How We Invest

PROFILE

Howard Marks

Co-Chairman, Oaktree Capital Management

Marks has written client memos since 1990 and co-founded Oaktree in 1995. The memos are unusual among investor writing in that they carry their own numbers, which is what makes them worth indexing at the claim level rather than summarising.

145

Positions

$7.2B

Reported Value

54.6%

In Top 10

99

Claims Indexed

What he has written

OAKTREE MEMOS →

What the firm reported holding

OAKTREE CAPITAL MANAGEMENT LP • CIK 0000949509 • 2026-06-30 • FILED 2026-08-14

WHAT CHANGED THIS QUARTER

In its Q2 2026 13F, filed Aug 14, 2026, Oaktree Capital Management reported 145 positions worth $3.8B in US-listed stock. The largest stock position is Torm Plc at 7.3% of the reported book, and the ten largest lines of any type make up 54.6% of it.

It opened 45 new positions, the largest stock positions being Indivior Pharmaceuticals Inc ($251.4M), Sea Ltd ($60.9M) and Viasat Inc ($56.6M), and exited 42, the largest stock exits being Petroleo Brasileiro Sa - Petrobras ($126.4M last quarter), Nokia Oyj ($90.1M last quarter) and Cbl & Associates Properties Inc ($82.8M last quarter).

Among positions it already held, the biggest increases by share count were Oaktree Specialty Lending Corp (+325%), Liberty Latin America Ltd (+32%) and Telephone And Data Systems Inc (+23%), and the biggest cuts were Garrett Motion Inc (−48%), Core Scientific Inc (−47%) and Torm Plc (−15%).

Largest reported positions, quarter ended 2026-06-30
IssuerValueWeightShares QoQ
STATE STREET CORP (Put)$1.0B14.0%New
INVESCO QQQ TRUST SERIES 1 (Put)$651.7M9.0%+55%
TORM PLC$524.3M7.3%-15%
EXPAND ENERGY CORP$477.6M6.6%—
GARRETT MOTION INC$275.2M3.8%-48%
ANGLOGOLD ASHANTI PLC$257.2M3.6%-1%
INDIVIOR PHARMACEUTICALS INC$251.4M3.5%New
TELEPHONE AND DATA SYSTEMS INC$195.5M2.7%+23%
VIPER ENERGY INC$160.8M2.2%—
CORE SCIENTIFIC INC (Call)$128.0M1.8%+43%
CORE SCIENTIFIC INC$127.8M1.8%-47%
TALEN ENERGY CORP$127.2M1.8%—
BARRICK MINING CORP$117.8M1.6%+22%
ITAU UNIBANCO HOLDING SA$97.9M1.4%-2%
LIBERTY GLOBAL LTD$97.2M1.4%—
OAKTREE SPECIALTY LENDING CORP$94.0M1.3%+325%
FREEPORT-MCMORAN INC$75.5M1.1%-2%
GRUPO AEROMEXICO SAB DE CV$71.4M1.0%—
KILROY REALTY CORP$69.3M1.0%—
PEBBLEBROOK HOTEL TRUST (PRN)$63.1M0.9%+10%

20 of 145 positions. 26.3% of reported value is options, where the figure is the notional value of the underlying rather than money spent. $1.5B of the reported value is Section 13(f) debt — convertible notes and the like — which the form covers alongside equities. A 13F covers long US-listed positions at a quarter end only — no shorts, leverage, cash, ordinary bonds or private holdings — and is 45 days old on publication.

NEW POSITIONS

  • Indivior Pharmaceuticals Inc$251.4M · 3.5%
  • Sea Ltd$60.9M · 0.8%
  • Viasat Inc$56.6M · 0.8%
  • Makemytrip Ltd$52.4M · 0.7%
  • Matthews International Corp$51.8M · 0.7%

EXITS

  • Petroleo Brasileiro Sa - Petrobras$126.4M last quarter
  • Nokia Oyj$90.1M last quarter
  • Cbl & Associates Properties Inc$82.8M last quarter
  • Credo Technology Group Holding Ltd$50.6M last quarter
  • Ecovyst Inc$30.8M last quarter

QUESTIONS PEOPLE ASK

What are Oaktree Capital Management's largest holdings?

OPEN
As of Jun 30, 2026, the three largest stock positions are Torm Plc (7.3%), Expand Energy Corp (6.6%) and Garrett Motion Inc (3.8%), together 17.7% of the reported book.

How big is Oaktree Capital Management's 13F portfolio?

OPEN
The Q2 2026 13F, filed Aug 14, 2026, reports 145 positions worth $7.2B. The ten largest make up 54.6% of it. 26.3% of that value is options, reported at the notional value of the underlying rather than money spent.

What did Oaktree Capital Management buy and sell in Q2 2026?

OPEN
It opened 45 new positions, the largest stock positions being Indivior Pharmaceuticals Inc ($251.4M), Sea Ltd ($60.9M) and Viasat Inc ($56.6M), and exited 42, the largest stock exits being Petroleo Brasileiro Sa - Petrobras ($126.4M last quarter), Nokia Oyj ($90.1M last quarter) and Cbl & Associates Properties Inc ($82.8M last quarter). Among positions it already held, the biggest increases by share count were Oaktree Specialty Lending Corp (+325%), Liberty Latin America Ltd (+32%) and Telephone And Data Systems Inc (+23%), and the biggest cuts were Garrett Motion Inc (−48%), Core Scientific Inc (−47%) and Torm Plc (−15%).

When is Oaktree Capital Management's next 13F due?

OPEN
The Q3 2026 13F is due Nov 16, 2026. Forty-five days after the quarter ends is November 14, 2026 (Saturday), so the deadline moves to the next business day. Howard Marks' filing usually lands close to the deadline.

FILING UNDER MORE THAN ONE CIK

The live filer is Oaktree Capital Management LP, CIK 0000949509. These related entities stopped filing and still surface in EDGAR name searches:

  • Oaktree Capital Group Holdings, L.P. — CIK 0001403527, last filed 2011-10-20
  • Oaktree Asset Management, LLC — CIK 0001425161, last filed 2009-02-04

Filers with overlapping books