Howard Marks · Oaktree Capital Management LP
| Period: | Q4 2025 |
| Portfolio date: | Dec 31, 2025 |
| No. of stocks: | 170 |
| Portfolio value: | $7.0B |
| Stock | % of Portfolio | Recent Activity | Shares | Reported Price * | Value | Current Price | +/- Reported Price | 52 Week Low | 52 Week High |
|---|---|---|---|---|---|---|---|---|---|
| EXE · Expand Energy Corporation | 7.95 | 5,062,363 | $110.36 | $558,682,380 | $95.92 | -13.09% | $91.02 | $126.62 | |
| TRMD · Torm Plc | 7.50 | Reduce 34.88% | 26,425,059 | $19.95 | $527,287,877 | $33.92 | +69.99% | $15.79 | $34.88 |
| AU · Anglogold Ashanti Plc | 4.67 | Reduce 8.06% | 3,847,991 | $85.28 | $328,156,672 | $107.03 | +25.50% | $38.61 | $129.14 |
| 92189F676 · Vaneck Etf Trust | 4.43 | New | 865,000 | $360.13 | $311,512,450 | — | — | — | — |
| GTX · Garrett Motion Inc. | 4.24 | Reduce 46.40% | 17,094,816 | $17.43 | $297,962,642 | $29.00 | +66.38% | $9.57 | $29.18 |
| 78462F103 · Spdr S&P 500 Etf Tr | 3.74 | Add 16.67% | 385,000 | $681.92 | $262,539,200 | — | — | — | — |
| INDV · Indivior Plc | 3.63 | Reduce 97.24% | 7,108,644 | $35.88 | $255,058,964 | $39.50 | +10.09% | $10.63 | $41.00 |
| VNOM · Viper Energy Inc. | 3.45 | 6,285,062 | $38.63 | $242,791,949 | $46.79 | +21.12% | $35.10 | $51.13 | |
| TLN · Talen Energy Corp. | 3.37 | Add 77.22% | 631,117 | $374.84 | $236,567,896 | $386.37 | +3.08% | $232.34 | $451.28 |
| TDS · Telephone & Data Sys Inc. | 2.15 | 3,688,386 | $41.00 | $151,223,826 | $46.47 | +13.34% | $32.60 | $49.12 | |
| CORZ · Core Scientific Inc. New | 2.14 | Add 61.71% | 10,350,708 | $14.56 | $150,706,308 | $22.92 | +57.42% | $9.55 | $25.01 |
| 06849F108 · Barrick Mng Corp. | 1.84 | Reduce 9.90% | 2,975,118 | $43.55 | $129,566,388 | — | — | — | — |
| NOK · Nokia Corp. | 1.73 | 18,752,229 | $6.47 | $121,326,921 | $12.82 | +98.15% | $4.00 | $13.98 | |
| FTAI · Ftai Aviation Ltd. | 1.45 | Reduce 11.59% | 517,328 | $196.85 | $101,836,016 | $270.29 | +37.31% | $108.47 | $323.51 |
| ITUB · Itau Unibanco Hldg S A | 1.41 | Add 9.13% | 13,822,747 | $7.16 | $98,970,875 | $8.37 | +16.90% | $5.93 | $9.60 |
| ORCL · Oracle Corp. | 1.39 | 500,000 | $194.91 | $97,455,000 | $195.95 | +0.53% | $134.57 | $345.72 | |
| LBTYA · Liberty Global Ltd. | 1.36 | 8,551,191 | $11.14 | $95,260,267 | $12.15 | +9.07% | $9.03 | $13.52 | |
| 124830878 · Cbl & Assoc Pptys Inc. | 1.33 | Reduce 16.22% | 2,517,576 | $37.00 | $93,150,348 | — | — | — | — |
| RIOT · Riot Platforms Inc. | 1.32 | New | 81,960,000 | $1.13 | $92,922,150 | $24.08 | +2023.93% | $7.93 | $24.47 |
| JBLU · Jetblue Airways Corp. | 1.27 | Add 32.62% | 90,530,000 | $0.98 | $89,036,255 | $5.11 | +419.57% | $3.84 | $6.50 |
| AERO · Grupo Aeromexico Sab De Cv | 1.18 | New | 3,776,986 | $21.96 | $82,942,612 | $16.31 | -25.73% | $12.26 | $23.05 |
| TAC · Transalta Corp. | 1.16 | 6,415,253 | $12.66 | $81,246,611 | $12.76 | +0.75% | $8.73 | $17.88 | |
| STKL · Sunopta Inc. | 1.12 | 20,726,126 | $3.81 | $78,883,383 | $6.50 | +70.78% | $3.32 | $6.94 | |
| NU · Nu Hldgs Ltd. | 1.07 | Reduce 0.88% | 4,479,175 | $16.74 | $74,981,389 | $13.80 | -17.56% | $11.71 | $18.98 |
| FCX · Freeport-Mcmoran Inc. | 1.00 | Reduce 7.63% | 1,390,053 | $50.79 | $70,600,791 | $61.65 | +21.38% | $35.15 | $70.97 |
| KRC · Kilroy Rlty Corp. | 0.98 | 1,850,011 | $37.37 | $69,134,911 | $34.90 | -6.61% | $27.36 | $45.03 | |
| CX · Cemex Sab De Cv | 0.94 | Reduce 44.98% | 5,749,324 | $11.49 | $66,059,732 | $13.11 | +14.10% | $6.40 | $13.67 |
| RWAY · Runway Growth Finance Corp. | 0.89 | Reduce 15.10% | 7,029,667 | $8.93 | $62,774,936 | $6.54 | -26.76% | $6.36 | $11.40 |
| SATS · Echostar Corp. | 0.86 | New | 18,000,000 | $3.34 | $60,165,000 | $127.15 | +3704.04% | $14.90 | $137.44 |
| CABO · Cable One Inc. | 0.83 | Add 0.22% | 58,874,000 | $0.99 | $58,138,075 | $62.39 | +6217.97% | $53.94 | $180.74 |
| BLCO · Bausch Plus Lomb Corp. | 0.82 | Add 4.23% | 3,382,739 | $17.08 | $57,777,182 | $16.18 | -5.27% | $10.99 | $18.91 |
| GRAB · Grab Holdings Limited | 0.80 | Reduce 7.33% | 11,207,699 | $4.99 | $55,926,418 | $3.72 | -25.45% | $3.48 | $6.62 |
| XP · Xp Inc. | 0.77 | Add 63.32% | 3,320,159 | $16.37 | $54,351,002 | $19.17 | +17.10% | $15.61 | $23.13 |
| ABNB · Airbnb Inc. | 0.71 | Add 28.66% | 50,633,000 | $0.99 | $50,227,936 | $141.49 | +14163.10% | $110.81 | $147.25 |
| MAR · Marriott Intl Inc. New | 0.66 | 150,000 | $310.24 | $46,536,000 | $353.18 | +13.84% | $253.56 | $380.00 | |
| ETSY · Etsy Inc. | 0.64 | Add 27.55% | 50,165,000 | $0.90 | $44,935,298 | $64.38 | +7087.27% | $44.00 | $76.52 |
| LILA · Liberty Latin America Ltd. | 0.61 | Reduce 13.81% | 5,748,780 | $7.46 | $42,885,898 | $7.63 | +2.28% | $4.34 | $9.04 |
| ECVT · Ecovyst Inc. | 0.59 | Add 48.81% | 4,254,503 | $9.73 | $41,396,314 | $14.14 | +45.32% | $7.03 | $14.94 |
| BMRN · Biomarin Pharmaceutical Inc. | 0.58 | Add 113.59% | 42,118,000 | $0.96 | $40,450,127 | $54.06 | +5528.90% | $50.76 | $66.28 |
| AMPH · Amphastar Pharmaceuticals In | 0.57 | Add 144.48% | 43,578,000 | $0.93 | $40,401,163 | $19.00 | +1949.40% | $17.03 | $31.26 |
| AD · Array Digital Infrastructure | 0.55 | 724,444 | $53.62 | $38,844,687 | $55.77 | +4.01% | $44.03 | $79.17 | |
| CNMD · Conmed Corp. | 0.55 | Reduce 0.47% | 40,324,000 | $0.96 | $38,711,039 | $36.76 | +3729.17% | $33.21 | $61.08 |
| VAC · Marriott Vacations Worldwide | 0.55 | Add 12.66% | 40,370,000 | $0.95 | $38,452,425 | $77.12 | +7996.59% | $44.58 | $86.33 |
| PEB · Pebblebrook Hotel Tr | 0.55 | Add 51.69% | 39,706,000 | $0.97 | $38,415,555 | $14.72 | +1421.45% | $8.69 | $14.85 |
| VIST · Vista Energy S.A.B. De C.V. | 0.54 | Reduce 57.52% | 782,250 | $48.66 | $38,064,285 | $65.21 | +34.01% | $31.63 | $79.20 |
| YMM · Full Truck Alliance Co. Ltd. | 0.54 | Reduce 7.32% | 3,519,764 | $10.73 | $37,767,067 | $8.81 | -17.89% | $8.04 | $14.07 |
| SE · Sea Ltd. | 0.54 | Add 4.93% | 38,855,000 | $0.97 | $37,767,060 | $86.73 | +8822.84% | $77.05 | $199.30 |
| SBLK · Star Bulk Carriers Corp. | 0.54 | 1,962,892 | $19.22 | $37,726,784 | $26.83 | +39.59% | $15.78 | $27.20 | |
| TDOC · Teladoc Health Inc. | 0.52 | Reduce 5.31% | 38,479,000 | $0.95 | $36,747,445 | $7.25 | +659.16% | $4.40 | $9.77 |
| ENPH · Enphase Energy Inc. | 0.47 | Add 33.39% | 38,178,000 | $0.87 | $33,358,027 | $36.45 | +4071.67% | $25.78 | $54.43 |
| CBRL · Cracker Barrel Old Country Store Inc. | 0.46 | Add 33.62% | 33,101,000 | $0.97 | $32,192,377 | $31.49 | +3137.88% | $24.85 | $71.93 |
| 13057Q305 · California Res Corp. | 0.44 | 694,502 | $44.71 | $31,051,184 | — | — | — | — | |
| BZ · Kanzhun Limited | 0.44 | Reduce 7.32% | 1,523,231 | $20.38 | $31,043,447 | $14.02 | -31.21% | $12.85 | $25.26 |
| ARRY · Array Technologies Inc. | 0.43 | Add 34.81% | 33,284,000 | $0.91 | $30,263,093 | $8.57 | +842.55% | $5.39 | $12.23 |
| NVST · Envista Holdings Corporation | 0.42 | Add 20.83% | 30,786,000 | $0.96 | $29,631,525 | $24.24 | +2418.44% | $16.41 | $30.42 |
| OKTA · Okta Inc. | 0.40 | Add 67.46% | 28,311,000 | $0.98 | $27,773,091 | $83.90 | +8452.50% | $62.66 | $127.57 |
| FIVN · Five9 Inc. | 0.39 | Add 289.99% | 30,353,000 | $0.90 | $27,393,582 | $22.10 | +2348.75% | $13.29 | $30.38 |
| ALRM · Alarm.Com Holdings Inc. | 0.39 | Add 9.86% | 27,198,000 | $1.00 | $27,265,995 | $47.60 | +4648.13% | $41.50 | $60.76 |
| TEO · Telecom Argentina Sa | 0.39 | Reduce 10.72% | 2,347,508 | $11.61 | $27,254,567 | $11.82 | +1.81% | $6.43 | $13.81 |
| VALE · Vale S A | 0.38 | Reduce 0.49% | 2,023,706 | $13.03 | $26,368,889 | $16.63 | +27.63% | $8.97 | $17.94 |
| SPB · Spectrum Brands Inc. | 0.37 | Add 69.51% | 27,496,000 | $0.95 | $26,073,082 | $81.47 | +8491.62% | $49.99 | $86.96 |
| DXCM · Dexcom Inc. | 0.37 | New | 27,995,000 | $0.92 | $25,776,396 | $60.61 | +6482.68% | $54.11 | $89.98 |
| TX · Ternium Sa | 0.36 | Reduce 26.62% | 658,565 | $38.19 | $25,150,597 | $46.92 | +22.86% | $27.12 | $49.69 |
| KRSP · Rice Acquisition Corp. 3 | 0.35 | New | 2,400,000 | $10.28 | $24,660,000 | $10.50 | +2.19% | $10.21 | $10.70 |
| OCSL · Oaktree Specialty Lending Co. | 0.34 | 1,852,456 | $12.74 | $23,600,289 | $12.15 | -4.63% | $10.63 | $14.77 | |
| DKNG · Draftkings Inc. New | 0.33 | New | 25,225,000 | $0.92 | $23,090,965 | $25.52 | +2687.85% | $20.46 | $48.78 |
| MGPI · Mgp Ingredients Inc. New | 0.32 | Add 34.44% | 23,225,000 | $0.97 | $22,528,250 | $19.70 | +1930.93% | $16.45 | $34.99 |
| 866082AA8 · Summit Hotel Pptys | 0.31 | Reduce 26.77% | 21,560,000 | $1.00 | $21,495,320 | — | — | — | — |
| XYZ · Block Inc. | 0.28 | Add 102.15% | 20,243,000 | $0.99 | $19,940,367 | $74.85 | +7498.60% | $48.21 | $82.50 |
| NBR · Nabors Inds Inc. | 0.28 | Add 87.51% | 24,063,000 | $0.81 | $19,604,126 | $97.40 | +11855.32% | $23.27 | $105.80 |
| INFY · Infosys Ltd. | 0.28 | New | 1,094,752 | $17.82 | $19,508,480 | $12.83 | -28.00% | $12.16 | $30.00 |
| JD · Jd.Com Inc. | 0.27 | Reduce 19.26% | 19,233,000 | $1.00 | $19,319,548 | $30.13 | +2899.50% | $24.51 | $38.08 |
| 15677JAD0 · Dayforce Inc. | 0.27 | Add 106.26% | 19,351,000 | $0.99 | $19,205,867 | — | — | — | — |
| WGO · Winnebago Inds Inc. | 0.27 | Add 311.98% | 20,220,000 | $0.94 | $19,057,349 | $31.75 | +3268.70% | $28.00 | $50.16 |
| SNAP · Snap Inc. | 0.26 | Add 50.85% | 19,576,000 | $0.93 | $18,254,620 | $6.08 | +552.01% | $3.81 | $10.41 |
| SYNA · Synaptics Inc. | 0.26 | New | 17,250,000 | $1.06 | $18,250,500 | $125.43 | +11755.39% | $57.54 | $129.78 |
| ONIT · Onity Group Inc. | 0.25 | New | 390,835 | $45.79 | $17,896,380 | $38.91 | -15.03% | $35.47 | $54.10 |
| LIVN · Livanova Plc | 0.25 | Add 1.33% | 15,285,000 | $1.16 | $17,730,600 | $71.86 | +6094.83% | $41.02 | $72.51 |
| 69352PAS2 · Ppl Cap Fdg Inc. | 0.25 | Reduce 0.39% | 15,672,000 | $1.10 | $17,219,610 | — | — | — | — |
| AVAV · Aerovironment Inc. | 0.24 | Reduce 11.26% | 15,763,000 | $1.09 | $17,142,262 | $168.29 | +15374.94% | $159.64 | $417.86 |
| TTEK · Tetra Tech Inc. New | 0.24 | Add 28.43% | 15,289,000 | $1.09 | $16,626,023 | $30.29 | +2685.42% | $29.57 | $43.14 |
| CMS · Cms Energy Corp. | 0.23 | Reduce 12.36% | 15,199,000 | $1.07 | $16,293,328 | $72.61 | +6673.32% | $67.71 | $80.36 |
| SMRT · Smartrent Inc. | 0.22 | 7,505,294 | $2.02 | $15,160,695 | $1.12 | -44.55% | $0.72 | $2.20 | |
| 405024AB6 · Haemonetics Corp. Mass | 0.21 | Add 62.56% | 15,030,000 | $0.99 | $14,917,275 | — | — | — | — |
| 472145AH4 · Jazz Investments I Ltd. | 0.20 | Reduce 36.53% | 10,600,000 | $1.33 | $14,135,100 | — | — | — | — |
| WEC · Wec Energy Group Inc. | 0.20 | Reduce 3.68% | 11,957,000 | $1.17 | $13,977,733 | $111.66 | +9451.75% | $100.61 | $119.62 |
| LNTH · Lantheus Hldgs Inc. | 0.19 | Add 83.67% | 11,525,000 | $1.15 | $13,233,581 | $93.06 | +8004.51% | $47.25 | $94.86 |
| OPTU · Optimum Communications Inc. | 0.18 | 7,500,000 | $1.65 | $12,375,000 | $1.13 | -31.52% | $1.11 | $2.98 | |
| SNAP · Snap Inc. | 0.17 | Reduce 12.50% | 13,422,000 | $0.91 | $12,184,491 | $6.08 | +569.75% | $3.81 | $10.41 |
| BAND · Bandwidth Inc. | 0.17 | Add 58.17% | 13,650,000 | $0.87 | $11,923,275 | $49.89 | +5611.51% | $12.50 | $50.00 |
| BXMT · Blackstone Mortgage Trust Inc. | 0.17 | Add 72.92% | 11,999,000 | $0.99 | $11,885,009 | $19.13 | +1831.35% | $17.67 | $20.67 |
| 75737FAE8 · Redfin Corp. | 0.16 | Add 45.83% | 11,841,000 | $0.94 | $11,142,381 | — | — | — | — |
| PMT · Pennymac Mortgage Investment Trust | 0.16 | Add 102.09% | 10,935,000 | $1.00 | $10,951,402 | $11.00 | +998.35% | $10.86 | $13.81 |
| ENPH · Enphase Energy Inc. | 0.15 | Reduce 16.45% | 10,911,000 | $0.99 | $10,801,890 | $36.45 | +3581.82% | $25.78 | $54.43 |
| COIN · Coinbase Global Inc. | 0.15 | Reduce 19.22% | 10,510,000 | $1.03 | $10,791,142 | $201.16 | +19491.92% | $139.36 | $444.65 |
| RGEN · Repligen Corp. | 0.15 | Add 11.43% | 9,830,000 | $1.10 | $10,788,425 | $123.46 | +11149.20% | $109.50 | $175.77 |
| FLR · Fluor Corp. | 0.15 | Reduce 10.51% | 9,371,000 | $1.14 | $10,698,870 | $43.31 | +3693.47% | $37.04 | $57.50 |
| MGNI · Magnite Inc. | 0.15 | Add 55.27% | 10,305,000 | $0.99 | $10,221,529 | $14.13 | +1324.54% | $10.82 | $26.65 |
| LYV · Live Nation Entertainment In | 0.14 | New | 9,670,000 | $1.05 | $10,182,510 | $163.28 | +15406.17% | $125.34 | $175.25 |
| ZD · Ziff Davis Inc. | 0.14 | Add 58.27% | 10,091,000 | $0.98 | $9,889,180 | $41.02 | +4085.71% | $22.45 | $50.55 |
* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held. Price columns + 52-week range are placeholders pending v2 price-data feed.
Sector % analysis
12 sectors represented
Whales with similar holdings to Howard Marks
Ranked by number of overlapping positions in current portfolios
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