What Howard Marks Bought in Q4 2025
Oaktree Capital Management · Quarterly 13F recap as filed with the SEC.
Period: 2025-12-31 · Filed · Historical
$7.03B
Total Value
172
Holdings
38
New Buys
53
Reduced
In Q4 2025, Howard Marks reported 172 long equity positions worth $7.03B in their Oaktree Capital Management 13F filing, including 38 new positions (largest: VANECK SEMICONDUCTOR ETF at $311.5M) and 57 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | EXE | Expand Energy Corp | 5062363 | $558.7M | 7.95% | — |
| 2 | TRMD | TORM PLC | 26425059 | $527.3M | 7.50% | -34.9% |
| 3 | AU | ANGLOGOLD ASHANTI PLC | 3847991 | $328.2M | 4.67% | -8.1% |
| 4 | SMH | VANECK SEMICONDUCTOR ETF | 865000 | $311.5M | 4.43% | NEW |
| 5 | GTX | GARRETT MOTION INC | 17094816 | $298.0M | 4.24% | -46.4% |
| 6 | SPY | SPDR S&P 500 ETF | 385000 | $262.5M | 3.74% | +16.7% |
| 7 | INDV | Indivior Pharmaceuticals Inc | 7108644 | $255.1M | 3.63% | +-97.2% |
| 8 | VNOM | VIPER ENERGY INC | 6285062 | $242.8M | 3.45% | — |
| 9 | TDS | TELEPHONE AND DATA SYSTEMS INC | 3688386 | $151.2M | 2.15% | — |
| 10 | B | BARRICK MINING CORP | 2975118 | $129.6M | 1.84% | -9.9% |
| 11 | TLN | TALEN ENERGY CORP | 331117 | $124.1M | 1.77% | +13.7% |
| 12 | CORZ | CORE SCIENTIFIC INC | 8350708 | $121.6M | 1.73% | +30.5% |
| 13 | NOK | NOKIA OYJ | 18752229 | $121.3M | 1.73% | — |
| 14 | TLN | TALEN ENERGY CORP | 300000 | $112.5M | 1.60% | 361.5% |
| 15 | FTAI | FTAI AVIATION LTD | 517328 | $101.8M | 1.45% | -11.6% |
| 16 | ITUB | ITAU UNIBANCO HOLDING SA | 13822747 | $99.0M | 1.41% | +9.1% |
| 17 | ORCL | ORACLE CORP | 500000 | $97.5M | 1.39% | — |
| 18 | LBTYK | LIBERTY GLOBAL LTD | 8551191 | $95.3M | 1.36% | — |
| 19 | CBL | CBL & ASSOCIATES PROPERTIES INC | 2517576 | $93.2M | 1.33% | -16.2% |
| 20 | RIOT | RIOT PLATFORMS INC | 81960000 | $92.9M | 1.32% | NEW |
| 21 | JBLU | JETBLUE AIRWAYS CORP | 90530000 | $89.0M | 1.27% | +32.6% |
| 22 | AERO | GRUPO AEROMEXICO SAB DE CV | 3776986 | $82.9M | 1.18% | NEW |
| 23 | TACPF | TRANSALTA CORP | 6415253 | $81.2M | 1.16% | — |
| 24 | STKL | SUNOPTA INC | 20726126 | $78.9M | 1.12% | — |
| 25 | NU | NU HOLDINGS LTD/CAYMAN ISLANDS | 4479175 | $75.0M | 1.07% | -0.9% |
| 26 | FCX | Freeport-McMoRan | 1390053 | $70.6M | 1.00% | -7.6% |
| 27 | KRC | KILROY REALTY CORP | 1850011 | $69.1M | 0.98% | — |
| 28 | CXMSF | CEMEX SAB DE CV | 5749324 | $66.1M | 0.94% | +-45.0% |
| 29 | RWAY | RUNWAY GROWTH FINANCE CORP | 7029667 | $62.8M | 0.89% | -15.1% |
| 30 | SATS | ECHOSTAR CORP | 18000000 | $60.2M | 0.86% | NEW |
| 31 | CABO | CABLE ONE INC | 58874000 | $58.1M | 0.83% | +0.2% |
| 32 | BLCO | BAUSCH LOMB CORP | 3382739 | $57.8M | 0.82% | +4.2% |
| 33 | GRAB | GRAB HOLDINGS LTD | 11207699 | $55.9M | 0.80% | -7.3% |
| 34 | XP | XP INC | 3320159 | $54.4M | 0.77% | +63.3% |
| 35 | ABNB | AIRBNB INC | 50633000 | $50.2M | 0.71% | +28.7% |
| 36 | MAR | MARRIOTT INTERNATIONAL INC/MD | 150000 | $46.5M | 0.66% | — |
| 37 | ETSY | ETSY INC | 50165000 | $44.9M | 0.64% | +27.5% |
| 38 | LILAB | LIBERTY LATIN AMERICA LTD | 5748780 | $42.9M | 0.61% | -13.8% |
| 39 | ECVT | ECOVYST INC | 4254503 | $41.4M | 0.59% | +48.8% |
| 40 | BMRN | BIOMARIN PHARMACEUTICAL INC | 42118000 | $40.5M | 0.58% | +113.6% |
| 41 | AMPH | AMPHASTAR PHARMACEUTICALS INC | 43578000 | $40.4M | 0.57% | +144.5% |
| 42 | AD | ARRAY DIGITAL INFRASTRUCTURE INC | 724444 | $38.8M | 0.55% | — |
| 43 | CNMD | CONMED CORP | 40324000 | $38.7M | 0.55% | -0.5% |
| 44 | VAC | MARRIOTT VACATIONS WORLDWIDE CORP | 40370000 | $38.5M | 0.55% | +12.7% |
| 45 | PEB-PH | PEBBLEBROOK HOTEL TRUST | 39706000 | $38.4M | 0.55% | +51.7% |
| 46 | VSOGF | VISTA ENERGY SAB DE CV | 782250 | $38.1M | 0.54% | +-57.5% |
| 47 | YMM | FULL TRUCK ALLIANCE CO LTD | 3519764 | $37.8M | 0.54% | -7.3% |
| 48 | SE | SEA LTD | 38855000 | $37.8M | 0.54% | +4.9% |
| 49 | SBLK | STAR BULK CARRIERS CORP | 1962892 | $37.7M | 0.54% | — |
| 50 | TDOC | TELADOC HEALTH INC | 38479000 | $36.7M | 0.52% | -5.3% |
| 51 | ENPH | ENPHASE ENERGY INC | 38178000 | $33.4M | 0.47% | +33.4% |
| 52 | CBRL | CRACKER BARREL OLD COUNTRY STORE INC | 33101000 | $32.2M | 0.46% | +33.6% |
| 53 | CRC | CALIFORNIA RESOURCES CORP | 694502 | $31.1M | 0.44% | — |
| 54 | BZ | KANZHUN LTD | 1523231 | $31.0M | 0.44% | -7.3% |
| 55 | ARRY | ARRAY TECHNOLOGIES INC | 33284000 | $30.3M | 0.43% | +34.8% |
| 56 | NVST | ENVISTA HOLDINGS CORP | 30786000 | $29.6M | 0.42% | +20.8% |
| 57 | CORZ | CORE SCIENTIFIC INC | 2000000 | $29.1M | 0.41% | NEW |
| 58 | OKTA | OKTA INC | 28311000 | $27.8M | 0.40% | +67.5% |
| 59 | FIVN | FIVE9 INC | 30353000 | $27.4M | 0.39% | 290.0% |
| 60 | ALRM | ALARM.COM HOLDINGS INC | 27198000 | $27.3M | 0.39% | +9.9% |
| 61 | TCMFF | TELECOM ARGENTINA SA | 2347508 | $27.3M | 0.39% | -10.7% |
| 62 | VALE | VALE SA | 2023706 | $26.4M | 0.38% | -0.5% |
| 63 | SPB | SPECTRUM BRANDS HOLDINGS INC | 27496000 | $26.1M | 0.37% | +69.5% |
| 64 | DXCM | DEXCOM INC | 27995000 | $25.8M | 0.37% | NEW |
| 65 | TX | TERNIUM SA | 658565 | $25.2M | 0.36% | -26.6% |
| 66 | KRSP-UN | RICE ACQUISITION CORP 3 | 2400000 | $24.7M | 0.35% | NEW |
| 67 | OCSL | OAKTREE SPECIALTY LENDING CORP | 1852456 | $23.6M | 0.34% | — |
| 68 | DKNG | DRAFTKINGS INC | 25225000 | $23.1M | 0.33% | NEW |
| 69 | MGPI | MGP INGREDIENTS INC | 23225000 | $22.5M | 0.32% | +34.4% |
| 70 | INN-PF | SUMMIT HOTEL PROPERTIES INC | 21560000 | $21.5M | 0.31% | -26.8% |
| 71 | BSQKZ | BLOCK INC | 20243000 | $19.9M | 0.28% | +102.1% |
| 72 | NBRWF | NABORS INDUSTRIES LTD | 24063000 | $19.6M | 0.28% | +87.5% |
| 73 | INFY | INFOSYS LTD | 1094752 | $19.5M | 0.28% | NEW |
| 74 | JDCMF | JD.COM INC | 19233000 | $19.3M | 0.27% | -19.3% |
| 75 | DAY | DAYFORCE INC | 19351000 | $19.2M | 0.27% | 106.3% |
| 76 | WGO | WINNEBAGO INDUSTRIES INC | 20220000 | $19.1M | 0.27% | 312.0% |
| 77 | SNAP | SNAP INC | 19576000 | $18.3M | 0.26% | +50.9% |
| 78 | SYNA | SYNAPTICS INC | 17250000 | $18.3M | 0.26% | NEW |
| 79 | ONIT | ONITY GROUP INC | 390835 | $17.9M | 0.25% | NEW |
| 80 | LIVN | LIVANOVA PLC | 15285000 | $17.7M | 0.25% | +1.3% |
| 81 | PPL | PPL CORP | 15672000 | $17.2M | 0.25% | -0.4% |
| 82 | AVAV | AEROVIRONMENT INC | 15763000 | $17.1M | 0.24% | -11.3% |
| 83 | TTEK | TETRA TECH INC | 15289000 | $16.6M | 0.24% | +28.4% |
| 84 | CMS-PC | CMS ENERGY CORP | 15199000 | $16.3M | 0.23% | -12.4% |
| 85 | SMRT | SMARTRENT INC | 7505294 | $15.2M | 0.22% | — |
| 86 | HAE | HAEMONETICS CORP | 15030000 | $14.9M | 0.21% | 62.6% |
| 87 | JAZZ | JAZZ PHARMACEUTICALS PLC | 10600000 | $14.1M | 0.20% | -36.5% |
| 88 | WEC | WEC ENERGY GROUP INC | 11957000 | $14.0M | 0.20% | -3.7% |
| 89 | LNTH | LANTHEUS HOLDINGS INC | 11525000 | $13.2M | 0.19% | 83.7% |
| 90 | OPTU | OPTIMUM COMMUNICATIONS INC | 7500000 | $12.4M | 0.18% | — |
| 91 | SNAP | SNAP INC | 13422000 | $12.2M | 0.17% | -12.5% |
| 92 | BAND | BANDWIDTH INC | 13650000 | $11.9M | 0.17% | 58.2% |
| 93 | BXMT | BLACKSTONE MORTGAGE TRUST INC | 11999000 | $11.9M | 0.17% | 72.9% |
| 94 | RDFN 0.5 04/01/27 | REDFIN CORP | 11841000 | $11.1M | 0.16% | 45.8% |
| 95 | PMT-PC | PENNYMAC MORTGAGE INVESTMENT TRUST | 10935000 | $11.0M | 0.16% | 102.1% |
| 96 | ENPH | ENPHASE ENERGY INC | 10911000 | $10.8M | 0.15% | -16.5% |
| 97 | COIN | COINBASE GLOBAL INC | 10510000 | $10.8M | 0.15% | -19.2% |
| 98 | RGEN | REPLIGEN CORP | 9830000 | $10.8M | 0.15% | +11.4% |
| 99 | FLR | FLUOR CORP | 9371000 | $10.7M | 0.15% | +-10.5% |
| 100 | MGNI | MAGNITE INC | 10305000 | $10.2M | 0.15% | 55.3% |
| 101 | LYV | LIVE NATION ENTERTAINMENT INC | 9670000 | $10.2M | 0.14% | NEW |
| 102 | ZD | ZIFF DAVIS INC | 10091000 | $9.9M | 0.14% | 58.3% |
| 103 | LCII | LCI INDUSTRIES | 9927000 | $9.8M | 0.14% | +55.0% |
| 104 | CALY 2.75 05/01/26 | TOPGOLF CALLAWAY BRANDS CORP | 9596000 | $9.6M | 0.14% | +115.8% |
| 105 | EXEEL | EXPAND ENERGY CORP | 95294 | $9.5M | 0.14% | — |
| 106 | COGT | COGENT BIOSCIENCES INC | 7650000 | $9.0M | 0.13% | NEW |
| 107 | BHC | BAUSCH HEALTH COS INC | 1270000 | $8.8M | 0.13% | — |
| 108 | ITRI | ITRON INC | 8700000 | $8.8M | 0.13% | NEW |
| 109 | U | UNITY SOFTWARE INC | 9076000 | $8.8M | 0.13% | +142.0% |
| 110 | FRPT | FRESHPET INC | 7300000 | $8.6M | 0.12% | +69.8% |
| 111 | MKSI | MKS INC | 6255000 | $8.0M | 0.11% | +-62.6% |
| 112 | DDOG | DATADOG INC | 7499000 | $7.5M | 0.11% | NEW |
| 113 | RWTO | REDWOOD TRUST INC | 7456000 | $7.4M | 0.11% | +33.5% |
| 114 | GPRE | GREEN PLAINS INC | 7677000 | $7.4M | 0.11% | NEW |
| 115 | MX | MAGNACHIP SEMICONDUCTOR CORP | 2849858 | $7.3M | 0.10% | — |
| 116 | UPST | UPSTART HOLDINGS INC | 7199000 | $7.0M | 0.10% | +-37.1% |
| 117 | UPWK | UPWORK INC | 7038000 | $6.9M | 0.10% | +51.5% |
| 118 | BSY | BENTLEY SYSTEMS INC | 6730000 | $6.3M | 0.09% | +256.8% |
| 119 | NEO | NEOGENOMICS INC | 7098000 | $6.3M | 0.09% | +80.6% |
| 120 | LILAB | LIBERTY LATIN AMERICA LTD | 839020 | $6.2M | 0.09% | -0.9% |
| 121 | VERX | VERTEX INC | 6507000 | $6.2M | 0.09% | -10.2% |
| 122 | CRNC | CERENCE INC | 6605000 | $6.0M | 0.08% | +62.6% |
| 123 | BSQKZ | BLOCK INC | 5935000 | $5.5M | 0.08% | +76.1% |
| 124 | SHAK | SHAKE SHACK INC | 5686000 | $5.4M | 0.08% | +-51.5% |
| 125 | MITK | MITEK SYSTEMS INC | 5374000 | $5.3M | 0.08% | NEW |
| 126 | NTNX | NUTANIX INC | 5436000 | $5.3M | 0.07% | NEW |
| 127 | AFRM | AFFIRM HOLDINGS INC | 5225000 | $5.0M | 0.07% | +21.8% |
| 128 | PENN | PENN ENTERTAINMENT INC | 4952000 | $4.9M | 0.07% | NEW |
| 129 | SO | SOUTHERN CO/THE | 4557000 | $4.9M | 0.07% | — |
| 130 | HDB | HDFC BANK LTD | 130441 | $4.8M | 0.07% | -13.7% |
| 131 | STRD | STRATEGY INC | 5763000 | $4.7M | 0.07% | NEW |
| 132 | SNAP | SNAP INC | 3767000 | $3.7M | 0.05% | +82.6% |
| 133 | ZD | ZIFF DAVIS INC | 3496000 | $3.4M | 0.05% | +158.8% |
| 134 | AWK | American Water Works | 3426000 | $3.4M | 0.05% | NEW |
| 135 | BATL | BATTALION OIL CORP | 3009912 | $3.4M | 0.05% | -0.1% |
| 136 | TWOD | TWO HARBORS INVESTMENT CORP | 3298000 | $3.3M | 0.05% | -11.4% |
| 137 | BILL | BILL HOLDINGS INC | 3306000 | $3.1M | 0.04% | -1.5% |
| 138 | ALVOW | ALVOTECH SA | 4666667 | $3.0M | 0.04% | — |
| 139 | F-PD | FORD MOTOR CO | 2900000 | $3.0M | 0.04% | NEW |
| 140 | BBIO | BRIDGEBIO PHARMA INC | 2550000 | $2.9M | 0.04% | +-76.3% |
| 141 | POST | POST HOLDINGS INC | 2650000 | $2.9M | 0.04% | +103.8% |
| 142 | ON | ON SEMICONDUCTOR CORP | 1950000 | $2.3M | 0.03% | — |
| 143 | NTNX | NUTANIX INC | 2000000 | $2.3M | 0.03% | NEW |
| 144 | WT | WISDOMTREE INC | 1850000 | $2.2M | 0.03% | NEW |
| 145 | DBX | DROPBOX INC | 2175000 | $2.2M | 0.03% | NEW |
| 146 | ALVOW | ALVOTECH SA | 533656 | $2.0M | 0.03% | +-65.9% |
| 147 | CAKE | CHEESECAKE FACTORY INC/THE | 1960000 | $1.9M | 0.03% | NEW |
| 148 | GRPN | GROUPON INC | 1874000 | $1.9M | 0.03% | -21.3% |
| 149 | MTN | VAIL RESORTS INC | 1819000 | $1.8M | 0.03% | -70.1% |
| 150 | DOCN | DIGITALOCEAN HOLDINGS INC | 1880000 | $1.8M | 0.03% | -7.4% |
| 151 | BL | BLACKLINE INC | 1816000 | $1.8M | 0.03% | NEW |
| 152 | NEE-PS | NEXTERA ENERGY INC | 1292000 | $1.6M | 0.02% | -82.9% |
| 153 | CELC | CELCUITY INC | 700000 | $1.5M | 0.02% | NEW |
| 154 | FSLY | FASTLY INC | 1353000 | $1.5M | 0.02% | NEW |
| 155 | VSH | VISHAY INTERTECHNOLOGY INC | 1651000 | $1.5M | 0.02% | NEW |
| 156 | SPOT | SPOTIFY TECHNOLOGY SA | 1300000 | $1.5M | 0.02% | NEW |
| 157 | TRPCF | TRIP.COM GROUP LTD | 1189000 | $1.5M | 0.02% | -71.9% |
| 158 | HLF | HERBALIFE LTD | 1242000 | $1.3M | 0.02% | -56.4% |
| 159 | STRD | STRATEGY INC | 1300000 | $1.3M | 0.02% | NEW |
| 160 | LYFT | LYFT INC | 1100000 | $1.3M | 0.02% | — |
| 161 | PSN | PARSONS CORP | 1160000 | $1.2M | 0.02% | -91.0% |
| 162 | AFRM | AFFIRM HOLDINGS INC | 927000 | $1.0M | 0.01% | NEW |
| 163 | TYL | TYLER TECHNOLOGIES INC | 1000000 | $1.0M | 0.01% | NEW |
| 164 | ASND | ASCENDIS PHARMA A/S | 700000 | $994K | 0.01% | +-30.0% |
| 165 | RNG | RINGCENTRAL INC | 984000 | $975K | 0.01% | NEW |
| 166 | HAE | HAEMONETICS CORP | 902000 | $939K | 0.01% | NEW |
| 167 | FSLY | FASTLY INC | 863000 | $850K | 0.01% | +-36.3% |
| 168 | GLAD | GLADSTONE CAPITAL CORP | 754000 | $739K | 0.01% | NEW |
| 169 | GH | GUARDANT HEALTH INC | 555000 | $600K | 0.01% | +-88.1% |
| 170 | PTON | PELOTON INTERACTIVE INC | 559000 | $553K | 0.01% | +-58.7% |
| 171 | BTAI | BIOXCEL THERAPEUTICS INC | 241188 | $386K | 0.01% | — |
| 172 | KRSP-UN | RICE ACQUISITION CORP 3 | 399999 | $320K | 0.00% | NEW |