What Howard Marks Bought in Q3 2025
Oaktree Capital Management · Quarterly 13F recap as filed with the SEC.
Period: 2025-09-30 · Filed · Historical
$6.49B
Total Value
165
Holdings
32
New Buys
55
Reduced
In Q3 2025, Howard Marks reported 165 long equity positions worth $6.49B in their Oaktree Capital Management 13F filing, including 32 new positions (largest: VIPER ENERGY INC at $240.2M) and 56 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | TRMD | TORM PLC | 40581120 | $834.6M | 12.86% | — |
| 2 | EXE | Expand Energy Corp | 5062363 | $537.8M | 8.29% | -0.0% |
| 3 | GTX | GARRETT MOTION INC | 31894816 | $434.4M | 6.69% | -13.6% |
| 4 | AU | ANGLOGOLD ASHANTI PLC | 4185261 | $294.3M | 4.54% | -15.4% |
| 5 | VNOM | VIPER ENERGY INC | 6285062 | $240.2M | 3.70% | NEW |
| 6 | SPY | SPDR S&P 500 ETF | 330000 | $219.8M | 3.39% | +-67.6% |
| 7 | TDS | TELEPHONE AND DATA SYSTEMS INC | 3688386 | $144.7M | 2.23% | NEW |
| 8 | ORCL | ORACLE CORP | 500000 | $140.6M | 2.17% | NEW |
| 9 | TLN | TALEN ENERGY CORP | 291117 | $123.8M | 1.91% | +124.2% |
| 10 | STKL | SUNOPTA INC | 20726126 | $121.4M | 1.87% | — |
| 11 | CORZ | CORE SCIENTIFIC INC | 6400708 | $114.8M | 1.77% | NEW |
| 12 | B | BARRICK MINING CORP | 3302086 | $108.2M | 1.67% | +4.6% |
| 13 | LBTYK | LIBERTY GLOBAL LTD | 8551191 | $98.0M | 1.51% | +4.1% |
| 14 | FTAI | FTAI AVIATION LTD | 585175 | $97.6M | 1.50% | NEW |
| 15 | CXMSF | CEMEX SAB DE CV | 10448824 | $93.9M | 1.45% | -29.6% |
| 16 | ITUB | ITAU UNIBANCO HOLDING SA | 12665801 | $93.0M | 1.43% | +15.1% |
| 17 | CBL | CBL & ASSOCIATES PROPERTIES INC | 3005126 | $91.9M | 1.42% | — |
| 18 | NOK | NOKIA OYJ | 18752229 | $90.2M | 1.39% | — |
| 19 | TACPF | TRANSALTA CORP | 6415253 | $87.6M | 1.35% | +5.4% |
| 20 | RWAY | RUNWAY GROWTH FINANCE CORP | 8279667 | $84.1M | 1.30% | -15.3% |
| 21 | KRC | KILROY REALTY CORP | 1850011 | $78.2M | 1.20% | — |
| 22 | GRAB | GRAB HOLDINGS LTD | 12094495 | $72.8M | 1.12% | +4.5% |
| 23 | NU | NU HOLDINGS LTD/CAYMAN ISLANDS | 4518884 | $72.3M | 1.11% | NEW |
| 24 | JBLU | JETBLUE AIRWAYS CORP | 68263000 | $66.6M | 1.03% | +13.8% |
| 25 | VSOGF | VISTA ENERGY SAB DE CV | 1841319 | $63.3M | 0.98% | -10.7% |
| 26 | FCX | Freeport-McMoRan | 1504865 | $59.0M | 0.91% | -24.6% |
| 27 | CABO | CABLE ONE INC | 58746000 | $57.4M | 0.88% | +13.4% |
| 28 | LILAB | LIBERTY LATIN AMERICA LTD | 6669823 | $56.3M | 0.87% | +186.4% |
| 29 | EEM | iShares MSCI Emerging Markets ETF | 220000 | $53.2M | 0.82% | -8.3% |
| 30 | YMM | FULL TRUCK ALLIANCE CO LTD | 3797697 | $49.3M | 0.76% | +106.1% |
| 31 | BLCO | BAUSCH LOMB CORP | 3245439 | $48.9M | 0.75% | +28.7% |
| 32 | ECHO | ECHOSTAR CORP | 600000 | $45.8M | 0.71% | NEW |
| 33 | MAR | MARRIOTT INTERNATIONAL INC/MD | 150000 | $39.1M | 0.60% | NEW |
| 34 | CNMD | CONMED CORP | 40513000 | $38.6M | 0.60% | +46.2% |
| 35 | ABNB | AIRBNB INC | 39353000 | $38.6M | 0.59% | +8.4% |
| 36 | BZ | KANZHUN LTD | 1643572 | $38.4M | 0.59% | +4.6% |
| 37 | XP | XP INC | 2032877 | $38.2M | 0.59% | NEW |
| 38 | TDOC | TELADOC HEALTH INC | 40638000 | $38.2M | 0.59% | +34.0% |
| 39 | CRC | CALIFORNIA RESOURCES CORP | 694502 | $36.9M | 0.57% | +-49.6% |
| 40 | SBLK | STAR BULK CARRIERS CORP | 1962892 | $36.5M | 0.56% | -39.2% |
| 41 | AD | ARRAY DIGITAL INFRASTRUCTURE INC | 724444 | $36.2M | 0.56% | NEW |
| 42 | SE | SEA LTD | 37028000 | $35.6M | 0.55% | +23.1% |
| 43 | ETSY | ETSY INC | 39330000 | $34.8M | 0.54% | +23.7% |
| 44 | VAC | MARRIOTT VACATIONS WORLDWIDE CORP | 35832000 | $34.2M | 0.53% | +38.7% |
| 45 | TX | TERNIUM SA | 897509 | $31.2M | 0.48% | -2.4% |
| 46 | SRPT | SAREPTA THERAPEUTICS INC | 34930000 | $30.8M | 0.47% | 610.0% |
| 47 | NBR | NABORS INDUSTRIES LTD | 737112 | $30.1M | 0.46% | NEW |
| 48 | INN-PF | SUMMIT HOTEL PROPERTIES INC | 29441000 | $29.0M | 0.45% | -3.3% |
| 49 | TLN | TALEN ENERGY CORP | 65000 | $27.6M | 0.43% | — |
| 50 | PEB-PH | PEBBLEBROOK HOTEL TRUST | 26176000 | $25.9M | 0.40% | -58.1% |
| 51 | JDCMF | JD.COM INC | 23821000 | $25.7M | 0.40% | +92.9% |
| 52 | SE | SEA LTD | 141368 | $25.3M | 0.39% | 69.3% |
| 53 | ECVT | ECOVYST INC | 2859022 | $25.0M | 0.39% | NEW |
| 54 | ENPH | ENPHASE ENERGY INC | 28622000 | $24.9M | 0.38% | +94.0% |
| 55 | ALRM | ALARM.COM HOLDINGS INC | 24757000 | $24.5M | 0.38% | -0.8% |
| 56 | OCSL | OAKTREE SPECIALTY LENDING CORP | 1852456 | $24.2M | 0.37% | — |
| 57 | NVST | ENVISTA HOLDINGS CORP | 25479000 | $24.1M | 0.37% | +14.4% |
| 58 | CBRL | CRACKER BARREL OLD COUNTRY STORE INC | 24773000 | $23.8M | 0.37% | 149.7% |
| 59 | JBS | JBS NV | 1580400 | $23.6M | 0.36% | 562.3% |
| 60 | VALE | VALE SA | 2033706 | $22.1M | 0.34% | — |
| 61 | AVAV | AEROVIRONMENT INC | 17763000 | $22.1M | 0.34% | NEW |
| 62 | ARRY | ARRAY TECHNOLOGIES INC | 24689000 | $21.5M | 0.33% | 282.9% |
| 63 | JAZZ | JAZZ PHARMACEUTICALS PLC | 16700000 | $19.9M | 0.31% | NEW |
| 64 | AG | FIRST MAJESTIC SILVER CORP | 18133000 | $19.7M | 0.30% | -12.0% |
| 65 | TCMFF | TELECOM ARGENTINA SA | 2629483 | $19.1M | 0.29% | -0.6% |
| 66 | CMS-PC | CMS ENERGY CORP | 17343000 | $19.0M | 0.29% | +57.4% |
| 67 | BMRN | BIOMARIN PHARMACEUTICAL INC | 19719000 | $18.7M | 0.29% | +1231.5% |
| 68 | MKSI | MKS INC | 16705000 | $18.3M | 0.28% | +39.4% |
| 69 | OPTU | ALTICE USA INC | 7500000 | $18.1M | 0.28% | — |
| 70 | PPL | PPL CORP | 15733000 | $18.0M | 0.28% | +38.2% |
| 71 | MGPI | MGP INGREDIENTS INC | 17275000 | $16.6M | 0.26% | NEW |
| 72 | OKTA | OKTA INC | 16906000 | $16.5M | 0.25% | 263.0% |
| 73 | COIN | COINBASE GLOBAL INC | 13010000 | $16.4M | 0.25% | 64.8% |
| 74 | LIVN | LIVANOVA PLC | 15085000 | $16.3M | 0.25% | 50.9% |
| 75 | AMPH | AMPHASTAR PHARMACEUTICALS INC | 17825000 | $16.2M | 0.25% | NEW |
| 76 | WEC | WEC ENERGY GROUP INC | 12414000 | $15.3M | 0.24% | 73.5% |
| 77 | SPB | SPECTRUM BRANDS HOLDINGS INC | 16221000 | $15.1M | 0.23% | NEW |
| 78 | PSN | PARSONS CORP | 12910000 | $14.7M | 0.23% | 79.2% |
| 79 | FOUR-PA | SHIFT4 PAYMENTS INC | 14544000 | $14.3M | 0.22% | +22.1% |
| 80 | SNAP | SNAP INC | 15339000 | $13.7M | 0.21% | -47.9% |
| 81 | MTH | MERITAGE HOMES CORP | 12695000 | $13.1M | 0.20% | 108.9% |
| 82 | TTEK | TETRA TECH INC | 11905000 | $12.9M | 0.20% | 70.8% |
| 83 | DXCM | DEXCOM INC | 12963000 | $12.9M | 0.20% | -19.5% |
| 84 | ALVOW | ALVOTECH SA | 1563676 | $12.8M | 0.20% | — |
| 85 | ENPH | ENPHASE ENERGY INC | 13060000 | $12.8M | 0.20% | -44.4% |
| 86 | WING | WINGSTOP INC | 50000 | $12.6M | 0.19% | NEW |
| 87 | FLR | FLUOR CORP | 10471000 | $12.5M | 0.19% | 109.0% |
| 88 | GH | GUARDANT HEALTH INC | 9240000 | $12.1M | 0.19% | +28.5% |
| 89 | SNAP | SNAP INC | 12977000 | $12.0M | 0.18% | 548.2% |
| 90 | SHAK | SHAKE SHACK INC | 11716000 | $11.2M | 0.17% | 32.8% |
| 91 | UPST | UPSTART HOLDINGS INC | 11443000 | $10.9M | 0.17% | -3.8% |
| 92 | INDV | Indivior | 257785398 | $10.7M | 0.16% | +2241.6% |
| 93 | BBIO | BRIDGEBIO PHARMA INC | 10757000 | $10.6M | 0.16% | -40.4% |
| 94 | SMRT | SMARTRENT INC | 7505294 | $10.6M | 0.16% | — |
| 95 | TVTX | TRAVERE THERAPEUTICS INC | 9213000 | $10.4M | 0.16% | +19.0% |
| 96 | NBRWF | NABORS INDUSTRIES LTD | 12833000 | $9.9M | 0.15% | 97.4% |
| 97 | BSQKZ | BLOCK INC | 10014000 | $9.8M | 0.15% | 1848.2% |
| 98 | EXEEL | EXPAND ENERGY CORP | 95294 | $9.2M | 0.14% | — |
| 99 | DAY | DAYFORCE INC | 9382000 | $9.2M | 0.14% | +-48.1% |
| 100 | HAE | HAEMONETICS CORP | 9246000 | $9.1M | 0.14% | +105.1% |
| 101 | NEE-PS | NEXTERA ENERGY INC | 7568000 | $9.0M | 0.14% | +6.0% |
| 102 | MX | MAGNACHIP SEMICONDUCTOR CORP | 2849858 | $8.9M | 0.14% | — |
| 103 | RGEN | REPLIGEN CORP | 8822000 | $8.9M | 0.14% | +52.2% |
| 104 | BL | BLACKLINE INC | 8148000 | $8.5M | 0.13% | +17.3% |
| 105 | LAAOF | LI AUTO INC | 7279000 | $8.3M | 0.13% | +120.8% |
| 106 | ACR-PD | ACRES COMMERCIAL REALTY CORP | 391380 | $8.3M | 0.13% | NEW |
| 107 | BHC | BAUSCH HEALTH COS INC | 1270000 | $8.2M | 0.13% | — |
| 108 | RDFN 0.5 04/01/27 | REDFIN CORP | 8120000 | $7.5M | 0.12% | +15.6% |
| 109 | VERX | VERTEX INC | 7250000 | $7.4M | 0.11% | NEW |
| 110 | BAND | BANDWIDTH INC | 8630000 | $7.4M | 0.11% | +100.7% |
| 111 | ALVOW | ALVOTECH SA | 4666667 | $7.1M | 0.11% | — |
| 112 | LILAB | LIBERTY LATIN AMERICA LTD | 846474 | $7.0M | 0.11% | NEW |
| 113 | FIVN | FIVE9 INC | 7783000 | $6.9M | 0.11% | NEW |
| 114 | BXMT | BLACKSTONE MORTGAGE TRUST INC | 6939000 | $6.8M | 0.11% | -3.0% |
| 115 | LNTH | LANTHEUS HOLDINGS INC | 6275000 | $6.6M | 0.10% | 597.2% |
| 116 | MGNI | MAGNITE INC | 6637000 | $6.5M | 0.10% | — |
| 117 | LCII | LCI INDUSTRIES | 6406000 | $6.2M | 0.09% | +3878.9% |
| 118 | ZD | ZIFF DAVIS INC | 6376000 | $6.1M | 0.09% | +17.1% |
| 119 | MTN | VAIL RESORTS INC | 6090000 | $6.0M | 0.09% | -18.3% |
| 120 | RWTO | REDWOOD TRUST INC | 5583000 | $5.6M | 0.09% | +45.2% |
| 121 | TRPCF | TRIP.COM GROUP LTD | 4224000 | $5.4M | 0.08% | +5.7% |
| 122 | PMT-PC | PENNYMAC MORTGAGE INVESTMENT TRUST | 5411000 | $5.4M | 0.08% | — |
| 123 | LGN | LEGENCE CORP | 175000 | $5.4M | 0.08% | NEW |
| 124 | HDB | HDFC BANK LTD | 151206 | $5.2M | 0.08% | 78.2% |
| 125 | SO | SOUTHERN CO/THE | 4557000 | $5.1M | 0.08% | +-66.1% |
| 126 | FRPT | FRESHPET INC | 4300000 | $4.8M | 0.07% | NEW |
| 127 | VRNT 0.25 04/15/26 | VERINT SYSTEMS INC | 4626000 | $4.5M | 0.07% | -41.0% |
| 128 | UPWK | UPWORK INC | 4646000 | $4.5M | 0.07% | -27.1% |
| 129 | FUBO | FUBOTV INC | 4538000 | $4.5M | 0.07% | -18.4% |
| 130 | GH | GUARDANT HEALTH INC | 4647000 | $4.5M | 0.07% | -7.4% |
| 131 | WGO | WINNEBAGO INDUSTRIES INC | 4908000 | $4.4M | 0.07% | NEW |
| 132 | CALY 2.75 05/01/26 | TOPGOLF CALLAWAY BRANDS CORP | 4446000 | $4.4M | 0.07% | +85.5% |
| 133 | NVCR | NOVOCURE LTD | 4337000 | $4.3M | 0.07% | +81.8% |
| 134 | AFRM | AFFIRM HOLDINGS INC | 4291000 | $4.1M | 0.06% | — |
| 135 | TWOD | TWO HARBORS INVESTMENT CORP | 3724000 | $3.7M | 0.06% | -21.8% |
| 136 | BATL | BATTALION OIL CORP | 3013823 | $3.6M | 0.06% | +0.1% |
| 137 | GES 3.75 04/15/28 | GUESS INC | 3621000 | $3.6M | 0.06% | -26.4% |
| 138 | U | UNITY SOFTWARE INC | 3751000 | $3.6M | 0.06% | +16.6% |
| 139 | NEO | NEOGENOMICS INC | 3930000 | $3.4M | 0.05% | +2.9% |
| 140 | CRNC | CERENCE INC | 4061000 | $3.4M | 0.05% | -16.5% |
| 141 | BILL | BILL HOLDINGS INC | 3357000 | $3.1M | 0.05% | +23.3% |
| 142 | BSQKZ | BLOCK INC | 3371000 | $3.1M | 0.05% | +36.8% |
| 143 | QTWO | Q2 HOLDINGS INC | 2701000 | $2.7M | 0.04% | NEW |
| 144 | HLF | HERBALIFE LTD | 2847000 | $2.7M | 0.04% | -23.9% |
| 145 | BBIO | BRIDGEBIO PHARMA INC | 1850000 | $2.6M | 0.04% | -11.9% |
| 146 | GRPN | GROUPON INC | 2382000 | $2.3M | 0.04% | +78.3% |
| 147 | ON | ON SEMICONDUCTOR CORP | 1950000 | $2.2M | 0.03% | — |
| 148 | UBER | UBER TECHNOLOGIES INC | 1503000 | $2.2M | 0.03% | -52.5% |
| 149 | ESPR | ESPERION THERAPEUTICS INC | 2114000 | $2.1M | 0.03% | +44.5% |
| 150 | SNAP | SNAP INC | 2063000 | $2.0M | 0.03% | NEW |
| 151 | DOCN | DIGITALOCEAN HOLDINGS INC | 2031000 | $1.9M | 0.03% | NEW |
| 152 | BSY | BENTLEY SYSTEMS INC | 1886000 | $1.8M | 0.03% | -8.1% |
| 153 | POST | POST HOLDINGS INC | 1300000 | $1.5M | 0.02% | — |
| 154 | LYFT | LYFT INC | 1100000 | $1.4M | 0.02% | NEW |
| 155 | W | WAYFAIR INC | 900000 | $1.4M | 0.02% | +-65.2% |
| 156 | ASND | ASCENDIS PHARMA A/S | 1000000 | $1.4M | 0.02% | -23.3% |
| 157 | PTON | PELOTON INTERACTIVE INC | 1354000 | $1.3M | 0.02% | -63.1% |
| 158 | ZD | ZIFF DAVIS INC | 1351000 | $1.3M | 0.02% | NEW |
| 159 | FSLY | FASTLY INC | 1354000 | $1.3M | 0.02% | NEW |
| 160 | IRTC | IRHYTHM TECHNOLOGIES INC | 900000 | $1.2M | 0.02% | +-14.3% |
| 161 | TGS | TRANSPORTADORA DE GAS DEL SUR SA | 56522 | $1.2M | 0.02% | +-58.9% |
| 162 | FVRR | FIVERR INTERNATIONAL LTD | 1049000 | $1.0M | 0.02% | -80.1% |
| 163 | EVH | EVOLENT HEALTH INC | 1015000 | $818K | 0.01% | NEW |
| 164 | BTAI | BIOXCEL THERAPEUTICS INC | 241188 | $617K | 0.01% | — |
| 165 | TPICQ | TPI COMPOSITES INC | 4610003 | $143K | 0.00% | — |