Howard Marks’ Top 5 Positions Represent 43% Of The Total Portfolio

Howard Marks’ Oaktree Capital Management runs a $5.815 billion U.S. equity portfolio, with the top five positions alone representing 43.44% of assets. These holdings highlight Marks’ preference for contrarian, value-driven bets with asymmetric upside.

Here’s Howard Marks’ top five positions:

Torm PLC (TRMD)

• Value: $681.59 million
• Shares: 40,581,120
• Portfolio Weight: 11.72%
• Change: No change
  Why Marks may be holding: Torm is a leading product tanker operator benefiting from global shipping dislocations and elevated charter rates. The steady position suggests Oaktree views it as a long-term cash flow compounder in a cyclical industry.

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SPDR S&P 500 ETF Trust (SPY)

• Value: $630.21 million
• Shares: 1,020,000 (Put position)
• Portfolio Weight: 10.84%
• Change: ▲ 680,000 shares (+200%)
  Why Marks may be adding: The large increase in SPY Put exposure reflects a cautious macro stance. Oaktree may be hedging equity risk amid market uncertainty while maintaining exposure to idiosyncratic value names.

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Expand Energy Corp (CHK)

• Value: $591.99 million
• Shares: 5,062,364
• Portfolio Weight: 10.18%
• Change: ▼ 500,000 shares (-8.99%)
  Why Marks may be trimming: Despite trimming, Chesapeake remains a core holding. Oaktree’s thesis likely centers on strong free cash flow generation from U.S. natural gas, though the reduction may signal profit-taking or risk-balancing.

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Garrett Motion Inc (GTX)

• Value: $387.76 million
• Shares: 36,894,816
• Portfolio Weight: 6.67%
• Change: ▼ 7,188,000 shares (-16.31%)
  Why Marks may be trimming: Garrett Motion, a turbocharger manufacturer, has been a long-time Oaktree play. The sizeable trim could reflect concerns about cyclicality in global auto markets or reallocation toward higher-conviction ideas.

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Sitio Royalties Corp (STR)

• Value: $237.94 million
• Shares: 12,945,551
• Portfolio Weight: 4.09%
• Change: ▲ 10,431 shares (+0.08%)
  Why Marks may be holding: Sitio’s mineral and royalty interests provide leveraged exposure to energy prices with minimal operating risk. The small increase implies Oaktree remains comfortable with the position as a steady income-generating asset.