Photo: kellywritershouse CC BY 2.0
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
Source1 citation →
GeneratedJul 7, 2026
NoteAuto-generated summary · not investment advice · verify before acting.
| Security | Shares | Market value | % of portfolio |
|---|
| EXPAND ENERGY CORP COMMON STOCK | 5,062,363 | $558.7M | 7.9% |
| TORM PLC COMMON STOCK | 26,425,059Shares decreased 35% | $527.3M | 7.5% |
| ANGLOGOLD ASHANTI PLC COMMON STOCK | 3,847,991Shares decreased 8% | $328.2M | 4.7% |
| VANECK SEMICONDUCTOR ETF ETF | 865,000New position this quarter | $311.5M | 4.4% |
| GARRETT MOTION INC COMMON STOCK | 17,094,816Shares decreased 46% | $298.0M | 4.2% |
| STATE STREET CORP ETF | 385,000Shares increased 17% | $262.5M | 3.7% |
| Indivior Pharmaceuticals Inc COMMON STOCK | 7,108,644Shares decreased 97% | $255.1M | 3.6% |
| VIPER ENERGY INC COMMON STOCK | 6,285,062 | $242.8M | 3.5% |
| TALEN ENERGY CORP COMMON STOCK | 631,117Shares increased 117% | $236.6M | 3.4% |
| TELEPHONE AND DATA SYSTEMS INC COMMON STOCK | 3,688,386 | $151.2M | 2.2% |
| CORE SCIENTIFIC INC COMMON STOCK | 10,350,708Shares increased 62% | $150.7M | 2.1% |
| BARRICK MINING CORP COMMON STOCK | 2,975,118Shares decreased 10% | $129.6M | 1.8% |
| NOKIA OYJ COMMON STOCK | 18,752,229 | $121.3M | 1.7% |
| FTAI AVIATION LTD COMMON STOCK | 517,328Shares decreased 12% | $101.8M | 1.4% |
| ITAU UNIBANCO HOLDING SA COMMON STOCK | 13,822,747Shares increased 9% | $99.0M | 1.4% |
| ORACLE CORP COMMON STOCK | 500,000 | $97.5M | 1.4% |
| LIBERTY GLOBAL LTD COMMON STOCK | 8,551,191 | $95.3M | 1.4% |
| CBL & ASSOCIATES PROPERTIES INC COMMON STOCK | 2,517,576Shares decreased 16% | $93.2M | 1.3% |
| RIOT PLATFORMS INC CONVERTIBLE BOND | 81,960,000New position this quarter | $92.9M | 1.3% |
| JETBLUE AIRWAYS CORP CONVERTIBLE BOND | 90,530,000Shares increased 33% | $89.0M | 1.3% |
| GRUPO AEROMEXICO SAB DE CV COMMON STOCK | 3,776,986New position this quarter | $82.9M | 1.2% |
| TRANSALTA CORP COMMON STOCK | 6,415,253 | $81.2M | 1.2% |
| SUNOPTA INC COMMON STOCK | 20,726,126 | $78.9M | 1.1% |
| G6683N103NU HOLDINGS LTD/CAYMAN ISLANDS COMMON STOCK | 4,479,175Shares decreased 1% | $75.0M | 1.1% |
| FREEPORT-MCMORAN INC COMMON STOCK | 1,390,053Shares decreased 8% | $70.6M | 1.0% |
| KILROY REALTY CORP COMMON STOCK | 1,850,011 | $69.1M | 1.0% |
| CEMEX SAB DE CV COMMON STOCK | 5,749,324Shares decreased 45% | $66.1M | 0.9% |
| RUNWAY GROWTH FINANCE CORP COMMON STOCK | 7,029,667Shares decreased 15% | $62.8M | 0.9% |
| ECHOSTAR CORP CONVERTIBLE BOND | 18,000,000New position this quarter | $60.2M | 0.9% |
| CABLE ONE INC CONVERTIBLE BOND | 58,874,000Shares increased <1% | $58.1M | 0.8% |
| BAUSCH LOMB CORP COMMON STOCK | 3,382,739Shares increased 4% | $57.8M | 0.8% |
| GRAB HOLDINGS LTD COMMON STOCK | 11,207,699Shares decreased 7% | $55.9M | 0.8% |
| XP INC COMMON STOCK | 3,320,159Shares increased 63% | $54.4M | 0.8% |
| AIRBNB INC CONVERTIBLE BOND | 50,633,000Shares increased 29% | $50.2M | 0.7% |
| MARRIOTT INTERNATIONAL INC/MD COMMON STOCK | 150,000 | $46.5M | 0.7% |
| ETSY INC CONVERTIBLE BOND | 50,165,000Shares increased 28% | $44.9M | 0.6% |
| LIBERTY LATIN AMERICA LTD COMMON STOCK | 5,748,780Shares decreased 14% | $42.9M | 0.6% |
| ECOVYST INC COMMON STOCK | 4,254,503Shares increased 49% | $41.4M | 0.6% |
| BIOMARIN PHARMACEUTICAL INC CONVERTIBLE BOND | 42,118,000Shares increased 114% | $40.5M | 0.6% |
| AMPHASTAR PHARMACEUTICALS INC CONVERTIBLE BOND | 43,578,000Shares increased 144% | $40.4M | 0.6% |
| ARRAY DIGITAL INFRASTRUCTURE INC COMMON STOCK | 724,444 | $38.8M | 0.6% |
| CONMED CORP CONVERTIBLE BOND | 40,324,000Shares decreased <1% | $38.7M | 0.6% |
| MARRIOTT VACATIONS WORLDWIDE CORP CONVERTIBLE BOND | 40,370,000Shares increased 13% | $38.5M | 0.5% |
| PEBBLEBROOK HOTEL TRUST CONVERTIBLE BOND | 39,706,000Shares increased 52% | $38.4M | 0.5% |
| VISTA ENERGY SAB DE CV COMMON STOCK | 782,250Shares decreased 58% | $38.1M | 0.5% |
| FULL TRUCK ALLIANCE CO LTD COMMON STOCK | 3,519,764Shares decreased 7% | $37.8M | 0.5% |
| SEA LTD CONVERTIBLE BOND | 38,855,000Shares increased 5% | $37.8M | 0.5% |
| STAR BULK CARRIERS CORP COMMON STOCK | 1,962,892 | $37.7M | 0.5% |
| TELADOC HEALTH INC CONVERTIBLE BOND | 38,479,000Shares decreased 5% | $36.7M | 0.5% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 38,178,000Shares increased 33% | $33.4M | 0.5% |
| CRACKER BARREL OLD COUNTRY STORE INC CONVERTIBLE BOND | 33,101,000Shares increased 34% | $32.2M | 0.5% |
| CALIFORNIA RESOURCES CORP COMMON STOCK | 694,502 | $31.1M | 0.4% |
| KANZHUN LTD COMMON STOCK | 1,523,231Shares decreased 7% | $31.0M | 0.4% |
| ARRAY TECHNOLOGIES INC CONVERTIBLE BOND | 33,284,000Shares increased 35% | $30.3M | 0.4% |
| ENVISTA HOLDINGS CORP CONVERTIBLE BOND | 30,786,000Shares increased 21% | $29.6M | 0.4% |
| OKTA INC CONVERTIBLE BOND | 28,311,000Shares increased 67% | $27.8M | 0.4% |
| FIVE9 INC CONVERTIBLE BOND | 30,353,000Shares increased 290% | $27.4M | 0.4% |
| ALARM.COM HOLDINGS INC CONVERTIBLE BOND | 27,198,000Shares increased 10% | $27.3M | 0.4% |
| TELECOM ARGENTINA SA COMMON STOCK | 2,347,508Shares decreased 11% | $27.3M | 0.4% |
| VALE SA COMMON STOCK | 2,023,706Shares decreased <1% | $26.4M | 0.4% |
| SPECTRUM BRANDS HOLDINGS INC CONVERTIBLE BOND | 27,496,000Shares increased 70% | $26.1M | 0.4% |
| DEXCOM INC CONVERTIBLE BOND | 27,995,000New position this quarter | $25.8M | 0.4% |
| TERNIUM SA COMMON STOCK | 658,565Shares decreased 27% | $25.2M | 0.4% |
| RICE ACQUISITION CORP 3 COMMON STOCK | 2,400,000New position this quarter | $24.7M | 0.4% |
| OAKTREE SPECIALTY LENDING CORP COMMON STOCK | 1,852,456 | $23.6M | 0.3% |
| DRAFTKINGS INC CONVERTIBLE BOND | 25,225,000New position this quarter | $23.1M | 0.3% |
| MGP INGREDIENTS INC CONVERTIBLE BOND | 23,225,000Shares increased 34% | $22.5M | 0.3% |
| SUMMIT HOTEL PROPERTIES INC CONVERTIBLE BOND | 21,560,000Shares decreased 27% | $21.5M | 0.3% |
| BLOCK INC CONVERTIBLE BOND | 20,243,000Shares increased 102% | $19.9M | 0.3% |
| NABORS INDUSTRIES LTD CONVERTIBLE BOND | 24,063,000Shares increased 88% | $19.6M | 0.3% |
| INFOSYS LTD COMMON STOCK | 1,094,752New position this quarter | $19.5M | 0.3% |
| JD.COM INC CONVERTIBLE BOND | 19,233,000Shares decreased 19% | $19.3M | 0.3% |
| 15677JAD0DAYFORCE INC CONVERTIBLE BOND | 19,351,000Shares increased 106% | $19.2M | 0.3% |
| WINNEBAGO INDUSTRIES INC CONVERTIBLE BOND | 20,220,000Shares increased 312% | $19.1M | 0.3% |
| SNAP INC CONVERTIBLE BOND | 19,576,000Shares increased 51% | $18.3M | 0.3% |
| SYNAPTICS INC CONVERTIBLE BOND | 17,250,000New position this quarter | $18.3M | 0.3% |
| ONITY GROUP INC COMMON STOCK | 390,835New position this quarter | $17.9M | 0.3% |
| LIVANOVA PLC CONVERTIBLE BOND | 15,285,000Shares increased 1% | $17.7M | 0.3% |
| PPL CORP CONVERTIBLE BOND | 15,672,000Shares decreased <1% | $17.2M | 0.2% |
| AEROVIRONMENT INC CONVERTIBLE BOND | 15,763,000Shares decreased 11% | $17.1M | 0.2% |
| TETRA TECH INC CONVERTIBLE BOND | 15,289,000Shares increased 28% | $16.6M | 0.2% |
| CMS ENERGY CORP CONVERTIBLE BOND | 15,199,000Shares decreased 12% | $16.3M | 0.2% |
| SMARTRENT INC COMMON STOCK | 7,505,294 | $15.2M | 0.2% |
| HAEMONETICS CORP CONVERTIBLE BOND | 15,030,000Shares increased 63% | $14.9M | 0.2% |
| JAZZ PHARMACEUTICALS PLC CONVERTIBLE BOND | 10,600,000Shares decreased 37% | $14.1M | 0.2% |
| WEC ENERGY GROUP INC CONVERTIBLE BOND | 11,957,000Shares decreased 4% | $14.0M | 0.2% |
| LANTHEUS HOLDINGS INC CONVERTIBLE BOND | 11,525,000Shares increased 84% | $13.2M | 0.2% |
| OPTIMUM COMMUNICATIONS INC COMMON STOCK | 7,500,000 | $12.4M | 0.2% |
| SNAP INC CONVERTIBLE BOND | 13,422,000Shares decreased 12% | $12.2M | 0.2% |
| BANDWIDTH INC CONVERTIBLE BOND | 13,650,000Shares increased 58% | $11.9M | 0.2% |
| BLACKSTONE MORTGAGE TRUST INC CONVERTIBLE BOND | 11,999,000Shares increased 73% | $11.9M | 0.2% |
| 75737FAE8REDFIN CORP CONVERTIBLE BOND | 11,841,000Shares increased 46% | $11.1M | 0.2% |
| PENNYMAC MORTGAGE INVESTMENT TRUST CONVERTIBLE BOND | 10,935,000Shares increased 102% | $11.0M | 0.2% |
| ENPHASE ENERGY INC CONVERTIBLE BOND | 10,911,000Shares decreased 16% | $10.8M | 0.2% |
| COINBASE GLOBAL INC CONVERTIBLE BOND | 10,510,000Shares decreased 19% | $10.8M | 0.2% |
| REPLIGEN CORP CONVERTIBLE BOND | 9,830,000Shares increased 11% | $10.8M | 0.2% |
| FLUOR CORP CONVERTIBLE BOND | 9,371,000Shares decreased 11% | $10.7M | 0.2% |
| MAGNITE INC CONVERTIBLE BOND | 10,305,000Shares increased 55% | $10.2M | 0.1% |
| LIVE NATION ENTERTAINMENT INC CONVERTIBLE BOND | 9,670,000New position this quarter | $10.2M | 0.1% |
| ZIFF DAVIS INC CONVERTIBLE BOND | 10,091,000Shares increased 58% | $9.9M | 0.1% |
Showing the top 100 of 170 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
Utilities rose most (▲ +4pp) · Consumer Discretionary fell most (▼ −5pp)
42 of 170 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.
