Great investors · Howard Marks · Q4 2025
What Howard Marks bought and sold in Q4 2025
Oaktree Capital 13F portfolio as of Dec 31, 2025: 53 positions worth $4.5 bn. Largest: EXE, TRMD, AU, GTX. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedCore ScientificCORZ+0.6 pp
Sells in Q4 2025
- ReducedTormTRMD−6.0 pp
- ReducedGarrett MotionGTX−5.4 pp
- ReducedCemex SAB De CVCX−1.1 pp
- ReducedVista Energy, S.A.B. de C.V.VIST−1.1 pp
- Sold outEchoStarECHO−1.0 pp
- Sold outNabors IndustriesNBR−0.6 pp
- ReducedAngloGold AshantiAU−0.6 pp
- Sold outSeaSE−0.5 pp
9 companies with material moves, out of 34 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 Q4 2025 13F lists 53 lines of US-listed securities worth $4.5 bn; the largest is EXE at 12.3% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 12:23 PM ET.
Against the previous quarter, it opened 5 positions (AERO, KRSP, INFY and ONIT and 1 more), closed 8 (ECHO, NBR, SE and JBS and 4 more), added to 6 (CORZ, XP, ECVT and TLN and 2 more) and trimmed 18 (TRMD, GTX, CX and AU and 14 more). 23 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Expand Energy EXE | 5.1 M | $559M | 12.3% | no change |
| 2 | Torm TRMD | 26.4 M | $527M | 11.6% | −35% |
| 3 | AngloGold Ashanti AU | 3.8 M | $328M | 7.23% | −8.1% |
| 4 | Garrett Motion GTX | 17.1 M | $298M | 6.57% | −46% |
| 5 | Indivior INDV | 7.1 M | $255M | 5.62% | — |
| 6 | Viper Energy VNOM | 6.3 M | $243M | 5.35% | no change |
| 7 | Telephone and Data Systems TDS | 3.7 M | $151M | 3.33% | no change |
| 8 | Barrick Mining B | 3.0 M | $130M | 2.86% | −9.9% |
| 9 | Talen Energy TLN | 331,117 | $124M | 2.74% | +14% |
| 10 | Core Scientific CORZ | 8.4 M | $122M | 2.68% | +30% |
| 11 | Nokia NOK | 18.8 M | $121M | 2.67% | no change |
| 12 | FTAI Aviation FTAI | 517,328 | $102M | 2.24% | −12% |
| 13 | Itau Unibanco Holding ITUB | 13.8 M | $99.0M | 2.18% | +9.1% |
| 14 | Liberty Global LBTYA | 8.6 M | $95.3M | 2.10% | no change |
| 15 | CBL & Associates Properties CBL | 2.5 M | $93.2M | 2.05% | −16% |
| 16 | Grupo Aeromexico, S.A.B. de C.V. AERO | 3.8 M | $82.9M | 1.83% | new |
| 17 | Transalta TAC | 6.4 M | $81.2M | 1.79% | no change |
| 18 | Sunopta STKL | 20.7 M | $78.9M | 1.74% | no change |
| 19 | Nu Holdings NU | 4.5 M | $75.0M | 1.65% | no change |
| 20 | Freeport-McMoRan FCX | 1.4 M | $70.6M | 1.56% | −7.6% |
| 21 | Kilroy Realty KRC | 1.9 M | $69.1M | 1.52% | no change |
| 22 | Cemex SAB De CV CX | 5.7 M | $66.1M | 1.46% | −45% |
| 23 | Runway Growth Finance RWAY | 7.0 M | $62.8M | 1.38% | −15% |
| 24 | Bausch & Lomb BLCO | 3.4 M | $57.8M | 1.27% | +4.2% |
| 25 | GRAB Holdings GRAB | 11.2 M | $55.9M | 1.23% | −7.3% |
| 26 | XP XP | 3.3 M | $54.4M | 1.20% | +63% |
| 27 | Liberty Latin America LILAK | 5.7 M | $42.9M | 0.95% | −14% |
| 28 | Ecovyst ECVT | 4.3 M | $41.4M | 0.91% | +49% |
| 29 | Array Digital Infrastructure AD | 724,444 | $38.8M | 0.86% | no change |
| 30 | Vista Energy, S.A.B. de C.V. VIST | 782,250 | $38.1M | 0.84% | −58% |
| 31 | Full Truck Alliance YMM | 3.5 M | $37.8M | 0.83% | −7.3% |
| 32 | Star Bulk Carriers SBLK | 2.0 M | $37.7M | 0.83% | no change |
| 33 | California Resources CRC | 694,502 | $31.1M | 0.68% | no change |
| 34 | Kanzhun BZ | 1.5 M | $31.0M | 0.68% | −7.3% |
| 35 | Telecom Argentina TEO | 2.3 M | $27.3M | 0.60% | −11% |
| 36 | VALE VALE | 2.0 M | $26.4M | 0.58% | no change |
| 37 | Ternium TX | 658,565 | $25.2M | 0.55% | −27% |
| 38 | Rice Acquisition Corporation 3 KRSP | 2.4 M | $24.7M | 0.54% | new |
| 39 | Oaktree Specialty Lending OCSL | 1.9 M | $23.6M | 0.52% | no change |
| 40 | Infosys INFY | 1.1 M | $19.5M | 0.43% | new |
| 41 | Onity Group ONIT | 390,835 | $17.9M | 0.39% | new |
| 42 | Smartrent SMRT | 7.5 M | $15.2M | 0.33% | no change |
| 43 | Optimum Communications OPTU | 7.5 M | $12.4M | 0.27% | no change |
| 44 | Expand Energy EXEEL | 95,294 | $9.5M | 0.21% | no change |
| 45 | Bausch Health Companies BHC | 1.3 M | $8.8M | 0.19% | no change |
| 46 | Magnachip Semiconductor MX | 2.8 M | $7.3M | 0.16% | no change |
| 47 | Liberty Latin America LILA | 839,020 | $6.2M | 0.14% | no change |
| 48 | Hdfc Bank HDB | 130,441 | $4.8M | 0.11% | −14% |
| 49 | Battalion Oil BATL | 3.0 M | $3.4M | 0.07% | no change |
| 50 | Alvotech ALVOW | 4.7 M | $3.0M | 0.07% | no change |
| 51 | Alvotech ALVO | 533,656 | $2.0M | 0.04% | −66% |
| 52 | BioXcel Therapeutics BTAIQ | 241,188 | $386K | 0.01% | no change |
| 53 | Rice Acquisition Corp 3 KRSP/WS | 399,999 | $320K | 0.01% | new |
Positions it closed (8)
- EchoStar ECHOwas 0.97% · 600,000 shares
- Nabors Industries NBRwas 0.64% · 737,112 shares
- Sea SEwas 0.53% · 141,368 shares
- JBS JBSwas 0.50% · 1.6 M shares
- Acres Commercial Realty ACRwas 0.17% · 391,380 shares
- Legence LGNwas 0.11% · 175,000 shares
- Transportadora De Gas DEL SUR TGSwas 0.03% · 56,522 shares
- TPI Composites was 0.00% · 4.6 M 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) ↗
Follow Howard Marks and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.