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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 |
|---|
| G4766E116Indivior COMMON STOCK | 257,785,398Shares increased >999% | $10.7M | 0.2% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 68,263,000Shares increased 14% | $66.6M | 1.0% |
| CABLE ONE INC CONVERTIBLE BOND | 58,746,000Shares increased 13% | $57.4M | 0.9% |
| TELADOC HEALTH INC CONVERTIBLE BOND | 40,638,000Shares increased 34% | $38.2M | 0.6% |
| TORM PLC COMMON STOCK | 40,581,120 | $834.6M | 12.9% |
| CONMED CORP CONVERTIBLE BOND | 40,513,000Shares increased 46% | $38.6M | 0.6% |
| AIRBNB INC CONVERTIBLE BOND | 39,353,000Shares increased 8% | $38.6M | 0.6% |
| ETSY INC CONVERTIBLE BOND | 39,330,000Shares increased 24% | $34.8M | 0.5% |
| SEA LTD CONVERTIBLE BOND | 37,028,000Shares increased 23% | $35.6M | 0.6% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 35,832,000Shares increased 39% | $34.2M | 0.5% |
| SAREPTA THERAPEUTICS INC CONVERTIBLE BOND | 34,930,000Shares increased 610% | $30.8M | 0.5% |
| GARRETT MOTION INC COMMON STOCK | 31,894,816Shares decreased 14% | $434.4M | 6.7% |
| SUMMIT HOTEL PROPERTIES INC CONVERTIBLE BOND | 29,441,000Shares decreased 3% | $29.0M | 0.4% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 28,622,000Shares increased 94% | $24.9M | 0.4% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 26,176,000Shares decreased 58% | $25.9M | 0.4% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 25,479,000Shares increased 14% | $24.1M | 0.4% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 24,773,000Shares increased 150% | $23.8M | 0.4% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 24,757,000Shares decreased 1% | $24.5M | 0.4% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 24,689,000Shares increased 283% | $21.5M | 0.3% |
| JD.COM INC CONVERTIBLE BOND | 23,821,000Shares increased 93% | $25.7M | 0.4% |
| SUNOPTA INC COMMON STOCK | 20,726,126 | $121.4M | 1.9% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 19,719,000Shares increased >999% | $18.7M | 0.3% |
| NOKIA OYJ COMMON STOCK | 18,752,229 | $90.2M | 1.4% |
| FIRST MAJESTIC SILVER CORP CONVERTIBLE BOND | 18,133,000Shares decreased 12% | $19.7M | 0.3% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 17,825,000New position this quarter | $16.2M | 0.3% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 17,763,000New position this quarter | $22.1M | 0.3% |
| CMS ENERGY CORP CONVERTIBLE BOND | 17,343,000Shares increased 57% | $19.0M | 0.3% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 17,275,000New position this quarter | $16.6M | 0.3% |
| OKTA INC CONVERTIBLE BOND | 16,906,000Shares increased 263% | $16.5M | 0.3% |
| MKS INC CONVERTIBLE BOND | 16,705,000Shares increased 39% | $18.3M | 0.3% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 16,700,000New position this quarter | $19.9M | 0.3% |
| SPECTRUM BRANDS HOLDINGS INC CONVERTIBLE BOND | 16,221,000New position this quarter | $15.1M | 0.2% |
| PPL CORP CONVERTIBLE BOND | 15,733,000Shares increased 38% | $18.0M | 0.3% |
| SNAP INC CONVERTIBLE BOND | 15,339,000Shares decreased 48% | $13.7M | 0.2% |
| LIVANOVA PLC CONVERTIBLE BOND | 15,085,000Shares increased 51% | $16.3M | 0.3% |
| SHIFT4 PAYMENTS INC CONVERTIBLE BOND | 14,544,000Shares increased 22% | $14.3M | 0.2% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 13,060,000Shares decreased 44% | $12.8M | 0.2% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 13,010,000Shares increased 65% | $16.4M | 0.3% |
| SNAP INC CONVERTIBLE BOND | 12,977,000Shares increased 548% | $12.0M | 0.2% |
| DEXCOM INC CONVERTIBLE BOND | 12,963,000Shares decreased 20% | $12.9M | 0.2% |
| PARSONS CORP CONVERTIBLE BOND | 12,910,000Shares increased 79% | $14.7M | 0.2% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 12,833,000Shares increased 97% | $9.9M | 0.2% |
| MERITAGE HOMES CORP CONVERTIBLE BOND | 12,695,000Shares increased 109% | $13.1M | 0.2% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 12,665,801Shares increased 15% | $93.0M | 1.4% |
| WEC ENERGY GROUP INC CONVERTIBLE BOND | 12,414,000Shares increased 74% | $15.3M | 0.2% |
| GRAB HOLDINGS LTD COMMON STOCK | 12,094,495Shares increased 5% | $72.8M | 1.1% |
| TETRA TECH INC CONVERTIBLE BOND | 11,905,000Shares increased 71% | $12.9M | 0.2% |
| SHAKE SHACK INC CONVERTIBLE BOND | 11,716,000Shares increased 33% | $11.2M | 0.2% |
| UPSTART HOLDINGS INC CONVERTIBLE BOND | 11,443,000Shares decreased 4% | $10.9M | 0.2% |
| BRIDGEBIO PHARMA INC CONVERTIBLE BOND | 10,757,000Shares decreased 40% | $10.6M | 0.2% |
| FLUOR CORP CONVERTIBLE BOND | 10,471,000Shares increased 109% | $12.5M | 0.2% |
| CEMEX SAB DE CV COMMON STOCK | 10,448,824Shares decreased 30% | $93.9M | 1.5% |
| BLOCK INC CONVERTIBLE BOND | 10,014,000Shares increased >999% | $9.8M | 0.2% |
| 15677JAD0DAYFORCE INC CONVERTIBLE BOND | 9,382,000Shares decreased 48% | $9.2M | 0.1% |
| HAEMONETICS CORP CONVERTIBLE BOND | 9,246,000Shares increased 105% | $9.1M | 0.1% |
| GUARDANT HEALTH INC CONVERTIBLE BOND | 9,240,000Shares increased 28% | $12.1M | 0.2% |
| TRAVERE THERAPEUTICS INC CONVERTIBLE BOND | 9,213,000Shares increased 19% | $10.4M | 0.2% |
| REPLIGEN CORP CONVERTIBLE BOND | 8,822,000Shares increased 52% | $8.9M | 0.1% |
| BANDWIDTH INC CONVERTIBLE BOND | 8,630,000Shares increased 101% | $7.4M | 0.1% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191Shares increased 4% | $98.0M | 1.5% |
| RUNWAY GROWTH FINANCE CORP COMMON STOCK | 8,279,667Shares decreased 15% | $84.1M | 1.3% |
| BLACKLINE INC CONVERTIBLE BOND | 8,148,000Shares increased 17% | $8.5M | 0.1% |
| 75737FAE8REDFIN CORP CONVERTIBLE BOND | 8,120,000Shares increased 16% | $7.5M | 0.1% |
| FIVE9 INC CONVERTIBLE BOND | 7,783,000New position this quarter | $6.9M | 0.1% |
| NEXTERA ENERGY INC CONVERTIBLE BOND | 7,568,000Shares increased 6% | $9.0M | 0.1% |
| SMARTRENT INC COMMON STOCK | 7,505,294 | $10.6M | 0.2% |
| ALTICE USA INC COMMON STOCK | 7,500,000 | $18.1M | 0.3% |
| LI AUTO INC CONVERTIBLE BOND | 7,279,000Shares increased 121% | $8.3M | 0.1% |
| VERTEX INC CONVERTIBLE BOND | 7,250,000New position this quarter | $7.4M | 0.1% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 6,939,000Shares decreased 3% | $6.8M | 0.1% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 6,669,823Shares increased 186% | $56.3M | 0.9% |
| MAGNITE INC CONVERTIBLE BOND | 6,637,000 | $6.5M | 0.1% |
| TRANSALTA CORP COMMON STOCK | 6,415,253Shares increased 5% | $87.6M | 1.4% |
| LCI INDUSTRIES CONVERTIBLE BOND | 6,406,000Shares increased >999% | $6.2M | 0.1% |
| CORE SCIENTIFIC INC COMMON STOCK | 6,400,708New position this quarter | $114.8M | 1.8% |
| ZIFF DAVIS INC CONVERTIBLE BOND | 6,376,000Shares increased 17% | $6.1M | 0.1% |
| VIPER ENERGY INC COMMON STOCK | 6,285,062New position this quarter | $240.2M | 3.7% |
| LANTHEUS HOLDINGS INC CONVERTIBLE BOND | 6,275,000Shares increased 597% | $6.6M | 0.1% |
| VAIL RESORTS INC CONVERTIBLE BOND | 6,090,000Shares decreased 18% | $6.0M | 0.1% |
| REDWOOD TRUST INC CONVERTIBLE BOND | 5,583,000Shares increased 45% | $5.6M | 0.1% |
| PENNYMAC MORTGAGE INVESTMENT TRUST CONVERTIBLE BOND | 5,411,000 | $5.4M | 0.1% |
| EXPAND ENERGY CORP COMMON STOCK | 5,062,363Shares decreased <1% | $537.8M | 8.3% |
| WINNEBAGO INDUSTRIES INC CONVERTIBLE BOND | 4,908,000New position this quarter | $4.4M | 0.1% |
| ALVOTECH SA WARRANT | 4,666,667 | $7.1M | 0.1% |
| GUARDANT HEALTH INC CONVERTIBLE BOND | 4,647,000Shares decreased 7% | $4.5M | 0.1% |
| UPWORK INC CONVERTIBLE BOND | 4,646,000Shares decreased 27% | $4.5M | 0.1% |
| 92343XAC4VERINT SYSTEMS INC CONVERTIBLE BOND | 4,626,000Shares decreased 41% | $4.5M | 0.1% |
| TPI COMPOSITES INC COMMON STOCK | 4,610,003 | $0.1M | 0.0% |
| 842587DZ7SOUTHERN CO/THE CONVERTIBLE BOND | 4,557,000Shares decreased 66% | $5.1M | 0.1% |
| FUBOTV INC CONVERTIBLE BOND | 4,538,000Shares decreased 18% | $4.5M | 0.1% |
| G6683N103NU HOLDINGS LTD/CAYMAN ISLANDS COMMON STOCK | 4,518,884New position this quarter | $72.3M | 1.1% |
| 131193AE4TOPGOLF CALLAWAY BRANDS CORP CONVERTIBLE BOND | 4,446,000Shares increased 85% | $4.4M | 0.1% |
| NOVOCURE LTD CONVERTIBLE BOND | 4,337,000Shares increased 82% | $4.3M | 0.1% |
| FRESHPET INC CONVERTIBLE BOND | 4,300,000New position this quarter | $4.8M | 0.1% |
| AFFIRM HOLDINGS INC CONVERTIBLE BOND | 4,291,000 | $4.1M | 0.1% |
| TRIP.COM GROUP LTD CONVERTIBLE BOND | 4,224,000Shares increased 6% | $5.4M | 0.1% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 4,185,261Shares decreased 15% | $294.3M | 4.6% |
| CERENCE INC CONVERTIBLE BOND | 4,061,000Shares decreased 17% | $3.4M | 0.1% |
| NEOGENOMICS INC CONVERTIBLE BOND | 3,930,000Shares increased 3% | $3.4M | 0.1% |
| FULL TRUCK ALLIANCE CO LTD COMMON STOCK | 3,797,697Shares increased 106% | $49.3M | 0.8% |
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.
