Howard Marks portfolio against fair value
Co-founder of Oaktree, best known for credit investing and his investor memos. Holdings from Oaktree Capital's 13F filing for Q2 2026, filed Aug 14, 2026. Fair value and quality as of Nov 8, 2026.
Of the 32 stocks we value in Oaktree Capital' 13F filing for Q2 2026, 15 trade below our fair value (as of Nov 8, 2026).
Adds the largest valued positions, as many as fit on your watchlist: 5 without an account, 10 with a free account, all with Pro.
All Oaktree Capital stocks with fair value
more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)
| Holding | Weight | vs prior qtr | vs fair value | Quality |
|---|---|---|---|---|
| Torm PLC Class A TRMD−15 % vs prior qtr | 7.3 % | −15 % | FV 6.9 % lower | 44 |
| Expand Energy Corporation EXEunchanged | 6.6 % | unchanged | 48.7 % below FV | 56 |
| Garrett Motion Inc GTX−48 % vs prior qtr | 3.8 % | −48 % | 21.0 % below FV | 63 |
| Anglogold Ashanti Plc−1 % vs prior qtr | 3.6 % | −1 % | not covered | n/a |
| Indivior Pharmaceuticals Inc−12 % vs prior qtr | 3.5 % | −12 % | not covered | n/a |
| Telephone and Data Systems Inc TDS+23 % vs prior qtr | 2.7 % | +23 % | FV 18.9 % lower | 48 |
| Viper Energy Incunchanged | 2.2 % | unchanged | not covered | n/a |
| Core Scientific Inc CORZ−47 % vs prior qtr | 1.8 % | −47 % | no fair value | n/a |
| Talen Energy Corporation TLNunchanged | 1.8 % | unchanged | FV 96.2 % lower | 45 |
| Barrick Mining Corporation B+22 % vs prior qtr | 1.6 % | +22 % | FV 4.6 % lower | 79 |
| Itau Unibanco Banco Holding SA ITUB−2 % vs prior qtr | 1.4 % | −2 % | FV 7.8 % lower | 63 |
| Liberty Global PLC LBTYAunchanged | 1.4 % | unchanged | FV 1.0 % lower | 40 |
| Oaktree Specialty Lending Corp OCSL+325 % vs prior qtr | 1.3 % | +325 % | 44.8 % below FV | 60 |
| Freeport-McMoran Copper & Gold Inc FCX−2 % vs prior qtr | 1.1 % | −2 % | FV 72.2 % lower | 54 |
| Grupo Aeromexico Sab De Cv AEROunchanged | 1.0 % | unchanged | no fair value | n/a |
| Kilroy Realty Corp KRCunchanged | 1.0 % | unchanged | FV 0.9 % lower | 53 |
| Sea Ltd SEnew | 0.9 % | new | 41.5 % below FV | 66 |
| Liberty Latin America Ltd Class C LILAK+32 % vs prior qtr | 0.8 % | +32 % | 28.5 % below FV | 44 |
| Bausch + Lomb Corp BLCO+2 % vs prior qtr | 0.8 % | +2 % | FV 50.5 % lower | 38 |
| ViaSat Inc VSATnew | 0.8 % | new | 4.9 % below FV | 29 |
| MakeMyTrip Limited MMYTnew | 0.7 % | new | FV 32.5 % lower | 67 |
| Matthews International Corp MATWnew | 0.7 % | new | no fair value | n/a |
| Xp Inc XP−2 % vs prior qtr | 0.7 % | −2 % | 8.8 % below FV | 58 |
| YPF Sociedad Anonima YPF+12 % vs prior qtr | 0.6 % | +12 % | 17.4 % below FV | 35 |
| TransAlta Corp TAC−53 % vs prior qtr | 0.6 % | −53 % | FV 45.3 % lower | 38 |
Show 26 more holdings
| Holding | Weight | vs prior qtr | vs fair value | Quality |
|---|---|---|---|---|
| Runway Growth Finance Corp RWAYunchanged | 0.6 % | unchanged | 35.7 % below FV | 59 |
| Embraer S.A. EMBJ−2 % vs prior qtr | 0.4 % | −2 % | 66.7 % below FV | 51 |
| Array Digital Infrastructure, Inc. AD−4 % vs prior qtr | 0.4 % | −4 % | 4.9 % below FV | 55 |
| Rice Acquisition Corp 3 KRSPunchanged | 0.4 % | unchanged | no fair value | n/a |
| Sharonai Holdings Inc SHAZ−71 % vs prior qtr | 0.3 % | −71 % | no fair value | n/a |
| Ternium SA ADR TX−2 % vs prior qtr | 0.3 % | −2 % | FV 8.4 % lower | 48 |
| Quantum Corp QMCOnew | 0.3 % | new | no fair value | n/a |
| Simply Good Foods Co SMPL+7 % vs prior qtr | 0.2 % | +7 % | 57.3 % below FV | 58 |
| Surgery Partners Inc SGRYnew | 0.2 % | new | 29.3 % below FV | 43 |
| Mayfair Gold Corpunchanged | 0.2 % | unchanged | not covered | n/a |
| Blue Moon Metals Inc BMMunchanged | 0.2 % | unchanged | no fair value | n/a |
| SmartRent Inc SMRTunchanged | 0.1 % | unchanged | FV 67.3 % lower | 43 |
| MagnaChip Semiconductor MX−47 % vs prior qtr | 0.1 % | −47 % | FV 18.2 % lower | 47 |
| Liberty Latin America Ltd LILAunchanged | 0.09 % | unchanged | 28.8 % below FV | 44 |
| Battalion Oil Corp BATLunchanged | 0.05 % | unchanged | no fair value | n/a |
| Dpc Holdings Ltd DPCnew | 0.05 % | new | no fair value | n/a |
| Service Properties Trustnew | 0.05 % | new | not covered | n/a |
| Bioxcel Therapeutics Inc+472 % vs prior qtr | 0.03 % | +472 % | not covered | n/a |
| NN Inc NNBRnew | 0.03 % | new | FV 96.4 % lower | 42 |
| Telecom Argentina SA ADR TEO−93 % vs prior qtr | 0.02 % | −93 % | 66.7 % below FV | 40 |
| Cemex SAB de CV ADR CX−96 % vs prior qtr | 0.02 % | −96 % | FV 14.6 % lower | 53 |
| Alvotech Sa ALVOWunchanged | 0.01 % | unchanged | no fair value | n/a |
| Sunopta Inc STKL−100 % vs prior qtr | 0.01 % | −100 % | no fair value | n/a |
| Rice Acquisition Corp 3unchanged | 0.01 % | unchanged | not covered | n/a |
| Alvotech ALVO−59 % vs prior qtr | 0.01 % | −59 % | FV 52.1 % lower | 19 |
| Office Properties Income Trust/mdnew | 0.00 % | new | not covered | n/a |
"Weight" is the share of the total reported value. "Vs prior qtr" compares the share count with the previous filing. "Not covered" means we could not match this position to one of our stocks with two independent sources, so we show no value.
Bought and sold in Q2 2026
New positions:
- Sea Ltd (0.9 %), 41.5 % below FV
- ViaSat Inc (0.8 %), 4.9 % below FV
- MakeMyTrip Limited (0.7 %), FV 32.5 % lower
- Matthews International Corp (0.7 %)
- Quantum Corp (0.3 %)
- Surgery Partners Inc (0.2 %), 29.3 % below FV
- Dpc Holdings Ltd (0.05 %)
- Service Properties Trust (0.05 %)
- NN Inc (0.03 %), FV 96.4 % lower
- Office Properties Income Trust/md (0.00 %)
Sold out:
- Petroleo Brasileiro Sa - Petrobras
- Nokia Oyj
- Cbl & Associates Properties Inc
- Credo Technology Group Holding Ltd
- Ecovyst Inc
- Optimum Communications Inc
- Illumination Acquisition Corp I
- Nrg Energy Inc
- Invesco Senior Income Trust
- Hdfc Bank Ltd
- Pdd Holdings Inc
Options and bonds in the filing
These lines are not stock positions, so we do not value them. For options the filing reports the value of the underlying shares, not the price of the option.
| Security | Type | Weight |
|---|---|---|
| State Street Corp | Put | 14.0 % |
| Invesco Qqq Trust Series 1 | Put | 9.0 % |
| Core Scientific Inc | Call | 1.8 % |
| Pebblebrook Hotel Trust | Bond | 0.9 % |
| Biomarin Pharmaceutical Inc | Bond | 0.9 % |
| Sea Ltd | Bond | 0.9 % |
| Etsy Inc | Bond | 0.9 % |
| Enphase Energy Inc | Bond | 0.8 % |
| Dexcom Inc | Bond | 0.8 % |
| Echostar Corp | Bond | 0.8 % |
| Marriott Vacations Worldwide Corp | Bond | 0.8 % |
| Draftkings Inc | Bond | 0.8 % |
| Conmed Corp | Bond | 0.7 % |
| Riot Platforms Inc | Bond | 0.7 % |
| Teladoc Health Inc | Bond | 0.7 % |
| Bentley Systems Inc | Bond | 0.7 % |
| Unity Software Inc | Bond | 0.7 % |
| Five9 Inc | Bond | 0.7 % |
| Lyondellbasell Industries Nv | Put | 0.7 % |
| Shift4 Payments Inc | Bond | 0.6 % |
| Visteon Corp | Put | 0.6 % |
| Enovis Corp | Bond | 0.5 % |
| Amphastar Pharmaceuticals Inc | Bond | 0.5 % |
| Affirm Holdings Inc | Bond | 0.5 % |
| Array Technologies Inc | Bond | 0.4 % |
Frequently asked questions
What stocks does Howard Marks own?
According to Oaktree Capital' 13F filing for Q2 2026 (filed Aug 14, 2026), the five largest positions are Torm PLC Class A (7.3 %), Expand Energy Corporation (6.6 %), Garrett Motion Inc (3.8 %), Anglogold Ashanti Plc (3.6 %), Indivior Pharmaceuticals Inc (3.5 %). In total the filing lists 51 stocks worth $7.2 bn.
Which Howard Marks stocks trade below fair value?
15 of the 32 stocks we value. The largest of them: Expand Energy Corporation: 49% below fair value; Garrett Motion Inc: 21% below fair value; Oaktree Specialty Lending Corp: 45% below fair value; Sea Ltd: 41% below fair value; Liberty Latin America Ltd Class C: 29% below fair value. As of Nov 8, 2026, not financial advice.
How current is this list?
Large US investment managers report their US stock holdings to the SEC once a quarter (Form 13F), at the latest 45 days after quarter end. This list shows Q2 2026, filed Aug 14, 2026. Oaktree Capital may have bought or sold since. We recalculate our fair value daily, last on Nov 8, 2026.
Source of the holdings: 13F filing with the SEC (Oaktree Capital, CIK 949509). A 13F covers only US-listed stocks, options and certain bonds, no short positions and no foreign shares. Fair value and quality are our valuation and do not account for your personal situation.