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Marks traces direct lending's rise from innovation to bubble dynamics, warning of software debt risks and redemption pressures in public vehicles.
Windowpast 90 days · 1 event · ending Jul 7, 2026
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GeneratedJul 7, 2026
NoteAuto-generated summary · not investment advice · verify before acting.
| % of portfolio |
|---|
| ACRES COMMERCIAL REALTY CORP COMMON STOCK | 391,380New position this quarter | $8.3M | 0.1% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 17,763,000New position this quarter | $22.1M | 0.3% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 4,291,000 | $4.1M | 0.1% |
| AIRBNB INC CONVERTIBLE BOND | 39,353,000Shares increased 8% | $38.6M | 0.6% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 24,757,000Shares decreased 1% | $24.5M | 0.4% |
| ALTICE USA INC COMMON STOCK | 7,500,000 | $18.1M | 0.3% |
| ALVOTECH SA COMMON STOCK | 1,563,676 | $12.8M | 0.2% |
| ALVOTECH SA WARRANT | 4,666,667 | $7.1M | 0.1% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 17,825,000New position this quarter | $16.2M | 0.3% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 4,185,261Shares decreased 15% | $294.3M | 4.6% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 724,444New position this quarter | $36.2M | 0.6% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 24,689,000Shares increased 283% | $21.5M | 0.3% |
| ASCENDIS PHARMA A/S CONVERTIBLE BOND | 1,000,000Shares decreased 23% | $1.4M | 0.0% |
| BANDWIDTH INC CONVERTIBLE BOND | 8,630,000Shares increased 101% | $7.4M | 0.1% |
| BARRICK MINING CORP COMMON STOCK | 3,302,086Shares increased 5% | $108.2M | 1.7% |
| BATTALION OIL CORP COMMON STOCK | 3,013,823Shares increased <1% | $3.6M | 0.1% |
| BAUSCH HEALTH COS INC COMMON STOCK | 1,270,000 | $8.2M | 0.1% |
| BAUSCH LOMB CORP COMMON STOCK | 3,245,439Shares increased 29% | $48.9M | 0.8% |
| BENTLEY SYSTEMS INC CONVERTIBLE BOND | 1,886,000Shares decreased 8% | $1.8M | 0.0% |
| BILL HOLDINGS INC CONVERTIBLE BOND | 3,357,000Shares increased 23% | $3.1M | 0.0% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 19,719,000Shares increased >999% | $18.7M | 0.3% |
| BIOXCEL THERAPEUTICS INC COMMON STOCK | 241,188 | $0.6M | 0.0% |
| BLACKLINE INC CONVERTIBLE BOND | 8,148,000Shares increased 17% | $8.5M | 0.1% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 6,939,000Shares decreased 3% | $6.8M | 0.1% |
| BLOCK INC CONVERTIBLE BOND | 10,014,000Shares increased >999% | $9.8M | 0.2% |
| BLOCK INC CONVERTIBLE BOND | 3,371,000Shares increased 37% | $3.1M | 0.0% |
| BRIDGEBIO PHARMA INC CONVERTIBLE BOND | 1,850,000Shares decreased 12% | $2.6M | 0.0% |
| BRIDGEBIO PHARMA INC CONVERTIBLE BOND | 10,757,000Shares decreased 40% | $10.6M | 0.2% |
| CABLE ONE INC CONVERTIBLE BOND | 58,746,000Shares increased 13% | $57.4M | 0.9% |
| CALIFORNIA RESOURCES CORP COMMON STOCK | 694,502Shares decreased 50% | $36.9M | 0.6% |
| CBL & ASSOCIATES PROPERTIES INC COMMON STOCK | 3,005,126 | $91.9M | 1.4% |
| CEMEX SAB DE CV COMMON STOCK | 10,448,824Shares decreased 30% | $93.9M | 1.5% |
| CERENCE INC CONVERTIBLE BOND | 4,061,000Shares decreased 17% | $3.4M | 0.1% |
| CMS ENERGY CORP CONVERTIBLE BOND | 17,343,000Shares increased 57% | $19.0M | 0.3% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 13,010,000Shares increased 65% | $16.4M | 0.3% |
| CONMED CORP CONVERTIBLE BOND | 40,513,000Shares increased 46% | $38.6M | 0.6% |
| CORE SCIENTIFIC INC COMMON STOCK | 6,400,708New position this quarter | $114.8M | 1.8% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 24,773,000Shares increased 150% | $23.8M | 0.4% |
| 15677JAD0DAYFORCE INC CONVERTIBLE BOND | 9,382,000Shares decreased 48% | $9.2M | 0.1% |
| DEXCOM INC CONVERTIBLE BOND | 12,963,000Shares decreased 20% | $12.9M | 0.2% |
| DIGITALOCEAN HOLDINGS INC CONVERTIBLE BOND | 2,031,000New position this quarter | $1.9M | 0.0% |
| ECHOSTAR CORP COMMON STOCK | 600,000New position this quarter | $45.8M | 0.7% |
| ECOVYST INC COMMON STOCK | 2,859,022New position this quarter | $25.0M | 0.4% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 13,060,000Shares decreased 44% | $12.8M | 0.2% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 28,622,000Shares increased 94% | $24.9M | 0.4% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 25,479,000Shares increased 14% | $24.1M | 0.4% |
| ESPERION THERAPEUTICS INC CONVERTIBLE BOND | 2,114,000Shares increased 44% | $2.1M | 0.0% |
| ETSY INC CONVERTIBLE BOND | 39,330,000Shares increased 24% | $34.8M | 0.5% |
| EVOLENT HEALTH INC CONVERTIBLE BOND | 1,015,000New position this quarter | $0.8M | 0.0% |
| EXPAND ENERGY CORP COMMON STOCK | 5,062,363Shares decreased <1% | $537.8M | 8.3% |
| EXPAND ENERGY CORP WARRANT | 95,294 | $9.2M | 0.1% |
| FASTLY INC CONVERTIBLE BOND | 1,354,000New position this quarter | $1.3M | 0.0% |
| FIRST MAJESTIC SILVER CORP CONVERTIBLE BOND | 18,133,000Shares decreased 12% | $19.7M | 0.3% |
| FIVE9 INC CONVERTIBLE BOND | 7,783,000New position this quarter | $6.9M | 0.1% |
| FIVERR INTERNATIONAL LTD CONVERTIBLE BOND | 1,049,000Shares decreased 80% | $1.0M | 0.0% |
| FLUOR CORP CONVERTIBLE BOND | 10,471,000Shares increased 109% | $12.5M | 0.2% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,504,865Shares decreased 25% | $59.0M | 0.9% |
| FRESHPET INC CONVERTIBLE BOND | 4,300,000New position this quarter | $4.8M | 0.1% |
| FTAI AVIATION LTD COMMON STOCK | 585,175New position this quarter | $97.6M | 1.5% |
| FUBOTV INC CONVERTIBLE BOND | 4,538,000Shares decreased 18% | $4.5M | 0.1% |
| FULL TRUCK ALLIANCE CO LTD COMMON STOCK | 3,797,697Shares increased 106% | $49.3M | 0.8% |
| GARRETT MOTION INC COMMON STOCK | 31,894,816Shares decreased 14% | $434.4M | 6.7% |
| GRAB HOLDINGS LTD COMMON STOCK | 12,094,495Shares increased 5% | $72.8M | 1.1% |
| GROUPON INC CONVERTIBLE BOND | 2,382,000Shares increased 78% | $2.3M | 0.0% |
| GUARDANT HEALTH INC CONVERTIBLE BOND | 4,647,000Shares decreased 7% | $4.5M | 0.1% |
| GUARDANT HEALTH INC CONVERTIBLE BOND | 9,240,000Shares increased 28% | $12.1M | 0.2% |
| 401617AF2GUESS INC CONVERTIBLE BOND | 3,621,000Shares decreased 26% | $3.6M | 0.1% |
| HAEMONETICS CORP CONVERTIBLE BOND | 9,246,000Shares increased 105% | $9.1M | 0.1% |
| HDFC BANK LTD COMMON STOCK | 151,206Shares increased 78% | $5.2M | 0.1% |
| HERBALIFE LTD CONVERTIBLE BOND | 2,847,000Shares decreased 24% | $2.7M | 0.0% |
| G4766E116Indivior COMMON STOCK | 257,785,398Shares increased >999% | $10.7M | 0.2% |
| 450056AB2IRHYTHM TECHNOLOGIES INC CONVERTIBLE BOND | 900,000Shares decreased 14% | $1.2M | 0.0% |
| ISHARES RUSSELL 2000 ETF ETF | 220,000Shares decreased 8% | $53.2M | 0.8% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 12,665,801Shares increased 15% | $93.0M | 1.4% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 16,700,000New position this quarter | $19.9M | 0.3% |
| JBS NV COMMON STOCK | 1,580,400Shares increased 562% | $23.6M | 0.4% |
| JD.COM INC CONVERTIBLE BOND | 23,821,000Shares increased 93% | $25.7M | 0.4% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 68,263,000Shares increased 14% | $66.6M | 1.0% |
| KANZHUN LTD COMMON STOCK | 1,643,572Shares increased 5% | $38.4M | 0.6% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $78.2M | 1.2% |
| LANTHEUS HOLDINGS INC CONVERTIBLE BOND | 6,275,000Shares increased 597% | $6.6M | 0.1% |
| LCI INDUSTRIES CONVERTIBLE BOND | 6,406,000Shares increased >999% | $6.2M | 0.1% |
| LEGENCE CORP COMMON STOCK | 175,000New position this quarter | $5.4M | 0.1% |
| LI AUTO INC CONVERTIBLE BOND | 7,279,000Shares increased 121% | $8.3M | 0.1% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191Shares increased 4% | $98.0M | 1.5% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 846,474New position this quarter | $7.0M | 0.1% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 6,669,823Shares increased 186% | $56.3M | 0.9% |
| LIVANOVA PLC CONVERTIBLE BOND | 15,085,000Shares increased 51% | $16.3M | 0.3% |
| LYFT INC CONVERTIBLE BOND | 1,100,000New position this quarter | $1.4M | 0.0% |
| MAGNACHIP SEMICONDUCTOR CORP COMMON STOCK | 2,849,858 | $8.9M | 0.1% |
| MAGNITE INC CONVERTIBLE BOND | 6,637,000 | $6.5M | 0.1% |
| MARRIOTT INTERNATIONAL INC/MD COMMON STOCK | 150,000New position this quarter | $39.1M | 0.6% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 35,832,000Shares increased 39% | $34.2M | 0.5% |
| MERITAGE HOMES CORP CONVERTIBLE BOND | 12,695,000Shares increased 109% | $13.1M | 0.2% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 17,275,000New position this quarter | $16.6M | 0.3% |
| MKS INC CONVERTIBLE BOND | 16,705,000Shares increased 39% | $18.3M | 0.3% |
| NABORS INDUSTRIES LTD COMMON STOCK | 737,112New position this quarter | $30.1M | 0.5% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 12,833,000Shares increased 97% | $9.9M | 0.2% |
| NEOGENOMICS INC CONVERTIBLE BOND | 3,930,000Shares increased 3% | $3.4M | 0.1% |
| NEXTERA ENERGY INC CONVERTIBLE BOND | 7,568,000Shares increased 6% | $9.0M | 0.1% |
Showing the top 100 of 164 disclosed positions — sort to surface different rows.
Howard Marks reshuffled roughly 21% of his disclosed book in Q1 2026, with Health Care receiving the largest net increase and Information Technology seeing the steepest cut. On the add side, Marks increased Health Care exposure by a net $200M — about 6% of his disclosed book. Energy received a net $58.2M (≈2% of book), and Financials picked up a modest $24.9M. On the trim side, Information Technology was reduced by $197.5M (≈5% of book). Consumer Discretionary was cut by $79.3M (≈2% of book), and Utilities were trimmed by $73.0M (≈2% of book). In total, $759.5M moved across the book over the quarter. The moves sit alongside Marks's published thinking on credit markets, where he has been warning that direct lending has shifted from a genuine innovation into territory with bubble-like dynamics — flagging software-debt risks and redemption pressures in public credit vehicles. The pivot toward Health Care and away from technology-adjacent sectors reflects a book that is quietly repositioning even as its manager sounds caution on stretched credit.
AI summary of filed 13F sector changes
Information Technology rose most (▲ +4pp) · Financials fell most (▼ −3pp)
46 of 164 holdings classified · Sectors derived from free SEC SIC codes + curated overrides.
Latest filed · 2026-03-31
Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.
