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| Security | Shares | Market value | % of portfolio |
|---|---|---|---|
| STATE STREET CORP ETF | 1,355,000New position this quarter | $1011.9M | 14.0% |
| INVESCO QQQ TRUST SERIES 1 ETF |
| 885,000Shares increased 55% |
| $651.7M |
| 9.0% |
| TORM PLC COMMON STOCK | 20,329,874Shares decreased 15% | $524.3M | 7.3% |
| EXPAND ENERGY CORP COMMON STOCK | 5,237,477 | $477.6M | 6.6% |
| GARRETT MOTION INC COMMON STOCK | 7,594,816Shares decreased 48% | $275.2M | 3.8% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 3,179,092Shares decreased 1% | $257.2M | 3.6% |
| CORE SCIENTIFIC INC COMMON STOCK | 9,993,708Shares decreased 23% | $255.7M | 3.5% |
| INDIVIOR PHARMACEUTICALS INC COMMON STOCK | 6,127,212Shares decreased 12% | $251.4M | 3.5% |
| TELEPHONE AND DATA SYSTEMS INC COMMON STOCK | 5,282,905Shares increased 23% | $195.5M | 2.7% |
| VIPER ENERGY INC COMMON STOCK | 3,791,432 | $160.8M | 2.2% |
| TALEN ENERGY CORP COMMON STOCK | 331,117Shares decreased 31% | $127.2M | 1.8% |
| BARRICK MINING CORP COMMON STOCK | 3,206,087Shares increased 22% | $117.8M | 1.6% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 11,977,665Shares decreased 2% | $97.9M | 1.4% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191 | $97.2M | 1.3% |
| OAKTREE SPECIALTY LENDING CORP COMMON STOCK | 7,872,199Shares increased 325% | $94.0M | 1.3% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,201,122Shares decreased 2% | $75.5M | 1.0% |
| GRUPO AEROMEXICO SAB DE CV COMMON STOCK | 3,968,686 | $71.4M | 1.0% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $69.3M | 1.0% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 63,534,000Shares increased 10% | $63.1M | 0.9% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 64,025,000Shares increased 14% | $62.4M | 0.9% |
| SEA LTD CONVERTIBLE BOND | 62,567,000Shares increased 31% | $62.1M | 0.9% |
| ETSY INC CONVERTIBLE BOND | 66,836,000Shares increased 9% | $61.2M | 0.8% |
| SEA LTD COMMON STOCK | 635,443New position this quarter | $60.9M | 0.8% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 7,559,083Shares increased 31% | $58.9M | 0.8% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 61,820,000Shares increased 9% | $57.6M | 0.8% |
| DEXCOM INC CONVERTIBLE BOND | 61,148,000Shares increased 51% | $57.1M | 0.8% |
| BAUSCH LOMB CORP COMMON STOCK | 3,441,042Shares increased 2% | $57.0M | 0.8% |
| VIASAT INC COMMON STOCK | 630,280New position this quarter | $56.6M | 0.8% |
| ECHOSTAR CORP CONVERTIBLE BOND | 18,000,001 | $56.3M | 0.8% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 56,893,000Shares increased 9% | $56.0M | 0.8% |
| DRAFTKINGS INC CONVERTIBLE BOND | 58,501,000Shares increased 32% | $54.5M | 0.8% |
| CONMED CORP CONVERTIBLE BOND | 53,645,000Shares increased 48% | $52.5M | 0.7% |
| MAKEMYTRIP LTD COMMON STOCK | 983,068New position this quarter | $52.4M | 0.7% |
| RIOT PLATFORMS INC CONVERTIBLE BOND | 26,000,000Shares decreased 67% | $52.3M | 0.7% |
| TELADOC HEALTH INC CONVERTIBLE BOND | 53,624,000Shares increased 62% | $52.3M | 0.7% |
| BENTLEY SYSTEMS INC CONVERTIBLE BOND | 54,264,000Shares increased 15% | $52.2M | 0.7% |
| MATTHEWS INTERNATIONAL CORP COMMON STOCK | 1,925,992New position this quarter | $51.8M | 0.7% |
| XP INC COMMON STOCK | 3,116,809Shares decreased 2% | $50.7M | 0.7% |
| UNITY SOFTWARE INC CONVERTIBLE BOND | 49,426,000Shares increased 38% | $48.6M | 0.7% |
| FIVE9 INC CONVERTIBLE BOND | 53,306,000Shares increased 145% | $47.4M | 0.7% |
| LYONDELLBASELL INDUSTRIES NV COMMON STOCK | 900,000Shares increased 80% | $47.4M | 0.7% |
| SHIFT4 PAYMENTS INC CONVERTIBLE BOND | 48,444,000Shares increased 78% | $46.3M | 0.6% |
| YPF SA COMMON STOCK | 991,346Shares increased 12% | $45.1M | 0.6% |
| TRANSALTA CORP COMMON STOCK | 3,000,000Shares decreased 53% | $41.5M | 0.6% |
| VISTEON CORP COMMON STOCK | 400,000New position this quarter | $39.7M | 0.6% |
| RUNWAY GROWTH FINANCE CORP COMMON STOCK | 7,029,667 | $39.4M | 0.5% |
| ENOVIS CORP CONVERTIBLE BOND | 39,207,000New position this quarter | $37.8M | 0.5% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 40,880,000Shares increased 7% | $37.2M | 0.5% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 34,815,000Shares increased 202% | $34.3M | 0.5% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 33,985,000Shares increased 9% | $31.6M | 0.4% |
| EMBRAER SA COMMON STOCK | 439,706Shares decreased 2% | $28.1M | 0.4% |
| SNAP INC CONVERTIBLE BOND | 28,018,000Shares increased 42% | $26.7M | 0.4% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 696,858Shares decreased 4% | $25.3M | 0.4% |
| RICE ACQUISITION CORP 3 COMMON STOCK | 2,400,000 | $25.2M | 0.3% |
| SHARONAI HOLDINGS INC COMMON STOCK | 289,456Shares decreased 71% | $24.5M | 0.3% |
| SPECTRUM BRANDS HOLDINGS INC CONVERTIBLE BOND | 23,452,000Shares decreased 10% | $24.5M | 0.3% |
| TERNIUM SA COMMON STOCK | 572,324Shares decreased 2% | $24.4M | 0.3% |
| 747906600QUANTUM CORP COMMON STOCK | 2,011,678New position this quarter | $22.1M | 0.3% |
| WINNEBAGO INDUSTRIES INC CONVERTIBLE BOND | 20,074,000Shares increased 114% | $18.7M | 0.3% |
| BLOCK INC CONVERTIBLE BOND | 17,983,000Shares increased 64% | $17.1M | 0.2% |
| SNAP INC CONVERTIBLE BOND | 17,474,000Shares increased 191% | $16.1M | 0.2% |
| SIMPLY GOOD FOODS CO/THE COMMON STOCK | 1,203,889Shares increased 7% | $16.0M | 0.2% |
| COGENT BIOSCIENCES INC CONVERTIBLE BOND | 11,890,000Shares increased 16% | $14.8M | 0.2% |
| SURGERY PARTNERS INC COMMON STOCK | 862,588New position this quarter | $14.5M | 0.2% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 14,064,000Shares increased 9% | $14.1M | 0.2% |
| UPWORK INC CONVERTIBLE BOND | 14,154,000Shares increased 13% | $14.0M | 0.2% |
| WORKIVA INC CONVERTIBLE BOND | 14,970,000New position this quarter | $14.0M | 0.2% |
| ETSY INC CONVERTIBLE BOND | 11,974,000New position this quarter | $13.9M | 0.2% |
| 75737FAE8REDFIN CORP CONVERTIBLE BOND | 14,041,000Shares increased 53% | $13.5M | 0.2% |
| STARWOOD PROPERTY TRUST INC CONVERTIBLE BOND | 11,894,933New position this quarter | $12.1M | 0.2% |
| BITDEER TECHNOLOGIES GROUP COMMON STOCK | 750,000New position this quarter | $11.9M | 0.2% |
| SNOWFLAKE INC CONVERTIBLE BOND | 7,147,000Shares increased 347% | $11.9M | 0.2% |
| MAGNACHIP SEMICONDUCTOR CORP COMMON STOCK | 2,500,000Shares decreased 12% | $11.8M | 0.2% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 11,880,000Shares decreased 26% | $11.3M | 0.2% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 11,799,000Shares increased 14% | $11.3M | 0.2% |
| ITRON INC CONVERTIBLE BOND | 11,216,000Shares increased 8% | $11.2M | 0.2% |
| ZIFF DAVIS INC CONVERTIBLE BOND | 11,230,000Shares increased 11% | $11.1M | 0.2% |
| MAYFAIR GOLD CORP COMMON STOCK | 4,500,000 | $11.1M | 0.2% |
| ARROWHEAD PHARMACEUTICALS INC CONVERTIBLE BOND | 9,146,000Shares decreased 17% | $11.0M | 0.2% |
| BLUE MOON METALS INC COMMON STOCK | 1,685,000 | $10.7M | 0.1% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 10,206,000Shares decreased 36% | $10.3M | 0.1% |
| CLOUDFLARE INC CONVERTIBLE BOND | 8,050,000New position this quarter | $10.2M | 0.1% |
| RAPID7 INC CONVERTIBLE BOND | 10,061,000Shares increased 503% | $9.7M | 0.1% |
| FRESHPET INC CONVERTIBLE BOND | 7,913,000New position this quarter | $9.2M | 0.1% |
| ALPHATEC HOLDINGS INC CONVERTIBLE BOND | 9,177,000New position this quarter | $9.1M | 0.1% |
| SMARTRENT INC COMMON STOCK | 7,505,294 | $8.9M | 0.1% |
| UPSTART HOLDINGS INC CONVERTIBLE BOND | 8,312,000Shares increased 71% | $8.3M | 0.1% |
| SITIME CORP CONVERTIBLE BOND | 7,300,000New position this quarter | $8.1M | 0.1% |
| REDWOOD TRUST INC CONVERTIBLE BOND | 7,881,000Shares decreased 4% | $8.0M | 0.1% |
| DOORDASH INC CONVERTIBLE BOND | 8,089,000New position this quarter | $8.0M | 0.1% |
| JD.COM INC CONVERTIBLE BOND | 8,065,000Shares decreased 27% | $7.9M | 0.1% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 8,171,000Shares increased 711% | $7.8M | 0.1% |
| PENNYMAC MORTGAGE INVESTMENT TRUST CONVERTIBLE BOND | 7,101,000Shares increased 79% | $7.3M | 0.1% |
| CERENCE INC CONVERTIBLE BOND | 7,887,000Shares increased 33% | $7.2M | 0.1% |
| CELCUITY INC CONVERTIBLE BOND | 6,250,000New position this quarter | $7.1M | 0.1% |
| WORKIVA INC CONVERTIBLE BOND | 7,100,000New position this quarter | $7.1M | 0.1% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 6,708,000New position this quarter | $6.9M | 0.1% |
| ETSY INC CONVERTIBLE BOND | 7,233,000New position this quarter | $6.9M | 0.1% |
| PAGERDUTY INC CONVERTIBLE BOND | 7,125,000Shares increased 20% | $6.7M | 0.1% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 839,020 | $6.6M | 0.1% |
Showing the top 100 of 143 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
Health Care rose most (▲ +4pp) · Energy fell most (▼ −4pp)
39 of 143 holdings classified · Sectors derived from free SEC SIC codes + curated overrides.
Latest filed · 2026-06-30
Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.
