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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
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| Security | Shares | Market value | % of portfolio |
|---|
| TORM PLC COMMON STOCK | 40,581,120 | $834.6M | 12.9% |
| EXPAND ENERGY CORP COMMON STOCK | 5,062,363Shares decreased <1% | $537.8M | 8.3% |
| GARRETT MOTION INC COMMON STOCK | 31,894,816Shares decreased 14% | $434.4M | 6.7% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 4,185,261Shares decreased 15% | $294.3M | 4.6% |
| VIPER ENERGY INC COMMON STOCK | 6,285,062New position this quarter | $240.2M | 3.7% |
| STATE STREET CORP ETF | 330,000Shares decreased 68% | $219.8M | 3.4% |
| TELEPHONE AND DATA SYSTEMS INC COMMON STOCK | 3,688,386New position this quarter | $144.7M | 2.2% |
| ORACLE CORP COMMON STOCK | 500,000New position this quarter | $140.6M | 2.2% |
| TALEN ENERGY CORP COMMON STOCK | 291,117Shares increased 348% | $123.8M | 1.9% |
| SUNOPTA INC COMMON STOCK | 20,726,126 | $121.4M | 1.9% |
| CORE SCIENTIFIC INC COMMON STOCK | 6,400,708New position this quarter | $114.8M | 1.8% |
| BARRICK MINING CORP COMMON STOCK | 3,302,086Shares increased 5% | $108.2M | 1.7% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191Shares increased 4% | $98.0M | 1.5% |
| FTAI AVIATION LTD COMMON STOCK | 585,175New position this quarter | $97.6M | 1.5% |
| CEMEX SAB DE CV COMMON STOCK | 10,448,824Shares decreased 30% | $93.9M | 1.5% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 12,665,801Shares increased 15% | $93.0M | 1.4% |
| CBL & ASSOCIATES PROPERTIES INC COMMON STOCK | 3,005,126 | $91.9M | 1.4% |
| NOKIA OYJ COMMON STOCK | 18,752,229 | $90.2M | 1.4% |
| TRANSALTA CORP COMMON STOCK | 6,415,253Shares increased 5% | $87.6M | 1.4% |
| RUNWAY GROWTH FINANCE CORP COMMON STOCK | 8,279,667Shares decreased 15% | $84.1M | 1.3% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $78.2M | 1.2% |
| GRAB HOLDINGS LTD COMMON STOCK | 12,094,495Shares increased 5% | $72.8M | 1.1% |
| G6683N103NU HOLDINGS LTD/CAYMAN ISLANDS COMMON STOCK | 4,518,884New position this quarter | $72.3M | 1.1% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 68,263,000Shares increased 14% | $66.6M | 1.0% |
| VISTA ENERGY SAB DE CV COMMON STOCK | 1,841,319Shares decreased 11% | $63.3M | 1.0% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,504,865Shares decreased 25% | $59.0M | 0.9% |
| CABLE ONE INC CONVERTIBLE BOND | 58,746,000Shares increased 13% | $57.4M | 0.9% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 6,669,823Shares increased 186% | $56.3M | 0.9% |
| ISHARES RUSSELL 2000 ETF ETF | 220,000Shares decreased 8% | $53.2M | 0.8% |
| FULL TRUCK ALLIANCE CO LTD COMMON STOCK | 3,797,697Shares increased 106% | $49.3M | 0.8% |
| BAUSCH LOMB CORP COMMON STOCK | 3,245,439Shares increased 29% | $48.9M | 0.8% |
| ECHOSTAR CORP COMMON STOCK | 600,000New position this quarter | $45.8M | 0.7% |
| MARRIOTT INTERNATIONAL INC/MD COMMON STOCK | 150,000New position this quarter | $39.1M | 0.6% |
| 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% |
| KANZHUN LTD COMMON STOCK | 1,643,572Shares increased 5% | $38.4M | 0.6% |
| XP INC COMMON STOCK | 2,032,877New position this quarter | $38.2M | 0.6% |
| TELADOC HEALTH INC CONVERTIBLE BOND | 40,638,000Shares increased 34% | $38.2M | 0.6% |
| CALIFORNIA RESOURCES CORP COMMON STOCK | 694,502Shares decreased 50% | $36.9M | 0.6% |
| STAR BULK CARRIERS CORP COMMON STOCK | 1,962,892Shares decreased 39% | $36.5M | 0.6% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 724,444New position this quarter | $36.2M | 0.6% |
| SEA LTD CONVERTIBLE BOND | 37,028,000Shares increased 23% | $35.6M | 0.6% |
| ETSY INC CONVERTIBLE BOND | 39,330,000Shares increased 24% | $34.8M | 0.5% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 35,832,000Shares increased 39% | $34.2M | 0.5% |
| TERNIUM SA COMMON STOCK | 897,509Shares decreased 2% | $31.2M | 0.5% |
| SAREPTA THERAPEUTICS INC CONVERTIBLE BOND | 34,930,000Shares increased 610% | $30.8M | 0.5% |
| NABORS INDUSTRIES LTD COMMON STOCK | 737,112New position this quarter | $30.1M | 0.5% |
| SUMMIT HOTEL PROPERTIES INC CONVERTIBLE BOND | 29,441,000Shares decreased 3% | $29.0M | 0.4% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 26,176,000Shares decreased 58% | $25.9M | 0.4% |
| JD.COM INC CONVERTIBLE BOND | 23,821,000Shares increased 93% | $25.7M | 0.4% |
| SEA LTD COMMON STOCK | 141,368Shares increased 69% | $25.3M | 0.4% |
| ECOVYST INC COMMON STOCK | 2,859,022New position this quarter | $25.0M | 0.4% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 28,622,000Shares increased 94% | $24.9M | 0.4% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 24,757,000Shares decreased 1% | $24.5M | 0.4% |
| OAKTREE SPECIALTY LENDING CORP COMMON STOCK | 1,852,456 | $24.2M | 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% |
| JBS NV COMMON STOCK | 1,580,400Shares increased 562% | $23.6M | 0.4% |
| VALE SA COMMON STOCK | 2,033,706 | $22.1M | 0.3% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 17,763,000New position this quarter | $22.1M | 0.3% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 24,689,000Shares increased 283% | $21.5M | 0.3% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 16,700,000New position this quarter | $19.9M | 0.3% |
| FIRST MAJESTIC SILVER CORP CONVERTIBLE BOND | 18,133,000Shares decreased 12% | $19.7M | 0.3% |
| TELECOM ARGENTINA SA COMMON STOCK | 2,629,483Shares decreased 1% | $19.1M | 0.3% |
| CMS ENERGY CORP CONVERTIBLE BOND | 17,343,000Shares increased 57% | $19.0M | 0.3% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 19,719,000Shares increased >999% | $18.7M | 0.3% |
| MKS INC CONVERTIBLE BOND | 16,705,000Shares increased 39% | $18.3M | 0.3% |
| ALTICE USA INC COMMON STOCK | 7,500,000 | $18.1M | 0.3% |
| PPL CORP CONVERTIBLE BOND | 15,733,000Shares increased 38% | $18.0M | 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% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 13,010,000Shares increased 65% | $16.4M | 0.3% |
| LIVANOVA PLC CONVERTIBLE BOND | 15,085,000Shares increased 51% | $16.3M | 0.3% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 17,825,000New position this quarter | $16.2M | 0.3% |
| WEC ENERGY GROUP INC CONVERTIBLE BOND | 12,414,000Shares increased 74% | $15.3M | 0.2% |
| SPECTRUM BRANDS HOLDINGS INC CONVERTIBLE BOND | 16,221,000New position this quarter | $15.1M | 0.2% |
| PARSONS CORP CONVERTIBLE BOND | 12,910,000Shares increased 79% | $14.7M | 0.2% |
| SHIFT4 PAYMENTS INC CONVERTIBLE BOND | 14,544,000Shares increased 22% | $14.3M | 0.2% |
| SNAP INC CONVERTIBLE BOND | 15,339,000Shares decreased 48% | $13.7M | 0.2% |
| MERITAGE HOMES CORP CONVERTIBLE BOND | 12,695,000Shares increased 109% | $13.1M | 0.2% |
| TETRA TECH INC CONVERTIBLE BOND | 11,905,000Shares increased 71% | $12.9M | 0.2% |
| DEXCOM INC CONVERTIBLE BOND | 12,963,000Shares decreased 20% | $12.9M | 0.2% |
| ALVOTECH SA COMMON STOCK | 1,563,676 | $12.8M | 0.2% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 13,060,000Shares decreased 44% | $12.8M | 0.2% |
| WINGSTOP INC COMMON STOCK | 50,000New position this quarter | $12.6M | 0.2% |
| FLUOR CORP CONVERTIBLE BOND | 10,471,000Shares increased 109% | $12.5M | 0.2% |
| GUARDANT HEALTH INC CONVERTIBLE BOND | 9,240,000Shares increased 28% | $12.1M | 0.2% |
| SNAP INC CONVERTIBLE BOND | 12,977,000Shares increased 548% | $12.0M | 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% |
| G4766E116Indivior COMMON STOCK | 257,785,398Shares increased >999% | $10.7M | 0.2% |
| BRIDGEBIO PHARMA INC CONVERTIBLE BOND | 10,757,000Shares decreased 40% | $10.6M | 0.2% |
| SMARTRENT INC COMMON STOCK | 7,505,294 | $10.6M | 0.2% |
| TRAVERE THERAPEUTICS INC CONVERTIBLE BOND | 9,213,000Shares increased 19% | $10.4M | 0.2% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 12,833,000Shares increased 97% | $9.9M | 0.2% |
| BLOCK INC CONVERTIBLE BOND | 10,014,000Shares increased >999% | $9.8M | 0.2% |
| EXPAND ENERGY CORP WARRANT | 95,294 | $9.2M | 0.1% |
| 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% |
| NEXTERA ENERGY INC CONVERTIBLE BOND | 7,568,000Shares increased 6% | $9.0M | 0.1% |
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.
