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.
| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | SMHVANECK ETF TRUST | 865K | $311.51B | 4.4% |
| PUT | SPYSPDR S&P 500 ETF TR | 385K | $262.54B | 3.7% |
| CALL | TLNTALEN ENERGY CORP | 300K | $112.45B | 1.6% |
| PUT | ORCLORACLE CORP | 500K | $97.45B | 1.4% |
| PUT | MARMARRIOTT INTL INC NEW | 150K | $46.54B | 0.7% |
| CALL | CORZCORE SCIENTIFIC INC NEW | 2.0M | $29.12B | 0.4% |
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.
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.