Howard Marks runs Oaktree Capital Management LP, a focused book of 142 stocks worth $5.9B as of Q1 2026 (disclosed May 20, 2026, a ~50-day 13F lag). This quarter they opened Indivior Pharmaceuticals Inc and trimmed Torm PLC-A. Their largest long position is Torm PLC-A at 11% of the equity book. They also disclosed $551.1M in put options (a bearish bet) and $100.2M in call options (bullish), shown separately below and excluded from the equity book.
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Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
66% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
142 companies · Q1 2026
| # | Stock | % of book | Value | Shares | Last move |
|---|---|---|---|---|---|
| 1 | Torm PLC-ATRMD | 11.4% | $675.1M | 23.8M | ▼−9.8% Reduced · −2.6M sh |
| 2 | Expand Energy CorpEXE | 9.7% | $575.0M | 5.2M | ▲+3.5% Added · +175K sh |
| 3 | Anglogold Ashanti PLCAU | 5.3% | $313.8M | 3.2M | ▼−16% Reduced · −625K sh |
| 4 | Garrett Motion IncGTX | 4.5% | $265.2M | 14.6M | ▼−15% Reduced · −2.5M sh |
| 5 | Indivior Pharmaceuticals Inc | 3.6% | $212.9M | 7.0M | ▲New +7.0M sh |
| 6 | Telephone And Data SystemsTDS | 3.1% | $180.7M | 4.3M | ▲+16% Added · +604K sh |
| 7 | Viper Energy Inc-CL AVNOM | 3.0% | $178.2M | 3.8M | ▼−40% Reduced · −2.5M sh |
| 8 | Core Scientific IncCORZ | 2.4% | $139.9M | 9.4M | ▲+12% Added · +1.0M sh |
| 9 | Sunopta IncSTKL | 2.3% | $134.2M | 20.7M | —Held |
| 10 | Petroleo Brasileiro-Spon ADRPBR | 2.1% | $126.4M | 6.1M | ▲New +6.1M sh |
| 11 | Barrick Mining CorpB | 1.8% | $107.1M | 2.6M | ▼−12% Reduced · −350K sh |
| 12 | Talen Energy CorpTLN | 1.8% | $105.7M | 331K | —Held |
| 13 | Liberty Global Ltd-ALBTYA | 1.8% | $103.4M | 8.6M | —Held |
| 14 | Itau Unibanco H-Spon PRF ADRITUB | 1.7% | $102.1M | 12.2M | ▼−12% Reduced · −1.6M sh |
| 15 | Jetblue Airways CorpJBLU 0.5 04/01/26 | 1.6% | $94.8M | 95.1M | ▲+5.0% Added · +4.6M sh |
| 16 | Riot Platforms IncRIOT 0.75 01/15/30 | 1.6% | $91.8M | 79.7M | ▼−2.8% Reduced · −2.3M sh |
| 17 | Nokia Corp-Spon ADRNOK | 1.5% | $90.1M | 11.2M | ▼−40% Reduced · −7.6M sh |
| 18 | Transalta CorpTAC | 1.4% | $84.1M | 6.4M | —Held |
| 19 | CBL & Associates PropertiesCBL | 1.4% | $82.8M | 2.2M | ▼−14% Reduced · −364K sh |
| 20 | Freeport-McMoran IncFCX | 1.2% | $71.7M | 1.2M | ▼−12% Reduced · −170K sh |
| 21 | Echostar CorpSATS 3.875 11/30/30 | 1.1% | $64.3M | 18.0M | ▲~0% Added · +1 sh |
| 22 | XP Inc - Class AXP | 1.0% | $60.4M | 3.2M | ▼−4.5% Reduced · −148K sh |
| 23 | Pebblebrook Hotel TrustPEB 1.75 12/15/26 | 1.0% | $56.4M | 57.7M | ▲+45% Added · +18.0M sh |
| 24 | American Water Capital CAWK 3.625 06/15/26 | 0.9% | $55.8M | 55.9M | ▲16× Added · +52.5M sh |
| 25 | Grupo Aeromexico SAB De CVAERO | 0.9% | $55.6M | 4.0M | ▲+5.1% Added · +192K sh |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | Invesco QQQ Trust Series 1QQQ | $329.0M | 570K |
| PUT · bearish | SS SPDR S&P Og Exp & ProdXOP | $181.8M | 1.0M |
| CALL · bullish | Core Scientific IncCORZ | $52.4M | 3.5M |
| CALL · bullish | Talen Energy CorpTLN | $47.9M | 150K |
| PUT · bearish | Lyondellbasell Indu-CL ALYB | $40.3M | 500K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above.
1 vehicle
Aggregated from SEC Form 13F filings (institutional long equity positions, reported quarterly, up to 45 days after quarter-end). Holdings are public domain, sourced to SEC EDGAR. The book totals, weighting, concentration and sectors are long equity only; disclosed put/call options are listed separately and excluded from those figures. Price-derived performance is withheld until the price-source policy and freshness gate are green. Every panel is one call to the Arkolith API & MCP server.