Howard Marks

Biography

Howard Marks co-founded Oaktree Capital Management in Los Angeles in 1995 with colleagues from TCW, where he had led the distressed debt, high yield and convertible groups; before that he spent 16 years at Citicorp Investment Management. Brookfield bought a majority stake in Oaktree in 2019, and Marks is also a director of Brookfield Corporation. He is known for his client memos, published on Oaktree's website, and for the books The Most Important Thing (2011) and Mastering the Market Cycle (2018), which focus on risk control, second-level thinking and market cycles.

In their own words

Oaktree Capital Management’s largest US holdings

From the Q2 2026 13F, worth $7.2bn in total. See every holding and change

1. TormTRMD7.3%
2. Expand EnergyEXE6.6%
3. Garrett MotionGTX3.8%
4. Anglogold AshantiAU3.6%
5. IndiviorINDV3.5%
6. Telephone & Data SystemsTDS2.7%
7. Viper EnergyVNOM2.2%
8. Core ScientificCORZ1.8%
9. Talen EnergyTLN1.8%
10. Barrick MiningB1.6%