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 Reported
Price*
Value Current
Price
+/-
Reported
Price
52
Week
Low
52
Week
High
TRMD - Torm Plc 15.67 Reduce 9.78% 23,839,575 $28.32 $675,076,008 $28.44 0.42% $16.34 $35.33
EXE - Expand Energy Corp. 13.35 Add 3.46% 5,237,477 $109.78 $574,970,225 $92.07 -16.13% $90.79 $126.62
AU - AngloGold Ashanti Ltd. 7.29 Reduce 16.24% 3,223,092 $97.36 $313,800,237 $84.12 -13.60% $43.44 $129.14
GTX - Garrett Motion Inc. 6.16 Reduce 14.62% 14,594,816 $18.17 $265,187,806 $31.96 75.89% $9.57 $34.34
INDV - Indivior Pharmaceuticals Inc. 4.94 Reduce 1.75% 6,984,102 $30.48 $212,875,428 $37.88 24.28% $13.42 $41.00
TDS - Telephone & Data Systems 4.20 Add 16.37% 4,292,243 $42.10 $180,703,430 $39.16 -6.98% $32.60 $49.12
VNOM - Viper Energy Inc. 4.14 Reduce 39.68% 3,791,432 $46.99 $178,159,389 $46.67 -0.68% $35.10 $51.13
CORZ - Core Scientific Inc 3.25 Add 11.98% 9,350,708 $14.96 $139,886,591 $28.00 87.17% $10.93 $30.46
STKL - SunOpta Inc 3.12 20,726,126 $6.48 $134,230,239 $6.50 0.31% $3.32 $6.94
PBR - Petroleo Brasileiro 2.93 Buy 6,089,413 $20.75 $126,355,319 $17.75 -14.46% $11.04 $22.24
B - Barrick Mining Corp. 2.49 Reduce 11.77% 2,624,859 $40.79 $107,067,998 $39.46 -3.26% $19.57 $54.69
TLN - Talen Energy Corp 2.45 331,117 $319.23 $105,702,479 $364.74 14.26% $246.95 $451.28
LBTYA - Liberty Global Ltd CL A 2.40 8,551,191 $12.09 $103,383,899 $11.76 -2.73% $9.45 $13.52
ITUB - ita Unibanco Holding S.A. 2.37 Reduce 11.82% 12,188,995 $8.38 $102,143,786 $7.54 -10.02% $5.93 $9.60
NOK - Nokia Corp. 2.09 Reduce 40.27% 11,200,308 $8.04 $90,050,476 $14.38 78.86% $4.00 $17.45
TAC - TransAlta Corp. 1.95 6,415,253 $13.11 $84,077,945 $12.68 -3.28% $10.12 $17.88
CBL - CBL & Associates Pptys Inc. 1.92 Reduce 14.45% 2,153,717 $38.43 $82,767,382 $47.44 23.45% $24.33 $49.18
FCX - Freeport-McMoran Inc. 1.67 Reduce 12.22% 1,220,122 $58.78 $71,718,771 $69.64 18.47% $35.15 $72.09
XP - XP Inc. 1.40 Reduce 4.46% 3,172,009 $19.04 $60,395,051 $15.34 -19.43% $15.24 $23.13
AERO - Grupo Aeromexico Sab De Cv 1.29 Add 5.08% 3,968,686 $14.01 $55,601,290 $16.09 14.85% $12.26 $23.05
BLCO - Bausch + Lomb Corp 1.25 3,382,739 $15.90 $53,785,550 $15.46 -2.77% $11.44 $18.92
KRC - Kilroy Realty Corp. 1.21 1,850,011 $28.21 $52,188,810 $37.03 31.27% $27.36 $45.03
LILAK - Liberty LiLAC Group C 1.18 5,748,780 $8.82 $50,704,239 $7.76 -12.07% $5.04 $9.13
CRDO - Credo Technology Group Holding Ltd. 1.17 Buy 539,000 $93.87 $50,595,930 $206.89 120.40% $66.75 $245.95
RWAY - Runway Growth Finance Corp 1.12 7,029,667 $6.87 $48,293,821 $6.33 -7.85% $6.22 $11.41
YPF - YPF S.A. 0.95 Buy 886,465 $46.22 $40,972,412 $55.26 19.55% $22.82 $56.15
AD - Array Digital Infrastructure Inc. 0.78 724,444 $46.14 $33,425,846 $51.84 12.35% $44.03 $79.17
CX - Cemex 0.73 Reduce 51.94% 2,763,083 $11.44 $31,609,669 $12.47 9.00% $6.63 $13.67
ECVT - Ecovyst Inc. 0.71 Reduce 43.74% 2,393,791 $12.86 $30,784,152 $12.83 -0.23% $7.39 $15.09
EMBJ - Embraer SA 0.62 Buy 447,606 $59.34 $26,560,940 $56.68 -4.48% $46.26 $80.75
KRSP - Rice Acquisition Corp 3 A 0.57 2,400,000 $10.31 $24,744,000 $10.41 0.97% $10.21 $11.00
TX - Ternium S.A. 0.54 Reduce 11.49% 582,924 $40.15 $23,404,398 $50.08 24.73% $28.34 $51.73
SHAZ - Sharonai Holdings Inc 0.53 Buy 1,000,000 $22.73 $22,730,000 $79.00 247.56% $16.55 $86.94
OCSL - Oaktree Specialty Lending Corp 0.49 1,852,456 $11.30 $20,932,752 $11.92 5.49% $10.63 $14.77
TEO - Telecom Argentina S.A. 0.44 Reduce 30.90% 1,622,244 $11.69 $18,964,032 $13.24 13.26% $6.43 $15.25
SMPL - Simply Good Foods Co. 0.38 Buy 1,128,889 $14.35 $16,199,557 $11.52 -19.76% $10.21 $34.32
MINE - Mayfair Gold Corp 0.32 Buy 4,500,000 $3.08 $13,865,501 $2.95 -4.22% $2.65 $4.88
BATL - Battalion Oil Corp. 0.27 3,009,912 $3.90 $11,738,656 $1.32 -66.15% $1.00 $29.70
SMRT - SmartRent Inc. 0.26 7,505,294 $1.50 $11,257,942 $1.18 -21.67% $0.85 $2.20
BMM - Blue Moon Metals Inc 0.25 Buy 1,685,000 $6.46 $10,878,757 $8.26 27.79% $3.47 $8.63
OPTU - Optimum Communications Inc. 0.22 Reduce 2.26% 7,330,490 $1.30 $9,529,637 $1.12 -13.85% $0.58 $2.98
MX - MagnaChip Semiconductor Corp. 0.19 2,849,858 $2.80 $7,979,602 $6.93 147.50% $2.18 $9.86
ILLUU - Illumination Acquisition Corp I 0.17 Buy 750,000 $9.92 $7,440,000 $10.00 0.81% $9.90 $10.08
LILA - Liberty LiLAC Group A 0.17 839,020 $8.64 $7,249,132 $7.67 -11.23% $4.95 $9.04
NRG - NRG Energy Inc. 0.17 Buy 49,028 $146.14 $7,164,951 $129.20 -11.59% $121.22 $189.96
BKLN - Invesco Senior Loan ETF 0.09 Buy 200,020 $20.41 $4,082,408 $20.51 0.47% $20.11 $21.07
HDB - HDFC Bank Ltd. 0.07 Reduce 12.40% 114,261 $24.88 $2,842,813 $23.41 -5.91% $23.31 $39.81
ALVOW - Alvotech SA 27 0.03 4,666,667 $0.25 $1,190,000 $0.16 -36.04% $0.13 $0.26
PDD - Pinduoduo Inc. 0.01 Buy 4,823 $102.18 $492,814 $85.07 -16.74% $81.56 $139.41
ALVO - Alvotech SA 0.01 Reduce 55.02% 240,038 $1.41 $338,919 $3.65 158.51% $2.94 $11.12
BTAI - Bioxcel Therapeutics Inc 0.01 241,188 $1.34 $323,193 $1.24 -7.31% $1.01 $8.08
KRSP.WS-OLD - Rice Acquisition Corp 3 0.01 399,999 $0.80 $319,999
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
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