What did Howard Marks buy in Q4 2025?

Howard Marks opened 34 new positions (RIOT 0.75 01/15/30, AERO, SATS 3.875 11/30/30, DXCM 0.375 05/15/28, DKNG 0 03/15/28) and added to 44 existing holdings in the Q4 2025 13F.

What did Howard Marks sell in Q4 2025?

Howard Marks exited 28 positions (SATS, SRPT 1.25 09/15/27, NBR, SE, AGCN 0.375 01/15/27) and trimmed 21.

What Howard Marks bought and sold in Q4 2025

In Q4 2025, Howard Marks (Oaktree Capital Management) opened 34 new positions — including RIOT 0.75 01/15/30 (1.5%), AERO (1.3%), SATS 3.875 11/30/30 (1.0%), added to 44, trimmed 21, exited 28 (SATS, SRPT 1.25 09/15/27, NBR). The book stood at $6.17B across 166 positions, filed Feb 17, 2026.

34New44Added21Trimmed28Exited

Share𝕏 in

New positions (34)

RIOT 0.75 01/15/30Riot Platforms Inc1.5% · $93M
AEROGrupo Aeromexico Sab DE CV1.3% · $83M
SATS 3.875 11/30/30Echostar Corp1.0% · $60M
DXCM 0.375 05/15/28Dexcom Inc0.4% · $26M
DKNG 0 03/15/28Draftkings Holdings Inc0.4% · $23M
INFYInfosys Ltd-sp Adr0.3% · $20M
SYNA 0.75 12/01/31Synaptics Inc0.3% · $18M
ONITOnity Group Inc0.3% · $18M
LYV 2.875 01/15/30Live Nation Entertainmen0.2% · $10M
COGT 1.625 11/15/31Cogent Biosciences Inc0.1% · $9M
ITRI 1.375 07/15/30Itron Inc0.1% · $9M
DDOG 0 12/01/29Datadog Inc0.1% · $8M
GPRE 2.25 03/15/27Green Plains Inc0.1% · $7M
MITK 0.75 02/01/26Mitek Systems Inc0.1% · $5M
NTNX 0.5 12/15/29Nutanix Inc0.1% · $5M
PENN 2.75 05/15/26Penn Entertainment Inc0.1% · $5M
MSTR 0 12/01/29Strategy Inc0.1% · $5M
AWK 3.625 06/15/26American Water Capital C0.1% · $3M
F 0 03/15/26Ford Motor Company<0.1% · $3M
NTNX 0.25 10/01/27Nutanix Inc<0.1% · $2M
WT 3.25 08/15/29Wisdomtree Inc<0.1% · $2M
DBX 0 03/01/26Dropbox Inc<0.1% · $2M
CAKE 0.375 06/15/26Cheesecake Factory (the)<0.1% · $2M
BL 0 03/15/26Blackline Inc<0.1% · $2M
CELC 2.75 08/01/31Celcuity Inc<0.1% · $2M
SPOT 0 03/15/26Spotify Usa Inc<0.1% · $1M
VSH 2.25 09/15/30Vishay Intertechnology<0.1% · $1M
FSLY 7.75 06/01/28Fastly Inc<0.1% · $1M
MSTR 0.875 03/15/31Strategy Inc<0.1% · $1M
AFRM 0.75 12/15/29Affirm Holdings Inc<0.1% · $1M
TYL 0.25 03/15/26Tyler Technologies Inc<0.1% · $1M
RNG 0 03/15/26Ringcentral Inc<0.1% · $975K
HAE 2.5 06/01/29Haemonetics Corp<0.1% · $939K
GLAD 5.875 10/01/30Gladstone Capital Corp<0.1% · $739K

Added to (44)

CORZCore Scientific Inc+30% shares · 2.0% · $122M
JBLU 0.5 04/01/26Jetblue Airways Corp+33% shares · 1.4% · $89M
ABNB 0 03/15/26Airbnb Inc+29% shares · 0.8% · $50M
ETSY 0.25 06/15/28Etsy Inc+28% shares · 0.7% · $45M
ECVTEcovyst Inc+49% shares · 0.7% · $41M
BMRN 1.25 05/15/27Biomarin Pharmaceutical+114% shares · 0.7% · $40M
AMPH 2 03/15/29Amphastar Pharmaceutical+144% shares · 0.7% · $40M
PEB 1.75 12/15/26Pebblebrook Hotel Trust+52% shares · 0.6% · $38M
ENPH 0 03/01/28Enphase Energy Inc+33% shares · 0.5% · $33M
CBRL 0.625 06/15/26Cracker Barrel Old Count+34% shares · 0.5% · $32M
ARRY 1 12/01/28Array Technologies Inc+35% shares · 0.5% · $30M
NVST 1.75 08/15/28Envista Holdings Corp+21% shares · 0.5% · $30M
OKTA 0.375 06/15/26Okta Inc+67% shares · 0.5% · $28M
FIVN 1 03/15/29Five9 Inc+290% shares · 0.4% · $27M
SPB 3.375 06/01/29Spectrum Brands Inc+70% shares · 0.4% · $26M
MGPI 1.875 11/15/41Mgp Ingredients Inc+34% shares · 0.4% · $23M
XYZ 0 05/01/26Block Inc+102% shares · 0.3% · $20M
NBR 1.75 06/15/29Nabors Industries Inc+88% shares · 0.3% · $20M
DAY 0.25 03/15/26Dayforce Inc+106% shares · 0.3% · $19M
WGO 3.25 01/15/30Winnebago Industries+312% shares · 0.3% · $19M
SNAP 0 05/01/27Snap Inc+51% shares · 0.3% · $18M
TTEK 2.25 08/15/28Tetra Tech Inc+28% shares · 0.3% · $17M
HAE 0 03/01/26Haemonetics Corp+63% shares · 0.2% · $15M
LNTH 2.625 12/15/27Lantheus Holdings Inc+84% shares · 0.2% · $13M
BXMT 5.5 03/15/27Blackstone Mortgage TR+73% shares · 0.2% · $12M
BAND 0.5 04/01/28Bandwidth Inc+58% shares · 0.2% · $12M
RDFN 0.5 04/01/27Redfin Corp+46% shares · 0.2% · $11M
PMT 5.5 03/15/26Pennymac Corp+102% shares · 0.2% · $11M
MGNI 0.25 03/15/26Magnite Inc+55% shares · 0.2% · $10M
ZD 1.75 11/01/26Ziff Davis Inc+58% shares · 0.2% · $10M
LCII 1.125 05/15/26Lci Industries+55% shares · 0.2% · $10M
CALY 2.75 05/01/26Callaway Golf CO+116% shares · 0.2% · $10M
U 0 11/15/26Unity Software Inc+142% shares · 0.1% · $9M
FRPT 3 04/01/28Freshpet Inc+70% shares · 0.1% · $9M
RWT 7.75 06/15/27Redwood Trust Inc+34% shares · 0.1% · $7M
UPWK 0.25 08/15/26Upwork Inc+51% shares · 0.1% · $7M
NEO 0.25 01/15/28Neogenomics Inc+81% shares · 0.1% · $6M
BSY 0.375 07/01/27Bentley Systems+257% shares · 0.1% · $6M
CRNC 1.5 07/01/28Cerence Inc+63% shares · 0.1% · $6M
XYZ 0.25 11/01/27Block Inc+76% shares · 0.1% · $6M
AFRM 0 11/15/26Affirm Holdings Inc+22% shares · 0.1% · $5M
SNAP 0.75 08/01/26Snap Inc+83% shares · 0.1% · $4M
ZD 3.625 03/01/28Ziff Davis Inc+159% shares · 0.1% · $3M
POST 2.5 08/15/27Post Holdings Inc+104% shares · <0.1% · $3M

Trimmed (21)

TRMDTorm Plc-35% shares · 8.5% · $527M
GTXGarrett Motion Inc-46% shares · 4.8% · $298M
CXCemex Sab-spons Adr Part Cer-45% shares · 1.1% · $66M
VISTVista Energy Sab DE CV-58% shares · 0.6% · $38M
TXTernium Sa-sponsored Adr-27% shares · 0.4% · $25M
INN 1.5 02/15/26Summit Hotel Properties-27% shares · 0.3% · $21M
JAZZ 3.125 09/15/30Jazz Investments I Ltd-37% shares · 0.2% · $14M
MKSI 1.25 06/01/30Mks Inc-63% shares · 0.1% · $8M
UPST 0.25 08/15/26Upstart Holdings Inc-37% shares · 0.1% · $7M
SHAK 0 03/01/28Shake Shack Inc-51% shares · 0.1% · $5M
BBIO 2.25 02/01/29Bridgebio Pharma Inc-76% shares · <0.1% · $3M
MTN 0 01/01/26Vail Resorts Inc-70% shares · <0.1% · $2M
GRPN 1.125 03/15/26Groupon Inc-21% shares · <0.1% · $2M
NEE 3 03/01/27Nextera Energy Capital-83% shares · <0.1% · $2M
TCOM 0.75 06/15/29Trip.com Group Ltd-72% shares · <0.1% · $1M
HLF 4.25 06/15/28Herbalife Ltd-56% shares · <0.1% · $1M
PSN 2.625 03/01/29Parsons Corp-91% shares · <0.1% · $1M
ASND 2.25 04/01/28Ascendis Pharma A/s-30% shares · <0.1% · $994K
FSLY 0 03/15/26Fastly Inc-36% shares · <0.1% · $850K
GH 0 11/15/27Guardant Health Inc-88% shares · <0.1% · $600K
PTON 0 02/15/26Peloton Interactive Inc-59% shares · <0.1% · $553K

Exited (28)

SATSEchostar Corp-awas 0.8% of book
SRPT 1.25 09/15/27Sarepta Therapeutics Incwas 0.5% of book
NBRNabors Industries Ltdwas 0.5% of book
SESea Ltd-adrwas 0.4% of book
AGCN 0.375 01/15/27First Majestic Silverwas 0.3% of book
FOUR 0.5 08/01/27Shift4 Payments Incwas 0.2% of book
MTH 1.75 05/15/28Meritage Homes Corpwas 0.2% of book
DXCM 0.25 11/15/25Dexcom Incwas 0.2% of book
GH 1.25 02/15/31Guardant Health Incwas 0.2% of book
TVTX 2.25 03/01/29Travere Therapeutics Incwas 0.2% of book
BL 1 06/01/29Blackline Incwas 0.1% of book
LI 0.25 05/01/28LI Auto Incwas 0.1% of book
ACRAcres Commercial Realty Corpwas 0.1% of book
LGNLegence Corp-cl Awas 0.1% of book
VRNT 0.25 04/15/26Verint Systems Incwas 0.1% of book
FUBO 3.25 02/15/26Fubotv Incwas 0.1% of book
NVCR 0 11/01/25Novocure Ltdwas 0.1% of book
GES 3.75 04/15/28Guess Incwas 0.1% of book
QTWO 0.125 11/15/25Q2 Holdings Incwas <0.1% of book
BBIO 2.5 03/15/27Bridgebio Pharma Incwas <0.1% of book
UBER 0.875 12/01/28 2028Uber Technologies Incwas <0.1% of book
ESPR 4 11/15/25Esperion Therapeuticswas <0.1% of book
W 3.25 09/15/27Wayfair Incwas <0.1% of book
IRTC 1.5 09/01/29Irhythm Holdings Incwas <0.1% of book
TGSTransportador Gas-adr SP Bwas <0.1% of book
FVRR 0 11/01/25Fiverr International Ltdwas <0.1% of book
EVH 3.5 12/01/29Evolent Health Incwas <0.1% of book
TPICQTpi Composites Incwas <0.1% of book

Howard Marks's other filings

Q2 2026 changes Q1 2026 changes Q3 2025 changes Q2 2025 changes Q1 2025 changes

Howard Marks's full portfolio →The whole cohort in Q4 2025 →

Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.