Howard Marks's top holdings (October 2025) include TORM Plc (TRMD), an independent product tanker company engaged in the ocean transport of refined oil products and crude oil.

Howard Marks is a co-founder and co-chairman of Oaktree Capital Management, an investment firm specializing in alternative investment strategies. His investment philosophy centers on value investing, with a particular focus on credit markets and distressed securities. Marks is widely recognized for his insightful memos to investors, which often discuss market cycles, risk, and investment philosophy.

TORM Plc (TRMD)

TORM Plc operates as a pure-play product tanker company, transporting clean and dirty petroleum products worldwide. The company owns and operates a fleet of modern vessels, serving major oil companies and trading houses across international routes. TORM Plc maintains a market capitalization of $2.09 billion, with Howard Marks's position in the company currently valued at $836.78 million. Analysts have set a price target of $23.0 for TORM Plc, while a discounted cash flow analysis suggests a value of $57.68 per share.
Here's an overview of Howard Marks's trades in TORM Plc:

Garrett Motion Inc (GTX)

Garrett Motion Inc. is a technology leader in the automotive industry, designing, manufacturing, and selling turbochargers and electric boosting products for light and commercial vehicles. The company offers advanced solutions that enhance engine performance, fuel economy, and reduce emissions for original equipment manufacturers globally. The company's market cap stands at $2.78 billion, and the current value of Howard Marks's holding is $502.51 million. A discounted cash flow analysis indicates a value of $3.2 per share.
Here's an overview of Howard Marks's trades in Garrett Motion Inc:

Chesapeake Energy Corp. (CHK)

Chesapeake Energy Corp. is a natural gas and oil exploration and production company, focused on acquiring, exploring, and developing properties to produce oil, natural gas, and natural gas liquids from various formations. It is a significant player in the U.S. onshore energy sector. Chesapeake Energy has a market capitalization of $8.41 billion, with Howard Marks's position currently valued at $412.38 million. A discounted cash flow valuation for the company suggests a value of $214.92 per share.
Here's an overview of Howard Marks's trades in Chesapeake Energy Corp.:

Indivior Plc (INDV)

Indivior Plc is a specialty pharmaceutical company focused on developing and commercializing treatments for addiction and other serious mental health disorders. Its product portfolio addresses conditions such as opioid dependence, serving patients and healthcare providers globally. This holding in Howard Marks's portfolio is currently worth $265.43 million, and the company has a market cap of $2.89 billion. Analysts have established a price target of $34.0 for Indivior Plc; a discounted cash flow analysis for the company points to a value of -$11.69 per share.
Here's an overview of Howard Marks's trades in Indivior Plc:

Cemex S.A.B. De C.V. (CX)

Cemex S.A.B. De C.V. is a global building materials company that provides high-quality products and reliable services to customers and communities in more than 50 countries. It manufactures and distributes cement, ready-mix concrete, and aggregates, serving residential, commercial, industrial, and infrastructure projects. The current value of Howard Marks's position in Cemex S.A.B. De C.V. is $133.4 million, against the company's market capitalization of $13.06 billion. Analysts have placed a price target of $10.9 on Cemex S.A.B. De C.V., and its discounted cash flow is calculated at $0.68 per share.
Here's an overview of Howard Marks's trades in Cemex S.A.B. De C.V.: