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

管理规模 AUM

$189B

做多 Long

做空/对冲 Short

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

+1.1%

胜率 Win Rate

71%

12W / 5L

盈亏比 P/L Ratio

4.2x

+1% / -0%

最大赢家 Best Pick

TFPM

+1.8%

最大输家 Worst Pick

HDB

-0.3%

Top5 集中度 Concentration

81%

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

🟢

TFPMTRIPLE FLAG PRECIOUS METALSShare27.9%

avg$11.59→$32.87+182.4%$4.0B

2022-09-30(4.0年)持平Basic Materials

🟢

HPEHEWLETT PACKARD ENTERPRISEShare10.2%

avg$21.80→$60.76+143.7%$1.5B

2025-06-30(1.2年)加仓Technology

🟢

PSXPHILLIPS 66Share22.8%

avg$120.15→$273.00+101.7%$3.3B

2023-06-30(3.2年)加仓Energy

🟢

SUSUNCOR ENERGYShare11.1%

avg$33.64→$69.41+100.6%$1.6B

2022-03-31(4.5年)减仓Energy

🟢

UNITUNITI GROUPShare4.7%

avg$6.45→$9.45+60.2%$676.9M

2020-09-30(6.0年)加仓Real Estate

📉 做空/对冲仓位 Bearish / Hedge Positions

🔴

QQQINVESCO QQQ Put—

$716.08$2.6BNotional

2023-03-31(3.5年)加仓

🔴

IGVISHARES EXPANDED TECH-SOFTWARE SECTOR ETFPut—

$102.81$1.4BNotional

2026-06-30(3月)加仓

🔴

XLIINDUSTRIAL SELECT SECTOR SPDR FUNDPut—

$181.95$958.6MNotional

2024-12-31(1.7年)减仓

🔴

XLYCONSUMER DISCRETIONARY SELECT SECTOR SPDR FUNDPut—

$118.59$832.7MNotional

2026-03-31(6月)加仓

🔴

XLPCONSUMER STAPLES SELECT SECTOR SPDR FUNDPut—

$86.54$799.5MNotional

2025-09-30(12月)加仓

🔴

GDXVANECK GOLD MINERS ETFPut—

$97.33$690.4MNotional

2025-03-31(1.5年)加仓

🔴

IHIISHARES US MEDICAL DEVICES ETFPut—

$56.64$686.8MNotional

2026-06-30(3月)持平

🔴

SMHVANECK SEMICONDUCTOR ETFPut—

$560.92$164.0MNotional

2026-06-30(3月)加仓

🔴

XMESPDR(R) S&P(R) METALS & MINING ETFPut—

$117.07$96.2MNotional

2023-12-31(2.7年)减仓

🔴

RSPGUGGENHEIM S&P 500(R) EQUAL WEIGHT ETFPut—

$222.07$84.0MNotional

2026-06-30(3月)持平

🔴

IWMISHARES RUSSELL 2000 ETFPut—

$301.72$75.1MNotional

2026-03-31(6月)减仓

🔔 重要信号 Key Signals2026年第2季度

NEW

IGV Put$1.4BNEW

IHI Put$687MNEW

SMH Put$164MNEW

SNPS$101MNEW

RSP Put$84MNEW

QNT$12M-44%

SU-20%

LUV-31%

XLI-50%

IWMCLOSED

CCICLOSED

GLIBKCLOSED

HYGCLOSED

DLRCLOSED

IWDCLOSED

FTVCLOSED

WCLOSED

EMRCLOSED

WPMCLOSED

MSTR

持仓分布 Portfolio Allocation2026年第2季度

38持仓数 Holdings

TFPM27.9%

PSX22.8%

SU11.1%

HPE10.2%

LUV8.8%

UNIT4.7%

PINS4.1%

ETSY2.6%

其他 Other7.8%

管理规模 AUM

$189B

近1年 1Y Return

+11.5%

胜率 Win Rate

71%

Top5 集中度

81%

完整持仓 Full Holdings

共 38 个持仓，此处按组合权重显示前 28 个Showing top 28 of 38 by weight

#	方向	股票 Ticker	类型 Type	买入均价	当前价	收益率	占比 %	趋势 Trend	行业 Sector
1	🟢	TFPM TRIPLE FLAG PRECIOUS METALS	Share	$11.59	$32.87	+182.4%	27.9%	持平	Basic Materials
2	🟢	PSX PHILLIPS 66	Share	$120.15	$273.00	+101.7%	22.8%	加仓	Energy
3	🟢	SU SUNCOR ENERGY	Share	$33.64	$69.41	+100.6%	11.1%	减仓	Energy
4	🟢	HPE HEWLETT PACKARD ENTERPRISE	Share	$21.80	$60.76	+143.7%	10.2%	加仓	Technology
5	🟢	LUV SOUTHWEST AIRLINES	Share	$27.69	$40.98	+49.6%	8.8%	减仓	Industrials
6	🟢	UNIT UNITI GROUP	Share	$6.45	$9.45	+60.2%	4.7%	加仓	Real Estate
7	🟢	PINS PINTEREST	Share	$22.57	$18.60	+3.6%	4.1%	持平	Communication Services
8	🟢	ETSY ETSY	Share	$66.65	$81.00	+20.7%	2.6%	持平	Consumer Cyclical
9	🟢	NCLH NORWEGIAN CRUISE LINE	Share	$21.45	$17.34	-19.2%	2.2%	加仓	Consumer Cyclical
10	🟢	PEP PEPSICO	Share	$142.61	$129.75	-0.0%	1.2%	加仓	Consumer Defensive
11	🟢	SDRL SEADRILL	Share	$36.97	$47.98	+25.1%	1.2%	加仓	Energy
12	🟢	EQIX EQUINIX	Share	$890.00	$1021.34	+21.0%	1.1%	加仓	Real Estate
13	🟢	SNPS SYNOPSYS	Share	$470.31	$401.24	-14.7%	0.7%	持平	Technology
14	🟢	OR OSISKO GOLD ROYALTIES	Share	$27.26	$36.42	+28.0%	0.7%	加仓	Basic Materials
15	🟢	RIG TRANSOCEAN	Share	$5.67	$7.04	+3.0%	0.5%	加仓	Energy
16	🟢	HDB HDFC BANK	Share	$31.57	$23.16	-26.6%	0.1%	加仓	Financial Services
17	🟢	QNT Quantinuum Inc. Class A	Share	$64.47	$60.28	-13.1%	0.1%	持平	Technology
18	🔴	QQQ INVESCO QQQ	Put	—	$716.08	—	—	加仓	-
19	🔴	IGV ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF	Put	—	$102.81	—	—	加仓	-
20	🔴	XLI INDUSTRIAL SELECT SECTOR SPDR FUND	Put	—	$181.95	—	—	减仓	-
21	🔴	XLY CONSUMER DISCRETIONARY SELECT SECTOR SPDR FUND	Put	—	$118.59	—	—	加仓	-
22	🔴	XLP CONSUMER STAPLES SELECT SECTOR SPDR FUND	Put	—	$86.54	—	—	加仓	-
23	🔴	GDX VANECK GOLD MINERS ETF	Put	—	$97.33	—	—	加仓	-
24	🔴	IHI ISHARES US MEDICAL DEVICES ETF	Put	—	$56.64	—	—	持平	-
25	🔴	SMH VANECK SEMICONDUCTOR ETF	Put	—	$560.92	—	—	加仓	-
26	🔴	XME SPDR(R) S&P(R) METALS & MINING ETF	Put	—	$117.07	—	—	减仓	-
27	🔴	RSP GUGGENHEIM S&P 500(R) EQUAL WEIGHT ETF	Put	—	$222.07	—	—	持平	-
28	🔴	IWM ISHARES RUSSELL 2000 ETF	Put	—	$301.72	—	—	减仓	-

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2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
TFPM	减仓 Reduced	-7K	-0.0%	$4.0B	27.9%
QQQ	增仓 Added	+31K	+770.0%	$2.6B	-
SU	减仓 Reduced	-23.2M	-44.1%	$1.6B	11.1%
HPE	增仓 Added	+4.9M	+17.7%	$1.5B	10.2%
IGV	建仓 New	+158K	New	$1.4B	-
LUV	减仓 Reduced	-6.0M	-19.9%	$1.2B	8.8%
XLI	减仓 Reduced	-23K	-31.0%	$958.6M	-
XLY	增仓 Added	+28K	+65.1%	$832.7M	-
XLP	增仓 Added	+5K	+5.3%	$799.5M	-
GDX	增仓 Added	+55K	+150.7%	$690.4M	-
IHI	建仓 New	+139K	New	$686.8M	-
NCLH	增仓 Added	+1.5M	+11.4%	$310.0M	2.2%
SDRL	减仓 Reduced	-279K	-5.9%	$167.9M	1.2%
SMH	建仓 New	+3K	New	$164.0M	-
SNPS	建仓 New	+228K	New	$101.5M	0.7%
RSP	建仓 New	+4K	New	$84.0M	-
IWM	减仓 Reduced	-3K	-50.0%	$75.1M	-
QNT	建仓 New	+150K	New	$12.3M	0.1%
CCI	清仓 Closed	-1.2M	Closed	-	-
GLIBK	清仓 Closed	-660K	Closed	-	-
HYG	清仓 Closed	-50K	Closed	-	-
DLR	清仓 Closed	-15K	Closed	-	-
IWD	清仓 Closed	-10K	Closed	-	-
FTV	清仓 Closed	-8K	Closed	-	-
W	清仓 Closed	-15.0M	Closed	-	-
EMR	清仓 Closed	-2K	Closed	-	-
WPM	清仓 Closed	-1K	Closed	-	-
MSTR	清仓 Closed	-10.0M	Closed	-	-