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← Howard Marks

Howard Marks's 2025Q3 portfolio

Howard Marks (Oaktree Capital Management) held 84 positions as of Sep 30, 2025, with the largest position at 13.9% of the portfolio.

Showing positions still held at the most recent quarter so their historical weights can be reconstructed. Positions that were held in 2025Q3but have since been exited aren't included in this table — for a full point-in-time reconstruction, use the SEC EDGAR filing directly.

Holdings as of Sep 30, 2025 (84)

  1. 1TRMDTorm Plc
    % port
    13.9%
    +0.4pp vs prior Qnow 11.4%
  2. 2EXEExpand Energy Corp
    % port
    9.0%
    -2.8pp vs prior Qnow 9.7%
  3. 3GTXGarrett Motion Inc
    % port
    7.2%
    -0.4pp vs prior Qnow 4.5%
  4. 4AUAnglogold Ashanti Plc
    % port
    4.9%
    +0.4pp vs prior Qnow 5.3%
  5. 5VNOMViper Energy Inc-cl A
    % port
    4.0%
    now 3.0%
  6. 6TDSTelephone And Data Systems
    % port
    2.4%
    now 3.1%
  7. 7TLNTalen Energy Corp
    % port
    2.1%
    +1.3pp vs prior Qnow 1.8%
  8. 8STKLSunopta Inc
    % port
    2.0%
    -0.4pp vs prior Qnow 2.3%
  9. 9CORZCore Scientific Inc
    % port
    1.9%
    now 2.4%
  10. 10BBarrick Mining Corp
    % port
    1.8%
    +0.5pp vs prior Q
  11. 11(cusip)Liberty Global Ltd
    % port
    1.6%
    now 1.7%
  12. 12CXCemex Sab-spons Adr Part Cer
    % port
    1.6%
    -0.5pp vs prior Qnow 0.5%
  13. 13ITUBItau Unibanco H-spon Prf Adr
    % port
    1.6%
    now 1.7%
  14. 14CBLCbl & Associates Properties
    % port
    1.5%
    now 1.4%
  15. 15NOKNokia Corp-spon Adr
    % port
    1.5%
    -0.4pp vs prior Q
  16. 16TACTransalta Corp
    % port
    1.5%
    +0.2pp vs prior Q
  17. 17RWAYRunway Growth Finance Corp
    % port
    1.4%
    -0.7pp vs prior Qnow 0.8%
  18. 18KRCKilroy Realty Corp
    % port
    1.3%
    now 0.9%
  19. 19JBLU 0.5 04/01/26Jetblue Airways Corp
    % port
    1.1%
    now 1.6%
  20. 20FCXFreeport-mcmoran Inc
    % port
    1.0%
    -0.7pp vs prior Qnow 1.2%
  21. 21(cusip)Liberty Latin America Ltd
    % port
    0.9%
    +0.7pp vs prior Q
  22. 22BLCOBausch + Lomb Corp
    % port
    0.8%
    +0.2pp vs prior Q
  23. 23CNMD 2.25 06/15/27Conmed Corp
    % port
    0.6%
    +0.1pp vs prior Q
  24. 24(cusip)XP Inc
    % port
    0.6%
    now 1.0%
  25. 25TDOC 1.25 06/01/27Teladoc Health Inc
    % port
    0.6%
  26. 26ADArray Digital Infrastructure
    % port
    0.6%
  27. 27SEALTD 0.25 09/15/26Sea Ltd
    % port
    0.6%
    now 0.8%
  28. 28ETSY 0.25 06/15/28Etsy Inc
    % port
    0.6%
    now 0.9%
  29. 29VAC 3.25 12/15/27Marriott Vacation Worldw
    % port
    0.6%
    now 0.8%
  30. 30TXTernium Sa-sponsored Adr
    % port
    0.5%
    now 0.4%
  31. 31PEB 1.75 12/15/26Pebblebrook Hotel Trust
    % port
    0.4%
    -0.7pp vs prior Qnow 1.0%
  32. 32JD 0.25 06/01/29Jd.com Inc
    % port
    0.4%
    +0.2pp vs prior Qnow 0.2%
  33. 33ECVTEcovyst Inc
    % port
    0.4%
    now 0.5%
  34. 34ENPH 0 03/01/28Enphase Energy Inc
    % port
    0.4%
    +0.2pp vs prior Qnow 0.9%
  35. 35OCSLOaktree Specialty Lending CO
    % port
    0.4%
  36. 36NVST 1.75 08/15/28Envista Holdings Corp
    % port
    0.4%
    now 0.3%
  37. 37CBRL 0.625 06/15/26Cracker Barrel Old Count
    % port
    0.4%
    +0.2pp vs prior Q
  38. 38AVAV 0 07/15/30Aerovironment Inc
    % port
    0.4%
    now 0.2%
  39. 39ARRY 1 12/01/28Array Technologies Inc
    % port
    0.4%
    +0.3pp vs prior Qnow 0.5%
  40. 40JAZZ 3.125 09/15/30Jazz Investments I Ltd
    % port
    0.3%
    now 0.0%
  41. 41TEOTelecom Argentina Sa-sp Adr
    % port
    0.3%
    -0.1pp vs prior Q
  42. 42BMRN 1.25 05/15/27Biomarin Pharmaceutical
    % port
    0.3%
    +0.3pp vs prior Qnow 0.9%
  43. 43OPTUOptimum Communications Inc-a
    % port
    0.3%
    now 0.2%
  44. 44MGPI 1.875 11/15/41Mgp Ingredients Inc
    % port
    0.3%
    now 0.1%
  45. 45OKTA 0.375 06/15/26Okta Inc
    % port
    0.3%
    +0.2pp vs prior Qnow 0.8%
  46. 46COIN 0.25 04/01/30Coinbase Global Inc
    % port
    0.3%
    now 0.0%
  47. 47AMPH 2 03/15/29Amphastar Pharmaceutical
    % port
    0.3%
    now 0.6%
  48. 48SPB 3.375 06/01/29Spectrum Brands Inc
    % port
    0.3%
    now 0.4%
  49. 49PSN 2.625 03/01/29Parsons Corp
    % port
    0.2%
    now 0.0%
  50. 50FOUR 0.5 08/01/27Shift4 Payments Inc
    % port
    0.2%
    now 0.4%

13F-HR filings disclose long US-equity positions only. 13Fs don't cover shorts, bonds, derivatives, or non-US listings, so the picture here is the public part of the portfolio — not the whole.

Not investment advice.