What Did Howard Marks Buy This Quarter

Howard Marks and Oaktree Capital Management filed their latest 13F on June 30, 2026, revealing a $5.3 billion portfolio across 138 positions. The firm made deliberate moves to scale into shipping and distressed debt while significantly reducing exposure to its largest holding. Six positions were exited entirely, including Petrobras and JetBlue convertibles.

!Oaktree's Top 10 Holdings. TORM, EXE, and GTX make up nearly a quarter of the $5.3B portfolio. Top 10 positions represent 47.4% of total book.

What positions did Marks increase this quarter?

Oaktree added to six holdings with outsized conviction. The largest dollar addition came in TDS, where Marks increased his stake by 23 percent to $195.5 million. That marks a serious bet in a small telecom name, suggesting comfort with the position's scale and risk profile at current levels.

The firm also added 22 percent to Berkshire Hathaway Class B, bringing that position to $117.8 million. Our rating on Berkshire is 81 out of 100, with 102 percent upside to fair value. A Marks purchase of Berkshire is worth noting not because he pioneered the thesis, but because Oaktree typically avoids mega-cap stocks, suggesting value at these prices.

Oaktree's most aggressive move was a 325 percent increase in OCSL (Oaktree Specialty Lending Corporation), now worth $94 million. A tripling down on a credit vehicle from your own shop signals confidence in the market's credit cycle trajectory. The firm also increased its convertible and floating-rate bond positions: BMRN 1.25 05/15/27 by 14 percent, PEB 1.75 12/15/26 by 10 percent, and SEALTD 0.25 09/15/26 by 31 percent.

Why did Marks cut his largest position by nearly half?

Oaktree trimmed GTX by 48 percent, reducing it from a larger stake to $275.2 million and shrinking its portfolio weight from roughly 10 percent to 5.2 percent. The 13F shows the trade, not the motive. A reduction of that magnitude in a core holding typically signals either a rebalance after strong appreciation, a reduced conviction thesis, or both. On SteadyShares, our rating on GTX is 60 out of 100 with 126 percent upside to fair value, suggesting it remains undervalued by our math even after the trimming.

Oaktree also trimmed INDV by 12 percent and CORZ by 47 percent. CORZ was cut from $241.8 million to $127.8 million. Our rating on CORZ is 25 out of 100, indicating it is priced above our fair value estimate, which aligns with a significant trim.

What did Marks sell out of entirely?

Oaktree exited six positions completely this quarter. The largest exit by dollar value was Petrobras (PBR), which had been worth $126.4 million last quarter. The firm also fully sold JetBlue convertible bonds (JBLU 0.5 04/01/26, $94.8 million), Nokia (NOK, $90.1 million), CBL & Associates Properties (CBL, $82.8 million), an AWK convertible (AWK 3.625 06/15/26, $55.8 million), and a Coinbase convertible (COIN 0.5 06/01/26, $52.2 million).

The JetBlue exit is notable given Oaktree's typical comfort with distressed or cyclical credit. The convertible maturity was April 2026, meaning it has already matured by the filing date. Same applies to the Coinbase convertible due June 2026. The AWK convertible matures June 15, 2026, and was held at filing. This suggests at least some of the exits were maturities rather than active sales.

Where is Oaktree's money concentrated?

Shipping, technology, and commodity-linked names dominate. TORM (a tanker shipping company) is the largest holding at 9.9 percent of book, worth roughly $524 million. Energy exposure reaches 9 percent of the total portfolio, reflecting both TORM and the decision to hold AngloGold Ashanti at 4.8 percent.

The "Not Classified" bucket at 28 percent is a tell: it contains the convertible bonds, credit instruments, and distressed positions that are Oaktree's bread and butter. This is a portfolio built for credit cycles and subordinated capital recovery, not a traditional long equity play. Check Howard Marks's full profile on SteadyShares to see how his approach has evolved across recent quarters.

What does this quarter reveal about Marks's outlook?

The filing shows discipline. Marks added to shipping (TDS, part of the energy complex) and distressed credit (OCSL) while taking chips off the table in a name that had already appreciated (GTX). He is not adding to mega-cap Tech; his Technology weighting fell to just 2.4 percent. Energy and Basic Materials remain core bets.

The aggressive trim of CORZ (down to a 25 rating on our system) paired with his hold in AngloGold Ashanti (4.8 percent of book) suggests Marks is fishing in the commodity value pool. His purchase of Berkshire at a 81 rating is the move of someone who sees value in defensive quality when rates are volatile.

Oaktree's portfolio is smaller than the $10 billion-plus it has managed in past years, and its concentration is relatively tight: the top 10 holdings are nearly half the book. This is not a dartboard approach. It is a thesis with conviction, deployed at scale.

The bottom line

Marks added nearly $200 million to shipping and distressed credit while cutting his largest position in half. The portfolio leans heavy toward energy, commodities, and credit instruments, with minimal exposure to growth tech. This is a credit-cycle bet dressed as a value portfolio.

For a closer look at how individual holdings stack up against our fair-value estimates, explore Oaktree's holdings on SteadyShares.

This is educational information, not financial advice.