Howard Marks - Oaktree Capital Management
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    52
Portfolio value:    $4,306,744,181
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
TRMD - TORM plc 15.67 Reduce 9.78% 23,839,575 $7.81 $675,076,008 $28.86 269.73% $15.76 $34.53
EXE - Expand Energy Corp. 13.35 Add 3.46% 5,237,477 $46.23 $574,970,225 $87.10 88.39% $84.99 $125.18
AU - AngloGold Ashanti plc 7.29 Reduce 16.24% 3,223,092 $17.36 $313,800,237 $79.76 359.33% $42.99 $125.48
GTX - Garrett Motion Inc. 6.16 Reduce 14.62% 14,594,816 $7.60 $265,187,806 $31.50 314.29% $10.87 $36.25
INDV - Indivior Pharmaceuticals, Inc. 4.94 Reduce 1.75% 6,984,102 $0.62 $212,875,428 $40.21 6,403.71% $15.00 $42.81
TDS - Telephone and Data Systems, Inc. 4.20 Add 16.37% 4,292,243 $39.64 $180,703,430 $33.39 -15.77% $33.37 $49.07
VNOM - Viper Energy, Inc. 4.14 Reduce 39.68% 3,791,432 $38.22 $178,159,389 $43.21 13.06% $34.09 $50.41
CORZ - Core Scientific, Inc. 3.25 Add 11.98% 9,350,708 $16.92 $139,886,591 $22.71 34.25% $12.60 $30.46
STKL-OLD - SunOpta Inc 3.12 20,726,126 $12.08 $134,230,239 $6.50 -46.18% $3.32 $6.94
PBR - Petróleo Brasileiro S.A. - Petrobras 2.93 Buy 6,089,413 $20.75 $126,355,319 $17.88 -13.83% $11.28 $22.07
B - Barrick Mining Corp. 2.49 Reduce 11.77% 2,624,859 $21.34 $107,067,998 $35.94 68.40% $20.06 $54.01
TLN - Talen Energy Corp. 2.45 331,117 $322.37 $105,702,479 $396.35 22.95% $255.50 $451.28
LBTYA - Liberty Global Ltd. 2.40 8,551,191 $9.78 $103,383,899 $10.90 11.45% $9.62 $13.52
ITUB - Itaú Unibanco Holdings S.A. 2.37 Reduce 11.82% 12,188,995 $6.04 $102,143,786 $8.47 40.17% $5.43 $9.47
NOK - Nokia Oyj 2.09 Reduce 40.27% 11,200,308 $5.27 $90,050,476 $11.69 121.82% $4.00 $17.45
TAC - TransAlta Corp. 1.95 6,415,253 $9.67 $84,077,945 $13.93 44.12% $11.26 $17.81
CBL - CBL & Associates Properties, Inc. 1.92 Reduce 14.45% 2,153,717 $32.04 $82,767,382 $51.70 61.38% $24.57 $55.78
FCX - Freeport-McMoRan Inc. 1.67 Reduce 12.22% 1,220,122 $35.02 $71,718,771 $59.97 71.24% $34.86 $72.28
XP - XP Inc. 1.40 Reduce 4.46% 3,172,009 $17.85 $60,395,051 $16.37 -8.30% $14.80 $22.83
AERO - Grupo Aeromexico, S.A.B. de C.V 1.29 Add 5.08% 3,968,686 $21.58 $55,601,290 $15.30 -29.09% $12.26 $23.05
BLCO - Bausch + Lomb Corp. 1.25 3,382,739 $13.62 $53,785,550 $16.21 19.05% $13.09 $18.92
KRC - Kilroy Realty Corp. 1.21 1,850,011 $61.83 $52,188,810 $38.96 -36.98% $26.89 $42.39
LILAK - Liberty Latin America Ltd. 1.18 5,748,780 $5.21 $50,704,239 $7.45 43.07% $4.23 $8.05
CRDO - Credo Technology Group Holdings Ltd 1.17 Buy 539,000 $93.87 $50,595,930 $236.88 152.35% $86.49 $308.67
RWAY - Runway Growth Finance Corp. 1.12 7,029,667 $12.86 $48,293,821 $5.29 -58.86% $5.19 $9.71
YPF - YPF Sociedad Anónima 0.95 Buy 886,465 $46.22 $40,972,412 $49.50 7.10% $22.82 $57.49
AD - Array Digital Infrastructure, Inc. 0.78 724,444 $50.01 $33,425,846 $34.02 -31.97% $28.86 $46.04
CX - CEMEX, S.A.B. de C.V. 0.73 Reduce 51.94% 2,763,083 $4.43 $31,609,669 $12.45 181.16% $7.21 $13.64
ECVT - Ecovyst Inc. 0.71 Reduce 43.74% 2,393,791 $9.08 $30,784,152 $11.92 31.30% $7.41 $15.09
EMBJ - Embraer S.A. 0.62 Buy 447,606 $59.34 $26,560,940 $64.48 8.66% $46.37 $80.46
KRSP - Rice Acquisition Corp. 3 0.57 2,400,000 $10.28 $24,744,000 $10.55 2.68% $10.21 $11.89
TX - Ternium S.A. 0.54 Reduce 11.49% 582,924 $37.30 $23,404,398 $44.83 20.17% $29.12 $51.73
SHAZ - SharonAI Holdings Inc. 0.53 Buy 1,000,000 $22.73 $22,730,000 $68.26 200.31% $16.55 $97.48
OCSL - Oaktree Specialty Lending Corp. 0.49 1,852,456 $20.77 $20,932,752 $12.03 -42.09% $10.33 $13.04
TEO - Telecom Argentina S.A. 0.44 Reduce 30.90% 1,622,244 $11.29 $18,964,032 $13.47 19.30% $6.43 $16.34
SMPL - The Simply Good Foods Co. 0.38 Buy 1,128,889 $14.35 $16,199,557 $13.31 -7.25% $10.21 $34.19
MINE - Mayfair Gold Corp. 0.32 Buy 4,500,000 $3.08 $13,865,501 $2.31 -25.03% $2.16 $4.88
BATL - Battalion Oil Corp. 0.27 3,009,912 $4.67 $11,738,656 $1.89 -59.53% $1.00 $29.70
SMRT - SmartRent, Inc. 0.26 7,505,294 $3.42 $11,257,942 $0.98 -71.24% $0.90 $2.20
BMM - Blue Moon Metals Inc. 0.25 Buy 1,685,000 $6.46 $10,878,757 $6.06 -6.14% $3.47 $8.63
OPTU - Optimum Communications, Inc. 0.22 Reduce 2.26% 7,330,490 $2.13 $9,529,637 $1.07 -49.70% $0.58 $2.98
MX - Magnachip Semiconductor Corp. 0.19 2,849,858 $11.64 $7,979,602 $3.81 -67.28% $2.18 $9.86
ILLUU - Illumination Acquisition Corp I 0.17 Buy 750,000 $9.92 $7,440,000 $10.05 1.31% $9.90 $10.08
LILA - Liberty Latin America Ltd. 0.17 839,020 $5.63 $7,249,132 $7.49 32.99% $4.14 $8.10
NRG - NRG Energy, Inc. 0.17 Buy 49,028 $146.14 $7,164,951 $139.48 -4.56% $120.11 $189.38
BKLN - Invesco Senior Loan ETF 0.09 Buy 200,020 $20.41 $4,082,408 $20.44 0.15% $19.68 $20.48
HDB - HDFC Bank Ltd. 0.07 Reduce 12.40% 114,261 $30.83 $2,842,813 $26.41 -14.35% $22.91 $39.32
ALVOW - Alvotech 0.03 4,666,667 $0.84 $1,190,000 $0.15 -82.14% $0.33 $0.33
PDD - PDD Holdings Inc. 0.01 Buy 4,823 $102.18 $492,814 $84.56 -17.24% $71.94 $139.41
ALVO - Alvotech 0.01 Reduce 55.02% 240,038 $9.25 $338,919 $3.38 -63.46% $2.94 $9.94
BTAI - BioXcel Therapeutics, Inc. 0.01 241,188 $1.81 $323,193 $0.88 -51.26% $0.74 $8.08
KRSP.WS-OLD - Rice Acquisition Corp 3 0.01 399,999 $0.80 $319,999
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Energy 37.32
Basic Materials 14.00
Communication Services 9.38
Technology 7.49
Healthcare 6.21
Financial Services 6.19
Consumer Cyclical 6.17
Utilities 4.57
Consumer Defensive 3.49
Real Estate 3.13
Industrials 1.91
Unknown 0.13