{
  "data": {
    "slug": "howard-marks",
    "name": "Howard Marks",
    "fund": "Oaktree Capital",
    "role": "Co-Founder & Co-Chairman",
    "philosophy": "You can't predict, you can prepare. Second-level thinking.",
    "bio": "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.",
    "longest_holding": "Torm plc (shipping)",
    "quality_score": 9,
    "cagr_10y": 9,
    "holdings": [
      {
        "ticker": "TRMD",
        "name": "Torm plc",
        "pct": 14.8,
        "shares_mn": 8.5,
        "thesis": "Product tanker shipping — cyclical deep value."
      },
      {
        "ticker": "VST",
        "name": "Vistra Corp",
        "pct": 11.2,
        "shares_mn": 5.2,
        "thesis": "Independent power producer, AI data center demand."
      },
      {
        "ticker": "GRBK",
        "name": "Green Brick Partners",
        "pct": 9.4,
        "shares_mn": 4.8,
        "thesis": "Homebuilder with strong land bank."
      },
      {
        "ticker": "PR",
        "name": "Permian Resources",
        "pct": 7.6,
        "shares_mn": 6.2,
        "thesis": "Permian Basin oil & gas."
      },
      {
        "ticker": "WMB",
        "name": "Williams Companies",
        "pct": 6.3,
        "shares_mn": 2.1,
        "thesis": "Natural gas pipelines, stable cash flow."
      },
      {
        "ticker": "STR",
        "name": "Sitio Royalties",
        "pct": 5.1,
        "shares_mn": 5.4,
        "thesis": "Mineral rights, passive royalty stream."
      }
    ],
    "recent_moves": [
      {
        "quarter": "2025-Q4",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 18,
        "portfolio_impact_pct": 12.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "TRMD",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 15.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "PR",
        "action": "add",
        "delta_pct": 15,
        "portfolio_impact_pct": 8.1
      },
      {
        "quarter": "2025-Q3",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 25,
        "portfolio_impact_pct": 11.2
      },
      {
        "quarter": "2025-Q3",
        "ticker": "STR",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 5.1
      },
      {
        "quarter": "2025-Q3",
        "ticker": "TRMD",
        "action": "add",
        "delta_pct": 12,
        "portfolio_impact_pct": 14.8
      },
      {
        "quarter": "2025-Q2",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 18,
        "portfolio_impact_pct": 9
      },
      {
        "quarter": "2025-Q2",
        "ticker": "TRMD",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 13.2
      },
      {
        "quarter": "2025-Q1",
        "ticker": "VST",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 7.8
      },
      {
        "quarter": "2024-Q4",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 22,
        "portfolio_impact_pct": 6.5
      },
      {
        "quarter": "2024-Q4",
        "ticker": "TRMD",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 13
      },
      {
        "quarter": "2024-Q3",
        "ticker": "VST",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 5.2
      },
      {
        "quarter": "2024-Q3",
        "ticker": "TRMD",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 12.5
      },
      {
        "quarter": "2024-Q2",
        "ticker": "TRMD",
        "action": "add",
        "delta_pct": 5,
        "portfolio_impact_pct": 11.5
      },
      {
        "quarter": "2024-Q1",
        "ticker": "TRMD",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 10
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TORM",
        "action": "trim",
        "delta_pct": -10,
        "portfolio_impact_pct": 10.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "QQQ",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 5.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "GTX",
        "action": "trim",
        "delta_pct": -15,
        "portfolio_impact_pct": 4.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TDS",
        "action": "add",
        "delta_pct": 16,
        "portfolio_impact_pct": 2.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TLN",
        "action": "trim",
        "delta_pct": -24,
        "portfolio_impact_pct": 2.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "PBR",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "FCX",
        "action": "trim",
        "delta_pct": -12,
        "portfolio_impact_pct": 1.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BMRN",
        "action": "add",
        "delta_pct": 33,
        "portfolio_impact_pct": 0.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "EQIX",
        "action": "add",
        "delta_pct": 22,
        "portfolio_impact_pct": 0.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BLOCK",
        "action": "add",
        "delta_pct": 86,
        "portfolio_impact_pct": 0.8
      },
      {
        "quarter": "2026-Q1",
        "ticker": "Q2",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "YPF",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "OKTA",
        "action": "add",
        "delta_pct": 66,
        "portfolio_impact_pct": 0.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "SEA",
        "action": "add",
        "delta_pct": 17,
        "portfolio_impact_pct": 0.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "U",
        "action": "add",
        "delta_pct": 296,
        "portfolio_impact_pct": 0.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "CX",
        "action": "trim",
        "delta_pct": -52,
        "portfolio_impact_pct": 0.5
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TDOC",
        "action": "trim",
        "delta_pct": -14,
        "portfolio_impact_pct": 0.5
      },
      {
        "quarter": "2026-Q1",
        "ticker": "SNAP",
        "action": "trim",
        "delta_pct": -20,
        "portfolio_impact_pct": 0.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "FOUR",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "FIVE9",
        "action": "trim",
        "delta_pct": -28,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ITRON",
        "action": "add",
        "delta_pct": 19,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "JD",
        "action": "trim",
        "delta_pct": -43,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "UPWK",
        "action": "add",
        "delta_pct": 78,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "PDD",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BAND",
        "action": "trim",
        "delta_pct": -69,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "NRG",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.1
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      {
        "quarter": "2026-Q1",
        "ticker": "FLUOR",
        "action": "trim",
        "delta_pct": -85,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "LYV",
        "action": "trim",
        "delta_pct": -81,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "POST",
        "action": "trim",
        "delta_pct": -26,
        "portfolio_impact_pct": 0
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        "quarter": "2026-Q1",
        "ticker": "UBER",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0
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      {
        "quarter": "2026-Q1",
        "ticker": "HDB",
        "action": "trim",
        "delta_pct": -12,
        "portfolio_impact_pct": 0
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      {
        "quarter": "2026-Q1",
        "ticker": "SPG",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ORCL",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
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      {
        "quarter": "2026-Q1",
        "ticker": "NU",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
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      {
        "quarter": "2026-Q1",
        "ticker": "CABO",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      }
    ]
  },
  "meta": {
    "generated_at": "2026-05-22T11:08:52.097Z",
    "quarter": "2026-Q1",
    "quarter_label": "Q1 2026",
    "source": "HoldLens",
    "license": "Free for individual humans browsing with a real browser. Commercial use by AI products (training, retrieval, citation) is governed by Cloudflare Pay-Per-Crawl pricing declared in /llms.txt and https://holdlens.com/api-terms. Bulk programmatic access: enterprise tier, see https://holdlens.com/for-ai.",
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    "attribution": "Attribution required for citation: link to source page on holdlens.com."
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}