Asset Manager · CIK 0000949509

Howard Marks

Oaktree Capital
Share

Howard Marks runs Oaktree Capital, an asset manager overseeing $6.17T in disclosed equity holdings (SEC CIK 0000949509). The latest portfolio (2025Q4) discloses 166 positions across 11 sectors, with the largest positions in EXE, TORM PLC and ANGLOGOLD ASHANTI PLC. On a mark-to-market basis the tracked portfolio has returned 40.2% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Portfolio
$6.17T
Positions
166
Quarter
2025Q4
Filings tracked
40
1Y+40.2%3Y+430.5%Full performance →

What Howard is holding in options

Howard Marks (Oaktree Capital) disclosed 6 option positions for the 2025Q4 quarter — 2 long-calls and 4 long-puts — totaling $859.61B of underlying-share notional value. The largest exposures are a put on SMH, a put on SPY, a call on TLN. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.

Options & derivatives

6 positions · $859.61B notional2 CALL · $141.57B4 PUT · $718.04B
TypeUnderlyingSharesNotional% of book
PUTSMHVANECK ETF TRUST865K$311.51B4.4%
PUTSPYSPDR S&P 500 ETF TR385K$262.54B3.7%
CALLTLNTALEN ENERGY CORP300K$112.45B1.6%
PUTORCLORACLE CORP500K$97.45B1.4%
PUTMARMARRIOTT INTL INC NEW150K$46.54B0.7%
CALLCORZCORE SCIENTIFIC INC NEW2.0M$29.12B0.4%

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.