Billionaire Investor Howard Marks’ Top 5 Holdings: A Buy at These Prices?

Howard Marks hunts dislocation. His latest Oaktree 13F reveals 5 common-stock equity positions that look thing similar a bull-market portfolio: a leveraged turbo maker, the largest US state shaper bleeding YTD, a golden miner that conscionable gave backmost a 5th of its terms successful 3 months, a tanker riding a geopolitical spike, and a specialty pharma with antagonistic publication value. Every 1 of these has moved sharply since the filing date. That's the setup. Below, whether each is inactive a bargain astatine today's prices.

1. Garrett Motion (The Surprise Pick)

Garrett Motion (NASDAQ:GTX) is the presumption hiding successful plain sight. Turbochargers dependable similar a fading auto-parts communicative until you work the Q1 filing: commercialized conveyance and concern income climbed, aftermarket request is accelerating, and absorption is buying backmost banal astatine a standard that dwarfs the dividend. Marks is betting connected the interior combustion motor having a longer, much profitable process than the marketplace prices in, not connected electrification playing retired connected the Street's timeline.

The Q1 2026 study made the case. EPS of $0.49 bushed the $0.428 estimation by 14.49%, gross of $985M bushed by 6.59% and grew 12.2% twelvemonth implicit year, and nett income jumped 53.2% to $95M. Management raised the FY26 usher to nett income of $3.6B to $3.9B and adjusted escaped currency travel of $355M to $475M, and authorized a $250M buyback programme for 2026 connected apical of $87M already repurchased successful Q1.

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The banal has already responded. GTX is up 82.26% twelvemonth to day and 171.99% implicit 1 year, and trades astatine astir 18 times trailing net against an expert terms people of $35.67. That's a low-single-digit percent of upside to statement aft a monster run. The buyback backstop supports the banal astatine existent prices, with a much compelling risk/reward connected immoderate pullback into the precocious $20s. Marks got determination first. Whether you travel is present a question of entry, not thesis.