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Value style

Howard Marks

Oaktree Capital · Buys great companies for less than they're really worth and holds for the long run

13F report Q2 2026Filed with the SEC on 2026-08-14
Portfolio value (US stocks)
$5.3B
Stocks held
138
New / Added
41 / 47
Trimmed / Sold out
21 / 40

Top 5 holdings: TORM PLC 9.9%, EXE 9.0%, GTX 5.2%, ANGLOGOLD ASHANTI PLC 4.8%, INDV 4.7%

Holdings in or near the buy zone today

From stocks Howard Marks holds · latest close

See all

Price levels and picks are calculated automatically with the same formula for every stock — for education only, not a recommendation to buy or sell. · How it's calculated

Trades in Q2 2026

Compared with the previous quarter's report

INDV

INDIVIOR PHARMACEUTICALS INC

$251M
4.7% of portfolio
SE

SEA LTD

$61M
1.1% of portfolio
VSAT

VIASAT INC

$57M
1.1% of portfolio
MAKEMYTRIP LTD

MAKEMYTRIP LTD

$52M
1.0% of portfolio
MATW

MATTHEWS INTERNATIONAL CORP

$52M
1.0% of portfolio
ENOVIS CORP

ENOVIS CORP

$38M
0.7% of portfolio
SHAZ

SHARONAI HOLDINGS INC

$25M
0.5% of portfolio
QMCO

QUANTUM CORP

$22M
0.4% of portfolio
SGRY

SURGERY PARTNERS INC

$14M
0.3% of portfolio
WORKIVA INC

WORKIVA INC

$14M
0.3% of portfolio
ETSY INC

ETSY INC

$14M
0.3% of portfolio
STARWOOD PROPERTY TRUST INC

STARWOOD PROPERTY TRUST INC

$12M
0.2% of portfolio
MINE

MAYFAIR GOLD CORP

$11M
0.2% of portfolio
ARROWHEAD PHARMACEUTICALS INC

ARROWHEAD PHARMACEUTICALS INC

$11M
0.2% of portfolio
BMM

BLUE MOON METALS INC

$11M
0.2% of portfolio
CLOUDFLARE INC

CLOUDFLARE INC

$10M
0.2% of portfolio
FRESHPET INC

FRESHPET INC

$9M
0.2% of portfolio
ALPHATEC HOLDINGS INC

ALPHATEC HOLDINGS INC

$9M
0.2% of portfolio
SITIME CORP

SITIME CORP

$8M
0.2% of portfolio
DOORDASH INC

DOORDASH INC

$8M
0.2% of portfolio
CELCUITY INC

CELCUITY INC

$7M
0.1% of portfolio
WORKIVA INC

WORKIVA INC

$7M
0.1% of portfolio
CRACKER BARREL OLD COUNTRY STORE INC

CRACKER BARREL OLD COUNTRY STORE INC

$7M
0.1% of portfolio
ETSY INC

ETSY INC

$7M
0.1% of portfolio
SAREPTA THERAPEUTICS INC

SAREPTA THERAPEUTICS INC

$6M
0.1% of portfolio

Showing the 25 largest of 41

All holdings

Weight = value of that stock ÷ total value of US stocks in the report

TORM PLCTrimmed

TORM PLC · shares -15%

9.9%
$524M
EXEHeld

EXPAND ENERGY CORP · Energy

9.0%
$478M
Since report -7.4%
GTXTrimmed

GARRETT MOTION INC · shares -48%

5.2%
$275M
ANGLOGOLD ASHANTI PLCHeld

ANGLOGOLD ASHANTI PLC

4.8%
$257M
INDVNew buy

INDIVIOR PHARMACEUTICALS INC · Healthcare

4.7%
$251M
Since report -11.6%
TDSAdded

TELEPHONE AND DATA SYSTEMS INC · Communication Services · shares +23%

3.7%
$196M
Since report -7.4%
VNOMHeld

VIPER ENERGY INC · Energy

3.0%
$161M
Since report -3.8%
CORZTrimmed

CORE SCIENTIFIC INC · Technology · shares -47%

2.4%
$128M
Since report -36.8%
TLNHeld

TALEN ENERGY CORP · Utilities

2.4%
$127M
Since report -19.3%
BAdded

BARRICK MINING CORP · Basic Materials · shares +22%

2.2%
$118M
Since report +11.7%
ITUBHeld

ITAU UNIBANCO HOLDING SA

1.8%
$98M
LIBERTY GLOBAL LTDHeld

LIBERTY GLOBAL LTD

1.8%
$97M
OCSLAdded

OAKTREE SPECIALTY LENDING CORP · Financial Services · shares +325%

1.8%
$94M
Since report +3.7%
FCXHeld

FREEPORT-MCMORAN INC · Basic Materials

1.4%
$76M
Since report +14.5%
AEROHeld

GRUPO AEROMEXICO SAB DE CV · Industrials

1.3%
$71M
Since report -11.4%
KRCHeldIn buy zone E1

KILROY REALTY CORP · Real Estate

1.3%
$69M
Since report -10.5%
PEBBLEBROOK HOTEL TRUSTAdded

PEBBLEBROOK HOTEL TRUST · shares +10%

1.2%
$63M
BIOMARIN PHARMACEUTICAL INCAdded

BIOMARIN PHARMACEUTICAL INC · shares +14%

1.2%
$62M
SEA LTDAdded

SEA LTD · shares +31%

1.2%
$62M
ETSY INCAdded

ETSY INC · shares +9%

1.2%
$61M

Portfolio value over time

Each quarter per the 13F report (value at quarter end)

Latest $5.3B

Q1 2025166 stocks
Q2 2025174 stocks
Q3 2025159 stocks
Q4 2025166 stocks
Q1 2026137 stocks
Q2 2026138 stocks
Top holdings’ weight over time
QuarterTORM PLCEXEGTXANGLOGOLD ASINDV
Q2 20269.9%9.0%5.2%4.8%4.7%
Q1 202612.0%10.2%4.7%5.6%–
Q4 20258.5%9.1%4.8%5.3%–
Q3 202513.9%9.0%7.2%4.9%–
Q2 202513.5%11.7%7.7%4.5%–
Q1 202513.5%12.6%7.5%4.1%–

Sector breakdown

Other / funds / unknown
59.7%
Energy
12.9%
Healthcare
6.1%
Technology
4.4%
Basic Materials
4.0%
Communication Services
3.7%
Utilities
2.4%
Industrials
2.4%
Financial Services
1.8%
Real Estate
1.3%

Other whales

13F reports show only US stocks held at quarter end and can be filed up to 45 days late · They exclude short sales, options and other assets · For educational purposes only — not investment advice