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Oaktree memos · cycles and risk-first investing
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Co-Chair of Oaktree Capital Management. His memos — published irregularly since 1990 — have shaped how a generation of investors thinks about market cycles, risk asymmetry, and the gap between price and value.
past 90 days · 1 event · 1 citation →
Marks traces direct lending's rise from innovation to bubble dynamics, warning of software debt risks and redemption pressures in public vehicles.
Auto-generated beat summary over window ending Jul 7, 2026. Not investment advice. Verify before acting.
| Security | Shares | Market value | % of portfolio |
|---|
| TORM PLC COMMON STOCK | 23,839,575Shares decreased 10% | $675.1M | 10.3% |
| EXPAND ENERGY CORP COMMON STOCK | 5,237,477Shares increased 3% | $575.0M | 8.8% |
| INVESCO QQQ TRUST SERIES 1 ETF | 570,000New position this quarter | $329.0M | 5.0% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 3,223,092Shares decreased 16% | $313.8M | 4.8% |
| GARRETT MOTION INC COMMON STOCK | 14,594,816Shares decreased 15% | $265.2M | 4.0% |
| INDIVIOR PHARMACEUTICALS INC COMMON STOCK | 6,984,102New position this quarter | $212.9M | 3.2% |
| CORE SCIENTIFIC INC COMMON STOCK | 12,900,708Shares increased 25% | $192.3M | 2.9% |
| STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF ETF | 1,000,000New position this quarter | $181.8M | 2.8% |
| TELEPHONE AND DATA SYSTEMS INC COMMON STOCK | 4,292,243Shares increased 16% | $180.7M | 2.8% |
| VIPER ENERGY INC COMMON STOCK | 3,791,432Shares decreased 40% | $178.2M | 2.7% |
| TALEN ENERGY CORP COMMON STOCK | 481,117Shares decreased 24% | $153.6M | 2.3% |
| SUNOPTA INC COMMON STOCK | 20,726,126 | $134.2M | 2.0% |
| PETROLEO BRASILEIRO SA - PETROBRAS COMMON STOCK | 6,089,413New position this quarter | $126.4M | 1.9% |
| BARRICK MINING CORP COMMON STOCK | 2,624,859Shares decreased 12% | $107.1M | 1.6% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191 | $103.4M | 1.6% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 12,188,995Shares decreased 12% | $102.1M | 1.6% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 95,093,000Shares increased 5% | $94.8M | 1.4% |
| RIOT PLATFORMS INC CONVERTIBLE BOND | 79,664,000Shares decreased 3% | $91.8M | 1.4% |
| NOKIA OYJ COMMON STOCK | 11,200,308Shares decreased 40% | $90.1M | 1.4% |
| TRANSALTA CORP COMMON STOCK | 6,415,253 | $84.1M | 1.3% |
| CBL & ASSOCIATES PROPERTIES INC COMMON STOCK | 2,153,717Shares decreased 14% | $82.8M | 1.3% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,220,122Shares decreased 12% | $71.7M | 1.1% |
| ECHOSTAR CORP CONVERTIBLE BOND | 18,000,001Shares increased <1% | $64.3M | 1.0% |
| XP INC COMMON STOCK | 3,172,009Shares decreased 4% | $60.4M | 0.9% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 57,736,000Shares increased 45% | $56.4M | 0.9% |
| 03040WBE4AMERICAN WATER CAPITAL CORP CONVERTIBLE BOND | 55,921,000Shares increased >999% | $55.8M | 0.9% |
| GRUPO AEROMEXICO SAB DE CV COMMON STOCK | 3,968,686Shares increased 5% | $55.6M | 0.8% |
| ETSY INC CONVERTIBLE BOND | 61,196,000Shares increased 22% | $54.8M | 0.8% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 55,985,000Shares increased 33% | $54.0M | 0.8% |
| BAUSCH LOMB CORP COMMON STOCK | 3,382,739 | $53.8M | 0.8% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 52,633,000New position this quarter | $52.2M | 0.8% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $52.2M | 0.8% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 5,748,780 | $50.7M | 0.8% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 56,620,000Shares increased 48% | $50.6M | 0.8% |
| CREDO TECHNOLOGY GROUP HOLDING LTD COMMON STOCK | 539,000New position this quarter | $50.6M | 0.8% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 52,119,000Shares increased 29% | $50.2M | 0.8% |
| RUNWAY GROWTH FINANCE CORP COMMON STOCK | 7,029,667 | $48.3M | 0.7% |
| SEA LTD CONVERTIBLE BOND | 47,886,000Shares increased 23% | $46.9M | 0.7% |
| OKTA INC CONVERTIBLE BOND | 46,973,000Shares increased 66% | $46.7M | 0.7% |
| BENTLEY SYSTEMS INC CONVERTIBLE BOND | 46,995,000Shares increased 598% | $44.7M | 0.7% |
| YPF SA COMMON STOCK | 886,465New position this quarter | $41.0M | 0.6% |
| Q2 HOLDINGS INC CONVERTIBLE BOND | 41,053,000New position this quarter | $40.9M | 0.6% |
| LYONDELLBASELL INDUSTRIES NV COMMON STOCK | 500,000New position this quarter | $40.3M | 0.6% |
| DRAFTKINGS INC CONVERTIBLE BOND | 44,355,000Shares increased 76% | $40.0M | 0.6% |
| BLOCK INC CONVERTIBLE BOND | 37,779,000Shares increased 87% | $37.7M | 0.6% |
| DEXCOM INC CONVERTIBLE BOND | 40,423,000Shares increased 44% | $37.3M | 0.6% |
| 743312AB6PROGRESS SOFTWARE CORP CONVERTIBLE BOND | 36,154,000New position this quarter | $36.1M | 0.6% |
| CONMED CORP CONVERTIBLE BOND | 36,189,000Shares decreased 10% | $35.1M | 0.5% |
| UNITY SOFTWARE INC CONVERTIBLE BOND | 35,941,000Shares increased 296% | $35.0M | 0.5% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 38,036,000Shares decreased 13% | $34.5M | 0.5% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 724,444 | $33.4M | 0.5% |
| TELADOC HEALTH INC CONVERTIBLE BOND | 33,070,000Shares decreased 14% | $31.7M | 0.5% |
| CEMEX SAB DE CV COMMON STOCK | 2,763,083Shares decreased 52% | $31.6M | 0.5% |
| ECOVYST INC COMMON STOCK | 2,393,791Shares decreased 44% | $30.8M | 0.5% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 31,046,000Shares decreased 7% | $28.2M | 0.4% |
| EMBRAER SA COMMON STOCK | 447,606New position this quarter | $26.6M | 0.4% |
| SPECTRUM BRANDS HOLDINGS INC CONVERTIBLE BOND | 26,126,000Shares decreased 5% | $26.1M | 0.4% |
| SHIFT4 PAYMENTS INC CONVERTIBLE BOND | 27,272,000New position this quarter | $25.7M | 0.4% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 26,175,000Shares decreased 21% | $25.7M | 0.4% |
| RICE ACQUISITION CORP 3 COMMON STOCK | 2,400,000 | $24.7M | 0.4% |
| TERNIUM SA COMMON STOCK | 582,924Shares decreased 11% | $23.4M | 0.4% |
| SHARONAI HOLDINGS INC COMMON STOCK | 1,000,000New position this quarter | $22.7M | 0.3% |
| OAKTREE SPECIALTY LENDING CORP COMMON STOCK | 1,852,456 | $20.9M | 0.3% |
| FIVE9 INC CONVERTIBLE BOND | 21,743,000Shares decreased 28% | $19.0M | 0.3% |
| TELECOM ARGENTINA SA COMMON STOCK | 1,622,244Shares decreased 31% | $19.0M | 0.3% |
| SNAP INC CONVERTIBLE BOND | 19,745,000Shares increased 1% | $18.7M | 0.3% |
| SIMPLY GOOD FOODS CO/THE COMMON STOCK | 1,128,889New position this quarter | $16.2M | 0.2% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 15,977,000Shares decreased 48% | $15.9M | 0.2% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 16,137,000Shares decreased 33% | $14.7M | 0.2% |
| SYNAPTICS INC CONVERTIBLE BOND | 13,815,000Shares decreased 20% | $14.3M | 0.2% |
| MAYFAIR GOLD CORP COMMON STOCK | 4,500,000New position this quarter | $13.9M | 0.2% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 12,959,000Shares increased 8% | $12.9M | 0.2% |
| COGENT BIOSCIENCES INC CONVERTIBLE BOND | 10,221,000Shares increased 34% | $12.5M | 0.2% |
| UPWORK INC CONVERTIBLE BOND | 12,499,000Shares increased 78% | $12.3M | 0.2% |
| BATTALION OIL CORP COMMON STOCK | 3,009,912 | $11.7M | 0.2% |
| ARROWHEAD PHARMACEUTICALS INC CONVERTIBLE BOND | 11,055,000New position this quarter | $11.5M | 0.2% |
| SMARTRENT INC COMMON STOCK | 7,505,294 | $11.3M | 0.2% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 11,537,000Shares increased 121% | $11.2M | 0.2% |
| JD.COM INC CONVERTIBLE BOND | 11,053,000Shares decreased 43% | $11.0M | 0.2% |
| BLUE MOON METALS INC COMMON STOCK | 1,685,000New position this quarter | $10.9M | 0.2% |
| ITRON INC CONVERTIBLE BOND | 10,349,000Shares increased 19% | $10.4M | 0.2% |
| BLOCK INC CONVERTIBLE BOND | 10,982,000Shares increased 85% | $10.3M | 0.2% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 10,313,000Shares decreased 35% | $10.1M | 0.2% |
| STRATEGY INC CONVERTIBLE BOND | 12,080,000Shares increased 110% | $10.1M | 0.2% |
| ZIFF DAVIS INC CONVERTIBLE BOND | 10,091,000 | $9.9M | 0.2% |
| PENN ENTERTAINMENT INC CONVERTIBLE BOND | 9,562,000Shares increased 93% | $9.6M | 0.1% |
| OPTIMUM COMMUNICATIONS INC COMMON STOCK | 7,330,490Shares decreased 2% | $9.5M | 0.1% |
| CALLAWAY GOLF CO CONVERTIBLE BOND | 9,166,000Shares decreased 4% | $9.2M | 0.1% |
| LCI INDUSTRIES CONVERTIBLE BOND | 9,138,000Shares decreased 8% | $9.1M | 0.1% |
| 75737FAE8REDFIN CORP CONVERTIBLE BOND | 9,197,000Shares decreased 22% | $8.8M | 0.1% |
| REPLIGEN CORP CONVERTIBLE BOND | 8,997,000Shares decreased 8% | $8.8M | 0.1% |
| WINNEBAGO INDUSTRIES INC CONVERTIBLE BOND | 9,376,000Shares decreased 54% | $8.5M | 0.1% |
| REDWOOD TRUST INC CONVERTIBLE BOND | 8,247,000Shares increased 11% | $8.4M | 0.1% |
| MAGNACHIP SEMICONDUCTOR CORP COMMON STOCK | 2,849,858 | $8.0M | 0.1% |
| TRIP.COM GROUP LTD CONVERTIBLE BOND | 7,588,000Shares increased 538% | $7.9M | 0.1% |
| NUTANIX INC CONVERTIBLE BOND | 7,600,000Shares increased 280% | $7.8M | 0.1% |
| DATADOG INC CONVERTIBLE BOND | 7,699,000Shares increased 3% | $7.5M | 0.1% |
| ILLUMINATION ACQUISITION CORP I COMMON STOCK | 750,000New position this quarter | $7.4M | 0.1% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 839,020 | $7.2M | 0.1% |
| NRG ENERGY INC COMMON STOCK | 49,028New position this quarter | $7.2M | 0.1% |
| Indivior Pharmaceuticals Inc COMMON STOCK | 212,875,428New position this quarter | $7.0M | 0.1% |
| AKAMAI TECHNOLOGIES INC CONVERTIBLE BOND | 5,397,000New position this quarter | $6.2M | 0.1% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 6,251,000Shares decreased 73% | $6.0M | 0.1% |
| SNAP INC CONVERTIBLE BOND | 6,000,000Shares decreased 55% | $5.5M | 0.1% |
| PAGERDUTY INC CONVERTIBLE BOND | 5,935,000New position this quarter | $5.4M | 0.1% |
| CERENCE INC CONVERTIBLE BOND | 5,942,000Shares decreased 10% | $5.3M | 0.1% |
| NEOGENOMICS INC CONVERTIBLE BOND | 5,575,000Shares decreased 21% | $5.1M | 0.1% |
| GREEN PLAINS INC CONVERTIBLE BOND | 4,998,000Shares decreased 35% | $5.0M | 0.1% |
| UPSTART HOLDINGS INC CONVERTIBLE BOND | 4,869,000Shares decreased 32% | $4.8M | 0.1% |
| PENNYMAC MORTGAGE INVESTMENT TRUST CONVERTIBLE BOND | 3,971,000New position this quarter | $4.2M | 0.1% |
| PG&E CORP CONVERTIBLE BOND | 4,000,000New position this quarter | $4.1M | 0.1% |
| INVESCO SENIOR INCOME TRUST ETF | 200,020New position this quarter | $4.1M | 0.1% |
| 842587DZ7SOUTHERN CO/THE CONVERTIBLE BOND | 3,357,000Shares decreased 26% | $3.7M | 0.1% |
| BANDWIDTH INC CONVERTIBLE BOND | 4,167,000Shares decreased 69% | $3.7M | 0.1% |
| SNAP INC CONVERTIBLE BOND | 3,767,000 | $3.7M | 0.1% |
| ZIFF DAVIS INC CONVERTIBLE BOND | 3,496,000 | $3.4M | 0.1% |
| BILL HOLDINGS INC CONVERTIBLE BOND | 3,306,000 | $3.2M | 0.0% |
| JBT MAREL CORP CONVERTIBLE BOND | 2,927,000New position this quarter | $2.9M | 0.0% |
| DIGITALOCEAN HOLDINGS INC CONVERTIBLE BOND | 2,985,000Shares increased 59% | $2.9M | 0.0% |
| HDFC BANK LTD COMMON STOCK | 114,261Shares decreased 12% | $2.8M | 0.0% |
| UBER TECHNOLOGIES INC CONVERTIBLE BOND | 2,000,000New position this quarter | $2.4M | 0.0% |
| NORTHERN OIL & GAS INC CONVERTIBLE BOND | 2,000,000New position this quarter | $2.2M | 0.0% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 2,364,000Shares decreased 78% | $2.2M | 0.0% |
| 163072AA9CHEESECAKE FACTORY INC/THE CONVERTIBLE BOND | 2,173,000Shares increased 11% | $2.1M | 0.0% |
| STRATEGY INC CONVERTIBLE BOND | 2,200,000Shares increased 69% | $2.1M | 0.0% |
| POST HOLDINGS INC CONVERTIBLE BOND | 1,950,000Shares decreased 26% | $2.1M | 0.0% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 1,461,000Shares decreased 86% | $2.1M | 0.0% |
| PARSONS CORP CONVERTIBLE BOND | 2,060,000Shares increased 78% | $2.0M | 0.0% |
| LIVE NATION ENTERTAINMENT INC CONVERTIBLE BOND | 1,813,000Shares decreased 81% | $2.0M | 0.0% |
| SNOWFLAKE INC CONVERTIBLE BOND | 1,600,000New position this quarter | $1.9M | 0.0% |
| MERITAGE HOMES CORP CONVERTIBLE BOND | 1,900,000New position this quarter | $1.8M | 0.0% |
| NEXTERA ENERGY INC CONVERTIBLE BOND | 1,292,000 | $1.8M | 0.0% |
| GLADSTONE CAPITAL CORP CONVERTIBLE BOND | 1,898,000Shares increased 152% | $1.8M | 0.0% |
| FLUOR CORP CONVERTIBLE BOND | 1,371,000Shares decreased 85% | $1.7M | 0.0% |
| RAPID7 INC CONVERTIBLE BOND | 1,668,000New position this quarter | $1.6M | 0.0% |
| 450056AB2IRHYTHM TECHNOLOGIES INC CONVERTIBLE BOND | 1,350,000New position this quarter | $1.5M | 0.0% |
| CELCUITY INC CONVERTIBLE BOND | 600,000Shares decreased 14% | $1.5M | 0.0% |
| ALVOTECH SA WARRANT | 4,669,508Shares increased <1% | $1.3M | 0.0% |
| 76954AAD5RIVIAN AUTOMOTIVE INC CONVERTIBLE BOND | 1,300,000New position this quarter | $1.2M | 0.0% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 1,008,000New position this quarter | $0.9M | 0.0% |
| HAEMONETICS CORP CONVERTIBLE BOND | 837,000Shares decreased 7% | $0.8M | 0.0% |
| IMMUNOCORE HOLDINGS PLC CONVERTIBLE BOND | 833,000New position this quarter | $0.8M | 0.0% |
| PDD HOLDINGS INC COMMON STOCK | 4,823New position this quarter | $0.5M | 0.0% |
| ALVOTECH SA COMMON STOCK | 97,982Shares decreased 82% | $0.3M | 0.0% |
| BIOXCEL THERAPEUTICS INC COMMON STOCK | 241,188 | $0.3M | 0.0% |
| RICE ACQUISITION CORP 3 WARRANT | 399,999 | $0.3M | 0.0% |
How the book's sector weights moved
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) · Consumer Discretionary fell most (▼ −4pp)
42 of 146 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.
