Howard Marks's top holdings (August 2025) include TORM Plc (TRMD), an international shipping company focused on the transportation of refined oil products.

Howard Marks is a co-founder and co-chairman of Oaktree Capital Management, a global asset management firm. His investment philosophy often centers on value investing and distressed debt, seeking opportunities in overlooked or out-of-favor assets.

TORM Plc (TRMD)

TORM Plc operates as a tanker company, specializing in the seaborne transportation of refined oil products and other liquid bulk cargo. Their fleet comprises modern vessels designed for efficient and safe global delivery. The company holds a market capitalization of approximately $1.81 billion, and this holding in Howard Marks's portfolio is currently worth $746.69 million. A discounted cash flow analysis for TORM Plc indicates a value of $54.53 per share.
Here's an overview of Howard Marks's trades in TORM Plc:

Garrett Motion Inc (GTX)

Garrett Motion Inc. is a leading technology provider to the automotive industry, developing and manufacturing turbochargers and other vehicle components. Their products are designed to enhance engine performance, fuel efficiency, and emissions control across various vehicle types. The company's market cap stands at $2.61 billion, while the current value of Howard Marks's holding is $574.84 million. The discounted cash flow value for Garrett Motion is calculated at $3.26 per share.
Here's an overview of Howard Marks's trades in Garrett Motion Inc:

Chesapeake Energy Corp. (CHK)

Chesapeake Energy Corp. is an energy company engaged in the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). They focus on developing unconventional oil and natural gas assets in various regions across the United States. Chesapeake Energy Corporation has a market capitalization of $8.41 billion, with Howard Marks's position currently valued at $453.11 million. A discounted cash flow assessment suggests a value of $214.92 per share for the company.
Here's an overview of Howard Marks's trades in Chesapeake Energy Corp.:

Sitio Royalties Corp (STR)

Sitio Royalties Corp is focused on acquiring and managing mineral and royalty interests in various oil and gas basins across the United States. The company's business model revolves around generating revenue from production activities on its underlying properties without incurring direct operational costs or capital expenditures. The company's market capitalization is $1.73 billion, and Howard Marks's portfolio position is currently worth $235.03 million. A discounted cash flow analysis for Sitio Royalties Corp indicates a value of $57.65 per share.
Here's an overview of Howard Marks's trades in Sitio Royalties Corp:

Indivior Plc (INDV)

Indivior Plc is a pharmaceutical company focused on developing and commercializing treatments for addiction and other serious mental illnesses. Its product portfolio primarily addresses opioid dependence, providing therapies to help patients in recovery. Indivior Plc has a market capitalization of $2.89 billion, with Howard Marks's position currently valued at $222.38 million. The company's discounted cash flow value is assessed at -$8.12 per share.
Here's an overview of Howard Marks's trades in Indivior Plc: