Howard Marks
Howard Marks runs Oaktree Capital, an asset manager overseeing $7.03B in disclosed equity holdings (SEC CIK 0000949509). The latest 13F filing (2025Q4) discloses 166 positions across 11 sectors, with the largest positions in EXE, TORM PLC and ANGLOGOLD ASHANTI PLC. OpenStocks tracks 40 consecutive 13F filings for this manager — every position change, new entry, and exit is logged below.
What Howard is holding in options
Howard Marks (Oaktree Capital) disclosed 4 option positions in the 2024Q2 13F filing — 0 long-calls and 4 long-puts — totaling $493.8M of underlying-share notional value. The largest exposures are a put on SPY, a put on NSC, a put on CEG. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
4 positions · $493.8M notional4 PUT · $493.8M| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | SPYSPDR S&P 500 ETF TR | 695K | $378.2M | 6.0% |
| PUT | NSCNRG ENERGY INC | 800K | $62.3M | 1.0% |
| PUT | CEGCONSTELLATION ENERGY CORP | 180K | $36.0M | 0.6% |
| PUT | VSTVISTRA CORP | 200K | $17.2M | 0.3% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.