← All investors
EXETop-5 zoneTop-10See leaderboard →
Investor profile
Howard Marks
Oaktree Capital · Co-Founder & Co-Chairman · Net worth: ~$2.2B
The king of distressed debt investing. His memos to Oaktree clients are required reading on Wall Street — Buffett himself admits he drops everything to read them.
"You can't predict, you can prepare. Second-level thinking."
Today — 2026-04-21
All movers →Positions: Q4 2025 13F · Prices: EOD 2026-04-21
Tracked positions
10
Top concentration
34%
Longest holding
Torm plc (shipping)
Concentration profile
DiversifiedTop 1 · EXE
8.1%
Top 5 combined
26.9%
Top 10 combined
34.1%
Tracked positions
10
EXETop-5 zoneTop-10Howard's single largest bet is EXE at 8.1% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.
Realized 10-year track record
Oaktree distressed funds composite (approximate)
10y CAGR
9.0%
net of fees
Alpha vs S&P
-4.2%
vs 13.1% benchmark
Win rate
30%
years beating S&P
Quality score
3.7
computed 0–10
Best year
+19%
Worst year
-2%
Cumulative 10y
2.4×
Volatility
7%
Recent moves
Manager quality score: 3.7/10
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
Q4 2025
19 buys · 20 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| FIVE9 | Add 290% | 0.40% |
| U | Add 142% | 0.10% |
| BMRN | Add 114% | 0.60% |
| POST | Add 104% | 0.00% |
| ONITY | Buy (new) | 0.30% |
| ITRON | Buy (new) | 0.10% |
| BLOCK | Add 96% | 0.40% |
| TLN | Add 77% | 3.40% |
| OKTA | Add 67% | 0.40% |
| XP | Add 63% | 0.80% |
| BAND | Add 58% | 0.20% |
| UPWK | Add 51% | 0.10% |
| ABNB | Add 29% | 0.70% |
| EQIX | Add 28% | 0.60% |
| SNAP | Add 21% | 0.50% |
| VST | Add 18% Adding to Vistra — power demand from AI. | 12.80% |
| SPG | Add 17% | 3.70% |
| PR | Add 15% Building Permian Resources. | 8.10% |
| TRMD | Add 8% More Torm shipping. | 15.20% |
| IVV | Sell (exit) | 0.00% |
| JBS | Sell (exit) | 0.00% |
| GUESS | Sell (exit) | 0.00% |
| W | Sell (exit) | 0.00% |
| UBER | Sell (exit) | 0.00% |
| Q2 | Sell (exit) | 0.00% |
| GH | Reduce 96% | 0.00% |
| BBIO | Reduce 80% | 0.00% |
| MKS | Reduce 63% | 0.10% |
| HLF | Reduce 56% | 0.00% |
| SHAK | Reduce 51% | 0.10% |
| GTX | Reduce 46% | 4.20% |
| CX | Reduce 45% | 0.90% |
| TORM | Reduce 35% | 7.50% |
| JD | Reduce 19% | 0.30% |
| HDB | Reduce 14% | 0.10% |
| LILAK | Reduce 12% | 0.70% |
| FLUOR | Reduce 11% | 0.20% |
| FCX | Reduce 8% | 1.00% |
| GRAB | Reduce 7% | 0.80% |
Q3 2025
32 buys · 21 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| BMRN | Add 1231% | 0.30% |
| JBS | Add 562% | 0.40% |
| BLOCK | Add 349% | 0.20% |
| LILAK | Add 223% | 1.00% |
| FLUOR | Add 109% | 0.20% |
| BAND | Add 101% | 0.10% |
| ORCL | Buy (new) | 2.20% |
| TDS | Buy (new) | 2.20% |
| NU | Buy (new) | 1.10% |
| MAR | Buy (new) | 0.60% |
| XP | Buy (new) | 0.60% |
| FIVE9 | Buy (new) | 0.10% |
| LYFT | Buy (new) | 0.00% |
| Q2 | Buy (new) | 0.00% |
| JD | Add 93% | 0.40% |
| TLN | Add 83% | 2.30% |
| HDB | Add 78% | 0.10% |
| LIVN | Add 51% | 0.30% |
| MKS | Add 39% | 0.30% |
| PPL | Add 38% | 0.30% |
| TDOC | Add 34% | 0.60% |
| SHAK | Add 33% | 0.20% |
| VST | Add 25% Same data center thesis as Klarman. | 11.20% |
| EQIX | Add 24% | 0.50% |
| BILL | Add 23% | 0.00% |
| SEA | Add 17% | 1.50% |
| U | Add 17% | 0.10% |
| GH | Add 14% | 0.30% |
| CABO | Add 13% | 0.90% |
| TRMD | Add 12% Building Torm shipping. | 14.80% |
| SPGI | Sell (exit) | 0.00% |
| KE | Sell (exit) | 0.00% |
| UNITI | Sell (exit) | 0.00% |
| YPF | Sell (exit) | 0.00% |
| BERRY | Sell (exit) | 0.00% |
| NICE | Sell (exit) | 0.00% |
| BABA | Sell (exit) | 0.00% |
| PDD | Sell (exit) | 0.00% |
| ON | Reduce 77% | 0.00% |
| SPG | Reduce 68% | 3.40% |
| W | Reduce 65% | 0.00% |
| UBER | Reduce 64% | 0.00% |
| BBIO | Reduce 37% | 0.20% |
| OKTA | Reduce 32% | 0.30% |
| CX | Reduce 30% | 1.40% |
| UPWK | Reduce 27% | 0.10% |
| GUESS | Reduce 26% | 0.10% |
| FCX | Reduce 25% | 0.90% |
| HLF | Reduce 24% | 0.00% |
| GTX | Reduce 14% | 6.70% |
Showing top 50 by position change · 3 smaller moves hidden
Q2 2025
30 buys · 20 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| JD | Add 1186% | 0.20% |
| OKTA | Add 441% | 0.40% |
| SPG | Add 200% | 10.80% |
| NICE | Add 196% | 0.10% |
| GUESS | Add 193% | 0.10% |
| UPWK | Add 187% | 0.10% |
| SPGI | Buy (new) | 1.20% |
| IVV | Buy (new) | 0.90% |
| YPF | Buy (new) | 0.20% |
| MKS | Buy (new) | 0.20% |
| LILAK | Buy (new) | 0.20% |
| JBS | Buy (new) | 0.10% |
| BABA | Buy (new) | 0.10% |
| BMRN | Buy (new) | 0.00% |
| BILL | Buy (new) | 0.00% |
| TDOC | Add 72% | 0.50% |
| ABNB | Add 45% | 0.60% |
| BAND | Add 42% | 0.10% |
| SNAP | Add 38% | 0.50% |
| UBER | Add 32% | 0.10% |
| BBIO | Add 31% | 0.30% |
| EQIX | Add 27% | 0.50% |
| ON | Add 24% | 0.10% |
| CABO | Add 22% | 0.80% |
| KE | Add 21% | 0.50% |
| SEA | Add 20% | 1.70% |
| VST | Add 18% Same Vistra thesis as Klarman — 3 Q build. | 9.00% |
| LBTYK | Add 14% | 1.40% |
| GRAB | Add 13% | 1.00% |
| TRMD | Add 6% Building Torm shipping. | 13.20% |
| BAIDU | Sell (exit) | 0.00% |
| ONITY | Sell (exit) | 0.00% |
| FIVE9 | Sell (exit) | 0.00% |
| SHOP | Sell (exit) | 0.00% |
| LSXMA | Sell (exit) | 0.00% |
| LYFT | Sell (exit) | 0.00% |
| TLN | Reduce 68% | 1.00% |
| PDD | Reduce 68% | 0.00% |
| VALE | Reduce 66% | 0.30% |
| W | Reduce 66% | 0.10% |
| BLOCK | Reduce 66% | 0.00% |
| GH | Reduce 60% | 0.20% |
| LIVN | Reduce 33% | 0.20% |
| SHAK | Reduce 24% | 0.20% |
| CX | Reduce 23% | 1.80% |
| HLF | Reduce 22% | 0.10% |
| GTX | Reduce 16% | 6.70% |
| EXE | Reduce 9% | 10.40% |
| FCX | Reduce 9% | 1.50% |
| FLUOR | Reduce 9% | 0.10% |
Q1 2025
27 buys · 20 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| ABNB | Add 1538% | 0.50% |
| FIVE9 | Add 751% | 0.10% |
| ON | Add 366% | 0.10% |
| BBIO | Add 305% | 0.30% |
| SNAP | Add 158% | 0.40% |
| TDOC | Add 133% | 0.30% |
| SEA | Add 109% | 2.00% |
| BLOCK | Add 107% | 0.20% |
| GRAB | Buy (new) | 0.90% |
| KE | Buy (new) | 0.50% |
| BAIDU | Buy (new) | 0.40% |
| LIVN | Buy (new) | 0.30% |
| HLF | Buy (new) | 0.10% |
| SHOP | Buy (new) | 0.10% |
| GUESS | Buy (new) | 0.00% |
| LYFT | Buy (new) | 0.00% |
| NICE | Buy (new) | 0.00% |
| OKTA | Add 49% | 0.10% |
| EQIX | Add 47% | 0.40% |
| SHAK | Add 35% | 0.20% |
| CX | Add 33% | 2.10% |
| PPL | Add 30% | 0.20% |
| FLUOR | Add 25% | 0.10% |
| FCX | Add 24% | 1.60% |
| U | Add 24% | 0.10% |
| SPG | Add 6% | 3.70% |
| VST | Buy (new) Howard Marks's first Vistra position — same quarter as Klarman. | 7.80% |
| YUMC | Sell (exit) | 0.00% |
| CHEGG | Sell (exit) | 0.00% |
| CPNG | Sell (exit) | 0.00% |
| INSM | Sell (exit) | 0.00% |
| MARA | Sell (exit) | 0.00% |
| NIO | Sell (exit) | 0.00% |
| 8X8 | Sell (exit) | 0.00% |
| LSXMA | Reduce 91% | 0.00% |
| UBER | Reduce 70% | 0.10% |
| PDD | Reduce 60% | 0.10% |
| BAND | Reduce 42% | 0.00% |
| UPWK | Reduce 35% | 0.00% |
| JD | Reduce 32% | 0.80% |
| GH | Reduce 22% | 0.50% |
| EXE | Reduce 20% | 12.20% |
| W | Reduce 20% | 0.10% |
| VALE | Reduce 16% | 1.20% |
| CABO | Reduce 8% | 0.80% |
| TLN | Reduce 6% | 2.30% |
| LBTYK | Reduce 6% | 1.60% |
Q4 2024
15 buys · 24 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| PDD | Add 5390% | 0.80% |
| W | Add 583% | 0.20% |
| EXE | Buy (new) | 12.40% |
| UBER | Buy (new) | 0.20% |
| CPNG | Buy (new) | 0.10% |
| PPL | Add 89% | 0.20% |
| EQIX | Add 82% | 0.20% |
| GH | Add 79% | 0.60% |
| HDB | Add 66% | 0.10% |
| U | Add 27% | 0.00% |
| VST | Add 22% Same Vistra thesis as Klarman — start of build. | 6.50% |
| LBTYK | Add 19% | 1.70% |
| TDOC | Add 14% | 0.10% |
| CABO | Add 11% | 0.80% |
| TRMD | Add 8% Building Torm shipping. | 13.00% |
| CHK | Sell (exit) | 0.00% |
| JOYY | Sell (exit) | 0.00% |
| BABA | Sell (exit) | 0.00% |
| YPF | Sell (exit) | 0.00% |
| XP | Sell (exit) | 0.00% |
| ZS | Sell (exit) | 0.00% |
| ON | Reduce 78% | 0.00% |
| FIVE9 | Reduce 75% | 0.00% |
| 8X8 | Reduce 49% | 0.00% |
| MARA | Reduce 45% | 0.10% |
| CHEGG | Reduce 39% | 0.10% |
| FLUOR | Reduce 34% | 0.10% |
| LSXMA | Reduce 31% | 0.20% |
| UPWK | Reduce 28% | 0.10% |
| FCX | Reduce 27% | 1.20% |
| BAND | Reduce 26% | 0.10% |
| JD | Reduce 20% | 0.90% |
| SPG | Reduce 19% | 3.30% |
| VALE | Reduce 12% | 1.10% |
| YUMC | Reduce 10% | 0.80% |
| OKTA | Reduce 10% | 0.10% |
| TLN | Reduce 9% | 2.30% |
| ONITY | Reduce 9% | 0.20% |
| NIO | Reduce 8% | 0.10% |
Q3 2024
22 buys · 22 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| TLN | Buy (new) | 2.00% |
| YUMC | Buy (new) | 0.70% |
| PDD | Buy (new) | 0.60% |
| FLUOR | Buy (new) | 0.10% |
| MARA | Buy (new) | 0.10% |
| OKTA | Buy (new) | 0.10% |
| PPL | Buy (new) | 0.10% |
| XP | Buy (new) | 0.10% |
| ABNB | Buy (new) | 0.00% |
| W | Buy (new) | 0.00% |
| ZS | Buy (new) | 0.00% |
| BABA | Add 83% | 0.40% |
| LBTYK | Add 70% | 2.20% |
| NIO | Add 52% | 0.10% |
| JOYY | Add 30% | 0.50% |
| BAND | Add 15% | 0.10% |
| BLOCK | Add 11% | 0.10% |
| LSXMA | Add 9% | 0.20% |
| GH | Add 7% | 0.30% |
| TRMD | Add 6% Building Torm. | 12.50% |
| CABO | Add 6% | 0.60% |
| VST | Buy (new) First Vistra — same quarter as Klarman. | 5.20% |
| NRG | Sell (exit) | 0.00% |
| CEG | Sell (exit) | 0.00% |
| STAR | Sell (exit) | 0.00% |
| AZUL | Sell (exit) | 0.00% |
| IQIYI | Sell (exit) | 0.00% |
| NEVRO | Sell (exit) | 0.00% |
| BMRN | Sell (exit) | 0.00% |
| U | Reduce 75% | 0.00% |
| SEA | Reduce 57% | 2.30% |
| POST | Reduce 55% | 0.00% |
| BBIO | Reduce 48% | 0.10% |
| SPG | Reduce 43% | 3.60% |
| YPF | Reduce 42% | 0.20% |
| JD | Reduce 38% | 1.10% |
| VALE | Reduce 36% | 1.50% |
| CHEGG | Reduce 29% | 0.10% |
| TDOC | Reduce 29% | 0.10% |
| ON | Reduce 23% | 0.10% |
| UPWK | Reduce 17% | 0.10% |
| 8X8 | Reduce 15% | 0.00% |
| SHAK | Reduce 13% | 0.10% |
| TORM | Reduce 8% | 22.20% |
Q2 2024
28 buys · 17 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| SPG | Add 205% | 6.00% |
| YPF | Add 169% | 0.30% |
| BAND | Add 133% | 0.10% |
| LBTYK | Buy (new) | 1.10% |
| CEG | Buy (new) | 0.60% |
| VST | Buy (new) | 0.30% |
| ONITY | Buy (new) | 0.20% |
| GH | Buy (new) | 0.20% |
| HDB | Add 100% | 0.10% |
| NEVRO | Buy (new) | 0.00% |
| FIVE9 | Buy (new) | 0.00% |
| BMRN | Buy (new) | 0.00% |
| BLOCK | Add 83% | 0.10% |
| CHEGG | Add 78% | 0.10% |
| NIO | Add 71% | 0.00% |
| SHAK | Add 56% | 0.10% |
| AZUL | Add 34% | 0.20% |
| SEA | Add 30% | 3.40% |
| JD | Add 27% | 1.20% |
| BBIO | Add 27% | 0.10% |
| UPWK | Add 25% | 0.10% |
| LSXMA | Add 23% | 0.20% |
| CABO | Add 22% | 0.50% |
| ON | Add 15% | 0.10% |
| VALE | Add 11% | 2.30% |
| U | Add 9% | 0.10% |
| EQIX | Add 6% | 0.10% |
| TRMD | Add 5% Building Torm. | 11.50% |
| BAIDU | Sell (exit) | 0.00% |
| NMI | Sell (exit) | 0.00% |
| YUMC | Sell (exit) | 0.00% |
| W | Sell (exit) | 0.00% |
| HTZ | Sell (exit) | 0.00% |
| NICE | Sell (exit) | 0.00% |
| KAMAN | Sell (exit) | 0.00% |
| LYFT | Sell (exit) | 0.00% |
| PDD | Sell (exit) | 0.00% |
| Q2 | Sell (exit) | 0.00% |
| JOYY | Reduce 80% | 0.30% |
| NRG | Reduce 77% | 1.00% |
| 8X8 | Reduce 36% | 0.10% |
| SNAP | Reduce 35% | 0.10% |
| FCX | Reduce 19% | 1.90% |
| INSM | Reduce 18% | 0.10% |
| TORM | Reduce 14% | 27.40% |
Q1 2024
1 buy · 0 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| TRMD | Buy (new) First Torm shipping position. | 10.00% |
Howard's sector breakdown
How the top 10 positions are diversified across 2 sectors. Weighted by stated portfolio percentage.
Other
9 positions · EXE, TORM, GTX, SPG, TLN, TDS, ORCL, NU +1
95.9%
32.7% of AUM
Communication
1 position · LBTYK
4.1%
1.4% of AUM
Top holdings
| Ticker | Company | % Portfolio |
|---|---|---|
| EXE | EXPAND ENERGY CORP | 8.1% |
 TORM | TORM PLC | 7.5% |
 GTX | GARRETT MOTION INC | 4.2% |
 SPG | STATE STREET CORP | 3.7% |
 TLN | TALEN ENERGY CORP | 3.4% |
 TDS | TELEPHONE AND DATA SYSTEMS INC | 2.2% |
 LBTYK | LIBERTY GLOBAL LTD | 1.4% |
 ORCL | ORACLE CORP | 1.4% |
 NU | NU HOLDINGS LTD/CAYMAN ISLANDS | 1.1% |
 SEA | SEA LTD | 1.1% |
HoldLens Pro · Founders pricing
Email alerts + conviction scores + alpha attribution
€9/mo founders · cancel anytime
See pricing →
Dividend tax by country
Estimate your withholding on cross-border dividends
Withholding rate
0%
Domestic (no cross-border)
Tax withheld
$0.00
You'd receive
$1000.00
Of $1000 gross
Source & treaty reference
Treaty: Domestic — no cross-border withholding
Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)
U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.
Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.
Want Howard move-alerts?
One email per 13F filing. Summarizes every new position, exit, and trim.
Similar investors
Tracked managers whose top positions overlap with Howard's portfolio.
Per-quarter digests
What Howard Marks did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Data sourced from Oaktree Capital 13F filings with the SEC. Approximate snapshot. Not investment advice.