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
Period Portfolio
Value		 Top 20 holdings history (left to right)
2026   Q1 $4.31 B TRMD EXE AU GTX INDV TDS VNOM CORZ STKL PBR B TLN LBTYA ITUB NOK TAC CBL FCX XP AERO
2025   Q4 $4.54 B EXE TRMD AU GTX INDV VNOM TDS B TLN CORZ NOK FTAI ITUB LBTYA CBL AERO TAC STKL NU FCX
2025   Q3 $4.74 B TRMD EXE GTX AU VNOM TDS TLN STKL CORZ B LBTYA FTAI CX ITUB CBL NOK TAC RWAY KRC GRAB
2025   Q2 $3.95 B TRMD EXE GTX STR AU INDV STKL RWAY CX VIST NOK FCX LBTYA CBL ITUB B TAC KRC CRC GRAB
2025   Q1 $4.04 B TRMD EXE GTX STR AU RWAY CX INDV VIST STKL NOK SBLK FCX LBTYA CBL TLN CRC KRC VALE TAC
2024   Q4 $4.48 B TRMD EXE GTX STR INFN-OLD STKL AU VIST RWAY INDV CRC LBTYA CBL CX SBLK TLN KRC FCX VALE SNREY-OLD
2024   Q3 $5.31 B TRMD EXE GTX STR INFN-OLD AU SBLK STKL LBTYA TLN FCX RWAY VIST CRC CBL VALE INDV CX KRC JD
2024   Q2 $5.24 B TRMD EXE GTX STR SBLK AU INFN-OLD VALE RWAY FCX VIST STKL CBL CX BBD JD INDV LBTYA PBR KRC
2024   Q1 $5.68 B TRMD EXE GTX STR RWAY INFN-OLD SBLK STKL VALE FCX AU CX VIST BBD CBL PBR IBN INDV EGLE KRC
2023   Q4 $5.89 B TRMD EXE GTX STR QETAU RWAY AITRU VALE NMIH SBLK FCX BBD INFN-OLD STKL AU CX CBL PBR KRC IBN
2023   Q3 $5.67 B TRMD EXE GTX STR SBLK VST RWAY NMIH VALE INFN-OLD FCX PBR CX BBD VIST AU CBL STKL INFY FTAI
2023   Q2 $6.34 B TRMD EXE SBLK VST STR GTX RWAY STKL NMIH ALLY INFN-OLD PBR BBD FCX VALE CX AU IBN CBL FYBR-OLD
2023   Q1 $7.28 B TRMD EXE VST SBLK STR RWAY INFN-OLD EGLE STKL ALLY AU VALE FCX NMIH WFRD CMLSQ CBL ALVO FYBR-OLD PCG
2022   Q4 $7.74 B TRMD EXE VST SBLK STR SHLS RWAY EGLE WFRD STKL INFN-OLD ALLY VALE PCG ITUB AU NMIH FYBR-OLD HTZ FCX
2022   Q3 $7.54 B TRMD EXE VST SBLK PCG STR SHLS RWAY STKL WFRD ALLY HTZ EGLE ITUB INFN-OLD VALE NMIH CBL FYBR-OLD BRY
2022   Q2 $7.08 B EXE TRMD SBLK VST PCG SRNE RWAY ALLY EGLE HTZ STKL INFN-OLD PBR WFRD ITUB VALE CBL FYBR-OLD IBN BRY
2022   Q1 $7.68 B EXE SBLK VST TRMD PCG HTZ ALLY RWAY EGLE INFN-OLD WFRD VALE CBL CX BRY PBR ITUB KRC FYBR-OLD NMIH
2021   Q4 $7.11 B EXE VST SBLK AFACU TRMD PCG ALLY RWAY INFN-OLD CX EGLE WFRD STKL FYBR-OLD NMIH BRY VALE KRC PBR AU
2021   Q3 $5.61 B EXE SBLK VST TRMD ALLY PCG INFN-OLD EGLE STKL CX NMIH ITUB FYBR-OLD KRC IBN BRY PBR VALE BBD SMCI
2021   Q2 $6.27 B EXE SBLK VST TRMD COLD ALLY PCG INFN-OLD STKL CX EGLE SHLS VALE ITUB NMIH FYBR-OLD PBR BBD BRY IBN
2021   Q1 $6.01 B SBLK VST EXE ALLY TRMD COLD STKL PCG INFN-OLD SHLS CX EGLE ITUB NMIH SMCI VALE IBN PBR BBD AU
2020   Q4 $4.66 B VST ALLY COLD TRMD SBLK PCG INFN-OLD ITUB CX VALE NMIH SMCI STKL IBN EGLE BBD PBR AU AZUL BRY
2020   Q3 $3.67 B VST TRMD ALLY SBLK PCG TSM INFN-OLD MEG CX NMIH SMCI ITUB AU EGLE STKL IBN BIDU AFYA UNIT VALE
2020   Q2 $3.66 B VST TRMD ALLY SBLK TSM PCG CZR INFN-OLD TMHC AU SMCI ITUB NMIH CX EGLE BRY BABA BIDU IBN LBTYK
2020   Q1 $2.80 B VST TRMD SBLK ALLY TSM INFN-OLD CZR BABA SMCI ITUB EGLE TMHC NMIH AU IBN BIDU PBR/A MX CX LBTYK
2019   Q4 $4.21 B VST TRMD SBLK ALLY CZR USWSW TSM INFN-OLD NMIH EGLE BRY ITUB IBN PBR/A CEO SMCI AU BBD CCS BRFS
2019   Q3 $4.05 B VST TRMD SBLK ALLY DSSI CZR TSM NMIH EGLE BRY INFN-OLD IBN ITUB PBR/A CMBT CCS CEO BRFS SMCI AU
2019   Q2 $3.76 B VST TRMD SBLK ALLY CZR EGLE NMIH BRY TSM ITUB IBN PBR/A CMBT INFN-OLD CEO AU AZUL CCS SMCI BRFS
2019   Q1 $3.52 B VST TRMD ALLY SBLK NMIH CZR EGLE TSM IBN ITUB INFN-OLD BRY PBR/A CMBT CEO BABA CCS AZUL SMCI AU
2018   Q4 $3.35 B VST TRMD SBLK ALLY TSM EGLE NMIH ITUB IBN INFN-OLD CZR PBR/A CMBT VICI CEO BABA AZUL VALE AU BCEI
2018   Q3 $5.10 B OCSL VST SBLK TRMD ALLY TRCO TSM NMIH IBN PBR/A ITUB CMBT VICI STKL PCG CEO VALE CCS INFY AU
2018   Q2 $4.74 B VST SPY SBLK TRMD TRCO AABA ALLY TSM ITUB NMIH CMBT PBR/A VICI IBN INFY SMH STKL CCS VRS CEO
2018   Q1 $3.84 B VST SBLK AABA TRCO ALLY TSM ITUB VICI NMIH BABA PBR/A IBN GNRT DYN INFY STKL CCS VRS VALE ABEV
2017   Q4 $3.69 B VST SBLK TRCO ALLY TSM ITUB VALE DYN NMIH GNRT IBN BABA AABA STKL PBR/A CCS VRS FBP INFY BRFS
2017   Q3 $3.87 B VST TRCO SBLK ALLY AABA TSM ITUB BABA VALE DYN NMIH IBN GNRT PBR/A FBP CX BRFS EXXI STKL CCS
2017   Q2 $3.56 B VST TRCO SBLK ALLY TSM FBP ITUB BABA GNRT VALE EXXI DYN CX NMIH IBN AABA STKL PBR/A CCS NSM
2017   Q1 $4.08 B APFH TRCO INFY SBLK ALLY TSM EXXI FBP ITUB GNRT BABA DYN NMIH CX IBN MTG VALE YHOO CCS AMX
2016   Q4 $3.64 B APFH TRCO FBP ALLY SBLK SN TSM ITUB DYN TPCO NMIH MTG GNRT BABA CX IBN VALE CCS AMX VIV
2016   Q3 $3.56 B APFH TRCO FBP ALLY SBLK BANR DYN TSM TPCO MTG ITUB GNRT BABA CX IBN NMIH XCO LVNTA VALE CCS
2016   Q2 $2.23 B TRCO ALLY FBP DYN TSM BANR GNRT SBLK TPCO XCO ITUB MTG CX LVNTA TSL NMIH JD VALE IBN BRFS
2016   Q1 $2.18 B TRCO ALLY DYN FBP BANR TSM GNRT SBLK MTG JD XCO ITUB TSL BRFS LVNTA LNCE CX TPCO IBN PBR/A
2015   Q4 $4.04 B STOR TRCO DMND ALLY FBP DYN GNRT BANR TSM MTG AIQ SBLK XCO EGLE JD TPCO ITUB TSL LVNTA BRFS
2015   Q3 $4.13 B STOR TRCO SBLK DYN ALLY FBP GNRT DMND EGLE MTG AIQ BRFS TSM CX ITUB NMIH JD TV IBN TPCO
2015   Q2 $5.21 B STOR TRCO SBLK DYN ALLY FBP GNRT DMND EGLE TSM MTG AIQ AGN TPCO PBR BRFS DOOR CX ITUB XCO
2015   Q1 $5.96 B STOR TRCO DYN SBLK FBP ALLY DMND EGLE DOOR AIQ MTG TSM TPCO XCO CX IBN BRFS ITUB TSL PBR
2014   Q4 $5.85 B STOR TRCO SBLK DYN FBP ALLY EGLE DOOR DMND TSM TPCO AIQ MTG XCO BRFS ITUB TTM-OLD VALE PBR IBN
2014   Q3 $2.98 B SBLK DYN FBP ALLY DOOR XCO DMND AIQ MTG TPCO PBR TSM TTM-OLD VALE CX MCF NRG VSH TSL TV
2014   Q2 $2.51 B XCO DYN FBP DOOR ALLY AIQ DMND MTG PBR SBLK TSM MCF AIG NRG VALE SCAI VSH TTM-OLD CX TV
2014   Q1 $2.33 B XCO DOOR FBP DYN AIQ DMND MTG SBLK SCAI MCF TSM PBR AIG TCZ1 NRG VALE VSH TTM-OLD LVLT CX
2013   Q4 $2.28 B DOOR FBP XCO DYN DLPH AIQ MTG CHTR SCAI SBLK MCF LVLT AIG PBR NRG TSM VALE ETFC VSH TTM-OLD
2013   Q3 $1.93 B XCO FBP DOOR DLPH DYN AIQ CHTR MTG CXPO AIG LVLT SBLK NRG VSH ETFC APO GTY TMS CMLS NTAP
2013   Q2 $1.80 B FBP XCO CHTR DYN DLPH AIQ MTG CXPO VSH NRG APO GTY AIG CZR LVLT TMS ORBK CWH CMLS SWY
2013   Q1 $1.66 B FBP XCO CHTR DLPH DYN CXPO CZR VSH AIQ GTY APO SWY NRG MTG AIG LVLT CIT PULS TMS ORBK
2012   Q4 $2.29 B CHTR XCO DLPH FBP CIT DYN CXPO VSH GTY NRG APO AIG SWY CZR LVLT TMS PULS ORBK CMLS VALE
2012   Q3 $2.75 B CHTR DLPH XCO CIT FBP WWNN CXPO AIQ VSH GTY CZR SWY LVLT GENON APO CMLS VALE MLCO ORBK GTADV
2012   Q2 $2.93 B CHTR DLPH CIT XCO FBP SAVEQ CXPO CZR VSH GTY AIQ VALE SWY LVLT CMLS GENON GG RIO AMX TTM-OLD
2012   Q1 $3.18 B CHTR DLPH CIT SAVEQ XCO FBP CXPO TWC CZR AIQ VSH CMCSA JAKK SWY LVLT CMLS GG VALE GENON GNK
2011   Q4 $2.89 B CHTR DLPH SAVEQ CIT LYB FBP TWC CMCSA CXPO AIQ VSH SWY CMLS GG LVLT TKC CWH
2011   Q3 $2.05 B CHTR SAVEQ CIT LYB TWC CMCSA CXPO AIQ JAKK SWY VSH GNK CMLS SEMG USG LVLT MLCO GG AMX SCCO
2011   Q2 $2.72 B CHTR CIT LYB SAVEQ TWC AIQ WB5 CMCSA CXPO VSH SWY ATVI AIG JAKK GG GM CWH
2011   Q1 $2.30 B CHTR CIT LYB TWC AIQ WB5 CMCSA CXPO VSH JAKK SWY GNK LVLT ABX GM CWH
2010   Q4 $1.67 B CHTR LYB TWC AIQ CXPO WB5 CMCSA GNK ABX JAKK GM
2010   Q3 $1.48 B CHTR CIT AIQ TWC CXPO CMCSA WB5 MOLX GNK OC GS CCK JAKK VALE ABX ITUB AMX LPL MLCO GAME
2010   Q2 $635 M CIT TWC AIQ CMCSA CXPO GNK WB5 CCK AMX SNPTY ABX SVN MLCO GAME VIAS
2010   Q1 $738 M CIT AIQ TWC CXPO CMCSA GNK VALE AMX SNPTY MLCO VIAS LGN ABX LEA SVN GAME STPFQ RHIEQ
2009   Q4 $557 M CIT AIQ TWC GNK CMCSA AMX LEA TV ABX LGN 8440509Q YGEG SVN GAME MLCO RHIEQ
2009   Q3 $294 M AIQ TWC CMCSA GNK SNPTY PBR/A 8440509Q LGN MLCO LPL RHIEQ CEGE
2009   Q2 $319 M AIQ TWC GNK CMCSA OC SNPTY PBR/A 8440509Q LGN MLCO LPL RHIEQ CEGE
2009   Q1 $315 M AIQ PBR/A CMCSA GNK ABX AMX CMS TKC MLCO PIKE LGN OC FDML HSBC LPL FXI IBN TKOI CHTRQ RHIEQ
2008   Q4 $478 M AIQ CCK CMCSA FXI GNK PBR/A AMX PIKE EEM ABX CMS OC TKC POR LGN IBN MLCO FDML LPL CHTRQ
2008   Q3 $550 M AIQ CCK GNK CMCSA POR LGN CHTRQ ABX CMS OC CHRK TKC IBN RHIEQ TKOI CTDBQ LTEC
2008   Q2 $722 M AIQ CMCSA CCK GNK POR CHTRQ CMS LGN PIKE TNB TKC CHRK STPFQ ABX PSPT FXI EWT CTDBQ LTEC
2008   Q1 $836 M AIQ CCK CMCSA GNK POR LGN MIR CHTRQ CMS PIKE TNB TKC PBR/A CHRK 3580364Q CTDBQ LFCHY LTEC
2007   Q4 $735 M AIQ CCK CMCSA POR CHTRQ LGN CMS TKC CHRK 3580364Q LTEC CTDBQ
2007   Q3 $660 M AIQ CCK CMCSA POR CHTRQ LGN CMS CHRK CNE PBR/A 3580364Q LTEC
2007   Q2 $708 M AIQ CCK CMCSA POR LGN CHTRQ TNE CHRK CNE TKC CTCM TV SFD TSL CVA 8140300Q 3580364Q LTEC IBN
2007   Q1 $531 M CCK CMCSA POR LGN CHTRQ CHRK TNE CVA HTE CTCM TV CNE VMED PORK 8140300Q AIQ 3580364Q LTEC
2006   Q4 $451 M CCK POR CMCSA LGN CVA CHTRQ TNE CHRK TKC TV CTCM CNE 8285437Q PORK WIT RGC AIQ 8140300Q 3580364Q LTEC
2006   Q3 $754 M RGC WOG CCK POR CMCSA VZ LGN CVA PORK TV TNE CHRK 2840948Q CHTRQ GLW WIT ANSS 8140300Q KTO BYD
2006   Q2 $652 M RGC WOG CCK POR LGN CMCSA VZ CVA PORK CHRK TNE 8393860Q 8140300Q ANSS 3580364Q LTEC PMACA
2006   Q1 $698 M 2840948Q RGC WOG CCK LGN VZ PORK CMCSA CKI ROHIQ RDWR 8225875Q IBN 8140300Q 3580364Q LTEC CVA
2005   Q4 $844 M 2840948Q RGC WOG NTLIV CCK USG LGN PORK CHRK ROHIQ RDWR KOF 8140300Q 3580364Q MEE CVA
2005   Q3 $1.25 B NTLIV 2840948Q RGC WOG USG CCK LGN PORK CVA CHRK CX KOF RDWR FLSH SINA 8140300Q 3580364Q
2005   Q2 $1.11 B NTLIV 2840948Q RGC WOG USG CCK LGN PORK CHRK KOF CANUY SPPJY RDWR LIR DENN 3580364Q 8140300Q
2005   Q1 $1.19 B NTLIV 2840948Q RGC WOG CHRK LGN VLO SPPJY KOF LIR CANUY TNE 3580364Q
2004   Q4 $1.12 B NTLIV 2840948Q MCIP WOG LGN RGC WNG KOF SPPJY TNE CANUY LIR GAPTQ WFRG 8225875Q 3580364Q
2004   Q3 $842 M NTLIV 2840948Q RGC LGN MCIP WNG KOF STGN CMOS SPPJY CANUY TNE 8225875Q LIR 3580364Q WFRG GAPTQ
2004   Q2 $867 M NTLIV 2840948Q WOG RGC AMX STGN FCX WNG CANUY SPPJY WFRG KOF AMKR 3440209Q 3042466Q CTMCY 3580364Q CCI*
2004   Q1 $205 M WNG UAIRQ SPPJY CANUY RGC AMX WFRG WOG 3580364Q 3042466Q
2003   Q4 $192 M WOG RGC CANUY AMX KOF WNG 8225875Q SPPJY TV AMKR 3580364Q
2003   Q3 $148 M WOG RGC CANUY KOF AKO.B WNG SPPJY 3580364Q
2003   Q2 $180 M WOG RGC LNWO CANUY AKO.B KOF 3580364Q ASTSF WNG SLI
2003   Q1 $152 M WOG LNWO CAMZ CANUY AKO.B AMX CTMCY TTWO ASTSF 3580364Q SLI RDWR WNG PNFTQ
2002   Q4 $142 M WOG LNWO CANUY AKO.B TTWO PNFTQ ASTSF RDWR CAMZ 3580364Q SLI CHKP AURFQ
2002   Q3 $212 M PGMXY WOG LNWO CANUY AKO.B PNFTQ AMX CAMZ ASTSF SLI 3580364Q RDWR CHKP AURFQ
2002   Q2 $289 M WOG PGMXY LNWO MIRKQ CANUY PNFTQ AMX EP AKO.B CAMZ MGA MU CHKP SLI ASTSF 3580364Q AURFQ TV 2968900Q CQB
2002   Q1 $266 M WOG CAMZ PGMXY LNWO CANUY MIRKQ PNFTQ BVN 3580364Q AURFQ AMX ASTSF SLI AKO.B 2896591Q
2001   Q4 $195 M CAMZ LNWO PGMXY PNFTQ CANUY ACHHY AURFQ ASTSF BVN KOF 3580364Q SLI 3440209Q
2001   Q3 $133 M CAMZ LNWO PGMXY ERJG PNFTQ TMB AURFQ KOF 975097Q SLI 3580364Q SANM ASTSF ESIMF 3440209Q
2001   Q2 $185 M CAMZ LNWO PGMXY PNFTQ AURFQ TMB SLI CHKP 3580364Q 975097Q ESIMF ASTSF 3440209Q 2896591Q
2001   Q1 $149 M CAMZ PGMXY PNFTQ AURFQ SLI TNE UBB TMB FCX 975097Q 3440209Q CKH ASTSF 3580364Q BVN WIT ESIMF 2896591Q PKF
2000   Q4 $172 M CAMZ TNE EME PGMXY FCX PNFTQ SLI BVN ASTSF TMB 975097Q UBB AURFQ ESIMF IAWK 1677061D 3580364Q LTVCQ 2896591Q
2000   Q3 $353 M CAMZ 2683672Q EME PNFTQ 3434Q PGMXY FCX LTVCQ TNE 751256Q SLI 975097Q TMB ASTSF 1677061D 3580364Q ESIMF
2000   Q2 $271 M CAMZ 2683672Q EME LTVCQ PNFTQ TNE 3434Q TKN SLI 975097Q PGMXY 751256Q FCX 1677061D YZCAY 3440209Q 698781Q 3580364Q TMB ESIMF
1999   Q4 $154 M CDF LTVCQ EME PNFTQ AL2 SLI TNE 698781Q 3440209Q KOF 975097Q 1677061D YZCAY PGMXY 3580364Q
1999   Q3 $203 M CDF LTVCQ EME ULB PNFTQ SLI 3434Q 698781Q 975097Q 1677061D TNE KOF YZCAY 3440209Q PGMXY INAIQ TCN WCIIQ
1999   Q2 $181 M CDF LTVCQ EME ULB 698781Q SLI 3434Q UISZ 1677061D KOF YZCAY 3440209Q TNE
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