What Howard Marks Bought in Q2 2025
Oaktree Capital Management · Quarterly 13F recap as filed with the SEC.
Period: 2025-06-30 · Filed · Historical
$5.81B
Total Value
178
Holdings
42
New Buys
39
Reduced
In Q2 2025, Howard Marks reported 178 long equity positions worth $5.81B in their Oaktree Capital Management 13F filing, including 42 new positions (largest: STATE STREET CORP at $68.0M) and 71 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | TRMD | TORM PLC | 40581120 | $681.6M | 11.72% | — |
| 2 | SPY | SPDR S&P 500 ETF | 1020000 | $630.2M | 10.84% | 200.0% |
| 3 | EXE | Expand Energy Corp | 5062364 | $592.0M | 10.18% | -9.0% |
| 4 | GTX | GARRETT MOTION INC | 36894816 | $387.8M | 6.67% | -16.3% |
| 5 | STR | SITIO ROYALTIES CORP | 12945551 | $237.9M | 4.09% | +0.1% |
| 6 | AU | ANGLOGOLD ASHANTI PLC | 4947737 | $225.5M | 3.88% | -9.5% |
| 7 | INDV | Indivior PLC | 11009125 | $162.3M | 2.79% | — |
| 8 | STKL | SUNOPTA INC | 20726126 | $120.2M | 2.07% | — |
| 9 | RWAY | RUNWAY GROWTH FINANCE CORP | 9779667 | $104.9M | 1.80% | +-9.3% |
| 10 | CXMSF | CEMEX SAB DE CV | 14839032 | $102.8M | 1.77% | -23.4% |
| 11 | VSOGF | VISTA ENERGY SAB DE CV | 2061561 | $98.6M | 1.70% | -5.6% |
| 12 | NOK | NOKIA OYJ | 18752229 | $97.1M | 1.67% | +0.0% |
| 13 | FCX | Freeport-McMoRan | 1996075 | $86.5M | 1.49% | -8.9% |
| 14 | LBTYK | LIBERTY GLOBAL LTD | 8212191 | $82.2M | 1.41% | +14.0% |
| 15 | CBL | CBL & ASSOCIATES PROPERTIES INC | 3005126 | $76.3M | 1.31% | — |
| 16 | ITUB | ITAU UNIBANCO HOLDING SA | 11004494 | $74.7M | 1.29% | 58.5% |
| 17 | XHB | STATE STREET CORP | 690000 | $68.0M | 1.17% | NEW |
| 18 | B | BARRICK MINING CORP | 3157686 | $65.7M | 1.13% | NEW |
| 19 | TACPF | TRANSALTA CORP | 6085253 | $65.5M | 1.13% | +9.0% |
| 20 | KRC | KILROY REALTY CORP | 1850011 | $63.5M | 1.09% | — |
| 21 | CRC | CALIFORNIA RESOURCES CORP | 1376753 | $62.9M | 1.08% | — |
| 22 | PEB-PH | PEBBLEBROOK HOTEL TRUST | 62423000 | $59.2M | 1.02% | +44.7% |
| 23 | GRAB | GRAB HOLDINGS LTD | 11569295 | $58.2M | 1.00% | +12.6% |
| 24 | JBLU | JETBLUE AIRWAYS CORP | 59981000 | $57.6M | 0.99% | +38.7% |
| 25 | SBLK | STAR BULK CARRIERS CORP | 3230527 | $55.7M | 0.96% | -39.9% |
| 26 | EEM | iShares MSCI Emerging Markets ETF | 240000 | $51.8M | 0.89% | NEW |
| 27 | CABO | CABLE ONE INC | 51812000 | $49.1M | 0.85% | +21.6% |
| 28 | TLN | TALEN ENERGY CORP | 129829 | $37.8M | 0.65% | -59.4% |
| 29 | ABNB | AIRBNB INC | 36300000 | $35.1M | 0.60% | +44.6% |
| 30 | BLCO | BAUSCH PLUS LOMB CORP | 2521245 | $32.8M | 0.56% | NEW |
| 31 | EC | ECOPETROL SA | 3549822 | $31.4M | 0.54% | +12.3% |
| 32 | INN-PF | SUMMIT HOTEL PROPERTIES INC | 30455000 | $29.5M | 0.51% | +1379.8% |
| 33 | SE | SEA LTD | 30069000 | $28.4M | 0.49% | +34.5% |
| 34 | TDOC | TELADOC HEALTH INC | 30338000 | $28.1M | 0.48% | +97.6% |
| 35 | BZ | KANZHUN LTD | 1571272 | $28.0M | 0.48% | +34.2% |
| 36 | TX | TERNIUM SA | 919709 | $27.7M | 0.48% | +13.2% |
| 37 | ETSY | ETSY INC | 31807000 | $27.4M | 0.47% | +27.3% |
| 38 | BEKE | KE HOLDINGS INC | 1513039 | $26.8M | 0.46% | +20.6% |
| 39 | CNMD | CONMED CORP | 27705000 | $26.3M | 0.45% | +59.0% |
| 40 | SNAP | SNAP INC | 29437000 | $25.6M | 0.44% | +42.4% |
| 41 | SATS | ECHOSTAR CORP | 21447560 | $25.3M | 0.44% | +34.0% |
| 42 | OCSL | OAKTREE SPECIALTY LENDING CORP | 1852456 | $25.3M | 0.44% | — |
| 43 | ALRM | ALARM.COM HOLDINGS INC | 24946000 | $24.3M | 0.42% | 220.5% |
| 44 | VAC | MARRIOTT VACATIONS WORLDWIDE CORP | 25833000 | $24.1M | 0.41% | +68.4% |
| 45 | TCMFF | TELECOM ARGENTINA SA | 2644263 | $23.3M | 0.40% | -2.4% |
| 46 | ENPH | ENPHASE ENERGY INC | 23501000 | $22.5M | 0.39% | +104.4% |
| 47 | YMM | FULL TRUCK ALLIANCE CO LTD | 1842337 | $21.8M | 0.37% | NEW |
| 48 | WIX | WIX.COM LTD | 21116000 | $21.1M | 0.36% | 331.8% |
| 49 | NVST | ENVISTA HOLDINGS CORP | 22281000 | $20.7M | 0.36% | +30.2% |
| 50 | OKTA | OKTA INC | 20241000 | $20.1M | 0.35% | 516.5% |
| 51 | VALE | VALE SA | 2033706 | $19.7M | 0.34% | -66.2% |
| 52 | AG | FIRST MAJESTIC SILVER CORP | 20605000 | $19.6M | 0.34% | +31.9% |
| 53 | TLN | TALEN ENERGY CORP | 65000 | $18.9M | 0.33% | +-76.8% |
| 54 | DAY | DAYFORCE INC | 18080000 | $17.5M | 0.30% | NEW |
| 55 | BBIO | BRIDGEBIO PHARMA INC | 18056000 | $16.9M | 0.29% | +27.7% |
| 56 | OPTU | ALTICE USA INC | 7500000 | $16.1M | 0.28% | — |
| 57 | DXCM | DEXCOM INC | 16111000 | $15.9M | 0.27% | NEW |
| 58 | SO | SOUTHERN CO/THE | 13459000 | $14.9M | 0.26% | NEW |
| 59 | UNIT | UNITI GROUP INC | 3397592 | $14.7M | 0.25% | — |
| 60 | LILAB | LIBERTY LATIN AMERICA LTD | 2328516 | $14.5M | 0.25% | NEW |
| 61 | ALVOW | ALVOTECH SA | 1563676 | $14.3M | 0.25% | -16.3% |
| 62 | SE | SEA LTD | 83513 | $13.4M | 0.23% | NEW |
| 63 | HOUS 0.25 06/15/26 | ANYWHERE REAL ESTATE INC | 13200000 | $13.0M | 0.22% | -60.6% |
| 64 | JDCMF | JD.COM INC | 12352000 | $12.9M | 0.22% | NEW |
| 65 | FOUR-PA | SHIFT4 PAYMENTS INC | 11913000 | $12.8M | 0.22% | -0.8% |
| 66 | PPL | PPL CORP | 11381000 | $12.3M | 0.21% | +2.7% |
| 67 | ENPH | ENPHASE ENERGY INC | 14755000 | $12.0M | 0.21% | +24.6% |
| 68 | MKSI | MKS INC | 11985000 | $11.9M | 0.20% | NEW |
| 69 | CMS-PC | CMS ENERGY CORP | 11017000 | $11.7M | 0.20% | +5.3% |
| 70 | MX | MAGNACHIP SEMICONDUCTOR CORP | 2849858 | $11.3M | 0.20% | — |
| 71 | UPST | UPSTART HOLDINGS INC | 11901000 | $11.3M | 0.19% | 21.9% |
| 72 | COIN | COINBASE GLOBAL INC | 7894000 | $10.3M | 0.18% | +177.0% |
| 73 | EXEEL | EXPAND ENERGY CORP | 95294 | $10.3M | 0.18% | — |
| 74 | BRY | BERRY CORP | 3697000 | $10.2M | 0.18% | — |
| 75 | YPF | YPF SA | 324330 | $10.2M | 0.18% | NEW |
| 76 | LIVN | LIVANOVA PLC | 9995000 | $10.2M | 0.18% | +-33.3% |
| 77 | CBRL | CRACKER BARREL OLD COUNTRY STORE INC | 9922000 | $9.5M | 0.16% | NEW |
| 78 | SHAK | SHAKE SHACK INC | 8821000 | $9.5M | 0.16% | +-23.7% |
| 79 | BHC | BAUSCH HEALTH COS INC | 1270000 | $8.5M | 0.15% | — |
| 80 | GH | GUARDANT HEALTH INC | 7193000 | $8.4M | 0.14% | -11.1% |
| 81 | WEC | WEC ENERGY GROUP INC | 7154000 | $8.3M | 0.14% | NEW |
| 82 | ALVOW | ALVOTECH SA | 4666667 | $8.2M | 0.14% | — |
| 83 | NEE-PS | NEXTERA ENERGY INC | 7141000 | $8.1M | 0.14% | -19.2% |
| 84 | TTEK | TETRA TECH INC | 6969000 | $7.9M | 0.14% | +281.7% |
| 85 | DXCM | DEXCOM INC | 8288000 | $7.8M | 0.13% | +-21.0% |
| 86 | PSN | PARSONS CORP | 7203000 | $7.7M | 0.13% | +377.3% |
| 87 | VRNT 0.25 04/15/26 | VERINT SYSTEMS INC | 7835000 | $7.5M | 0.13% | NEW |
| 88 | SMRT | SMARTRENT INC | 7505294 | $7.4M | 0.13% | — |
| 89 | BL | BLACKLINE INC | 6945000 | $7.4M | 0.13% | NEW |
| 90 | TVTX | TRAVERE THERAPEUTICS INC | 7741000 | $7.4M | 0.13% | +6.9% |
| 91 | HWLDF | H WORLD GROUP LTD | 6884000 | $7.3M | 0.13% | +-36.6% |
| 92 | MTN | VAIL RESORTS INC | 7458000 | $7.3M | 0.13% | +27.4% |
| 93 | CYTK | CYTOKINETICS INC | 6692000 | $7.1M | 0.12% | +4.7% |
| 94 | BXMT | BLACKSTONE MORTGAGE TRUST INC | 7151000 | $7.0M | 0.12% | +1.8% |
| 95 | BBAAY | ALIBABA GROUP HOLDING LTD | 5397000 | $6.9M | 0.12% | NEW |
| 96 | FLR | FLUOR CORP | 5011000 | $6.6M | 0.11% | -9.0% |
| 97 | VAC | MARRIOTT VACATIONS WORLDWIDE CORP | 6746000 | $6.5M | 0.11% | NEW |
| 98 | HDB | HDFC BANK LTD | 84843 | $6.5M | 0.11% | -5.4% |
| 99 | MGNI | MAGNITE INC | 6637000 | $6.4M | 0.11% | +196.4% |
| 100 | RDFN 0.5 04/01/27 | REDFIN CORP | 7025000 | $6.3M | 0.11% | +155.1% |
| 101 | LITE | LUMENTUM HOLDINGS INC | 3997000 | $6.1M | 0.11% | +110.4% |
| 102 | NCSYF | NICE LTD | 6124000 | $6.1M | 0.10% | +196.4% |
| 103 | UPWK | UPWORK INC | 6373000 | $6.0M | 0.10% | +187.5% |
| 104 | ON | ON SEMICONDUCTOR CORP | 6380000 | $5.9M | 0.10% | +16.2% |
| 105 | MTH | MERITAGE HOMES CORP | 6077000 | $5.9M | 0.10% | NEW |
| 106 | WK | WORKIVA INC | 6248000 | $5.8M | 0.10% | +6.0% |
| 107 | RGEN | REPLIGEN CORP | 5796000 | $5.8M | 0.10% | +163.5% |
| 108 | IART | INTEGRA LIFESCIENCES HOLDINGS CORP | 5761000 | $5.7M | 0.10% | -2.4% |
| 109 | HAE | HAEMONETICS CORP | 5463000 | $5.4M | 0.09% | NEW |
| 110 | FUBO | FUBOTV INC | 5561000 | $5.4M | 0.09% | +26.6% |
| 111 | MLAB | MESA LABORATORIES INC | 5438000 | $5.4M | 0.09% | — |
| 112 | PMT-PC | PENNYMAC MORTGAGE INVESTMENT TRUST | 5411000 | $5.4M | 0.09% | -17.9% |
| 113 | ZD | ZIFF DAVIS INC | 5446000 | $5.2M | 0.09% | -20.9% |
| 114 | FVRR | FIVERR INTERNATIONAL LTD | 5259000 | $5.2M | 0.09% | +76.2% |
| 115 | ARRY | ARRAY TECHNOLOGIES INC | 6448000 | $5.1M | 0.09% | +96.0% |
| 116 | TWOD | TWO HARBORS INVESTMENT CORP | 4765000 | $4.7M | 0.08% | -26.3% |
| 117 | GES 3.75 04/15/28 | GUESS INC | 4923000 | $4.7M | 0.08% | +192.7% |
| 118 | HDSN | HUDSON TECHNOLOGIES INC | 562662 | $4.6M | 0.08% | NEW |
| 119 | GH | GUARDANT HEALTH INC | 5017000 | $4.6M | 0.08% | +-77.3% |
| 120 | UBER | UBER TECHNOLOGIES INC | 3163000 | $4.5M | 0.08% | — |
| 121 | OKTA | OKTA INC | 4657000 | $4.5M | 0.08% | +253.9% |
| 122 | TRPCF | TRIP.COM GROUP LTD | 3996000 | $4.5M | 0.08% | NEW |
| 123 | HAE | HAEMONETICS CORP | 4509000 | $4.4M | 0.08% | +28.6% |
| 124 | BMA | BANCO MACRO SA | 60591 | $4.3M | 0.07% | +-76.7% |
| 125 | AFRM | AFFIRM HOLDINGS INC | 4291000 | $4.0M | 0.07% | +16.2% |
| 126 | DUKB | DUKE ENERGY CORP | 3750000 | $4.0M | 0.07% | +150.0% |
| 127 | TPICQ | TPI COMPOSITES INC | 4610003 | $4.0M | 0.07% | — |
| 128 | LAAOF | LI AUTO INC | 3297000 | $3.9M | 0.07% | +127.4% |
| 129 | BATL | BATTALION OIL CORP | 3009912 | $3.9M | 0.07% | — |
| 130 | RWTO | REDWOOD TRUST INC | 3845000 | $3.8M | 0.07% | +251.5% |
| 131 | NBRWF | NABORS INDUSTRIES LTD | 6500000 | $3.8M | 0.06% | NEW |
| 132 | CRNC | CERENCE INC | 4865000 | $3.7M | 0.06% | 724.6% |
| 133 | BAND | BANDWIDTH INC | 4301000 | $3.6M | 0.06% | +42.4% |
| 134 | TGS | TRANSPORTADORA DE GAS DEL SUR SA | 137630 | $3.6M | 0.06% | -71.6% |
| 135 | SRPT | SAREPTA THERAPEUTICS INC | 4920000 | $3.6M | 0.06% | +-51.4% |
| 136 | PTON | PELOTON INTERACTIVE INC | 3669000 | $3.5M | 0.06% | -22.7% |
| 137 | JBS | JBS NV | 238610 | $3.5M | 0.06% | NEW |
| 138 | HLF | HERBALIFE LTD | 3742000 | $3.4M | 0.06% | -21.8% |
| 139 | NEO | NEOGENOMICS INC | 3819000 | $3.3M | 0.06% | +-87.9% |
| 140 | SPOT | SPOTIFY TECHNOLOGY SA | 2000000 | $3.0M | 0.05% | -7.0% |
| 141 | U | UNITY SOFTWARE INC | 3216000 | $3.0M | 0.05% | — |
| 142 | W | WAYFAIR INC | 2585000 | $3.0M | 0.05% | — |
| 143 | BBIO | BRIDGEBIO PHARMA INC | 2100000 | $2.6M | 0.05% | +68.0% |
| 144 | SSRGF | SSR MINING INC | 2419000 | $2.5M | 0.04% | -15.8% |
| 145 | BILL | BILL HOLDINGS INC | 2722000 | $2.5M | 0.04% | NEW |
| 146 | NET | CLOUDFLARE INC | 2000000 | $2.4M | 0.04% | NEW |
| 147 | CALY 2.75 05/01/26 | TOPGOLF CALLAWAY BRANDS CORP | 2397000 | $2.3M | 0.04% | NEW |
| 148 | RDFN 0 10/15/25 | REDFIN CORP | 2381000 | $2.3M | 0.04% | NEW |
| 149 | NVCR | NOVOCURE LTD | 2385000 | $2.3M | 0.04% | NEW |
| 150 | ON | ON SEMICONDUCTOR CORP | 1950000 | $2.3M | 0.04% | +56.0% |
| 151 | BSQKZ | BLOCK INC | 2464000 | $2.2M | 0.04% | -63.8% |
| 152 | HALO | HALOZYME THERAPEUTICS INC | 2000000 | $2.0M | 0.03% | NEW |
| 153 | PCG 4.25 12/01/27 | PG&E CORP | 1975000 | $2.0M | 0.03% | -68.3% |
| 154 | BSY | BENTLEY SYSTEMS INC | 2052000 | $1.9M | 0.03% | NEW |
| 155 | SNAP | SNAP INC | 2002000 | $1.8M | 0.03% | NEW |
| 156 | ASND | ASCENDIS PHARMA A/S | 1304000 | $1.6M | 0.03% | +-87.3% |
| 157 | AAL | AMERICAN AIRLINES GROUP INC | 1500000 | $1.5M | 0.03% | NEW |
| 158 | POST | POST HOLDINGS INC | 1300000 | $1.5M | 0.03% | — |
| 159 | BAK | BRASKEM SA | 453167 | $1.5M | 0.03% | +-80.7% |
| 160 | ESPR | ESPERION THERAPEUTICS INC | 1463000 | $1.4M | 0.02% | 89.0% |
| 161 | BMRN | BIOMARIN PHARMACEUTICAL INC | 1481000 | $1.4M | 0.02% | NEW |
| 162 | TVTX | TRAVERE THERAPEUTICS INC | 1377000 | $1.4M | 0.02% | — |
| 163 | IRTC | IRHYTHM TECHNOLOGIES INC | 1050000 | $1.3M | 0.02% | -44.7% |
| 164 | NOVAQ | SUNNOVA ENERGY INTERNATIONAL INC | 106199000 | $1.3M | 0.02% | — |
| 165 | GRPN | GROUPON INC | 1336000 | $1.3M | 0.02% | -47.4% |
| 166 | PAR | PAR TECHNOLOGY CORP | 1100000 | $1.3M | 0.02% | — |
| 167 | TYL | TYLER TECHNOLOGIES INC | 1000000 | $1.2M | 0.02% | NEW |
| 168 | UBER | UBER TECHNOLOGIES INC | 1000000 | $1.2M | 0.02% | NEW |
| 169 | VTR | VENTAS INC | 1000000 | $1.2M | 0.02% | -20.0% |
| 170 | LNTH | LANTHEUS HOLDINGS INC | 900000 | $1.1M | 0.02% | NEW |
| 171 | PD | PAGERDUTY INC | 1033000 | $1.0M | 0.02% | NEW |
| 172 | BL | BLACKLINE INC | 1020000 | $983K | 0.02% | NEW |
| 173 | ALNY | ALNYLAM PHARMACEUTICALS INC | 750000 | $976K | 0.02% | +-25.0% |
| 174 | STX | SEAGATE TECHNOLOGY HOLDINGS PLC | 500000 | $900K | 0.02% | +-76.7% |
| 175 | NOVAQ | SUNNOVA ENERGY INTERNATIONAL INC | 61469000 | $768K | 0.01% | — |
| 176 | BSQKZ | BLOCK INC | 514000 | $493K | 0.01% | +-73.0% |
| 177 | BTAI | BIOXCEL THERAPEUTICS INC | 241188 | $437K | 0.01% | NEW |
| 178 | LCII | LCI INDUSTRIES | 161000 | $155K | 0.00% | NEW |