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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 | 10,313,000Shares decreased 35% | $10.1M | 0.2% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 11,537,000Shares increased 121% | $11.2M | 0.2% |
| AKAMAI TECHNOLOGIES INC CONVERTIBLE BOND | 5,397,000New position this quarter | $6.2M | 0.1% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 1,008,000New position this quarter | $0.9M | 0.0% |
| ALVOTECH SA COMMON STOCK | 97,982Shares decreased 82% | $0.3M | 0.0% |
| ALVOTECH SA WARRANT | 4,669,508Shares increased <1% | $1.3M | 0.0% |
| 03040WBE4AMERICAN WATER CAPITAL CORP CONVERTIBLE BOND | 55,921,000Shares increased >999% | $55.8M | 0.9% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 38,036,000Shares decreased 13% | $34.5M | 0.5% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 3,223,092Shares decreased 16% | $313.8M | 4.8% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 724,444 | $33.4M | 0.5% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 31,046,000Shares decreased 7% | $28.2M | 0.4% |
| ARROWHEAD PHARMACEUTICALS INC CONVERTIBLE BOND | 11,055,000New position this quarter | $11.5M | 0.2% |
| BANDWIDTH INC CONVERTIBLE BOND | 4,167,000Shares decreased 69% | $3.7M | 0.1% |
| BARRICK MINING CORP COMMON STOCK | 2,624,859Shares decreased 12% | $107.1M | 1.6% |
| BATTALION OIL CORP COMMON STOCK | 3,009,912 | $11.7M | 0.2% |
| BAUSCH LOMB CORP COMMON STOCK | 3,382,739 | $53.8M | 0.8% |
| BENTLEY SYSTEMS INC CONVERTIBLE BOND | 46,995,000Shares increased 598% | $44.7M | 0.7% |
| BILL HOLDINGS INC CONVERTIBLE BOND | 3,306,000 | $3.2M | 0.0% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 55,985,000Shares increased 33% | $54.0M | 0.8% |
| BIOXCEL THERAPEUTICS INC COMMON STOCK | 241,188 | $0.3M | 0.0% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 12,959,000Shares increased 8% | $12.9M | 0.2% |
| BLOCK INC CONVERTIBLE BOND | 37,779,000Shares increased 87% | $37.7M | 0.6% |
| BLOCK INC CONVERTIBLE BOND | 10,982,000Shares increased 85% | $10.3M | 0.2% |
| BLUE MOON METALS INC COMMON STOCK | 1,685,000New position this quarter | $10.9M | 0.2% |
| CALLAWAY GOLF CO CONVERTIBLE BOND | 9,166,000Shares decreased 4% | $9.2M | 0.1% |
| CBL & ASSOCIATES PROPERTIES INC COMMON STOCK | 2,153,717Shares decreased 14% | $82.8M | 1.3% |
| CELCUITY INC CONVERTIBLE BOND | 600,000Shares decreased 14% | $1.5M | 0.0% |
| CEMEX SAB DE CV COMMON STOCK | 2,763,083Shares decreased 52% | $31.6M | 0.5% |
| CERENCE INC CONVERTIBLE BOND | 5,942,000Shares decreased 10% | $5.3M | 0.1% |
| 163072AA9CHEESECAKE FACTORY INC/THE CONVERTIBLE BOND | 2,173,000Shares increased 11% | $2.1M | 0.0% |
| COGENT BIOSCIENCES INC CONVERTIBLE BOND | 10,221,000Shares increased 34% | $12.5M | 0.2% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 52,633,000New position this quarter | $52.2M | 0.8% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 2,364,000Shares decreased 78% | $2.2M | 0.0% |
| CONMED CORP CONVERTIBLE BOND | 36,189,000Shares decreased 10% | $35.1M | 0.5% |
| CORE SCIENTIFIC INC COMMON STOCK | 12,900,708Shares increased 25% | $192.3M | 2.9% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 26,175,000Shares decreased 21% | $25.7M | 0.4% |
| CREDO TECHNOLOGY GROUP HOLDING LTD COMMON STOCK | 539,000New position this quarter | $50.6M | 0.8% |
| DATADOG INC CONVERTIBLE BOND | 7,699,000Shares increased 3% | $7.5M | 0.1% |
| DEXCOM INC CONVERTIBLE BOND | 40,423,000Shares increased 44% | $37.3M | 0.6% |
| DIGITALOCEAN HOLDINGS INC CONVERTIBLE BOND | 2,985,000Shares increased 59% | $2.9M | 0.0% |
| DRAFTKINGS INC CONVERTIBLE BOND | 44,355,000Shares increased 76% | $40.0M | 0.6% |
| ECHOSTAR CORP CONVERTIBLE BOND | 18,000,001Shares increased <1% | $64.3M | 1.0% |
| ECOVYST INC COMMON STOCK | 2,393,791Shares decreased 44% | $30.8M | 0.5% |
| EMBRAER SA COMMON STOCK | 447,606New position this quarter | $26.6M | 0.4% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 56,620,000Shares increased 48% | $50.6M | 0.8% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 15,977,000Shares decreased 48% | $15.9M | 0.2% |
| ETSY INC CONVERTIBLE BOND | 61,196,000Shares increased 22% | $54.8M | 0.8% |
| EXPAND ENERGY CORP COMMON STOCK | 5,237,477Shares increased 3% | $575.0M | 8.8% |
| FIVE9 INC CONVERTIBLE BOND | 21,743,000Shares decreased 28% | $19.0M | 0.3% |
| FLUOR CORP CONVERTIBLE BOND | 1,371,000Shares decreased 85% | $1.7M | 0.0% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,220,122Shares decreased 12% | $71.7M | 1.1% |
| GARRETT MOTION INC COMMON STOCK | 14,594,816Shares decreased 15% | $265.2M | 4.0% |
| GLADSTONE CAPITAL CORP CONVERTIBLE BOND | 1,898,000Shares increased 152% | $1.8M | 0.0% |
| GREEN PLAINS INC CONVERTIBLE BOND | 4,998,000Shares decreased 35% | $5.0M | 0.1% |
| GRUPO AEROMEXICO SAB DE CV COMMON STOCK | 3,968,686Shares increased 5% | $55.6M | 0.8% |
| HAEMONETICS CORP CONVERTIBLE BOND | 837,000Shares decreased 7% | $0.8M | 0.0% |
| HDFC BANK LTD COMMON STOCK | 114,261Shares decreased 12% | $2.8M | 0.0% |
| ILLUMINATION ACQUISITION CORP I COMMON STOCK | 750,000New position this quarter | $7.4M | 0.1% |
| IMMUNOCORE HOLDINGS PLC CONVERTIBLE BOND | 833,000New position this quarter | $0.8M | 0.0% |
| Indivior Pharmaceuticals Inc COMMON STOCK | 212,875,428New position this quarter | $7.0M | 0.1% |
| INDIVIOR PHARMACEUTICALS INC COMMON STOCK | 6,984,102New position this quarter | $212.9M | 3.2% |
| INVESCO QQQ TRUST SERIES 1 ETF | 570,000New position this quarter | $329.0M | 5.0% |
| INVESCO SENIOR INCOME TRUST ETF | 200,020New position this quarter | $4.1M | 0.1% |
| 450056AB2IRHYTHM TECHNOLOGIES INC CONVERTIBLE BOND | 1,350,000New position this quarter | $1.5M | 0.0% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 12,188,995Shares decreased 12% | $102.1M | 1.6% |
| ITRON INC CONVERTIBLE BOND | 10,349,000Shares increased 19% | $10.4M | 0.2% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 1,461,000Shares decreased 86% | $2.1M | 0.0% |
| JBT MAREL CORP CONVERTIBLE BOND | 2,927,000New position this quarter | $2.9M | 0.0% |
| JD.COM INC CONVERTIBLE BOND | 11,053,000Shares decreased 43% | $11.0M | 0.2% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 95,093,000Shares increased 5% | $94.8M | 1.4% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $52.2M | 0.8% |
| LCI INDUSTRIES CONVERTIBLE BOND | 9,138,000Shares decreased 8% | $9.1M | 0.1% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191 | $103.4M | 1.6% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 839,020 | $7.2M | 0.1% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 5,748,780 | $50.7M | 0.8% |
| LIVE NATION ENTERTAINMENT INC CONVERTIBLE BOND | 1,813,000Shares decreased 81% | $2.0M | 0.0% |
| LYONDELLBASELL INDUSTRIES NV COMMON STOCK | 500,000New position this quarter | $40.3M | 0.6% |
| MAGNACHIP SEMICONDUCTOR CORP COMMON STOCK | 2,849,858 | $8.0M | 0.1% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 52,119,000Shares increased 29% | $50.2M | 0.8% |
| MAYFAIR GOLD CORP COMMON STOCK | 4,500,000New position this quarter | $13.9M | 0.2% |
| MERITAGE HOMES CORP CONVERTIBLE BOND | 1,900,000New position this quarter | $1.8M | 0.0% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 6,251,000Shares decreased 73% | $6.0M | 0.1% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 16,137,000Shares decreased 33% | $14.7M | 0.2% |
| NEOGENOMICS INC CONVERTIBLE BOND | 5,575,000Shares decreased 21% | $5.1M | 0.1% |
| NEXTERA ENERGY INC CONVERTIBLE BOND | 1,292,000 | $1.8M | 0.0% |
| NOKIA OYJ COMMON STOCK | 11,200,308Shares decreased 40% | $90.1M | 1.4% |
| NORTHERN OIL & GAS INC CONVERTIBLE BOND | 2,000,000New position this quarter | $2.2M | 0.0% |
| NRG ENERGY INC COMMON STOCK | 49,028New position this quarter | $7.2M | 0.1% |
| NUTANIX INC CONVERTIBLE BOND | 7,600,000Shares increased 280% | $7.8M | 0.1% |
| OAKTREE SPECIALTY LENDING CORP COMMON STOCK | 1,852,456 | $20.9M | 0.3% |
| OKTA INC CONVERTIBLE BOND | 46,973,000Shares increased 66% | $46.7M | 0.7% |
| OPTIMUM COMMUNICATIONS INC COMMON STOCK | 7,330,490Shares decreased 2% | $9.5M | 0.1% |
| PAGERDUTY INC CONVERTIBLE BOND | 5,935,000New position this quarter | $5.4M | 0.1% |
| PARSONS CORP CONVERTIBLE BOND | 2,060,000Shares increased 78% | $2.0M | 0.0% |
| PDD HOLDINGS INC COMMON STOCK | 4,823New position this quarter | $0.5M | 0.0% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 57,736,000Shares increased 45% | $56.4M | 0.9% |
| PENN ENTERTAINMENT INC CONVERTIBLE BOND | 9,562,000Shares increased 93% | $9.6M | 0.1% |
| PENNYMAC MORTGAGE INVESTMENT TRUST CONVERTIBLE BOND | 3,971,000New position this quarter | $4.2M | 0.1% |
| PETROLEO BRASILEIRO SA - PETROBRAS COMMON STOCK | 6,089,413New position this quarter | $126.4M | 1.9% |
| PG&E CORP CONVERTIBLE BOND | 4,000,000New position this quarter | $4.1M | 0.1% |
Showing the top 100 of 146 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) · 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.
