SEC 13F Intelligence

Notable Investors / Q1 2026

Howard Marks’s Portfolio — OAKTREE CAPITAL MANAGEMENT LP

Co-Founder & Co-Chairman, Oaktree Capital

CIK 0000949509 · 333 S GRAND AVENUE 28TH FL, LOS ANGELES, CA, 90071 · 2138306300

About Howard Marks

Howard Marks co-founded Oaktree Capital, the world's premier distressed-debt investor, and his memos on market cycles and risk are read by essentially everyone in professional investing — Warren Buffett included, by his own account.

Oaktree's 13F is the equity shadow of a credit house: post-reorganization equities, converted distressed positions, and closed-end fund holdings. It is less a stock-picker's portfolio than a map of where credit stress has recently turned into equity ownership.

Portfolio data below is from OAKTREE CAPITAL MANAGEMENT LP’s SEC 13F filings. View the full filer page →

Reported Value
$6.6B
Q1 2026
Positions
147
Filings on Record
53
2019–present window
Filed
May 20, 2026
amendment (RESTATEMENT)

Summary

Oaktree Capital Management LP reported $6.6B in U.S.-listed holdings across 147 positions for Q1 2026.

Its largest position, Torm, represents 10.3% of the portfolio.

Compared with Q4 2025, the fund opened 35 new positions and exited 60.

Portfolio Metrics

Turnover
+28.7%
vs prior filed quarter
Top-10 Concentration
+42.7%
share of reported value
Largest Position
+10.3%
Torm
New / Exited
35 / 60
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $11.0BQ4 ’18Q1 ’19: $5.3BQ2 ’19: $5.3BQ3 ’19: $5.1BQ4 ’19: $5.3BQ4 ’19Q1 ’20: $3.6BQ2 ’20: $4.5BQ3 ’20: $4.6BQ4 ’20: $5.8BQ4 ’20Q1 ’21: $7.2BQ2 ’21: $7.4BQ3 ’21: $7.1BQ4 ’21: $9.1BQ4 ’21Q1 ’22: $9.6BQ2 ’22: $8.6BQ3 ’22: $9.1BQ2 ’23: $9.0BQ2 ’23Q3 ’23: $6.9BQ4 ’23: $6.9BQ1 ’24: $6.4BQ2 ’24: $6.3BQ2 ’24Q3 ’24: $6.2BQ4 ’24: $5.6BQ1 ’25: $5.2BQ2 ’25: $5.8BQ2 ’25Q3 ’25: $6.5BQ4 ’25: $7.0BQ1 ’26: $6.6Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 37.4%US DOMESTIC: 21.8%Other: 20.4%ADR: 7.9%ETP: 7.9%Other: 4.6%
  • Common Stock · 37.4% · $2.5B
  • US DOMESTIC · 21.8% · $1.4B
  • Other · 20.4% · $1.3B
  • ADR · 7.9% · $519M
  • ETP · 7.9% · $515M
  • Other · 4.6% · $305M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
NDQINVESCO QQQ TRUST SERIES 1NEW+570.0K570.0K+$329M$329M
INDVINDIVIOR PHARMACEUTICALS INCNEW+6.98M6.98M+$213M$213M
STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFNEW+1.00M1.00M+$182M$182M
PBRPETROLEO BRASILEIRO SA - PETROBRASNEW+6.09M6.09M+$126M$126M
COINBASE GLOBAL INCNEW+52.63M52.63M+$52M$52M
CREDO TECHNOLOGY GROUP HOLDING LTDNEW+539.0K539.0K+$51M$51M
YPF SANEW+886.5K886.5K+$41M$41M
Q2 HOLDINGS INCNEW+41.05M41.05M+$41M$41M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

45 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TORM PLCCOMMON STOCK10.30%$675M23.84M
2EXEEXPAND ENERGY CORPhistory →COMMON STOCK8.77%$575M5.24M
3ANGLOGOLD ASHANTI PLCCOMMON STOCK4.79%$314M3.22M
4GTXGARRETT MOTION INChistory →COMMON STOCK4.04%$265M14.59M
5INDVINDIVIOR PHARMACEUTICALS INChistory →COMMON STOCK3.25%$213M6.98M
6TDSTELEPHONE AND DATA SYSTEMS INChistory →COMMON STOCK2.76%$181M4.29M
7VNOMVIPER ENERGY INChistory →COMMON STOCK2.72%$178M3.79M
8CORZCORE SCIENTIFIC INChistory →COMMON STOCK2.13%$140M9.35M
9STKLSUNOPTA INChistory →COMMON STOCK2.05%$134M20.73M
10PBRPETROLEO BRASILEIRO SA - PETROBRAShistory →COMMON STOCK1.93%$126M6.09M
11BBARRICK MINING CORPhistory →COMMON STOCK1.63%$107M2.62M
12TLNTALEN ENERGY CORPhistory →COMMON STOCK1.61%$106M331.1K
13LIBERTY GLOBAL LTDCOMMON STOCK1.58%$103M8.55M
14ITAU UNIBANCO HOLDING SACOMMON STOCK1.56%$102M12.19M
15JETBLUE AIRWAYS CORPCONVERTIBLE BOND1.45%$95M95.09M
16RIOT PLATFORMS INCCONVERTIBLE BOND1.40%$92M79.66M
17NOKNOKIA OYJhistory →COMMON STOCK1.37%$90M11.20M
18TACTRANSALTA CORPhistory →COMMON STOCK1.28%$84M6.42M
190HQKCBL & ASSOCIATES PROPERTIES INChistory →COMMON STOCK1.26%$83M2.15M
20FCXFREEPORT-MCMORAN INChistory →COMMON STOCK1.09%$72M1.22M
21ECHOSTAR CORPCONVERTIBLE BOND0.98%$64M18.00M
22XP INCCOMMON STOCK0.92%$60M3.17M
23PEBBLEBROOK HOTEL TRUSTCONVERTIBLE BOND0.86%$56M57.74M
24AMERICAN WATER CAPITAL CORPCONVERTIBLE BOND0.85%$56M55.92M
25AEROGRUPO AEROMEXICO SAB DE CVhistory →COMMON STOCK0.85%$56M3.97M
26ETSY INCCONVERTIBLE BOND0.84%$55M61.20M
27BIOMARIN PHARMACEUTICAL INCCONVERTIBLE BOND0.82%$54M55.98M
28BLCOBAUSCH LOMB CORPhistory →COMMON STOCK0.82%$54M3.38M
29COINBASE GLOBAL INCCONVERTIBLE BOND0.80%$52M52.63M
30KRCKILROY REALTY CORPhistory →COMMON STOCK0.80%$52M1.85M
31LIBERTY LATIN AMERICA LTDCOMMON STOCK0.77%$51M5.75M
32ENPHASE ENERGY INCCONVERTIBLE BOND0.77%$51M56.62M
33CREDO TECHNOLOGY GROUP HOLDING LTDCOMMON STOCK0.77%$51M539.0K
34MARRIOTT VACATIONS WORLDWIDE CORPCONVERTIBLE BOND0.77%$50M52.12M
35RWAYRUNWAY GROWTH FINANCE CORPhistory →COMMON STOCK0.74%$48M7.03M
36SEA LTDCONVERTIBLE BOND0.72%$47M47.89M
37OKTA INCCONVERTIBLE BOND0.71%$47M46.97M
38BENTLEY SYSTEMS INCCONVERTIBLE BOND0.68%$45M46.99M
39YPF SACOMMON STOCK0.62%$41M886.5K
40Q2 HOLDINGS INCCONVERTIBLE BOND0.62%$41M41.05M
41DRAFTKINGS INCCONVERTIBLE BOND0.61%$40M44.35M
42BLOCK INCCONVERTIBLE BOND0.57%$38M37.78M
43DEXCOM INCCONVERTIBLE BOND0.57%$37M40.42M
44PROGRESS SOFTWARE CORPCONVERTIBLE BOND0.55%$36M36.15M
45CONMED CORPCONVERTIBLE BOND0.54%$35M36.19M

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$6.6B147May 20, 2026RESTATEMENTchanges · EDGAR ↗
Q4 2025$7.0B172Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$6.5B165Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.8B178Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$5.2B170May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$5.6B165Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$6.2B168Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$6.3B152Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$6.4B169May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$6.9B188Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$6.9B202Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$9.0B301Aug 25, 2023RESTATEMENTchanges · EDGAR ↗
Q1 2023Under review301May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review345Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$9.1B380Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$8.6B382Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$9.6B363May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021REVEALED$9.1B372Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021REVEALED$7.1B264Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021REVEALED$7.4B192Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$7.2B185May 19, 2021RESTATEMENTchanges · EDGAR ↗
Q4 2020$5.8B183Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$4.6B188Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$4.5B188Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$3.6B180May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$5.3B192Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$5.1B202Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$5.3B206Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$5.3B210May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018REVEALED$11.0B383Feb 15, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 4 additional managers.

  • Russell Investments Group, Ltd.028-17598
  • Hartree Partners, LP028-17875
  • BROOKFIELD Corp /ON/028-14349
  • Oaktree Capital Holdings, LLC028-20007

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.