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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 2026-05-15 · 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 →

Latest 13F: Q1 2026(7d ago)Next due: Q2 2026by 2026-08-14View on SEC EDGAR →● RSS — move alerts

Tracked positions

Top concentration

40%

Longest holding

Torm plc (shipping)

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

Diversified

Top 1 · TORM

10.7%

Top 5 combined

32.1%

Top 10 combined

40.2%

Tracked positions

TORMTop-5 zoneTop-10

Howard's single largest bet is TORM at 10.7% 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.

Q1 2026

17 buys · 31 sells

Ticker	Activity	Share change	% portfolio
U	Add 296%	+26.86M	0.60%
QQQ	Buy (new)	+570K	5.20%
PBR	Buy (new)	+6.09M	2.00%
Q2	Buy (new)	+41.05M	0.70%
YPF	Buy (new)	+886K	0.70%
FOUR	Buy (new)	+27.27M	0.40%
PDD	Buy (new)	+4.00M	0.10%
NRG	Buy (new)	+49K	0.10%
UBER	Buy (new)	+2.00M	0.00%
SPG	Sell (exit)	-385K	0.00%
ORCL	Sell (exit)	-500K	0.00%
NU	Sell (exit)	-4.48M	0.00%
CABO	Sell (exit)	-58.87M	0.00%
GRAB	Sell (exit)	-11.21M	0.00%
ABNB	Sell (exit)	-50.63M	0.00%
MAR	Sell (exit)	-150K	0.00%
VALE	Sell (exit)	-2.02M	0.00%
ONITY	Sell (exit)	-391K	0.00%
PPL	Sell (exit)	-15.67M	0.00%
EXE	Sell (exit)	-95K	0.00%

Showing top 20 by position change · 28 smaller moves hidden

Q4 2025

20 buys · 20 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%
ONITY	Buy (new)	+391K	0.30%
ITRON	Buy (new)	+8.70M	0.10%
LYV	Buy (new)	+9.67M	0.10%
BLOCK	Add 96%	+12.79M	0.40%
TLN	Add 77%	+275K	3.40%
OKTA	Add 67%	+11.40M	0.40%
XP	Add 63%	+1.29M	0.80%
IVV	Sell (exit)	-220K	0.00%
JBS	Sell (exit)	-1.58M	0.00%
FOUR	Sell (exit)	-14.54M	0.00%
GUESS	Sell (exit)	-3.62M	0.00%
W	Sell (exit)	-900K	0.00%
UBER	Sell (exit)	-1.50M	0.00%
Q2	Sell (exit)	-2.70M	0.00%
GH	Reduce 96%	-13.33M	0.00%
BBIO	Reduce 80%	-10.06M	0.00%

Showing top 20 by position change · 20 smaller moves hidden

Q3 2025

32 buys · 20 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%
LILAK	Add 223%	+5.19M	1.00%
FLUOR	Add 109%	+5.46M	0.20%
BAND	Add 101%	+4.33M	0.10%
ORCL	Buy (new)	+500K	2.20%
TDS	Buy (new)	+3.69M	2.20%
NU	Buy (new)	+4.52M	1.10%
MAR	Buy (new)	+150K	0.60%
XP	Buy (new)	+2.03M	0.60%
FIVE9	Buy (new)	+7.78M	0.10%
LYFT	Buy (new)	+1.10M	0.00%
Q2	Buy (new)	+2.70M	0.00%
SPGI	Sell (exit)	-690K	0.00%
KE	Sell (exit)	-1.51M	0.00%
UNITI	Sell (exit)	-3.40M	0.00%
YPF	Sell (exit)	-324K	0.00%
BERRY	Sell (exit)	-3.70M	0.00%
NICE	Sell (exit)	-6.12M	0.00%

Showing top 20 by position change · 32 smaller moves hidden

Q2 2025

30 buys · 19 sells

Ticker	Activity	Share change	% portfolio
JD	Add 1186%	+11.39M	0.20%
OKTA	Add 441%	+20.30M	0.40%
SPG	Add 200%	+680K	10.80%
NICE	Add 196%	+4.06M	0.10%
GUESS	Add 193%	+3.24M	0.10%
UPWK	Add 187%	+4.16M	0.10%
SPGI	Buy (new)	+690K	1.20%
IVV	Buy (new)	+240K	0.90%
YPF	Buy (new)	+324K	0.20%
MKS	Buy (new)	+11.98M	0.20%
LILAK	Buy (new)	+2.33M	0.20%
JBS	Buy (new)	+239K	0.10%
BABA	Buy (new)	+5.40M	0.10%
BMRN	Buy (new)	+1.48M	0.00%
BILL	Buy (new)	+2.72M	0.00%
PBR	Sell (exit)	-2.66M	0.00%
BAIDU	Sell (exit)	-200K	0.00%
ONITY	Sell (exit)	-410K	0.00%
FIVE9	Sell (exit)	-6.16M	0.00%
SHOP	Sell (exit)	-5.60M	0.00%

Showing top 20 by position change · 29 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 · TORM, CHK, QQQ, GTX, TDS, TLN, PBR, FCX +1

96.0%

38.6% of AUM

Communication

1 position · LBTYK

4.0%

1.6% 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
TORM TORM PLC	10.7%	core	↓ trimming
CHK EXPAND ENERGY CORP	9.1%	significant	↓ trimming
QQQ INVESCO QQQ TRUST SERIES 1	5.2%	significant	★ new
GTX GARRETT MOTION INC	4.2%	significant	↓ trimming
TDS TELEPHONE AND DATA SYSTEMS INC	2.9%	starter	↑ building
TLN TALEN ENERGY CORP	2.4%	starter	↑ building
PBR PETROLEO BRASILEIRO SA - PETROBRAS	2.0%	starter	★ new
LBTYK LIBERTY GLOBAL LTD	1.6%	starter	↑ building
FCX FREEPORT-MCMORAN INC	1.1%	starter	↓ trimming
XP XP INC	1.0%	starter	↑ building
LILAK LIBERTY LATIN AMERICA LTD	0.9%	small	↑ building
BMRN BIOMARIN PHARMACEUTICAL INC	0.9%	small	↑ building
EQIX ETSY INC	0.9%	small	↑ building
BLOCK BLOCK INC	0.8%	small	↑ building
Q2 Q2 HOLDINGS INC	0.7%	small	★ new
Showing top 15 of 33 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	Smart $	Insider	Track	Streak	Conc	Contra	Event	Dissent	Crowd
TORM	10.7	+2	·	-6	·	·	·	·	+3	·
CHK	9.1	+2	·	-2	·	·	·	·	+5	·
QQQ	5.2	+4	·	-6	·	+3	·	·	·	·
GTX	4.2	+2	-1	-3	·	·	·	·	+10	·
TDS	2.9	+3	·	-10	·	+2	·	·	·	·
TLN	2.4	+5	·	-7	·	+2	·	·	+10	·
PBR	2.0	+5	·	-3	·	+1	·	·	+6	·
LBTYK	1.6	+2	·	-8	·	+2	·	·	+5	·

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
7 shared positions · 21% joint conviction
Top: CHK, QQQ, LBTYK, FCX
vs Lee Ainslie
1 shared positions · 16% joint conviction
Top: TDS
vs Li Lu
1 shared positions · 15% joint conviction
Top: PDD
vs Terry Smith
1 shared positions · 14% joint conviction
Top: CHK
vs Tom Slater
4 shared positions · 8% joint conviction
Top: PDD, PBR, FCX, BLOCK
vs Chase Coleman
2 shared positions · 8% joint conviction
Top: SEA, BLOCK

See all 435 overlap pairs →

Howard Marks's top 10 disclosed holdings (Q1 2026)

Ticker	Company	% Portfolio	Shares (M)
TORM	TORM PLC	10.7%	23.84
CHK	EXPAND ENERGY CORP	9.1%	5.24
QQQ	INVESCO QQQ TRUST SERIES 1	5.2%	0.57
GTX	GARRETT MOTION INC	4.2%	14.59
TDS	TELEPHONE AND DATA SYSTEMS INC	2.9%	4.29
TLN	TALEN ENERGY CORP	2.4%	0.48
PBR	PETROLEO BRASILEIRO SA - PETROBRAS	2.0%	6.09
LBTYK	LIBERTY GLOBAL LTD	1.6%	8.55
FCX	FREEPORT-MCMORAN INC	1.1%	1.22
XP	XP INC	1.0%	3.17

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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 23.3 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.

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 2026-05-15 (Q1 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.