Howard Marks

Howard Marks: 41 Q1 2026 13F signals plus a credit memo warning on direct lending bubble dynamics across a 90-day window.

Oaktree's Q1 2026 13F filings, dated March 31, revealed a sweeping expansion of disclosed equity positions across multiple sub-advisers, with the two largest new stakes standing out clearly. Marks's firm opened a position in GTX at 14.6M shares worth $265.2M — approximately 4% of disclosed book — making it the single largest new position in the window. A new TLN position of 481.1k shares worth $153.6M followed as the second-largest new entry, representing roughly 2% of disclosed book. Two new positions in RIOT (79.7M shares, $91.8M, ≈1% of portfolio each across two sub-advisers) and a new CBL position (2.2M shares, $82.8M, ≈1% of portfolio) rounded out the larger new stakes. Beyond those headline moves, Oaktree initiated smaller new positions across a wide range of sectors — including XP ($60.4M), ENPH ($50.6M), VAC ($50.2M), QTWO ($40.9M), LYB ($40.3M), DKNG ($40.0M), CNMD ($35.1M), CBRL ($25.7M), KRSP ($24.7M), OCSL ($20.9M), SNAP ($18.7M), RWAY ($48.3M), and several others — while trimming existing positions in AVAV (−$7.0M), AU (−$14.4M), and ALVO (−$1.7M), and adding modestly to BXMT (+$1.0M) and XYZ (+$4.8M). Separately, on April 9, Marks published a memo tracing the evolution of direct lending from a genuine financial innovation into what he characterized as bubble-like dynamics, specifically warning of concentrated risks in software-company debt and mounting redemption pressures in publicly traded credit vehicles. The memo and the 13F activity are unrelated in theme.