Billionaire Howard Marks’ AI Warning and 10 Non-AI Stock Picks

#7 Viasat, Inc. (NASDAQ:VSAT)

Oaktree Stake as of Q2: $57 Million

Viasat (NASDAQ:VSAT) sells satellite internet and secure communications to airlines, ships, and governments. Oaktree opened a new position in the second quarter worth $57 million, 0.79% of its portfolio.

Bulls like Equatys, a satellite venture Viasat is forming with the UAE company Space42. Phone carriers would share its satellites to reach phones outside cell coverage, much like carriers share cell towers. Viasat is expected to build the network, so it could earn construction revenue and still own part of the venture.

#6 Itaú Unibanco Holding S.A. (NYSE:ITUB)

Oaktree Stake as of Q2: $98 Million

Itaú Unibanco is one of the largest banks in Brazil. Oaktree trimmed the stake by 2% in the second quarter. Our earlier coverage showed the bank hitting a record 23.4% return on equity. See how the bank got there.

Itaú Unibanco (NYSE:ITUB) shares fell after Lula won re-election in Brazil, but bulls believe the stock can recover. They point to the bank’s numbers. Return on equity, which shows how much profit the bank earns on shareholder money, was 24.3% in the second quarter. Loans overdue by more than 90 days stayed at 1.9% for six straight quarters while the loan book grew 9.6% from a year earlier.

The stock trades at about 2 times book value, near the low end of its 2026 range of 1.8 to 2.8 times, and at 8.64 times forward earnings. It yields about 7%. If Itaú Unibanco keeps earning around 24% on equity, the price has room to recover.

#5 Viper Energy, Inc. (NASDAQ:VNOM)

Oaktree Stake as of Q2: $161 Million

Viper Energy owns mineral and royalty interests in oil and gas land in the Permian Basin. It collects a share of the revenue without drilling the wells. Oaktree held the same number of shares as in the first quarter. Viper also rewrote how it pays shareholders after its second-quarter results. Check the payout details here.

Viper Energy (NASDAQ:VNOM), a subsidiary of Diamondback Energy, owns royalty rights on oil and gas land in the Permian Basin. Drillers pay for the wells and Viper collects a share of the revenue, so most of each sale becomes cash. Production beat the top of its forecast by 7%, and management expects about 4.5% more output in the third quarter. The base dividend rose 32% to $2 a year, and the company says it is protected down to about $30 oil.

The stock trades at 17.12 times forward earnings, 37.94% above the sector median of 12.41. Cash swings with oil. A rise of about $25 a barrel from the first to the second quarter lifted cash available for payouts about 30%, and a drop would hit it just as hard. Viper does not control drilling, and operators can slow down when prices fall.