Howard Marks

霍华德·马克斯

Howard Marks

Oaktree Capital信用/不良债务$189B
季度

橡树资本联合创始人，以投资备忘录闻名。专注不良债务和信用投资，擅长在周期底部建仓。

持仓数量 Holdings

40

管理规模 AUM

$189B

做多 Long

21

做空/对冲 Short

11

组合收益 Portfolio Returns

组合收益率 Portfolio Returns
近1月 1M
-1.2%
近3月 3M
+3.9%
近6月 6M
-7.2%
近1年 1Y
+11.5%
近3年 3Y
+110.0%
近5年 5Y
+41.9%
加权回报 Weighted Return
+0.9%
胜率 Win Rate
65%
11W / 6L
盈亏比 P/L Ratio
2.9x
+1% / -0%
最大赢家 Best Pick
TFPM
+1.8%
最大输家 Worst Pick
NCLH
-0.3%
Top5 集中度 Concentration
84%

组合收益说明 Portfolio Return Methodology: 收益涨幅基于假设虚拟净值计算。收益涨幅 = (最新虚拟净值 - X周期前虚拟净值) / X周期前虚拟净值 × 100%。 组合虚拟净值 = 成份标的的虚拟持仓净值之和。成份标的虚拟持仓净值 = 成份标的持有份额 × 前复权收盘价格。 加权回报率基于 SEC 13F 披露的加权平均成本价 vs 当前市价，按持仓占比加权。 数据每个交易日盘后更新。组合调仓（季度 13F 披露）时重新计算份额。 收益涨幅仅供参考，不代表对未来收益的预测与保证，也不构成任何投资建议。

🏆 最赚钱持仓 Top Winners

🟢TFPMTFPMTRIPLE FLAG PRECIOUS METALSShare29.1%
avg$11.59→$30.06+175.9%$4.6B
2022-09-30(3.7年)持平Basic Materials
🟢SUSUSUNCOR ENERGYShare21.9%
avg$33.27→$55.35+105.3%$3.5B
2022-03-31(4.2年)持平Energy
🟢HPEHPEHEWLETT PACKARD ENTERPRISEShare4.1%
avg$18.28→$47.51+81.1%$652.9M
2025-06-30(12月)加仓Technology
🟢UNITUNITUNITI GROUPShare3.5%
avg$6.45→$11.64+71.3%$553.5M
2020-09-30(5.7年)加仓Real Estate
🟢PSXPSXPHILLIPS 66Share22.1%
avg$120.15→$164.00+46.7%$3.5B
2023-06-30(3.0年)加仓Energy

📉 做空/对冲仓位 Bearish / Hedge Positions

🔴IWMIWMISHARES RUSSELL 2000 ETFPut—
$277.60$124.0MNotional
2026-03-31(3月)减仓
🔴XMEXMESPDR(R) S&P(R) METALS & MINING ETFPut—
$115.59$97.2MNotional
2023-12-31(2.5年)减仓
🔴FTVFTVFORTIVEPut—
$58.72$41.5MNotional
2026-03-31(3月)持平Technology
🔴EMREMREMERSON ELECTRICPut—
$133.05$26.2MNotional
2026-03-31(3月)持平Industrials
🔴XLIXLIINDUSTRIAL SELECT SECTOR SPDR FUNDPut—
$171.40$1.2BNotional
2024-12-31(1.5年)加仓
🔴XLPXLPCONSUMER STAPLES SELECT SECTOR SPDR FUNDPut—
$84.64$749.3MNotional
2025-09-30(9月)加仓
🔴DLRDLRDIGITAL REALTY TRUSTPut—
$188.51$270.3MNotional
2025-06-30(12月)加仓Real Estate
🔴QQQQQQINVESCO QQQ Put—
$708.93$230.9MNotional
2023-03-31(3.2年)减仓
🔴HYGHYGISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETFPut—
$79.46$397.8MNotional
2026-03-31(3月)持平
🔴IWDIWDISHARES RUSSELL 1000 VALUE ETFPut—
$232.18$213.7MNotional
2025-03-31(1.2年)减仓
🔴XLYXLYCONSUMER DISCRETIONARY SELECT SECTOR SPDR FUNDPut—
$116.53$468.6MNotional
2026-03-31(3月)持平

🔔 重要信号 Key Signals2026年第1季度

NEWXLYXLY Put$469MNEWNCLHNCLH$247MNEWIWMIWM Put$124MNEWRIGRIG$104MNEWFTVFTV Put$41MNEWEMREMR Put$26MNEWWPMWPM Call$13M-41%LUVLUV-54%XLPXLP-99%HYGHYG-74%GDXGDX-91%ETSYETSY-84%QQQQQQ-64%IWDIWD-57%MSTRMSTRCLOSEDTCOMTCOMCLOSEDLYFTLYFTCLOSEDPSNPSNCLOSEDTYLTYLCLOSEDASNDASNDCLOSEDRNGRNGCLOSEDGLADGLADCLOSEDPTONPTONCLOSEDBTAIBTAICLOSEDKRSP/WSKRSP/WSCLOSEDSESECLOSEDSATSSATSCLOSEDNBRNBRCLOSEDGHGHCLOSEDLBTYALBTYACLOSEDSPOTSPOTCLOSEDJDJDCLOSEDEXEEXECLOSEDTRMDTRMDCLOSEDAUAUCLOSEDSMHSMHCLOSEDGTXGTXCLOSEDSPYSPYCLOSEDINDVINDVCLOSEDVNOMVNOMCLOSEDTDSTDSCLOSEDBBCLOSEDTLNTLNCLOSEDCORZCORZCLOSEDNOKNOKCLOSEDFTAIFTAICLOSEDITUBITUBCLOSEDORCLORCLCLOSEDCBLCBLCLOSEDRIOTRIOTCLOSEDJBLUJBLUCLOSEDTACTACCLOSEDSTKLSTKLCLOSEDNUNUCLOSEDFCXFCXCLOSEDKRCKRCCLOSEDCXCXCLOSEDRWAYRWAYCLOSEDCABOCABOCLOSEDBLCOBLCOCLOSEDGRABGRABCLOSEDXPXPCLOSEDABNBABNBCLOSEDMARMARCLOSEDENPHENPHCLOSEDLILAKLILAKCLOSEDECVTECVTCLOSEDBMRNBMRNCLOSEDAMPHAMPHCLOSEDADADCLOSEDCNMDCNMDCLOSEDVACVACCLOSEDPEBPEBCLOSEDVISTVISTCLOSEDYMMYMMCLOSEDSBLKSBLKCLOSEDTDOCTDOCCLOSEDSNAPSNAPCLOSEDCBRLCBRLCLOSEDCRCCRCCLOSEDBZBZCLOSEDARRYARRYCLOSEDNVSTNVSTCLOSEDOKTAOKTACLOSEDFIVNFIVNCLOSEDALRMALRMCLOSEDTEOTEOCLOSEDVALEVALECLOSEDSPBSPBCLOSEDDXCMDXCMCLOSEDXYZXYZCLOSEDTXTXCLOSEDKRSPKRSPCLOSEDOCSLOCSLCLOSEDDKNGDKNGCLOSEDMGPIMGPICLOSEDINNINNCLOSEDINFYINFYCLOSEDDAYDAYCLOSEDWGOWGOCLOSEDSYNASYNACLOSEDONITONITCLOSEDLIVNLIVNCLOSEDPPLPPLCLOSEDAVAVAVAVCLOSEDTTEKTTEKCLOSEDCMSCMSCLOSEDHAEHAECLOSEDSMRTSMRTCLOSEDJAZZJAZZCLOSEDWECWECCLOSEDZDZDCLOSEDLNTHLNTHCLOSEDOPTUOPTUCLOSEDBANDBANDCLOSEDBXMTBXMTCLOSEDRDFNRDFNCLOSEDPMTPMTCLOSEDCOINCOINCLOSEDRGENRGENCLOSEDFLRFLRCLOSEDMGNIMGNICLOSEDLCIILCIICLOSEDCALYCALYCLOSEDEXEELEXEELCLOSEDCOGTCOGTCLOSEDBHCBHCCLOSEDITRIITRICLOSEDUUCLOSEDFRPTFRPTCLOSEDMKSIMKSICLOSEDDDOGDDOGCLOSEDNTNXNTNXCLOSEDRWTRWTCLOSEDGPREGPRECLOSEDMXMXCLOSEDUPSTUPSTCLOSEDUPWKUPWKCLOSEDBSYBSYCLOSEDNEONEOCLOSEDLILALILACLOSEDVERXVERXCLOSEDAFRMAFRMCLOSEDCRNCCRNCCLOSEDSHAKSHAKCLOSEDMITKMITKCLOSEDPENNPENNCLOSEDSOSOCLOSEDAWKAWKCLOSEDBATLBATLCLOSEDTWOTWOCLOSEDALVOWALVOWCLOSEDFFCLOSEDBBIOBBIOCLOSEDPOSTPOSTCLOSEDFSLYFSLYCLOSEDONONCLOSEDWTWTCLOSEDNVDANVDACLOSEDSTSTCLOSEDIGVIGVCLOSEDBILLBILLCLOSEDXOPXOPCLOSEDFSKFSKCLOSEDXLEXLECLOSEDLYVLYVCLOSEDDBXDBXCLOSEDALVOALVOCLOSEDCAKECAKECLOSEDGRPNGRPNCLOSEDMTNMTNCLOSEDHLFHLFCLOSEDDOCNDOCNCLOSEDBLBLCLOSEDNEENEECLOSEDCELCCELCCLOSEDVSHVSH

持仓分布 Portfolio Allocation2026年第1季度

40持仓数 Holdings
TFPM29.1%
PSX22.1%
SU21.9%
LUV7.2%
HPE4.1%
UNIT3.5%
PINS3.2%
ETSY1.6%
其他 Other7.4%
管理规模 AUM
$189B
近1年 1Y Return
+11.5%
胜率 Win Rate
65%
Top5 集中度
84%

完整持仓 Full Holdings

#方向股票 Ticker类型 Type买入均价当前价收益率占比 %
1🟢
TFPMTFPM

TRIPLE FLAG PRECIOUS METALS

Share$11.59$30.06+175.9%
29.1%
2🟢
PSXPSX

PHILLIPS 66

Share$120.15$164.00+46.7%
22.1%
3🟢
SUSU

SUNCOR ENERGY

Share$33.27$55.35+105.3%
21.9%
4🟢
LUVLUV

SOUTHWEST AIRLINES

Share$27.69$47.86+39.0%
7.2%
5🟢
HPEHPE

HEWLETT PACKARD ENTERPRISE

Share$18.28$47.51+81.1%
4.1%
6🟢
UNITUNIT

UNITI GROUP

Share$6.45$11.64+71.3%
3.5%
7🟢
PINSPINS

PINTEREST

Share$22.57$20.27-13.7%
3.2%
8🟢
ETSYETSY

ETSY

Share$66.65$73.95-12.9%
1.6%
9🟢
NCLHNCLH

NORWEGIAN CRUISE LINE

Share$21.78$15.52-28.7%
1.6%
10🟢
SDRLSDRL

SEADRILL

Share$36.53$38.54+44.3%
1.4%
11🟢
PEPPEP

PEPSICO

Share$142.61$142.02+4.6%
1.3%
12🟢
EQIXEQIX

EQUINIX

Share$890.00$1092.19+19.0%
0.9%
13🟢
OROR

OSISKO GOLD ROYALTIES

Share$27.26$36.42+33.6%
0.7%
14🟢
RIGRIG

TRANSOCEAN

Share$5.67$7.04+24.2%
0.7%
15🟢
CCICCI

CROWN CASTLE

Share$102.17$86.66-15.2%
0.6%
16🟢
WW

WAYFAIR

Share—$88.84—
0.2%
17🟢
GLIBKGLIBK

GCI Liberty, Inc. Series C

Share$34.85$25.26-27.5%
0.1%
18🟢
HDBHDB

HDFC BANK

Share$31.57$24.45-22.6%
0.1%
19🟢
MSTRMSTR

MICROSTRATEGY

Share—$112.25—
0.1%
20🟢
GDXGDX

VANECK GOLD MINERS ETF

Call—$87.35——
21🔴
IWMIWM

ISHARES RUSSELL 2000 ETF

Put—$277.60——
22🔴
XMEXME

SPDR(R) S&P(R) METALS & MINING ETF

Put—$115.59——
23🔴
FTVFTV

FORTIVE

Put—$58.72——
24🔴
EMREMR

EMERSON ELECTRIC

Put—$133.05——
25🟢
WPMWPM

WHEATON PRECIOUS METALS

Call—$130.41——
26🔴
XLIXLI

INDUSTRIAL SELECT SECTOR SPDR FUND

Put—$171.40——
27🔴
XLPXLP

CONSUMER STAPLES SELECT SECTOR SPDR FUND

Put—$84.64——
28🔴
DLRDLR

DIGITAL REALTY TRUST

Put—$188.51——
29🔴
QQQQQQ

INVESCO QQQ

Put—$708.93——
30🔴
HYGHYG

ISHARES IBOXX $ HIGH YIELD CORPORATE BOND ETF

Put—$79.46——
31🔴
IWDIWD

ISHARES RUSSELL 1000 VALUE ETF

Put—$232.18——
32🔴
XLYXLY

CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND

Put—$116.53——

期权持仓说明：期权市值为名义敞口（合约数 × 100 × 标的价格），非实际投入资金，不参与投资组合占比计算。 Options value shown is notional exposure (contracts × 100 × underlying price), not actual capital invested.

持仓变动 Portfolio Changes2026年第1季度

股票 Ticker类型 Type股数变动 Share Change变动比例 Change %当前市值 Value占比 Weight
TFPMTFPM减仓 Reduced-568K-0.4%$4.6B29.1%
LUVLUV减仓 Reduced-20.8M-40.6%$1.1B7.2%
XLPXLP减仓 Reduced-109K-54.3%$749.3M-
HPEHPE增仓 Added+8.8M+47.2%$652.9M4.1%
XLYXLY建仓 New+43KNew$468.6M-
HYGHYG减仓 Reduced-3.8M-98.7%$397.8M-
GDXGDX减仓 Reduced-104K-73.9%$335.0M-
DLRDLR增仓 Added+5K+50.0%$270.3M-
ETSYETSY减仓 Reduced-50.2M-90.9%$249.9M1.6%
NCLHNCLH建仓 New+13.2MNew$246.6M1.6%
QQQQQQ减仓 Reduced-21K-84.0%$230.9M-
SDRLSDRL增仓 Added+160K+3.5%$214.7M1.4%
IWDIWD减仓 Reduced-18K-64.3%$213.7M-
IWMIWM建仓 New+5KNew$124.0M-
RIGRIG建仓 New+15.6MNew$103.6M0.7%
FTVFTV建仓 New+8KNew$41.5M-
EMREMR建仓 New+2KNew$26.2M-
HDBHDB增仓 Added+580K+267.7%$19.8M0.1%
WPMWPM建仓 New+1KNew$13.1M-
MSTRMSTR减仓 Reduced-13.1M-56.6%$11.5M0.1%
TCOMTCOM清仓 Closed-1.2MClosed--
LYFTLYFT清仓 Closed-1.1MClosed--
PSNPSN清仓 Closed-1.2MClosed--
TYLTYL清仓 Closed-1.0MClosed--
ASNDASND清仓 Closed-700KClosed--
RNGRNG清仓 Closed-984KClosed--
GLADGLAD清仓 Closed-754KClosed--
PTONPTON清仓 Closed-559KClosed--
BTAIBTAI清仓 Closed-241KClosed--
KRSP/WSKRSP/WS清仓 Closed-400KClosed--
SESE清仓 Closed-38.9MClosed--
SATSSATS清仓 Closed-18.0MClosed--
NBRNBR清仓 Closed-24.1MClosed--
GHGH清仓 Closed-555KClosed--
LBTYALBTYA清仓 Closed-8.6MClosed--
SPOTSPOT清仓 Closed-1.3MClosed--
JDJD清仓 Closed-19.2MClosed--
EXEEXE清仓 Closed-5.1MClosed--
TRMDTRMD清仓 Closed-26.4MClosed--
AUAU清仓 Closed-3.8MClosed--
SMHSMH清仓 Closed-9KClosed--
GTXGTX清仓 Closed-17.1MClosed--
SPYSPY清仓 Closed-4KClosed--
INDVINDV清仓 Closed-7.1MClosed--
VNOMVNOM清仓 Closed-6.3MClosed--
TDSTDS清仓 Closed-3.7MClosed--
BB清仓 Closed-3.0MClosed--
TLNTLN清仓 Closed-334KClosed--
CORZCORZ清仓 Closed-8.4MClosed--
NOKNOK清仓 Closed-18.8MClosed--
FTAIFTAI清仓 Closed-517KClosed--
ITUBITUB清仓 Closed-13.8MClosed--
ORCLORCL清仓 Closed-5KClosed--
CBLCBL清仓 Closed-2.5MClosed--
RIOTRIOT清仓 Closed-82.0MClosed--
JBLUJBLU清仓 Closed-90.5MClosed--
TACTAC清仓 Closed-6.4MClosed--
STKLSTKL清仓 Closed-20.7MClosed--
NUNU清仓 Closed-4.5MClosed--
FCXFCX清仓 Closed-1.4MClosed--
KRCKRC清仓 Closed-1.9MClosed--
CXCX清仓 Closed-5.7MClosed--
RWAYRWAY清仓 Closed-7.0MClosed--
CABOCABO清仓 Closed-58.9MClosed--
BLCOBLCO清仓 Closed-3.4MClosed--
GRABGRAB清仓 Closed-11.2MClosed--
XPXP清仓 Closed-3.3MClosed--
ABNBABNB清仓 Closed-50.6MClosed--
MARMAR清仓 Closed-2KClosed--
ENPHENPH清仓 Closed-49.1MClosed--
LILAKLILAK清仓 Closed-5.7MClosed--
ECVTECVT清仓 Closed-4.3MClosed--
BMRNBMRN清仓 Closed-42.1MClosed--
AMPHAMPH清仓 Closed-43.6MClosed--
ADAD清仓 Closed-724KClosed--
CNMDCNMD清仓 Closed-40.3MClosed--
VACVAC清仓 Closed-40.4MClosed--
PEBPEB清仓 Closed-39.7MClosed--
VISTVIST清仓 Closed-782KClosed--
YMMYMM清仓 Closed-3.5MClosed--
SBLKSBLK清仓 Closed-2.0MClosed--
TDOCTDOC清仓 Closed-38.5MClosed--
SNAPSNAP清仓 Closed-36.8MClosed--
CBRLCBRL清仓 Closed-33.1MClosed--
CRCCRC清仓 Closed-695KClosed--
BZBZ清仓 Closed-1.5MClosed--
ARRYARRY清仓 Closed-33.3MClosed--
NVSTNVST清仓 Closed-30.8MClosed--
OKTAOKTA清仓 Closed-28.3MClosed--
FIVNFIVN清仓 Closed-30.4MClosed--
ALRMALRM清仓 Closed-27.2MClosed--
TEOTEO清仓 Closed-2.3MClosed--
VALEVALE清仓 Closed-2.0MClosed--
SPBSPB清仓 Closed-27.5MClosed--
DXCMDXCM清仓 Closed-28.0MClosed--
XYZXYZ清仓 Closed-26.2MClosed--
TXTX清仓 Closed-659KClosed--
KRSPKRSP清仓 Closed-2.4MClosed--
OCSLOCSL清仓 Closed-1.9MClosed--
DKNGDKNG清仓 Closed-25.2MClosed--
MGPIMGPI清仓 Closed-23.2MClosed--
INNINN清仓 Closed-21.6MClosed--
INFYINFY清仓 Closed-1.1MClosed--
DAYDAY清仓 Closed-19.4MClosed--
WGOWGO清仓 Closed-20.2MClosed--
SYNASYNA清仓 Closed-17.3MClosed--
ONITONIT清仓 Closed-391KClosed--
LIVNLIVN清仓 Closed-15.3MClosed--
PPLPPL清仓 Closed-15.7MClosed--
AVAVAVAV清仓 Closed-15.8MClosed--
TTEKTTEK清仓 Closed-15.3MClosed--
CMSCMS清仓 Closed-15.2MClosed--
HAEHAE清仓 Closed-15.9MClosed--
SMRTSMRT清仓 Closed-7.5MClosed--
JAZZJAZZ清仓 Closed-10.6MClosed--
WECWEC清仓 Closed-12.0MClosed--
ZDZD清仓 Closed-13.6MClosed--
LNTHLNTH清仓 Closed-11.5MClosed--
OPTUOPTU清仓 Closed-7.5MClosed--
BANDBAND清仓 Closed-13.7MClosed--
BXMTBXMT清仓 Closed-12.0MClosed--
RDFNRDFN清仓 Closed-11.8MClosed--
PMTPMT清仓 Closed-10.9MClosed--
COINCOIN清仓 Closed-10.5MClosed--
RGENRGEN清仓 Closed-9.8MClosed--
FLRFLR清仓 Closed-9.4MClosed--
MGNIMGNI清仓 Closed-10.3MClosed--
LCIILCII清仓 Closed-9.9MClosed--
CALYCALY清仓 Closed-9.6MClosed--
EXEELEXEEL清仓 Closed-95KClosed--
COGTCOGT清仓 Closed-7.7MClosed--
BHCBHC清仓 Closed-1.3MClosed--
ITRIITRI清仓 Closed-8.7MClosed--
UU清仓 Closed-9.1MClosed--
FRPTFRPT清仓 Closed-7.3MClosed--
MKSIMKSI清仓 Closed-6.3MClosed--
DDOGDDOG清仓 Closed-7.5MClosed--
NTNXNTNX清仓 Closed-7.4MClosed--
RWTRWT清仓 Closed-7.5MClosed--
GPREGPRE清仓 Closed-7.7MClosed--
MXMX清仓 Closed-2.8MClosed--
UPSTUPST清仓 Closed-7.2MClosed--
UPWKUPWK清仓 Closed-7.0MClosed--
BSYBSY清仓 Closed-6.7MClosed--
NEONEO清仓 Closed-7.1MClosed--
LILALILA清仓 Closed-839KClosed--
VERXVERX清仓 Closed-6.5MClosed--
AFRMAFRM清仓 Closed-6.2MClosed--
CRNCCRNC清仓 Closed-6.6MClosed--
SHAKSHAK清仓 Closed-5.7MClosed--
MITKMITK清仓 Closed-5.4MClosed--
PENNPENN清仓 Closed-5.0MClosed--
SOSO清仓 Closed-4.6MClosed--
AWKAWK清仓 Closed-3.4MClosed--
BATLBATL清仓 Closed-3.0MClosed--
TWOTWO清仓 Closed-3.3MClosed--
ALVOWALVOW清仓 Closed-4.7MClosed--
FF清仓 Closed-2.9MClosed--
BBIOBBIO清仓 Closed-2.5MClosed--
POSTPOST清仓 Closed-2.6MClosed--
FSLYFSLY清仓 Closed-2.2MClosed--
ONON清仓 Closed-1.9MClosed--
WTWT清仓 Closed-1.9MClosed--
NVDANVDA清仓 Closed-30KClosed--
STST清仓 Closed-3.3MClosed--
IGVIGV清仓 Closed-13KClosed--
BILLBILL清仓 Closed-6.3MClosed--
XOPXOP清仓 Closed-24KClosed--
FSKFSK清仓 Closed-265KClosed--
XLEXLE清仓 Closed-160KClosed--
LYVLYV清仓 Closed-9.7MClosed--
DBXDBX清仓 Closed-2.2MClosed--
ALVOALVO清仓 Closed-534KClosed--
CAKECAKE清仓 Closed-2.0MClosed--
GRPNGRPN清仓 Closed-1.9MClosed--
MTNMTN清仓 Closed-1.8MClosed--
HLFHLF清仓 Closed-1.2MClosed--
DOCNDOCN清仓 Closed-1.9MClosed--
BLBL清仓 Closed-1.8MClosed--
NEENEE清仓 Closed-1.3MClosed--
CELCCELC清仓 Closed-700KClosed--
VSHVSH清仓 Closed-1.7MClosed--