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Howard Marks
Portfolio: Top Holdings & Stock Picks

Oaktree Capital Management Lp

Value Investing Contrarian Investing

Howard Marks (Oaktree Capital Management Lp) disclosed 184 total holdings in its latest 13F filing dated 2025-09-30, with a portfolio value of $6.49 B billion and a turnover rate of 23.5%.

Portfolio Value
$6.49 B
Total Holdings
165
Latest Filing
Q3 2025
Nov 13, 2025
Turnover Rate
23.47%

Howard Marks Top Holdings of 2025-09-30

Ticker Name Shares Value % of Portfolio Time Held % Change
40.58 M $834.58 M 12.86% 7 Years 0.00%
EXE
5.06 M $537.83 M 8.29% 4.5 Years 0.00%
GTX
31.89 M $434.41 M 6.69% 4.3 Years -13.55%
AU
4.19 M $294.35 M 4.54% 2 Years -15.41%
6.29 M $240.22 M 3.70% New Buy +100.00%
TDS
3.69 M $144.73 M 2.23% New Buy +100.00%
TLN
291,117 $123.84 M 1.91% 1 Years +124.23%
20.73 M $121.43 M 1.87% 8.5 Years 0.00%
6.4 M $114.83 M 1.77% New Buy +100.00%
B
3.3 M $108.21 M 1.67% 0.25 Years +4.57%

Recent Moves

Significant New Position
+6.29 M Shares | +$240.22 M Value
Continues to build a major stake in the Energy sector
Q3 2025
Added to Core Holding
+161,288 Shares | +$68.61 M Value
Largest position increase in Utilities sector
Q3 2025
Reduced Exposure to Position
-5 M Shares | -$68.1 M Value
Significant reduction in holdings of Consumer Discretionary
Q3 2025
Complete Exit
-12.95 M Shares | -$237.94 M Value
Cleared STR, sector remains in portfolio
Q3 2025

Howard Marks's Historical Top Holdings Breakdown

Portfolio Date:

Howard Marks Top Stock Picks

Ticker Name Date Activity Shares Shares Change Value Change
09/30/2025 New Buy 6.29 M 6.29 M $240.22 M
STR
09/30/2025 Sold Out 12.95 M -12.95 M $237.94 M
TDS
09/30/2025 New Buy 3.69 M 3.69 M $144.73 M
09/30/2025 New Buy 6.4 M 6.4 M $114.83 M
09/30/2025 New Buy 585,175 585,175 $97.64 M
NU
09/30/2025 New Buy 4.52 M 4.52 M $72.35 M
TLN
09/30/2025 Add 124.2% 291,117 161,288 $68.61 M
GTX
09/30/2025 Reduce -13.6% 31.89 M -5 M $68.1 M
AU
09/30/2025 Reduce -15.4% 4.19 M -762,476 $53.62 M
09/30/2025 New Buy 600,000 600,000 $45.82 M

Howard Marks's Sector Breakdowns

Portfolio Date:

About Howard Marks

Howard Marks is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide. He is highly respected for his insightful "memos to Oaktree clients," which detail his investment strategies and views on the economy. Marks is considered a legendary figure in the world of credit and value investing, with a strong emphasis on risk management.

Frequently Asked Questions

As of 2025-09-30, Howard Marks holds 54 stocks. Top positions include TRMD, EXE, GTX, AU, VNOM. For full portfolio details, please visit Howard Marks’s portfolio.

In Q3 2025, Howard Marks’s largest purchase by dollar amount was VNOM. For complete transaction details, please visit Howard Marks’s portfolio.

According to the 13F filing for Q3 2025, Howard Marks increased their stake in TLN.

Howard Marks’s firm may occasionally request confidential treatment under SEC rule 13F-HR, which allows temporary non-disclosure of certain positions.