13F filings
Howard Marks
Where the disclosed book sits
by disclosed valueOption contracts are 26% of the disclosed value and are excluded from the sectors above: a put is a position against a company, so counting its notional as sector weight would report the reverse of what the fund holds.
Largest holdings
20 of 145 positions| Holding | Type | Value | Shares | Share of book |
|---|---|---|---|---|
| SPYState Street Corp | Put | $1.0B | 1,355,000 | 14% |
| QQQInvesco Qqq Trust Series 1 | Put | $651.7M | 885,000 | 9% |
| TRMDTORM PLC | Shares | $524.3M | 20,329,874 | 7.3% |
| EXEExpand Energy Corp | Shares | $477.6M | 5,237,477 | 6.6% |
| GTXGarrett Motion Inc | Shares | $275.2M | 7,594,816 | 3.8% |
| AUAnglogold Ashanti PLC | Shares | $257.2M | 3,179,092 | 3.6% |
| INDVIndivior Pharmaceuticals Inc | Shares | $251.4M | 6,127,212 | 3.5% |
| TDSTelephone And Data Systems Inc | Shares | $195.5M | 5,282,905 | 2.7% |
| VNOMViper Energy Inc | Shares | $160.8M | 3,791,432 | 2.2% |
| CORZCore Scientific Inc | Call | $128.0M | 5,000,000 | 1.8% |
| CORZCore Scientific Inc | Shares | $127.8M | 4,993,708 | 1.8% |
| TLNTalen Energy Corp | Shares | $127.2M | 331,117 | 1.8% |
| BBarrick Mining Corp | Shares | $117.8M | 3,206,087 | 1.6% |
| ITUBITAU Unibanco Holding Sa | Shares | $97.9M | 11,977,665 | 1.4% |
| LBTYALiberty Global Ltd | Shares | $97.2M | 8,551,191 | 1.3% |
| OCSLOaktree Specialty Lending Corp | Shares | $94.0M | 7,872,199 | 1.3% |
| FCXFreeport-Mcmoran Inc | Shares | $75.5M | 1,201,122 | 1% |
| AEROGrupo Aeromexico Sab De Cv | Shares | $71.4M | 3,968,686 | 1% |
| KRCKilroy Realty Corp | Shares | $69.3M | 1,850,011 | 1% |
| Pebblebrook Hotel TrustPebblebrook Hotel Trust | Shares | $63.1M | n/a | 0.9% |
Share of book is the position's value against the whole disclosed 13F value, so the rows shown here do not sum to 100% unless every position is listed.
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What changed last quarter
15 largest moves| Holding | Move | Share change | Value change | Value after |
|---|---|---|---|---|
| SPYSTATE STREET CORP | New | n/a | $1.0B | $1.0B |
| GTXGARRETT MOTION INC | Trimmed | -48.0% | -$253.6M | $275.2M |
| QQQINVESCO QQQ TRUST SERIES 1 | Added | +55.3% | $232.0M | $651.7M |
| XOPSTATE STREET SPDR S&P OIL & GAS EXPLORATION & | Exited | n/a | -$181.8M | $0 |
| PBRPETROLEO BRASILEIRO SA - PETROBRAS | Exited | n/a | -$126.4M | $0 |
| SUNOPTA INCSUNOPTA INC | Trimmed | -99.6% | -$113.0M | $406K |
| CORZCORE SCIENTIFIC INC | Trimmed | -46.6% | -$111.5M | $127.8M |
| RIOT PLATFORMS INCRIOT PLATFORMS INC | Trimmed | -67.4% | -$107.9M | $52.3M |
| JETBLUE AIRWAYS CORPJETBLUE AIRWAYS CORP | Exited | n/a | -$94.8M | $0 |
| TRMDTORM PLC | Trimmed | -14.7% | -$90.5M | $524.3M |
| NOKNOKIA OYJ | Exited | n/a | -$90.1M | $0 |
| CBLCBL & ASSOCIATES PROPERTIES INC | Exited | n/a | -$82.8M | $0 |
| OCSLOAKTREE SPECIALTY LENDING CORP | Added | +325.0% | $71.9M | $94.0M |
| SESEA LTD | New | n/a | $60.9M | $60.9M |
| SHAZSHARONAI HOLDINGS INC | Trimmed | -71.1% | -$60.2M | $24.5M |
A change is this filing measured against the one before it. A 13F does not disclose trades, so the price paid and the day it happened are not in the record.
Questions
What does Howard Marks hold?
Howard Marks disclosed 145 positions worth $7.2B in the Q2 2026 13F filing. The largest is SPY at 14% of the disclosed book. A 13F lists long US equity positions only.
What did Howard Marks buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were New SPY, Trimmed GTX, Added QQQ, Exited XOP. Changes are measured against the previous filing, not against trades, because a 13F does not disclose trades.
How current is this?
This is the Q2 2026 filing, covering positions held on Jun 30, 2026. A 13F is due 45 days after the quarter ends, so the most recent filing is always at least six weeks behind the market, and the manager may have changed the book since.
How to read a 13F
WHAT THE FILING COVERS
Positions are as disclosed to the SEC on Form 13F and are not investment advice. How this data is sourced, and what it cannot tell you, is on the methodology page.
Data as of Sep 10, 2026.