Oaktree Capital

Howard Marks

Latest filing · Q2 2026

Sold more than boughtFiled Aug 14, 2026 for holdings on Jun 30, 2026, 45 days after the quarter ended. The next one is due by Nov 14, 2026.

Stocks reported

$3.78B

as of Jun 30, 2026

Positions

all shown below

Top 10 stocks

66.5%

of the money in stocks

Options

on $1.90B of stock

What changed in Q2 2026

compared with Q1 2026, by number of shares

New buys10

SESea1.6%
VSATViasat1.5%
MMYTMakemytrip1.4%
MATWMatthews International1.4%
QMCOQuantum0.6%
SGRYSurgery Partners0.4%
DPCDpc Holdings0.1%
Service Properties Trust0.1%
and 2 more in the filing

Added to8

OCSLOaktree Specialty Lending325% more
TDSTelephone and Data Systems23.1% more
BBarrick Mining22.1% more
LILAKLiberty Latin Americ31.5% more
YPFYpf S.a.-Sponsored11.8% more
BTAIQBioxcel Therapeutics472% more
SMPLSimply Good Foods6.6% more
BLCOBausch + Lomb1.7% more

Trimmed18

GTXGarrett Motion48.0% fewer
STKLSunopta99.6% fewer
CORZCore Scientific46.6% fewer
TRMDTorm14.7% fewer
SHAZSharonai71.0% fewer
TACTransalta53.2% fewer
SUPNSupernus12.3% fewer
CXCemex Sab-Spons ADR Part Cer96.4% fewer
and 10 more in the filing

Exited11

PBRPetroleo Brasileirowas 2.9%
NOKNokiawas 2.1%
CBLCbl & Associates Propertieswas 1.9%
CRDOCredo Technology Groupwas 1.2%
ECVTEcovystwas 0.7%
OPTUOptimum Communicationswas 0.2%
ILLUUIllumination Acquisitionwas 0.2%
NRGNRG Energywas 0.2%
and 3 more in the filing

Portfolio

as of Jun 30, 2026 · source

#	Holding	Weight	Value	Shares	Vs last quarter	Held since
1	TRMDTorm Trimmed −14.7%	13.9%	$524M	20.3M	Trimmed −14.7%	Q3 2018
2	EXEExpand Energy	12.6%	$478M	5.2M	No change	Q1 2021
3	GTXGarrett Motion Trimmed −48.0%	7.3%	$275M	7.6M	Trimmed −48.0%	Q3 2020
4	AUAnglogold Ashanti Trimmed −1.4%	6.8%	$257M	3.2M	Trimmed −1.4%	Q3 2023
5	SUPNSupernus Trimmed −12.3%	6.7%	$251M	6.1M	Trimmed −12.3%	Q1 2026
6	TDSTelephone and Data Systems Added +23.1%	5.2%	$196M	5.3M	Added +23.1%	Q3 2025
7	VNOMViper Energy	4.3%	$161M	3.8M	No change	Q3 2025
8	CORZCore Scientific Trimmed −46.6%	3.4%	$128M	5.0M	Trimmed −46.6%	Q3 2025
9	TLNTalen Energy	3.4%	$127M	331K	No change	Q3 2024
10	BBarrick Mining Added +22.1%	3.1%	$118M	3.2M	Added +22.1%	Q2 2025
11	ITUBItau Unibanco H-Spon Prf Trimmed −1.7%	2.6%	$97.9M	12.0M	Trimmed −1.7%	≤ Q4 2012
12	LBTYALiberty Global	2.6%	$97.2M	8.6M	No change	Q4 2023
13	OCSLOaktree Specialty Lending Added +325%	2.5%	$94.0M	7.9M	Added +325%	Q1 2023
14	FCXFreeport-Mcmoran Trimmed −1.6%	2.0%	$75.5M	1.2M	Trimmed −1.6%	Q3 2021
15	AEROGrupo Aeromexico Sab de Cv	1.9%	$71.4M	4.0M	No change	Q4 2025
16	KRCKilroy Realty	1.8%	$69.3M	1.9M	No change	Q1 2021
17	SESea New	1.6%	$60.9M	635K	New	Q2 2025
18	LILAKLiberty Latin Americ Added +31.5%	1.6%	$58.9M	7.6M	Added +31.5%	Q2 2025
19	BLCOBausch + Lomb Added +1.7%	1.5%	$57.0M	3.4M	Added +1.7%	Q2 2025
20	VSATViasat New	1.5%	$56.6M	630K	New	Q2 2026

Show 31 more

21	MMYTMakemytrip New	1.4%	$52.4M	983K	New	Q2 2026
22	MATWMatthews International New	1.4%	$51.8M	1.9M	New	Q2 2026
23	XPXp Inc Trimmed −1.7%	1.3%	$50.7M	3.1M	Trimmed −1.7%	Q4 2021
24	YPFYpf S.a.-Sponsored Added +11.8%	1.2%	$45.1M	991K	Added +11.8%	Q2 2015
25	TACTransalta Trimmed −53.2%	1.1%	$41.5M	3.0M	Trimmed −53.2%	Q1 2025
26	RWAYRunway Growth Finance	1.0%	$39.4M	7.0M	No change	Q4 2021
27	EMBJEmbraer Sa Trimmed −1.8%	0.7%	$28.1M	440K	Trimmed −1.8%	Q1 2026
28	ADArray Digital Infrastructure Trimmed −3.8%	0.7%	$25.3M	697K	Trimmed −3.8%	Q3 2025
29	KRSPRice Acquisition Corp 3	0.7%	$25.2M	2.4M	No change	Q4 2025
30	SHAZSharonai Trimmed −71.0%	0.6%	$24.5M	289K	Trimmed −71.0%	Q1 2026
31	TXTernium Sa-Sponsored Trimmed −1.8%	0.6%	$24.4M	572K	Trimmed −1.8%	≤ Q4 2012
32	QMCOQuantum New	0.6%	$22.1M	2.0M	New	Q2 2026
33	SMPLSimply Good Foods Added +6.6%	0.4%	$16.0M	1.2M	Added +6.6%	Q1 2026
34	SGRYSurgery Partners New	0.4%	$14.5M	863K	New	Q2 2026
35	MINEMayfair Gold	0.3%	$11.1M	4.5M	No change	Q1 2026
36	BMMBlue Moon Metals	0.3%	$10.7M	1.7M	No change	Q1 2026
37	SMRTSmartrent	0.2%	$8.9M	7.5M	No change	Q1 2022
38	MXMagnachip Semiconductor Trimmed −47.4%	0.2%	$7.1M	1.5M	Trimmed −47.4%	Q1 2017
39	LILALiberty Latin Americ	0.2%	$6.6M	839K	No change	Q3 2025
40	BATLBattalion Oil	0.1%	$3.9M	3.0M	No change	Q1 2020
41	DPCDpc Holdings New	0.1%	$3.7M	75K	New	Q2 2026
42	Service Properties Trust New	0.1%	$3.4M	2.0M	New	Q2 2026
43	BTAIQBioxcel Therapeutics Added +472%	0.1%	$1.9M	1.4M	Added +472%	Q2 2025
44	NNBRNn New	<0.1%	$1.8M	511K	New	Q2 2026
45	TEOTelecom Argentina Sa Trimmed −92.8%	<0.1%	$1.5M	116K	Trimmed −92.8%	Q1 2014
46	CXCemex Sab-Spons ADR Part Cer Trimmed −96.4%	<0.1%	$1.2M	100K	Trimmed −96.4%	≤ Q4 2012
47	ALVOWAlvotech SA -27	<0.1%	$1.1M	4.7M	No change	Q2 2022
48	STKLSunopta Trimmed −99.6%	<0.1%	$406K	74K	Trimmed −99.6%	Q1 2017
49	KRSP.WSRice Acquisition Corp 3	<0.1%	$396K	400K	No change	Q4 2025
50	ALVOAlvotech SA Trimmed −59.2%	<0.1%	$362K	98K	Trimmed −59.2%	Q2 2022
51	OPIOffice Properties Income Tru New	<0.1%	$184K	11K	New	Q2 2026

Values at quarter end, not today's prices.

Options in the filing

not counted in weights or the record

putSPYSs SPDR S&P 500 ETF Trust-Uson $1.01B
putQQQInvesco QQQ Trust Series 1on $652M
callCORZCore Scientificon $128M
putLYBLyondellbasell Induon $47.4M
putVCVisteonon $39.7M
callBTDRBitdeer Technologies Groupon $11.9M
callMXMagnachip Semiconductoron $4.7M

Filing history

55 quarters since Q4 2012

Quarter	Filed	Lag	Stocks	Positions	Filing
Q2 2026	Aug 14, 2026	45d	$3.78B	51	EDGAR
Q1 2026	May 15, 2026 *	45d	$4.31B	52	EDGAR
Q4 2025	Feb 17, 2026	48d	$4.54B	53	EDGAR
Q3 2025	Nov 13, 2025	44d	$4.74B	56	EDGAR
Q2 2025	Aug 13, 2025	44d	$3.95B	52	EDGAR
Q1 2025	May 15, 2025	45d	$4.04B	53	EDGAR
Q4 2024	Feb 12, 2025	43d	$4.48B	56	EDGAR
Q3 2024	Nov 14, 2024	45d	$5.31B	58	EDGAR
Q2 2024	Aug 14, 2024	45d	$5.24B	51	EDGAR
Q1 2024	May 14, 2024	44d	$5.68B	57	EDGAR
Q4 2023	Feb 13, 2024	44d	$5.39B	67	EDGAR
Q3 2023	Nov 13, 2023	44d	$5.67B	76	EDGAR
Q2 2023	Aug 14, 2023	45d	$6.35B	113	EDGAR
Q1 2023	May 15, 2023 *	45d	$7.84B	172	EDGAR
Q4 2022	Feb 14, 2023 *	45d	$8.15B	225	EDGAR
Q3 2022	Nov 14, 2022	45d	$7.88B	258	EDGAR
Q2 2022	Aug 15, 2022	46d	$7.48B	276	EDGAR
Q1 2022	May 16, 2022	46d	$8.35B	238	EDGAR
Q4 2021	Feb 14, 2022 *	45d	$7.62B	228	EDGAR
Q3 2021	Nov 15, 2021 *	46d	$5.72B	135	EDGAR
Q2 2021	Aug 16, 2021 *	47d	$6.28B	70	EDGAR
Q1 2021	May 17, 2021 *	47d	$6.01B	58	EDGAR
Q4 2020	Feb 16, 2021 *	47d	$4.69B	59	EDGAR
Q3 2020	Nov 16, 2020 *	47d	$3.69B	74	EDGAR
Q2 2020	Aug 14, 2020 *	45d	$3.68B	76	EDGAR
Q1 2020	May 15, 2020 *	45d	$2.81B	82	EDGAR
Q4 2019	Feb 14, 2020 *	45d	$4.05B	75	EDGAR
Q3 2019	Nov 13, 2019 *	44d	$3.84B	82	EDGAR
Q2 2019	Aug 14, 2019	45d	$3.78B	78	EDGAR
Q1 2019	May 14, 2019	44d	$3.62B	79	EDGAR
Q4 2018	Feb 15, 2019 *	46d	$7.01B	80	EDGAR
Q3 2018	Nov 14, 2018	45d	$4.02B	79	EDGAR
Q2 2018	Aug 14, 2018	45d	$4.92B	69	EDGAR
Q1 2018	May 15, 2018	45d	$4.04B	68	EDGAR
Q4 2017	Feb 14, 2018 *	45d	$4.03B	68	EDGAR
Q3 2017	Nov 14, 2017	45d	$4.19B	72	EDGAR
Q2 2017	Aug 14, 2017	45d	$3.84B	70	EDGAR
Q1 2017	May 15, 2017	45d	$3.71B	59	EDGAR
Q4 2016	Feb 13, 2017	44d	$3.57B	57	EDGAR
Q3 2016	Nov 14, 2016	45d	$3.70B	53	EDGAR
Q2 2016	Aug 12, 2016	43d	$2.52B	59	EDGAR
Q1 2016	May 16, 2016	46d	$2.38B	61	EDGAR
Q4 2015	Feb 12, 2016	43d	$4.23B	61	EDGAR
Q3 2015	Nov 13, 2015	44d	$4.30B	60	EDGAR
Q2 2015	Aug 13, 2015	44d	$5.32B	67	EDGAR
Q1 2015	May 12, 2015	42d	$6.21B	68	EDGAR
Q4 2014	Feb 13, 2015	44d	$6.07B	65	EDGAR
Q3 2014	Nov 13, 2014	44d	$3.23B	61	EDGAR
Q2 2014	Aug 12, 2014	43d	$2.79B	52	EDGAR
Q1 2014	May 14, 2014	44d	$2.57B	53	EDGAR
Q4 2013	Feb 11, 2014	42d	$2.54B	55	EDGAR
Q3 2013	Nov 8, 2013	39d	$2.14B	51	EDGAR
Q2 2013	Aug 5, 2013 *	36d	$1.96B	52	EDGAR
Q1 2013	Jul 8, 2013	99d	$1.85B	57	EDGAR
Q4 2012	Jul 8, 2013	189d	$2.49B	54	EDGAR

They usually file 45 days after the quarter ends. * amended later.

Earlier filings, quarter by quarter

Aug 14
NewSE1.6% of the bookNewVSAT1.5% of the bookNewMMYT1.4% of the bookNewMATW1.4% of the bookAddedOCSL325% more sharesAddedTDS23.1% more shares
Holdings as of Jun 30 (Q2 2026), filed 45 days later (the report at the SEC)
May 15
NewSUPN4.9% of the bookNewPBR2.9% of the bookNewCRDO1.2% of the bookNewYPF1.0% of the bookAddedTDS16.4% more sharesAddedEXE3.5% more shares
Holdings as of Mar 31 (Q1 2026), filed 45 days later (the report at the SEC)
Feb 17
NewAERO1.8% of the bookNewKRSP0.5% of the bookNewINFY0.4% of the bookNewONIT0.4% of the bookAddedCORZ30.5% more sharesAddedXP63.3% more shares
Holdings as of Dec 31 (Q4 2025), filed 48 days later (the report at the SEC)
Nov 13
NewVNOM5.1% of the bookNewTDS3.1% of the bookNewCORZ2.4% of the bookNewFTAI2.1% of the bookAddedTLN124% more sharesAddedLILAK186% more shares
Holdings as of Sep 30 (Q3 2025), filed 44 days later (the report at the SEC)
Aug 13
NewB1.7% of the bookNewBLCO0.8% of the bookNewYMM0.6% of the bookNewLILAK0.4% of the bookAddedITUB58.5% more sharesAddedLBTYA14.0% more shares
Holdings as of Jun 30 (Q2 2025), filed 44 days later (the report at the SEC)
May 15
NewNOK2.4% of the bookNewTAC1.3% of the bookNewGRAB1.2% of the bookNewITUB0.9% of the bookAddedBarrick Gold Corp148% more sharesAddedCX32.9% more shares
Holdings as of Mar 31 (Q1 2025), filed 45 days later (the report at the SEC)

About Oaktree Capital: Credit specialist. The stock book is mostly value and post-restructuring names. A 13F is up to 45 days old when filed and shows long US stock positions only. Not investment advice.