Great investors · Howard Marks · Q3 2025
What Howard Marks bought and sold in Q3 2025
Oaktree Capital 13F portfolio as of Sep 30, 2025: 56 positions worth $4.7 bn. Largest: TRMD, EXE, GTX, AU. Filed with the SEC on Nov 13, 2025.
The 13F is filed by Oaktree Capital, not by Howard Marks personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2025
- NewViper EnergyVNOM+5.1 pp
- NewTelephone and Data SystemsTDS+3.1 pp
- NewCore ScientificCORZ+2.4 pp
- NewFTAI AviationFTAI+2.1 pp
- NewNu HoldingsNU+1.5 pp
- IncreasedTalen EnergyTLN+1.4 pp
- NewEchoStarECHO+1.0 pp
- NewXPXP+0.8 pp
- IncreasedLiberty Latin AmericaLILAK+0.8 pp
- NewArray Digital InfrastructureAD+0.8 pp
- NewNabors IndustriesNBR+0.6 pp
- IncreasedFull Truck AllianceYMM+0.5 pp
Sells in Q3 2025
- ReducedGarrett MotionGTX−1.4 pp
- ReducedAngloGold AshantiAU−1.1 pp
- ReducedCemex SAB De CVCX−0.8 pp
- ReducedCalifornia ResourcesCRC−0.8 pp
- Sold outEcopetrolEC−0.7 pp
- Sold outKE HoldingsBEKE−0.6 pp
19 companies with material moves, out of 43 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Oaktree Capital's Q3 2025 13F lists 56 lines of US-listed securities worth $4.7 bn; the largest is TRMD at 17.6% of the portfolio. It was accepted by the SEC on Nov 13, 2025 at 5:24 PM ET.
Against the previous quarter, it opened 13 positions (VNOM, TDS, CORZ and FTAI and 9 more), closed 8 (EC, BEKE, UNIT and BRY and 4 more), added to 12 (TLN, JBS, LILAK and YMM and 8 more) and trimmed 11 (GTX, AU, CX and CRC and 7 more). 19 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 40.6 M | $835M | 17.6% | no change |
| 2 | Expand Energy EXE | 5.1 M | $538M | 11.3% | no change |
| 3 | Garrett Motion GTX | 31.9 M | $434M | 9.16% | −14% |
| 4 | AngloGold Ashanti AU | 4.2 M | $294M | 6.21% | −15% |
| 5 | Viper Energy VNOM | 6.3 M | $240M | 5.07% | new |
| 6 | Telephone and Data Systems TDS | 3.7 M | $145M | 3.05% | new |
| 7 | Talen Energy TLN | 291,117 | $124M | 2.61% | +124% |
| 8 | Sunopta STKL | 20.7 M | $121M | 2.56% | no change |
| 9 | Core Scientific CORZ | 6.4 M | $115M | 2.42% | new |
| 10 | Barrick Mining B | 3.3 M | $108M | 2.28% | +4.6% |
| 11 | Liberty Global LBTYA | 8.6 M | $98.0M | 2.07% | +4.1% |
| 12 | FTAI Aviation FTAI | 585,175 | $97.6M | 2.06% | new |
| 13 | Cemex SAB De CV CX | 10.4 M | $93.9M | 1.98% | −30% |
| 14 | Itau Unibanco Holding ITUB | 12.7 M | $93.0M | 1.96% | +15% |
| 15 | CBL & Associates Properties CBL | 3.0 M | $91.9M | 1.94% | no change |
| 16 | Nokia NOK | 18.8 M | $90.2M | 1.90% | no change |
| 17 | Transalta TAC | 6.4 M | $87.6M | 1.85% | +5.4% |
| 18 | Runway Growth Finance RWAY | 8.3 M | $84.1M | 1.77% | −15% |
| 19 | Kilroy Realty KRC | 1.9 M | $78.2M | 1.65% | no change |
| 20 | GRAB Holdings GRAB | 12.1 M | $72.8M | 1.54% | +4.5% |
| 21 | Nu Holdings NU | 4.5 M | $72.3M | 1.53% | new |
| 22 | Vista Energy, S.A.B. de C.V. VIST | 1.8 M | $63.3M | 1.34% | −11% |
| 23 | Freeport-McMoRan FCX | 1.5 M | $59.0M | 1.24% | −25% |
| 24 | Liberty Latin America LILAK | 6.7 M | $56.3M | 1.19% | +186% |
| 25 | Full Truck Alliance YMM | 3.8 M | $49.3M | 1.04% | +106% |
| 26 | Bausch & Lomb BLCO | 3.2 M | $48.9M | 1.03% | +29% |
| 27 | EchoStar ECHO | 600,000 | $45.8M | 0.97% | new |
| 28 | Kanzhun BZ | 1.6 M | $38.4M | 0.81% | +4.6% |
| 29 | XP XP | 2.0 M | $38.2M | 0.81% | new |
| 30 | California Resources CRC | 694,502 | $36.9M | 0.78% | −50% |
| 31 | Star Bulk Carriers SBLK | 2.0 M | $36.5M | 0.77% | −39% |
| 32 | Array Digital Infrastructure AD | 724,444 | $36.2M | 0.76% | new |
| 33 | Ternium TX | 897,509 | $31.2M | 0.66% | −2.4% |
| 34 | Nabors Industries NBR | 737,112 | $30.1M | 0.64% | new |
| 35 | Sea SE | 141,368 | $25.3M | 0.53% | +69% |
| 36 | Ecovyst ECVT | 2.9 M | $25.0M | 0.53% | new |
| 37 | Oaktree Specialty Lending OCSL | 1.9 M | $24.2M | 0.51% | no change |
| 38 | JBS JBS | 1.6 M | $23.6M | 0.50% | +562% |
| 39 | VALE VALE | 2.0 M | $22.1M | 0.47% | no change |
| 40 | Telecom Argentina TEO | 2.6 M | $19.1M | 0.40% | no change |
| 41 | Optimum Communications OPTU | 7.5 M | $18.1M | 0.38% | no change |
| 42 | Alvotech ALVO | 1.6 M | $12.8M | 0.27% | no change |
| 43 | Indivior INDV | 257.8 M | $10.7M | 0.23% | — |
| 44 | Smartrent SMRT | 7.5 M | $10.6M | 0.22% | no change |
| 45 | Expand Energy EXEEL | 95,294 | $9.2M | 0.19% | no change |
| 46 | Magnachip Semiconductor MX | 2.8 M | $8.9M | 0.19% | no change |
| 47 | Acres Commercial Realty ACR | 391,380 | $8.3M | 0.17% | new |
| 48 | Bausch Health Companies BHC | 1.3 M | $8.2M | 0.17% | no change |
| 49 | Alvotech ALVOW | 4.7 M | $7.1M | 0.15% | no change |
| 50 | Liberty Latin America LILA | 846,474 | $7.0M | 0.15% | new |
| 51 | Legence LGN | 175,000 | $5.4M | 0.11% | new |
| 52 | Hdfc Bank HDB | 151,206 | $5.2M | 0.11% | −11% |
| 53 | Battalion Oil BATL | 3.0 M | $3.6M | 0.08% | no change |
| 54 | Transportadora De Gas DEL SU TGS | 56,522 | $1.2M | 0.03% | −59% |
| 55 | BioXcel Therapeutics BTAIQ | 241,188 | $617K | 0.01% | no change |
| 56 | TPI Composites | 4.6 M | $143K | 0.00% | no change |
Positions it closed (8)
- Ecopetrol ECwas 0.80% · 3.5 M shares
- KE Holdings BEKEwas 0.68% · 1.5 M shares
- Uniti Group UNITwas 0.37% · 2.0 M shares
- Berry Corporation (bry) BRYwas 0.26% · 3.7 M shares
- YPF Sociedad Anonima YPFwas 0.26% · 324,330 shares
- Hudson Technologies HDSNwas 0.12% · 562,662 shares
- Macro Bank BMAwas 0.11% · 60,591 shares
- Braskem BAKwas 0.04% · 453,167 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Oaktree Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.