Billionaire Howard Marks’ 10 Stock Picks with Huge Upside Potential

9. TORM plc (NASDAQ:TRMD)

Oaktree Capital Management’s Stake: $527 Million

Analyst Upside Potential: 38%

TORM plc (NASDAQ:TRMD) has been a staple in the 13F portfolio of Oaktree Capital Management since the third quarter of 2018. Back then, this position comprised 47.6 million shares. By the third quarter of 2019, the fund had grown this stake to over 48.2 million shares. Oaktree continued building on this position and had increased share ownership in the company to more than 53 million shares by the end of 2020. A period of stability followed, during which the fund did not make major changes to this stake. In late 2023 and early 2024, the fund started trimming the stake. Filings for the fourth quarter of 2025 show that the fund owned 26.4 million shares in the company, down close to 35% compared to filings for the previous quarter.

Investors who are looking for yield in a high-rate environment are piling into TORM plc (NASDAQ:TRMD) because it is one of the most aggressive dividend payers in the market. As of April, TORM’s dividend yield sits at a robust 8.99%. In Q1 2026, it paid out $0.70 per share, representing 82% of its net profit. Unlike crude oil tankers, the company specializes in refined products like gasoline, jet fuel, and diesel. Hedge funds are betting on a structural long for this specific sub-sector. Due to geopolitical shifts and refinery closures in Europe/Australia, refined products are being hauled over longer distances from the Middle East and India. This increased ton-mile demand allows TORM to charge higher rates for its fleet.