Howard Marks's distressed debt and credit master. "The Most Important Thing" + "Mastering the Market Cycle" author. Brookfield (BAM/BN) acquired 62% in 2019.
| Quarter | Filer (100=start) | SPY | Filed value | Positions |
|---|---|---|---|---|
| 2025-12-31 | 100.0 | 100.0 | $7.03B | 170 |
| 2026-03-31 | 89.4 | 104.1 | $6.28B | 140 |
| 2026-06-30 | 102.5 | 108.5 | $7.21B | 143 |
Filed NAV tracks the reported long-equity book only. It excludes cash, shorts, debt, options and non-13F assets, so it is not the fund's return.
| # | Ticker | Issuer | Value | % of book | Shares |
|---|---|---|---|---|---|
| 1 | SPYPUT | STATE STREET CORP | $1.01B | 18.3% | 1.35M |
| 2 | QQQPUT | INVESCO QQQ TRUST SERIES 1 | $651.7M | 11.8% | 885.0K |
| 3 | TRMD | TORM PLC | $524.3M | 9.5% | 20.33M |
| 4 | EXE | EXPAND ENERGY CORP | $477.6M | 8.7% | 5.24M |
| 5 | GTX | GARRETT MOTION INC | $275.2M | 5.0% | 7.59M |
| 6 | AU | ANGLOGOLD ASHANTI PLC | $257.2M | 4.7% | 3.18M |
| 7 | CORZCALL | CORE SCIENTIFIC INC | $255.7M | 4.6% | 9.99M |
| 8 | INDV | INDIVIOR PHARMACEUTICALS INC | $251.4M | 4.6% | 6.13M |
| 9 | TDS | TELEPHONE AND DATA SYSTEMS INC | $195.5M | 3.5% | 5.28M |
| 10 | VNOM | VIPER ENERGY INC | $160.8M | 2.9% | 3.79M |
| 11 | TLN | TALEN ENERGY CORP | $127.2M | 2.3% | 331.1K |
| 12 | B | BARRICK MINING CORP | $117.8M | 2.1% | 3.21M |
| 13 | ITUB | ITAU UNIBANCO HOLDING SA | $97.9M | 1.8% | 11.98M |
| 14 | LBTYA | LIBERTY GLOBAL LTD | $97.2M | 1.8% | 8.55M |
| 15 | OCSL | OAKTREE SPECIALTY LENDING CORP | $94.0M | 1.7% | 7.87M |
| 16 | FCX | FREEPORT-MCMORAN INC | $75.5M | 1.4% | 1.20M |
| 17 | AERO | GRUPO AEROMEXICO SAB DE CV | $71.4M | 1.3% | 3.97M |
| 18 | KRC | KILROY REALTY CORP | $69.3M | 1.3% | 1.85M |
| 19 | PEB | PEBBLEBROOK HOTEL TRUST | $63.1M | 1.1% | 63.53M |
| 20 | BMRN | BIOMARIN PHARMACEUTICAL INC | $62.4M | 1.1% | 64.03M |
| 21 | SE | SEA LTD | $62.1M | 1.1% | 62.57M |
| 22 | ETSY | ETSY INC | $61.2M | 1.1% | 66.84M |
| 23 | SE | SEA LTD | $60.9M | 1.1% | 635.4K |
| 24 | LILA | LIBERTY LATIN AMERICA LTD | $58.9M | 1.1% | 7.56M |
| 25 | ENPH | ENPHASE ENERGY INC | $57.6M | 1.0% | 61.82M |
| 26 | DXCM | DEXCOM INC | $57.1M | 1.0% | 61.15M |
| 27 | — | BAUSCH LOMB CORP | $57.0M | 1.0% | 3.44M |
| 28 | VSAT | VIASAT INC | $56.6M | 1.0% | 630.3K |
| 29 | ECHO | ECHOSTAR CORP | $56.3M | 1.0% | 18.00M |
| 30 | VAC | MARRIOTT VACATIONS WORLDWIDE CORP | $56.0M | 1.0% | 56.89M |
| Ticker | Issuer | Action | Δ shares | Δ value |
|---|---|---|---|---|
| SPY | STATE STREET CORP | new | +100.0% | $1.01B |
| QQQ | INVESCO QQQ TRUST SERIES 1 | increased | +55.3% | $322.7M |
| INDV | INDIVIOR PHARMACEUTICALS INC | new | +100.0% | $251.4M |
| — | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF | closed | -100.0% | -$181.8M |
| TRMD | TORM PLC | decreased | -14.7% | -$150.8M |
| — | SUNOPTA INC | decreased | -99.6% | -$133.8M |
| — | PETROLEO BRASILEIRO SA - PETROBRAS | closed | -100.0% | -$126.4M |
| — | JETBLUE AIRWAYS CORP | closed | -100.0% | -$94.8M |
| NOK | NOKIA OYJ | closed | -100.0% | -$90.1M |
| — | CBL & ASSOCIATES PROPERTIES INC | closed | -100.0% | -$82.8M |
| OCSL | OAKTREE SPECIALTY LENDING CORP | increased | +325.0% | $73.1M |
| CORZ | CORE SCIENTIFIC INC | decreased | -22.5% | $63.5M |
| SE | SEA LTD | new | +100.0% | $60.9M |
| AU | ANGLOGOLD ASHANTI PLC | decreased | -1.4% | -$56.6M |
| VSAT | VIASAT INC | new | +100.0% | $56.6M |
| — | AMERICAN WATER CAPITAL CORP | closed | -100.0% | -$55.8M |
| — | MAKEMYTRIP LTD | new | +100.0% | $52.4M |
| — | COINBASE GLOBAL INC | closed | -100.0% | -$52.2M |
| MATW | MATTHEWS INTERNATIONAL CORP | new | +100.0% | $51.8M |
| — | CREDO TECHNOLOGY GROUP HOLDING LTD | closed | -100.0% | -$50.6M |
| — | OKTA INC | closed | -100.0% | -$46.7M |
| TAC | TRANSALTA CORP | decreased | -53.2% | -$42.6M |
| — | Q2 HOLDINGS INC | closed | -100.0% | -$40.9M |
| VC | VISTEON CORP | new | +100.0% | $39.7M |
| RIOT | RIOT PLATFORMS INC | decreased | -67.4% | -$39.5M |
Compare this book against the other 72 filers, screen for consensus positions, and follow quarterly moves as they land.
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