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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 |
|---|
| AEROVIRONMENT INC CONVERTIBLE BOND | 15,763,000Shares decreased 11% | $17.1M | 0.2% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 5,225,000Shares increased 22% | $5.0M | 0.1% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 927,000New position this quarter | $1.0M | 0.0% |
| AIRBNB INC CONVERTIBLE BOND | 50,633,000Shares increased 29% | $50.2M | 0.7% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 27,198,000Shares increased 10% | $27.3M | 0.4% |
| ALVOTECH SA COMMON STOCK | 533,656Shares decreased 66% | $2.0M | 0.0% |
| ALVOTECH SA WARRANT | 4,666,667 | $3.0M | 0.0% |
| 03040WBE4AMERICAN WATER CAPITAL CORP CONVERTIBLE BOND | 3,426,000New position this quarter | $3.4M | 0.0% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 43,578,000Shares increased 144% | $40.4M | 0.6% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 3,847,991Shares decreased 8% | $328.2M | 4.7% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 724,444 | $38.8M | 0.6% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 33,284,000Shares increased 35% | $30.3M | 0.4% |
| ASCENDIS PHARMA A/S CONVERTIBLE BOND | 700,000Shares decreased 30% | $1.0M | 0.0% |
| BANDWIDTH INC CONVERTIBLE BOND | 13,650,000Shares increased 58% | $11.9M | 0.2% |
| BARRICK MINING CORP COMMON STOCK | 2,975,118Shares decreased 10% | $129.6M | 1.8% |
| BATTALION OIL CORP COMMON STOCK | 3,009,912Shares decreased <1% | $3.4M | 0.0% |
| BAUSCH HEALTH COS INC COMMON STOCK | 1,270,000 | $8.8M | 0.1% |
| BAUSCH LOMB CORP COMMON STOCK | 3,382,739Shares increased 4% | $57.8M | 0.8% |
| BENTLEY SYSTEMS INC CONVERTIBLE BOND | 6,730,000Shares increased 257% | $6.3M | 0.1% |
| BILL HOLDINGS INC CONVERTIBLE BOND | 3,306,000Shares decreased 2% | $3.1M | 0.0% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 42,118,000Shares increased 114% | $40.5M | 0.6% |
| BIOXCEL THERAPEUTICS INC COMMON STOCK | 241,188 | $0.4M | 0.0% |
| BLACKLINE INC CONVERTIBLE BOND | 1,816,000New position this quarter | $1.8M | 0.0% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 11,999,000Shares increased 73% | $11.9M | 0.2% |
| BLOCK INC CONVERTIBLE BOND | 20,243,000Shares increased 102% | $19.9M | 0.3% |
| BLOCK INC CONVERTIBLE BOND | 5,935,000Shares increased 76% | $5.5M | 0.1% |
| BRIDGEBIO PHARMA INC CONVERTIBLE BOND | 2,550,000Shares decreased 76% | $2.9M | 0.0% |
| CABLE ONE INC CONVERTIBLE BOND | 58,874,000Shares increased <1% | $58.1M | 0.8% |
| CALIFORNIA RESOURCES CORP COMMON STOCK | 694,502 | $31.1M | 0.4% |
| CBL & ASSOCIATES PROPERTIES INC COMMON STOCK | 2,517,576Shares decreased 16% | $93.2M | 1.3% |
| CELCUITY INC CONVERTIBLE BOND | 700,000New position this quarter | $1.5M | 0.0% |
| CEMEX SAB DE CV COMMON STOCK | 5,749,324Shares decreased 45% | $66.1M | 0.9% |
| CERENCE INC CONVERTIBLE BOND | 6,605,000Shares increased 63% | $6.0M | 0.1% |
| 163072AA9CHEESECAKE FACTORY INC/THE CONVERTIBLE BOND | 1,960,000New position this quarter | $1.9M | 0.0% |
| CMS ENERGY CORP CONVERTIBLE BOND | 15,199,000Shares decreased 12% | $16.3M | 0.2% |
| COGENT BIOSCIENCES INC CONVERTIBLE BOND | 7,650,000New position this quarter | $9.0M | 0.1% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 10,510,000Shares decreased 19% | $10.8M | 0.2% |
| CONMED CORP CONVERTIBLE BOND | 40,324,000Shares decreased <1% | $38.7M | 0.6% |
| CORE SCIENTIFIC INC COMMON STOCK | 10,350,708Shares increased 62% | $150.7M | 2.1% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 33,101,000Shares increased 34% | $32.2M | 0.5% |
| DATADOG INC CONVERTIBLE BOND | 7,499,000New position this quarter | $7.5M | 0.1% |
| 15677JAD0DAYFORCE INC CONVERTIBLE BOND | 19,351,000Shares increased 106% | $19.2M | 0.3% |
| DEXCOM INC CONVERTIBLE BOND | 27,995,000New position this quarter | $25.8M | 0.4% |
| DIGITALOCEAN HOLDINGS INC CONVERTIBLE BOND | 1,880,000Shares decreased 7% | $1.8M | 0.0% |
| DRAFTKINGS INC CONVERTIBLE BOND | 25,225,000New position this quarter | $23.1M | 0.3% |
| DROPBOX INC CONVERTIBLE BOND | 2,175,000New position this quarter | $2.2M | 0.0% |
| ECHOSTAR CORP CONVERTIBLE BOND | 18,000,000New position this quarter | $60.2M | 0.9% |
| ECOVYST INC COMMON STOCK | 4,254,503Shares increased 49% | $41.4M | 0.6% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 10,911,000Shares decreased 16% | $10.8M | 0.2% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 38,178,000Shares increased 33% | $33.4M | 0.5% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 30,786,000Shares increased 21% | $29.6M | 0.4% |
| ETSY INC CONVERTIBLE BOND | 50,165,000Shares increased 28% | $44.9M | 0.6% |
| EXPAND ENERGY CORP COMMON STOCK | 5,062,363 | $558.7M | 7.9% |
| EXPAND ENERGY CORP WARRANT | 95,294 | $9.5M | 0.1% |
| FASTLY INC CONVERTIBLE BOND | 863,000Shares decreased 36% | $0.9M | 0.0% |
| FASTLY INC CONVERTIBLE BOND | 1,353,000New position this quarter | $1.5M | 0.0% |
| FIVE9 INC CONVERTIBLE BOND | 30,353,000Shares increased 290% | $27.4M | 0.4% |
| FLUOR CORP CONVERTIBLE BOND | 9,371,000Shares decreased 11% | $10.7M | 0.2% |
| FORD MOTOR CO CONVERTIBLE BOND | 2,900,000New position this quarter | $3.0M | 0.0% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,390,053Shares decreased 8% | $70.6M | 1.0% |
| FRESHPET INC CONVERTIBLE BOND | 7,300,000Shares increased 70% | $8.6M | 0.1% |
| FTAI AVIATION LTD COMMON STOCK | 517,328Shares decreased 12% | $101.8M | 1.4% |
| FULL TRUCK ALLIANCE CO LTD COMMON STOCK | 3,519,764Shares decreased 7% | $37.8M | 0.5% |
| GARRETT MOTION INC COMMON STOCK | 17,094,816Shares decreased 46% | $298.0M | 4.2% |
| GLADSTONE CAPITAL CORP CONVERTIBLE BOND | 754,000New position this quarter | $0.7M | 0.0% |
| GRAB HOLDINGS LTD COMMON STOCK | 11,207,699Shares decreased 7% | $55.9M | 0.8% |
| GREEN PLAINS INC CONVERTIBLE BOND | 7,677,000New position this quarter | $7.4M | 0.1% |
| GROUPON INC CONVERTIBLE BOND | 1,874,000Shares decreased 21% | $1.9M | 0.0% |
| GRUPO AEROMEXICO SAB DE CV COMMON STOCK | 3,776,986New position this quarter | $82.9M | 1.2% |
| GUARDANT HEALTH INC CONVERTIBLE BOND | 555,000Shares decreased 88% | $0.6M | 0.0% |
| HAEMONETICS CORP CONVERTIBLE BOND | 15,030,000Shares increased 63% | $14.9M | 0.2% |
| HAEMONETICS CORP CONVERTIBLE BOND | 902,000New position this quarter | $0.9M | 0.0% |
| HDFC BANK LTD COMMON STOCK | 130,441Shares decreased 14% | $4.8M | 0.1% |
| HERBALIFE LTD CONVERTIBLE BOND | 1,242,000Shares decreased 56% | $1.3M | 0.0% |
| Indivior Pharmaceuticals Inc COMMON STOCK | 7,108,644Shares decreased 97% | $255.1M | 3.6% |
| INFOSYS LTD COMMON STOCK | 1,094,752New position this quarter | $19.5M | 0.3% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 13,822,747Shares increased 9% | $99.0M | 1.4% |
| ITRON INC CONVERTIBLE BOND | 8,700,000New position this quarter | $8.8M | 0.1% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 10,600,000Shares decreased 37% | $14.1M | 0.2% |
| JD.COM INC CONVERTIBLE BOND | 19,233,000Shares decreased 19% | $19.3M | 0.3% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 90,530,000Shares increased 33% | $89.0M | 1.3% |
| KANZHUN LTD COMMON STOCK | 1,523,231Shares decreased 7% | $31.0M | 0.4% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $69.1M | 1.0% |
| LANTHEUS HOLDINGS INC CONVERTIBLE BOND | 11,525,000Shares increased 84% | $13.2M | 0.2% |
| LCI INDUSTRIES CONVERTIBLE BOND | 9,927,000Shares increased 55% | $9.8M | 0.1% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191 | $95.3M | 1.4% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 839,020Shares decreased 1% | $6.2M | 0.1% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 5,748,780Shares decreased 14% | $42.9M | 0.6% |
| LIVANOVA PLC CONVERTIBLE BOND | 15,285,000Shares increased 1% | $17.7M | 0.3% |
| LIVE NATION ENTERTAINMENT INC CONVERTIBLE BOND | 9,670,000New position this quarter | $10.2M | 0.1% |
| LYFT INC CONVERTIBLE BOND | 1,100,000 | $1.3M | 0.0% |
| MAGNACHIP SEMICONDUCTOR CORP COMMON STOCK | 2,849,858 | $7.3M | 0.1% |
| MAGNITE INC CONVERTIBLE BOND | 10,305,000Shares increased 55% | $10.2M | 0.1% |
| MARRIOTT INTERNATIONAL INC/MD COMMON STOCK | 150,000 | $46.5M | 0.7% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 40,370,000Shares increased 13% | $38.5M | 0.5% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 23,225,000Shares increased 34% | $22.5M | 0.3% |
| MITEK SYSTEMS INC CONVERTIBLE BOND | 5,374,000New position this quarter | $5.3M | 0.1% |
| MKS INC CONVERTIBLE BOND | 6,255,000Shares decreased 63% | $8.0M | 0.1% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 24,063,000Shares increased 88% | $19.6M | 0.3% |
| NEOGENOMICS INC CONVERTIBLE BOND | 7,098,000Shares increased 81% | $6.3M | 0.1% |
Showing the top 100 of 170 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
Utilities rose most (▲ +4pp) · Consumer Discretionary fell most (▼ −5pp)
42 of 170 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.
