What Howard Marks Bought in Q1 2025
Oaktree Capital Management · Quarterly 13F recap as filed with the SEC.
Period: 2025-03-31 · Filed · Historical
$5.17B
Total Value
168
Holdings
44
New Buys
63
Reduced
In Q1 2025, Howard Marks reported 168 long equity positions worth $5.17B in their Oaktree Capital Management 13F filing, including 44 new positions (largest: NOKIA OYJ at $98.8M) and 35 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | TRMD | TORM PLC | 40581120 | $662.8M | 12.82% | — |
| 2 | EXE | Expand Energy Corp | 5562364 | $619.2M | 11.98% | -19.8% |
| 3 | GTX | GARRETT MOTION INC | 44082816 | $369.0M | 7.14% | — |
| 4 | STR | SITIO ROYALTIES CORP | 12935120 | $257.0M | 4.97% | — |
| 5 | AU | ANGLOGOLD ASHANTI PLC | 5464851 | $202.9M | 3.92% | -1.7% |
| 6 | SPY | SPDR S&P 500 ETF | 340000 | $190.2M | 3.68% | +6.3% |
| 7 | RWAY | RUNWAY GROWTH FINANCE CORP | 10779667 | $111.6M | 2.16% | — |
| 8 | CXMSF | CEMEX SAB DE CV | 19383729 | $108.7M | 2.10% | +32.9% |
| 9 | INDV | INDIVIOR PLC | 11009125 | $103.5M | 2.00% | 26.1% |
| 10 | VSOGF | VISTA ENERGY SAB DE CV | 2184561 | $101.7M | 1.97% | -4.8% |
| 11 | STKL | SUNOPTA INC | 20726126 | $100.8M | 1.95% | — |
| 12 | NOK | NOKIA OYJ | 18752227 | $98.8M | 1.91% | NEW |
| 13 | SBLK | STAR BULK CARRIERS CORP | 5373631 | $83.6M | 1.62% | — |
| 14 | FCX | Freeport-McMoRan | 2191108 | $83.0M | 1.60% | +24.3% |
| 15 | LBTYK | LIBERTY GLOBAL LTD | 7204190 | $82.9M | 1.60% | — |
| 16 | CBL | CBL & ASSOCIATES PROPERTIES INC | 3005126 | $79.9M | 1.55% | — |
| 17 | TLN | TALEN ENERGY CORP | 319829 | $63.9M | 1.24% | -19.4% |
| 18 | KRC | KILROY REALTY CORP | 1850011 | $60.6M | 1.17% | — |
| 19 | CRC | CALIFORNIA RESOURCES CORP | 1376753 | $60.5M | 1.17% | -32.7% |
| 20 | VALE | VALE SA | 6014782 | $60.0M | 1.16% | -16.4% |
| 21 | TLN | TALEN ENERGY CORP | 280000 | $55.9M | 1.08% | +16.7% |
| 22 | TACPF | TRANSALTA CORP | 5585253 | $52.1M | 1.01% | NEW |
| 23 | ABX | BARRICK GOLD CORP | 2516658 | $48.9M | 0.95% | +147.9% |
| 24 | CHRS 1.5 04/15/26 | COHERUS BIOSCIENCES INC | 49030000 | $48.3M | 0.93% | — |
| 25 | GRAB | GRAB HOLDINGS LTD | 10275995 | $46.6M | 0.90% | NEW |
| 26 | HTHT | H WORLD GROUP LTD | 1229399 | $45.5M | 0.88% | +7.3% |
| 27 | JBLU | JETBLUE AIRWAYS CORP | 43234000 | $40.9M | 0.79% | +8.2% |
| 28 | CABO | CABLE ONE INC | 42610000 | $40.5M | 0.78% | -7.6% |
| 29 | PEB-PH | PEBBLEBROOK HOTEL TRUST | 43139000 | $40.4M | 0.78% | +4.9% |
| 30 | JD | JD.COM INC | 960796 | $39.5M | 0.76% | +-31.9% |
| 31 | ITUB | ITAU UNIBANCO HOLDING SA | 6941012 | $38.2M | 0.74% | NEW |
| 32 | PBR | PETROLEO BRASILEIRO SA | 2659492 | $38.1M | 0.74% | -20.7% |
| 33 | BLBLF | BILIBILI INC | 1925797 | $36.8M | 0.71% | NEW |
| 34 | EC | ECOPETROL SA | 3162122 | $33.0M | 0.64% | NEW |
| 35 | HOUS 0.25 06/15/26 | ANYWHERE REAL ESTATE INC | 33515000 | $31.2M | 0.60% | -8.1% |
| 36 | OCSL | OAKTREE SPECIALTY LENDING CORP | 1852456 | $28.5M | 0.55% | — |
| 37 | TCMFF | TELECOM ARGENTINA SA | 2709263 | $27.6M | 0.53% | -3.2% |
| 38 | NEO | NEOGENOMICS INC | 31456000 | $27.3M | 0.53% | 725.8% |
| 39 | TX | TERNIUM SA | 812609 | $25.3M | 0.49% | -1.9% |
| 40 | BEKE | KE HOLDINGS INC | 1254784 | $25.2M | 0.49% | NEW |
| 41 | ABNB | AIRBNB INC | 25108000 | $24.0M | 0.46% | +1537.8% |
| 42 | BZ | KANZHUN LTD | 1170961 | $22.4M | 0.43% | -33.6% |
| 43 | ETSY | ETSY INC | 24981000 | $21.3M | 0.41% | +47.3% |
| 44 | SE | SEA LTD | 22355000 | $20.9M | 0.40% | 182.3% |
| 45 | OPTU | ALTICE USA INC | 7500000 | $19.9M | 0.39% | — |
| 46 | BMA | BANCO MACRO SA | 260462 | $19.7M | 0.38% | -31.2% |
| 47 | GH | GUARDANT HEALTH INC | 22076000 | $19.6M | 0.38% | -42.7% |
| 48 | BIDU | BAIDU INC | 199684 | $18.4M | 0.36% | NEW |
| 49 | ALVOW | ALVOTECH SA | 1868483 | $18.1M | 0.35% | -3.0% |
| 50 | SATS | ECHOSTAR CORP | 16000000 | $17.9M | 0.35% | NEW |
| 51 | SNAP | SNAP INC | 20672000 | $17.5M | 0.34% | 134.9% |
| 52 | UNIT | UNITI GROUP INC | 3397592 | $17.1M | 0.33% | — |
| 53 | CNMD | CONMED CORP | 17428000 | $16.4M | 0.32% | 120.1% |
| 54 | KC | KINGSOFT CORP LTD | 1091853 | $15.7M | 0.30% | NEW |
| 55 | NVST | ENVISTA HOLDINGS CORP | 17118000 | $15.5M | 0.30% | 162.1% |
| 56 | AG | FIRST MAJESTIC SILVER CORP | 15626000 | $14.7M | 0.28% | 84.3% |
| 57 | LIVN | LIVANOVA PLC | 14988000 | $14.3M | 0.28% | NEW |
| 58 | VAC | MARRIOTT VACATIONS WORLDWIDE CORP | 15336000 | $14.2M | 0.28% | 369.3% |
| 59 | TDOC | TELADOC HEALTH INC | 15354000 | $14.1M | 0.27% | 102.7% |
| 60 | ONIT | ONITY GROUP INC | 410429 | $13.3M | 0.26% | — |
| 61 | TGS | TRANSPORTADORA DE GAS DEL SUR SA | 484606 | $12.8M | 0.25% | -39.0% |
| 62 | BBIO | BRIDGEBIO PHARMA INC | 14135000 | $12.7M | 0.25% | 272.2% |
| 63 | PPL | PPL CORP | 11081000 | $12.4M | 0.24% | 30.4% |
| 64 | NCLH | NORWEGIAN CRUISE LINE HOLDINGS LTD | 12559000 | $12.2M | 0.24% | +13.6% |
| 65 | ASND | ASCENDIS PHARMA A/S | 10267000 | $12.2M | 0.24% | -29.2% |
| 66 | FOUR-PA | SHIFT4 PAYMENTS INC | 12010000 | $12.2M | 0.24% | 21.2% |
| 67 | HWLDF | H WORLD GROUP LTD | 10857000 | $12.1M | 0.24% | 11.4% |
| 68 | BRY | BERRY CORP | 3697000 | $11.9M | 0.23% | — |
| 69 | CMS-PC | CMS ENERGY CORP | 10467000 | $11.6M | 0.22% | 14.5% |
| 70 | ENPH | ENPHASE ENERGY INC | 11497000 | $10.9M | 0.21% | 399.7% |
| 71 | SHAK | SHAKE SHACK INC | 11556000 | $10.7M | 0.21% | 35.1% |
| 72 | NOVAQ | SUNNOVA ENERGY INTERNATIONAL INC | 106199000 | $10.6M | 0.21% | 43.7% |
| 73 | NEE-PS | NEXTERA ENERGY INC | 8841000 | $10.2M | 0.20% | NEW |
| 74 | ENPH | ENPHASE ENERGY INC | 11840000 | $10.1M | 0.19% | NEW |
| 75 | MX | MAGNACHIP SEMICONDUCTOR CORP | 2849858 | $9.8M | 0.19% | — |
| 76 | EXEEL | EXPAND ENERGY CORP | 95294 | $9.6M | 0.19% | — |
| 77 | SRPT | SAREPTA THERAPEUTICS INC | 10115000 | $9.4M | 0.18% | 14.9% |
| 78 | DXCM | DEXCOM INC | 10486000 | $9.4M | 0.18% | NEW |
| 79 | UPST | UPSTART HOLDINGS INC | 9763000 | $9.1M | 0.18% | +2.7% |
| 80 | SMRT | SMARTRENT INC | 7505294 | $9.1M | 0.18% | — |
| 81 | BAK | BRASKEM SA | 2344292 | $9.0M | 0.17% | -5.9% |
| 82 | GH | GUARDANT HEALTH INC | 8088000 | $8.4M | 0.16% | NEW |
| 83 | BHC | BAUSCH HEALTH COS INC | 1270000 | $8.2M | 0.16% | — |
| 84 | ALRM | ALARM.COM HOLDINGS INC | 7783000 | $7.5M | 0.14% | +119.9% |
| 85 | PCRX | PACIRA BIOSCIENCES INC | 7556000 | $7.5M | 0.14% | +63.5% |
| 86 | 91854V206 | VACASA INC | 1375448 | $7.4M | 0.14% | — |
| 87 | CYTK | CYTOKINETICS INC | 6392000 | $7.3M | 0.14% | -8.5% |
| 88 | TVTX | TRAVERE THERAPEUTICS INC | 7241000 | $7.2M | 0.14% | +-37.0% |
| 89 | ALVOW | ALVOTECH SA | 4666667 | $7.0M | 0.14% | — |
| 90 | BXMT | BLACKSTONE MORTGAGE TRUST INC | 7022000 | $6.8M | 0.13% | +39.7% |
| 91 | PCG 4.25 12/01/27 | PG&E CORP | 6225000 | $6.6M | 0.13% | +-59.2% |
| 92 | PMT-PC | PENNYMAC MORTGAGE INVESTMENT TRUST | 6589000 | $6.6M | 0.13% | +38.2% |
| 93 | ZD | ZIFF DAVIS INC | 6886000 | $6.5M | 0.13% | -13.1% |
| 94 | TWOD | TWO HARBORS INVESTMENT CORP | 6466000 | $6.4M | 0.12% | +143.1% |
| 95 | DQ | DAQO NEW ENERGY CORP | 344819 | $6.2M | 0.12% | -37.4% |
| 96 | EYE | NATIONAL VISION HOLDINGS INC | 6266000 | $6.2M | 0.12% | +51.6% |
| 97 | FIVN | FIVE9 INC | 6163000 | $6.1M | 0.12% | 751.2% |
| 98 | TNDM | TANDEM DIABETES CARE INC | 6442000 | $6.1M | 0.12% | NEW |
| 99 | BSQKZ | BLOCK INC | 6813000 | $6.0M | 0.12% | +352.1% |
| 100 | HDB | HDFC BANK LTD | 89697 | $6.0M | 0.12% | — |
| 101 | FLR | FLUOR CORP | 5505000 | $5.9M | 0.11% | +25.0% |
| 102 | IART | INTEGRA LIFESCIENCES HOLDINGS CORP | 5901000 | $5.8M | 0.11% | -22.1% |
| 103 | LITE | LUMENTUM HOLDINGS INC | 6089000 | $5.6M | 0.11% | +204.5% |
| 104 | MTN | VAIL RESORTS INC | 5852000 | $5.6M | 0.11% | +10.9% |
| 105 | SHOP | SHOPIFY INC | 5600000 | $5.6M | 0.11% | NEW |
| 106 | ZTO 1.5 09/01/27 | ZTO EXPRESS CAYMAN INC | 5503000 | $5.5M | 0.11% | -37.8% |
| 107 | NOVAQ | SUNNOVA ENERGY INTERNATIONAL INC | 61469000 | $5.5M | 0.11% | +28.5% |
| 108 | WK | WORKIVA INC | 5897000 | $5.5M | 0.11% | -25.9% |
| 109 | MLAB | MESA LABORATORIES INC | 5438000 | $5.3M | 0.10% | -1.3% |
| 110 | W | WAYFAIR INC | 5056000 | $4.9M | 0.10% | -26.5% |
| 111 | WIX | WIX.COM LTD | 4890000 | $4.8M | 0.09% | +1.3% |
| 112 | ON | ON SEMICONDUCTOR CORP | 5491000 | $4.7M | 0.09% | +279.2% |
| 113 | EXPE | EXPEDIA GROUP INC | 4623000 | $4.6M | 0.09% | NEW |
| 114 | PTON | PELOTON INTERACTIVE INC | 4746000 | $4.5M | 0.09% | NEW |
| 115 | FUBO | FUBOTV INC | 4392000 | $4.3M | 0.08% | NEW |
| 116 | HLF | HERBALIFE LTD | 4787000 | $4.1M | 0.08% | NEW |
| 117 | BATL | BATTALION OIL CORP | 3009912 | $3.9M | 0.08% | — |
| 118 | UBER | UBER TECHNOLOGIES INC | 3163000 | $3.9M | 0.07% | +-70.0% |
| 119 | TPICQ | TPI COMPOSITES INC | 4610003 | $3.7M | 0.07% | — |
| 120 | AFRM | AFFIRM HOLDINGS INC | 3693000 | $3.4M | 0.07% | -23.4% |
| 121 | HAE | HAEMONETICS CORP | 3506000 | $3.4M | 0.07% | -34.5% |
| 122 | OKTA | OKTA INC | 3283000 | $3.2M | 0.06% | +6.7% |
| 123 | U | UNITY SOFTWARE INC | 3216000 | $3.0M | 0.06% | +23.6% |
| 124 | FVRR | FIVERR INTERNATIONAL LTD | 2984000 | $2.9M | 0.06% | -36.5% |
| 125 | SSRGF | SSR MINING INC | 2873000 | $2.9M | 0.06% | -40.4% |
| 126 | COIN | COINBASE GLOBAL INC | 2850000 | $2.6M | 0.05% | NEW |
| 127 | SEDG | SOLAREDGE TECHNOLOGIES INC | 2716000 | $2.6M | 0.05% | NEW |
| 128 | STX | SEAGATE TECHNOLOGY HOLDINGS PLC | 2150000 | $2.6M | 0.05% | NEW |
| 129 | SPOT | SPOTIFY TECHNOLOGY SA | 2150000 | $2.6M | 0.05% | -46.3% |
| 130 | W | WAYFAIR INC | 2585000 | $2.5M | 0.05% | -3.7% |
| 131 | GRPN | GROUPON INC | 2539000 | $2.4M | 0.05% | +3.6% |
| 132 | BAND | BANDWIDTH INC | 3020000 | $2.4M | 0.05% | -41.5% |
| 133 | ARRY | ARRAY TECHNOLOGIES INC | 3289000 | $2.4M | 0.05% | -15.6% |
| 134 | RDFN 0.5 04/01/27 | REDFIN CORP | 2754000 | $2.4M | 0.05% | +14.3% |
| 135 | TDOC | TELADOC HEALTH INC | 2317000 | $2.3M | 0.04% | NEW |
| 136 | LITE | LUMENTUM HOLDINGS INC | 1900000 | $2.2M | 0.04% | NEW |
| 137 | RGEN | REPLIGEN CORP | 2200000 | $2.2M | 0.04% | — |
| 138 | MGNI | MAGNITE INC | 2239000 | $2.1M | 0.04% | -34.2% |
| 139 | UPWK | UPWORK INC | 2217000 | $2.1M | 0.04% | -35.2% |
| 140 | SNAP | SNAP INC | 2041000 | $2.0M | 0.04% | NEW |
| 141 | NCSYF | NICE LTD | 2066000 | $2.0M | 0.04% | NEW |
| 142 | IRTC | IRHYTHM TECHNOLOGIES INC | 1900000 | $2.0M | 0.04% | NEW |
| 143 | INN-PF | SUMMIT HOTEL PROPERTIES INC | 2058000 | $2.0M | 0.04% | +74.1% |
| 144 | TTEK | TETRA TECH INC | 1826000 | $1.9M | 0.04% | -71.1% |
| 145 | EZPW | EZCORP INC | 1819000 | $1.8M | 0.04% | -54.2% |
| 146 | BSQKZ | BLOCK INC | 1901000 | $1.8M | 0.04% | -29.6% |
| 147 | LAAOF | LI AUTO INC | 1450000 | $1.7M | 0.03% | NEW |
| 148 | DUKB | DUKE ENERGY CORP | 1500000 | $1.6M | 0.03% | NEW |
| 149 | VTR | VENTAS INC | 1250000 | $1.6M | 0.03% | NEW |
| 150 | POST | POST HOLDINGS INC | 1300000 | $1.6M | 0.03% | — |
| 151 | GES 3.75 04/15/28 | GUESS INC | 1682000 | $1.5M | 0.03% | NEW |
| 152 | PSN | PARSONS CORP | 1509000 | $1.5M | 0.03% | NEW |
| 153 | BBIO | BRIDGEBIO PHARMA INC | 1250000 | $1.4M | 0.03% | NEW |
| 154 | NEO | NEOGENOMICS INC | 1376000 | $1.4M | 0.03% | -33.7% |
| 155 | TVTX | TRAVERE THERAPEUTICS INC | 1377000 | $1.4M | 0.03% | +33.3% |
| 156 | LNT | ALLIANT ENERGY CORP | 1250000 | $1.3M | 0.03% | NEW |
| 157 | ON | ON SEMICONDUCTOR CORP | 1250000 | $1.3M | 0.03% | NEW |
| 158 | LYFT | LYFT INC | 1350000 | $1.3M | 0.03% | NEW |
| 159 | OKTA | OKTA INC | 1316000 | $1.3M | 0.02% | NEW |
| 160 | PAR | PAR TECHNOLOGY CORP | 1100000 | $1.2M | 0.02% | NEW |
| 161 | ALNY | ALNYLAM PHARMACEUTICALS INC | 1000000 | $1.2M | 0.02% | -25.9% |
| 162 | MGPI | MGP INGREDIENTS INC | 1211000 | $1.1M | 0.02% | NEW |
| 163 | RWTO | REDWOOD TRUST INC | 1094000 | $1.1M | 0.02% | -39.3% |
| 164 | FWONB | LIBERTY MEDIA CORP-LIBERTY FORMULA ONE | 700000 | $852K | 0.02% | -90.7% |
| 165 | ESPR | ESPERION THERAPEUTICS INC | 774000 | $759K | 0.01% | NEW |
| 166 | CRNC | CERENCE INC | 590000 | $419K | 0.01% | NEW |
| 167 | HCAT | HEALTH CATALYST INC | 375000 | $373K | 0.01% | -35.1% |
| 168 | REAL 4 02/15/31 | REALREAL INC/THE | 295000 | $246K | 0.00% | NEW |