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Howard Marks
Oaktree Capital Management
Co-founder of Oaktree, specialist in distressed debt and credit cycles, and author of the memos widely read across the industry.
Oaktree Capital Management reported 51 positions worth $3.78B in U.S.-listed equities as of Q2 2026. It opened 9 new positions that quarter. It exited 10 positions. The largest holding is TORM plc (TRMD), at 13.9% of the portfolio. The biggest new position was Sea Ltd (SE), at $60.89M. The ten largest holdings account for 67% of the total.
Photo: kellywritershouse / Wikimedia Commons (CC BY 2.0)
- Portfolio value
- $3.78B
- Positions
- 51
- Dividends (est.)
- $187.38M
- Estimated over 4 quarters, to Q2 2026
Positions as of Q2 2026, per the 13F filed on Aug 14, 2026. Current positions may differ.
What changed last quarter
Positions opened, added to, trimmed or closed in the Q2 2026 filing.
- $419.74M
- $1.19B
- $771.27M
- Took money out of stocks
A 13F does not report cash. It covers only U.S.-listed securities — cash, bonds, foreign stocks and private holdings are invisible in it, which is why Berkshire’s cash pile appears in its 10-Q and not here. What the filing does show is direction: selling more than buying means money left U.S. equities that quarter. Where it went — cash, fixed income, other markets — the form does not say.
Composition
Positions (51)
Estimated across every position in each quarter, so a single stock can be compared against the whole. Same caveat as elsewhere: a 13F reports the share count on the last day of the quarter, while dividends are paid throughout it.