Oaktree Capital Management
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Howard Marks's Oaktree Capital Management reported 57 stock positions worth $5.3 billion. Its top holding was Torm PLC-A (TRMD) at 26.1% of the portfolio, followed by Expand Energy (EXE, 10.7%) and Garrett Motion (GTX, 6.8%). Compared with Q2 2024, it opened 10 new positions, sold out of 3, added to 12 and reduced 11. The biggest buy was a new position in Talen Energy (TLN) and the biggest sale Torm PLC-A (TRMD, shares −8%).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $5.3B (Q3 2024)
- SEC Filing
- 0000949509-24-000009 ↗ filed Nov 14, 2024
Holdings Value
Holdings 57 stocks · $5.3B
| TRMD Torm PLC-A | 26.10% | 40,581,120 | $1.4B | Reduce -8.0% |
| EXE Expand Energy Corp. filed as CHESAPEAKE ENERGY CORP | 10.67% | 6,870,884 | $565.1M | No change |
| GTX Garrett Motion Inc. | 6.81% | 44,082,816 | $360.6M | No change |
| STR Sitio Royalties Corp. Class A | 5.09% | 12,935,120 | $269.6M | No change |
| INFN Infinera Corp. | 3.21% | 25,175,384 | $169.9M | No change |
| AU Anglogold Ashanti PLC | 2.84% | 5,657,451 | $150.7M | Reduce -10.6% |
| SBLK Star Bulk Carriers Corp. | 2.55% | 5,712,206 | $135.3M | Reduce -28.3% |
| STKL Sunopta Inc. | 2.49% | 20,726,126 | $132.2M | No change |
| LBTYA Liberty Global Ltd. Class A | 2.38% | 5,973,258 | $126.1M | Add +57.1% |
| TLN Talen Energy Corp. | 2.34% | 696,676 | $124.2M | New |
| FCX Freeport-McMoran Inc. | 2.28% | 2,425,239 | $121.1M | Add +0.3% |
| RWAY Runway Growth Finance Corp. | 2.09% | 10,779,667 | $110.9M | No change |
| VIST Vista Energy Sab DE CV | 2.09% | 2,503,714 | $110.6M | No change |
| CRC California Resources Corp. | 2.03% | 2,046,753 | $107.4M | New |
| CBL CBL & Associates Properties | 1.90% | 4,005,126 | $100.9M | No change |
| VALE Vale SA-SP ADR | 1.81% | 8,203,466 | $95.8M | Reduce -35.7% |
| INDV Indivior Ltd. | 1.78% | 9,521,980 | $94.1M | Add +111.9% |
| CX Cemex Sab-Spons ADR Part Cer | 1.69% | 14,689,032 | $89.6M | No change |
| KRC Kilroy Realty Corp. | 1.35% | 1,850,011 | $71.6M | No change |
| JD Jd.com Inc.-ADR | 1.33% | 1,760,208 | $70.4M | Reduce -37.6% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.14% | 9,076,407 | $60.4M | Add +36.6% |
| PBR Petroleo Brasileiro-Spon ADR | 1.11% | 4,069,272 | $58.6M | Reduce -9.7% |
| TCOM Trip.com Group Ltd.-ADR | 0.89% | 791,523 | $47.0M | Add +35.1% |
| YUMC Yum China Holdings Inc. | 0.83% | 976,906 | $44.0M | New |
| HTHT H World Group Ltd.-ADR | 0.82% | 1,167,869 | $43.4M | Reduce -9.6% |
| PDD PDD Holdings Inc. | 0.72% | 283,267 | $38.2M | New |
| INFY Infosys Ltd.-SP ADR | 0.72% | 1,711,512 | $38.1M | New |
| BBD Banco Bradesco-ADR | 0.71% | 14,114,711 | $37.5M | Reduce -59.5% |
| ENLC Enlink Midstream LLC | 0.69% | 2,525,098 | $36.6M | New |
| BZ Kanzhun Ltd. - ADR | 0.66% | 2,011,574 | $34.9M | New |
| JOYY Joyy Inc.-ADR | 0.60% | 882,590 | $32.0M | Add +29.9% |
| TX Ternium SA-Sponsored ADR | 0.59% | 844,909 | $31.2M | Reduce -9.6% |
| OCSL Oaktree Specialty Lending Co. | 0.57% | 1,852,456 | $30.2M | No change |
| ALVO Alvotech SA | 0.57% | 2,532,027 | $30.1M | No change |
| BMA Banco Macro SA-ADR | 0.56% | 464,300 | $29.5M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.45% | 224,719 | $23.8M | Add +83.3% |
| TEO Telecom Argentina SA-SP ADR | 0.44% | 3,079,088 | $23.2M | Add +2.0% |
| NTES Netease Inc.-ADR | 0.41% | 232,594 | $21.7M | New |
| TPICQ Tpi Composites Inc. | 0.40% | 4,610,003 | $21.0M | Add +0.2% |
| BATL Battalion Oil Corp. | 0.38% | 3,009,912 | $20.1M | No change |
| UNIT Uniti Group LLC Com SHS | 0.36% | 3,397,592 | $19.2M | No change |
| BRY Berry Corp. | 0.36% | 3,697,000 | $19.0M | No change |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.35% | 7,500,000 | $18.4M | Add +26.3% |
| BAK Braskem SA Class A- ADR | 0.35% | 2,491,792 | $18.3M | Add +2.0% |
| TGS Transportador Gas-ADR SP B | 0.32% | 923,183 | $16.9M | Reduce -5.1% |
| ONIT Onity Group Inc. | 0.27% | 451,029 | $14.4M | No change |
| MX Magnachip Semiconductor Corp. | 0.25% | 2,849,858 | $13.3M | No change |
| SMRT Smartrent Inc. | 0.25% | 7,505,294 | $13.0M | No change |
| DQ Daqo New Energy Corp.-ADR | 0.23% | 604,939 | $12.3M | New |
| HIMS Hims & Hers Health Inc. | 0.23% | 666,962 | $12.3M | No change |
| PAM Pampa Energia SA-Spon ADR | 0.23% | 203,767 | $12.2M | No change |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.22% | 551,128 | $11.7M | Reduce -42.3% |
| BHC Bausch Health Cos Inc. | 0.20% | 1,270,000 | $10.4M | No change |
| XP XP Inc. Class A | 0.17% | 510,764 | $9.2M | New |
| VCSA Vacasa Inc. Class A | 0.07% | 1,375,448 | $3.9M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.06% | 54,040 | $3.4M | Add +3.0% |
| ECD AUTOMOTIVE DESIGN INC | 0.00% | 75,000 | $89K | No change |
Options reported separately and not counted above: SPY puts ($226.6M), LBTYA calls ($10.6M).
Other holdings (109): bonds, preferreds, convertibles and warrants · $702.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | 58,642,000 | $44.8M | Add +359.9% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 41,521,000 | $38.2M | Add +5.7% |
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | 46,030,000 | $36.1M | Add +1215.1% |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 37,148,000 | $32.6M | New |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 30,000,000 | $25.9M | New |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 21,851,000 | $20.1M | Add +138.2% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 21,573,000 | $17.4M | Add +7.2% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 17,160,000 | $15.8M | Reduce -40.9% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 12,369,000 | $14.4M | Add +45.9% |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $14.2M | No change |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 15,000,000 | $13.5M | Add +217.1% |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 15,092,000 | $13.4M | Reduce -23.1% |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 11,828,000 | $12.6M | New |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 11,016,000 | $12.3M | Add +41.9% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 10,969,000 | $12.1M | Add +9.5% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 10,049,000 | $11.9M | Add +6.2% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 9,774,000 | $10.1M | Add +19.6% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 7,407,000 | $8.9M | Add +18.3% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 7,855,000 | $8.3M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 6,718,000 | $8.2M | New |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 6,083,000 | $8.0M | New |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 8,475,000 | $7.9M | Reduce -12.7% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 7,884,000 | $7.8M | Reduce -25.6% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 6,524,000 | $7.4M | Add +48.6% |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | 7,315,000 | $7.2M | New |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 8,848,000 | $7.1M | Add +3.5% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 7,997,000 | $7.1M | Reduce -19.5% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 7,225,000 | $7.0M | New |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | 7,146,000 | $6.9M | Reduce -4.5% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 6,635,000 | $6.7M | Add +19.0% |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | 6,791,000 | $6.7M | Reduce -17.1% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 7,145,000 | $6.6M | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 6,440,000 | $6.5M | Reduce -23.0% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 7,152,000 | $6.5M | Reduce -67.4% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 5,980,000 | $6.4M | New |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 7,782,000 | $6.4M | Add +3.3% |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 6,494,000 | $6.2M | Add +1.3% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 6,589,000 | $6.1M | Add +68.1% |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 4,903,000 | $6.0M | Add +2.2% |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 6,319,000 | $6.0M | New |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 6,671,000 | $5.8M | Reduce -29.3% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 4,778,000 | $5.7M | Add +33.0% |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | 6,293,000 | $5.6M | Add +47.2% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 6,975,000 | $5.5M | Add +15.2% |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | 5,568,000 | $5.3M | Add +28.7% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 5,784,000 | $5.1M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 4,988,000 | $4.9M | Reduce -55.9% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 4,491,000 | $4.8M | New |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 4,785,000 | $4.7M | Add +3.5% |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | 4,765,000 | $4.7M | New |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 5,193,000 | $4.6M | Reduce -38.0% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 4,904,000 | $4.6M | Reduce -32.9% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 4,503,000 | $4.4M | Reduce -25.1% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 4,752,000 | $4.4M | Reduce -16.6% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 4,376,000 | $4.2M | Reduce -1.9% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 4,303,000 | $4.1M | New |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 4,254,000 | $4.0M | New |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | 3,975,000 | $3.9M | Reduce -16.8% |
| INSMED INC (INSM 0.75 06/01/28) | NOTE 0.750% 6/0 · principal | 1,642,000 | $3.8M | No change |
| SHIFT4 PAYMENTS INC (FOUR 0 12/15/25) | NOTE 12/1 · principal | 2,950,000 | $3.6M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 4,084,000 | $3.6M | Reduce -51.2% |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 3,402,000 | $3.3M | New |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 3,386,000 | $3.2M | Add +216.7% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 3,403,000 | $3.2M | New |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 4,083,000 | $3.0M | Reduce -15.1% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 3,607,000 | $3.0M | Add +22.4% |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 3,062,000 | $3.0M | Reduce -54.8% |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 3,206,000 | $2.9M | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 3,178,000 | $2.9M | Add +45.7% |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 3,062,000 | $2.9M | New |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 3,039,000 | $2.9M | Reduce -45.4% |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 2,879,000 | $2.8M | Add +1.0% |
| PERFICIENT INC (PRFT 0.125 11/15/26) | NOTE 0.125%11/1 · principal | 2,823,000 | $2.8M | Reduce -47.9% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 3,062,000 | $2.7M | Reduce -55.8% |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 2,150,000 | $2.6M | New |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 2,500,000 | $2.5M | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 1,679,000 | $2.4M | New |
| ATLANTICA JERSEY LTD (AY 4 07/15/25) | NOTE 4.000% 7/1 · principal | 2,383,000 | $2.4M | Reduce -24.6% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 3,145,000 | $2.3M | New |
| NIO INC (NIO 0.5 02/01/27) | NOTE 0.500% 2/0 · principal | 2,324,000 | $2.3M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 2,461,000 | $2.3M | Reduce -55.4% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 3,063,000 | $2.3M | New |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 1,700,000 | $2.2M | No change |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 2,298,000 | $2.2M | Reduce -62.0% |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 1,800,000 | $2.1M | New |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | 2,041,000 | $2.0M | Reduce -70.9% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 2,382,000 | $2.0M | Reduce -37.6% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 1,954,000 | $2.0M | New |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 2,075,000 | $1.9M | Reduce -57.1% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 2,043,000 | $1.8M | Reduce -75.4% |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 1,750,000 | $1.8M | Reduce -50.1% |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 1,400,000 | $1.7M | New |
| MIDDLEBY CORP (MIDD 1 09/01/25) | NOTE 1.000% 9/0 · principal | 1,400,000 | $1.6M | New |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,400,000 | $1.6M | No change |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 1,300,000 | $1.5M | Reduce -55.1% |
| ETSY INC (ETSY 0.125 10/01/26) | NOTE 0.125%10/0 · principal | 1,550,000 | $1.5M | Reduce -29.6% |
| BILIBILI INC (BILI 0.5 12/01/26) | NOTE 0.500%12/0 · principal | 1,480,000 | $1.5M | Reduce -62.1% |
| XOMETRY INC (XMTR 1 02/01/27) | NOTE 1.000% 2/0 · principal | 1,702,000 | $1.4M | Add +138.7% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,533,000 | $1.4M | New |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 1,461,000 | $1.4M | New |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 1,425,000 | $1.3M | New |
| MANNKIND CORP (MNKD 2.5 03/01/26) | NOTE 2.500% 3/0 · principal | 1,000,000 | $1.3M | Reduce -67.7% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 1,246,000 | $1.3M | Reduce -61.0% |
| BLOCK INC (XYZ 0.125 03/01/25) | NOTE 0.125% 3/0 · principal | 1,253,000 | $1.2M | Reduce -30.7% |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 1,215,000 | $1.1M | New |
| THE REALREAL INC (REAL 1 03/01/28) | NOTE 1.000% 3/0 · principal | 1,616,000 | $776K | Reduce -69.2% |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 681,000 | $634K | Reduce -91.7% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 681,000 | $633K | New |
| PENNYMAC CORP (PMT 5.5 11/01/24) | NOTE 5.500%11/0 · principal | 578,000 | $576K | Reduce -72.5% |
Total filed on the 13F, all lines: $6.0B.
Portfolio Sells Q2 2024 → Q3 2024
| TRMD Torm PLC-A | Reduce -8.0% | 26.10% | −6.87 |
| SBLK Star Bulk Carriers Corp. | Reduce -28.3% | 2.55% | −1.16 |
| VALE Vale SA-SP ADR | Reduce -35.7% | 1.81% | −0.92 |
| BBD Banco Bradesco-ADR | Reduce -59.5% | 0.71% | −0.78 |
| GGB Gerdau SA -Spon ADR | Sold out | 0.00% | −0.37 |
| STHO Star Holdings | Sold out | 0.00% | −0.22 |
| AU Anglogold Ashanti PLC | Reduce -10.6% | 2.84% | −0.20 |
| AZUL S A | Sold out | 0.00% | −0.19 |
| YPF YPF S.A.-Sponsored ADR | Reduce -42.3% | 0.22% | −0.15 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -9.7% | 1.11% | −0.14 |
| TX Ternium SA-Sponsored ADR | Reduce -9.6% | 0.59% | −0.08 |
| JD Jd.com Inc.-ADR | Reduce -37.6% | 1.33% | −0.06 |
| TGS Transportador Gas-ADR SP B | Reduce -5.1% | 0.32% | −0.03 |
| HTHT H World Group Ltd.-ADR | Reduce -9.6% | 0.82% | −0.00 |
Portfolio Buys Q2 2024 → Q3 2024
| TLN Talen Energy Corp. | New | 2.34% | +2.34 |
| CRC California Resources Corp. | New | 2.03% | +2.03 |
| LBTYA Liberty Global Ltd. Class A | Add +57.1% | 2.38% | +1.11 |
| YUMC Yum China Holdings Inc. | New | 0.83% | +0.83 |
| PDD PDD Holdings Inc. | New | 0.72% | +0.72 |
| INFY Infosys Ltd.-SP ADR | New | 0.72% | +0.72 |
| ENLC Enlink Midstream LLC | New | 0.69% | +0.69 |
| BZ Kanzhun Ltd. - ADR | New | 0.66% | +0.66 |
| INDV Indivior Ltd. | Add +111.9% | 1.78% | +0.43 |
| NTES Netease Inc.-ADR | New | 0.41% | +0.41 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +36.6% | 1.14% | +0.40 |
| TCOM Trip.com Group Ltd.-ADR | Add +35.1% | 0.89% | +0.36 |
| BABA Alibaba Group Holding-SP ADR | Add +83.3% | 0.45% | +0.28 |
| DQ Daqo New Energy Corp.-ADR | New | 0.23% | +0.23 |
| JOYY Joyy Inc.-ADR | Add +29.9% | 0.60% | +0.21 |
| XP XP Inc. Class A | New | 0.17% | +0.17 |
| OPTU Optimum Communications Inc. Class A | Add +26.3% | 0.35% | +0.12 |
| TPICQ Tpi Composites Inc. | Add +0.2% | 0.40% | +0.04 |
| BAK Braskem SA Class A- ADR | Add +2.0% | 0.35% | +0.04 |
| FCX Freeport-McMoran Inc. | Add +0.3% | 2.28% | +0.04 |
| TEO Telecom Argentina SA-SP ADR | Add +2.0% | 0.44% | +0.02 |
| HDB HDFC Bank Ltd.-ADR | Add +3.0% | 0.06% | −0.00 |
Options Activity Q2 2024 → Q3 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -43.2% | 395,000 | $226.6M |
| NRG NRG Energy Inc. | put | Sold out | 800,000 | $62.3Mbefore exit |
| CEG Constellation Energy | put | Sold out | 180,000 | $36.0Mbefore exit |
| VST Vistra Corp. | put | Sold out | 200,000 | $17.2Mbefore exit |
| LBTYA Liberty Global Ltd. Class A | call | New | 500,000 | $10.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2024 → Q3 2024
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | Add +359.9% | 58,642,000 | $44.8M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +5.7% | 41,521,000 | $38.2M |
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Add +1215.1% | 46,030,000 | $36.1M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | New | 37,148,000 | $32.6M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | New | 30,000,000 | $25.9M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +138.2% | 21,851,000 | $20.1M |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Add +7.2% | 21,573,000 | $17.4M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Reduce -40.9% | 17,160,000 | $15.8M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Add +45.9% | 12,369,000 | $14.4M |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Add +217.1% | 15,000,000 | $13.5M |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Reduce -23.1% | 15,092,000 | $13.4M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | New | 11,828,000 | $12.6M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Add +41.9% | 11,016,000 | $12.3M |
| EAGLE BULK SHIPPING INC | CONVERTIBLE BOND · principal | Sold out | 5,745,000 | $12.1Mbefore exit |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Add +9.5% | 10,969,000 | $12.1M |
| ENVESTNET INC (ENV 2.625 12/01/27) | NOTE 2.625%12/0 · principal | Sold out | 11,049,000 | $11.9Mbefore exit |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | Add +6.2% | 10,049,000 | $11.9M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +19.6% | 9,774,000 | $10.1M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Add +18.3% | 7,407,000 | $8.9M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | New | 7,855,000 | $8.3M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 6,718,000 | $8.2M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | New | 6,083,000 | $8.0M |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | Reduce -12.7% | 8,475,000 | $7.9M |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | Reduce -25.6% | 7,884,000 | $7.8M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Add +48.6% | 6,524,000 | $7.4M |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | New | 7,315,000 | $7.2M |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Add +3.5% | 8,848,000 | $7.1M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Reduce -19.5% | 7,997,000 | $7.1M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | New | 7,225,000 | $7.0M |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | Reduce -4.5% | 7,146,000 | $6.9M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Add +19.0% | 6,635,000 | $6.7M |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | Reduce -17.1% | 6,791,000 | $6.7M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | New | 7,145,000 | $6.6M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -23.0% | 6,440,000 | $6.5M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Reduce -67.4% | 7,152,000 | $6.5M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | New | 5,980,000 | $6.4M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +3.3% | 7,782,000 | $6.4M |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Add +1.3% | 6,494,000 | $6.2M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Add +68.1% | 6,589,000 | $6.1M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Add +2.2% | 4,903,000 | $6.0M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | New | 6,319,000 | $6.0M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -29.3% | 6,671,000 | $5.8M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Add +33.0% | 4,778,000 | $5.7M |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | Add +47.2% | 6,293,000 | $5.6M |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | Add +15.2% | 6,975,000 | $5.5M |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | Add +28.7% | 5,568,000 | $5.3M |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | Sold out | 5,698,000 | $5.2Mbefore exit |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | New | 5,784,000 | $5.1M |
| AIR TRANSPORT SERVICES G (ATSG 1.125 10/15/24) | NOTE 1.125%10/1 · principal | Sold out | 5,112,000 | $5.0Mbefore exit |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -55.9% | 4,988,000 | $4.9M |
Showing the first 50 of 124.
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 49 | $3.8B | TRMD, EXE, GTX, AU, INDV |
| Q1 2026Amended | 50 | $4.3B | TRMD, EXE, AU, GTX, INDV |
| Q4 2025 | 50 | $4.5B | EXE, TRMD, AU, GTX, INDV |
| Q3 2025 | 54 | $4.7B | TRMD, EXE, GTX, AU, VNOM |
| Q2 2025 | 50 | $3.9B | TRMD, EXE, GTX, STR, AU |
| Q1 2025 | 51 | $4.0B | TRMD, EXE, GTX, STR, AU |
| Q4 2024 | 54 | $4.5B | TRMD, EXE, GTX, STR, INFN |
| Q3 2024 | 57 | $5.3B | TRMD, EXE, GTX, STR, INFN |
| Q2 2024 | 50 | $5.2B | TRMD, EXE, GTX, STR, SBLK |
| Q1 2024 | 56 | $5.7B | TRMD, EXE, GTX, STR, RWAY |