Howard's portfolio?

Closest match: XLE · overlap score 27.6 across 1 shared top-10 names. Full ranked list of 5 ETFs →

Investing style

Howard is a special situations investor

See 1 other special situations manager tracked. Concentrated event-driven book; high turnover; broad mandate.

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Per-quarter digests

What Howard Marks did, quarter by quarter

Full move-by-move breakdown for each of the last 8 filed quarters.

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Frequently asked questions

Who is Howard Marks?

Howard Marks runs Oaktree Capital as co-founder & co-chairman. The king of distressed debt investing. His memos to Oaktree clients are required reading on Wall Street — Buffett himself admits he drops everything to read them.

What fund does Howard Marks run?

Howard Marks is co-founder & co-chairman of Oaktree Capital. Oaktree Capital files SEC Form 13F-HR quarterly with the latest disclosure dated 2026-08-14 (Q2 2026). Full holdings, share counts, dollar values, and quarter-over-quarter changes are listed below.

What does Howard Marks invest in?

Howard Marks's Oaktree Capital portfolio is disclosed quarterly via SEC Form 13F-HR. Each position below shows the ticker, share count, dollar value, percentage of portfolio, and quarter-over-quarter change. Data is sourced directly from SEC filings (public-domain regulatory disclosure).

What is Howard Marks's investment philosophy?

Howard Marks's stated investment philosophy: "You can't predict, you can prepare. Second-level thinking.". Howard Marks has been co-founder & co-chairman of Oaktree Capital; estimated net worth ~$2.2B.

What is Howard Marks's net worth?

Howard Marks's estimated net worth is ~$2.2B. Howard Marks runs Oaktree Capital as co-founder & co-chairman; full 13F holdings disclosed quarterly with the SEC are listed below.

Data sourced from Oaktree Capital 13F filings with the SEC. Approximate snapshot. Not investment advice.

Sister property: SecFilingDex — the encyclopedic reference for Form 13F (HR / NT / HR/A variants) and the regulatory citation behind every position shown above.