Oaktree Capital Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Howard Marks's Oaktree Capital Management reported 54 stock positions worth $4.5 billion. Its top holding was Torm PLC-A (TRMD) at 17.5% of the portfolio, followed by Expand Energy (EXE, 15.5%) and Garrett Motion (GTX, 8.9%). Compared with Q3 2024, it opened 4 new positions, sold out of 7, added to 4 and reduced 26. The biggest buy was Expand Energy (EXE, shares +1%) and the biggest sale an exit from Itau Unibanco H-Spon PRF ADR (ITUB).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $4.5B (Q4 2024)
- SEC Filing
- 0001790787-25-000003 ↗ filed Feb 12, 2025
Holdings Value
Holdings 54 stocks · $4.5B
| TRMD Torm PLC-A | 17.50% | 40,581,120 | $779.9M | No change |
| EXE Expand Energy Corp. | 15.50% | 6,937,364 | $690.6M | Add +1.0% |
| GTX Garrett Motion Inc. | 8.93% | 44,082,816 | $398.1M | No change |
| STR Sitio Royalties Corp. Class A | 5.57% | 12,935,120 | $248.1M | No change |
| INFN Infinera Corp. | 3.71% | 25,175,384 | $165.4M | No change |
| STKL Sunopta Inc. | 3.58% | 20,726,126 | $159.4M | No change |
| AU Anglogold Ashanti PLC | 2.88% | 5,557,551 | $128.3M | Reduce -1.8% |
| VIST Vista Energy Sab DE CV | 2.78% | 2,293,561 | $124.1M | Reduce -8.4% |
| RWAY Runway Growth Finance Corp. | 2.65% | 10,779,667 | $118.1M | No change |
| INDV Indivior Ltd. | 2.51% | 8,733,548 | $112.0M | Reduce -8.3% |
| CRC California Resources Corp. | 2.38% | 2,046,753 | $106.2M | No change |
| LBTYA Liberty Global Ltd. Class A | 2.06% | 7,204,190 | $91.9M | Add +20.6% |
| CBL CBL & Associates Properties | 1.98% | 3,005,126 | $88.4M | Reduce -25.0% |
| CX Cemex Sab-Spons ADR Part Cer | 1.85% | 14,589,032 | $82.3M | Reduce -0.7% |
| SBLK Star Bulk Carriers Corp. | 1.80% | 5,373,631 | $80.3M | Reduce -5.9% |
| TLN Talen Energy Corp. | 1.79% | 396,624 | $79.9M | Reduce -43.1% |
| KRC Kilroy Realty Corp. | 1.68% | 1,850,011 | $74.8M | No change |
| FCX Freeport-McMoran Inc. | 1.51% | 1,763,003 | $67.1M | Reduce -27.3% |
| VALE Vale SA-SP ADR | 1.43% | 7,192,005 | $63.8M | Reduce -12.3% |
| SNREY Sunrise Communicat Class A | 1.39% | 1,440,836 | $62.1M | New |
| TCOM Trip.com Group Ltd.-ADR | 1.10% | 717,222 | $49.2M | Reduce -9.4% |
| JD Jd.com Inc.-ADR | 1.10% | 1,409,952 | $48.9M | Reduce -19.9% |
| PBR Petroleo Brasileiro-Spon ADR | 0.97% | 3,352,724 | $43.1M | Reduce -17.6% |
| YUMC Yum China Holdings Inc. | 0.95% | 877,830 | $42.3M | Reduce -10.1% |
| HTHT H World Group Ltd.-ADR | 0.85% | 1,145,269 | $37.8M | Reduce -1.9% |
| INFY Infosys Ltd.-SP ADR | 0.83% | 1,677,679 | $36.8M | Reduce -2.0% |
| BMA Banco Macro SA-ADR | 0.82% | 378,625 | $36.6M | Reduce -18.4% |
| NTES Netease Inc.-ADR | 0.80% | 399,694 | $35.7M | Add +71.8% |
| ENLC Enlink Midstream LLC | 0.79% | 2,499,111 | $35.4M | Reduce -1.0% |
| TEO Telecom Argentina SA-SP ADR | 0.79% | 2,799,263 | $35.2M | Reduce -9.1% |
| OCSL Oaktree Specialty Lending Co. | 0.64% | 1,852,456 | $28.3M | No change |
| PDD PDD Holdings Inc. | 0.60% | 277,767 | $26.9M | Reduce -1.9% |
| ALVO Alvotech SA | 0.57% | 1,925,705 | $25.5M | Reduce -23.9% |
| BZ Kanzhun Ltd. - ADR | 0.55% | 1,762,631 | $24.3M | Reduce -12.4% |
| TX Ternium SA-Sponsored ADR | 0.54% | 828,309 | $24.1M | Reduce -2.0% |
| TGS Transportador Gas-ADR SP B | 0.52% | 794,183 | $23.2M | Reduce -14.0% |
| UNIT Uniti Group LLC Com SHS | 0.42% | 3,397,592 | $18.7M | No change |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.41% | 7,500,000 | $18.1M | No change |
| B Barrick Gold Corp. | 0.35% | 1,015,063 | $15.7M | New |
| BRY Berry Corp. | 0.34% | 3,697,000 | $15.3M | No change |
| SMRT Smartrent Inc. | 0.29% | 7,505,294 | $13.1M | No change |
| ONIT Onity Group Inc. | 0.28% | 410,429 | $12.6M | Reduce -9.0% |
| PAM Pampa Energia SA-Spon ADR | 0.26% | 131,086 | $11.5M | Reduce -35.7% |
| MX Magnachip Semiconductor Corp. | 0.26% | 2,849,858 | $11.5M | No change |
| DQ Daqo New Energy Corp.-ADR | 0.24% | 551,007 | $10.7M | Reduce -8.9% |
| BHC Bausch Health Cos Inc. | 0.23% | 1,270,000 | $10.2M | No change |
| BAK Braskem SA Class A- ADR | 0.22% | 2,491,792 | $9.6M | No change |
| TPICQ Tpi Composites Inc. | 0.20% | 4,610,003 | $8.7M | No change |
| VCSA Vacasa Inc. Class A | 0.15% | 1,375,448 | $6.7M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.13% | 89,697 | $5.7M | Add +66.0% |
| CPNG Coupang Inc. | 0.12% | 241,544 | $5.3M | New |
| BATL Battalion Oil Corp. | 0.12% | 3,009,912 | $5.2M | No change |
| MESO Mesoblast Ltd.- Spon ADR | 0.08% | 179,593 | $3.6M | New |
| ECD AUTOMOTIVE DESIGN INC | 0.00% | 75,000 | $72K | No change |
Options reported separately and not counted above: SPY puts ($187.5M), VST puts ($91.0M), TLN calls ($48.4M), PWR puts ($37.9M), LBTYA calls ($6.4M).
Other holdings (106): bonds, preferreds, convertibles and warrants · $807.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | 49,030,000 | $47.7M | Add +6.5% |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | 73,903,000 | $44.5M | Add +26.0% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 46,137,000 | $43.0M | Add +11.1% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 41,128,000 | $38.4M | Add +88.2% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 39,943,000 | $37.2M | Add +132.8% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 38,535,000 | $32.5M | Add +78.6% |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 36,476,000 | $32.4M | Reduce -1.8% |
| SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) | NOTE 2.625% 2/1 · principal | 47,819,000 | $18.2M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 15,275,000 | $16.6M | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 14,502,000 | $16.0M | Add +17.2% |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $14.5M | No change |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 15,000,000 | $14.2M | No change |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 16,954,000 | $13.9M | Add +117.9% |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | 12,686,000 | $13.3M | Add +15.2% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 11,889,000 | $12.0M | Add +21.6% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 10,549,000 | $11.7M | New |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 11,059,000 | $11.5M | Add +53.1% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 11,500,000 | $11.0M | Reduce -61.7% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 9,910,000 | $10.7M | New |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 9,749,000 | $10.4M | Reduce -3.0% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 8,802,000 | $9.7M | Add +34.9% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 9,138,000 | $9.5M | Add +52.8% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 7,515,000 | $9.2M | Reduce -31.5% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 8,499,000 | $8.9M | Add +89.3% |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 8,556,000 | $8.8M | Add +1.0% |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 8,843,000 | $8.8M | Reduce -25.2% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 9,502,000 | $8.6M | Add +64.3% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 7,962,000 | $8.5M | New |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 6,988,000 | $8.3M | Add +311.1% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 95,294 | $8.2M | New |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 7,122,000 | $7.8M | Reduce -9.3% |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 8,609,000 | $7.7M | Add +7.7% |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 8,479,000 | $7.7M | Reduce -43.8% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 7,921,000 | $7.4M | Add +10.9% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 6,311,000 | $7.4M | Add +3.8% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 7,919,000 | $7.4M | Add +1062.8% |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 7,572,000 | $7.3M | Add +147.3% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 8,800,000 | $7.2M | Reduce -0.5% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 7,918,000 | $7.2M | Add +10.7% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 7,574,000 | $6.6M | Add +13.5% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 6,883,000 | $6.6M | New |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 6,531,000 | $5.9M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 4,405,000 | $5.6M | Reduce -34.4% |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | 5,507,000 | $5.4M | Reduce -22.9% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 5,350,000 | $5.1M | Reduce -18.8% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 5,277,000 | $5.0M | Add +270.3% |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | 4,913,000 | $4.9M | Reduce -27.6% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 5,025,000 | $4.9M | Add +14.8% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 4,769,000 | $4.7M | Add +5.9% |
| RWT HOLDINGS INC (RWT 5.75 10/01/25) | NOTE 5.750%10/0 · principal | 4,710,000 | $4.7M | Reduce -40.3% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 4,827,000 | $4.7M | Add +12.2% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 4,821,000 | $4.7M | Add +58.6% |
| EVENTBRITE INC (EB 0.75 09/15/26) | NOTE 0.750% 9/1 · principal | 5,177,000 | $4.6M | Add +69.1% |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 4,620,000 | $4.5M | Reduce -28.9% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 4,698,000 | $4.5M | Reduce -4.2% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 4,820,000 | $4.4M | Reduce -7.2% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 4,000,000 | $4.3M | New |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 5,163,000 | $4.1M | Reduce -26.0% |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | 4,132,000 | $4.1M | Reduce -13.3% |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 3,968,000 | $4.0M | Reduce -40.2% |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | 3,975,000 | $4.0M | No change |
| PEGASYSTEMS INC (PEGA 0.75 03/01/25) | NOTE 0.750% 3/0 · principal | 3,787,000 | $3.8M | Reduce -48.2% |
| INSMED INC (INSM 0.75 06/01/28) | NOTE 0.750% 6/0 · principal | 1,642,000 | $3.6M | No change |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 3,539,000 | $3.4M | Reduce -16.8% |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | 3,419,000 | $3.3M | Reduce -38.6% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 3,798,000 | $3.3M | Add +59.5% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 3,809,000 | $3.2M | Add +5.6% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 3,403,000 | $3.2M | No change |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 3,420,000 | $3.2M | Reduce -28.0% |
| MARA HOLDINGS INC (MARA 1 12/01/26) | NOTE 1.000%12/0 · principal | 3,443,000 | $3.1M | Reduce -45.3% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 3,268,000 | $3.1M | New |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 3,077,000 | $3.0M | Reduce -9.6% |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 2,685,000 | $2.9M | Add +91.8% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 3,895,000 | $2.8M | Add +23.9% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 3,310,000 | $2.8M | New |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 2,660,000 | $2.6M | Reduce -44.4% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 2,701,000 | $2.5M | Reduce -15.0% |
| BENTLEY SYSTEMS INC (BSY 0.125 01/15/26) | NOTE 0.125% 1/1 · principal | 2,500,000 | $2.4M | No change |
| THE REALREAL INC (REAL 1 03/01/28) | NOTE 1.000% 3/0 · principal | 3,099,000 | $2.4M | Add +91.8% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 2,601,000 | $2.4M | Add +27.3% |
| NIO INC (NIO 0.5 02/01/27) | NOTE 0.500% 2/0 · principal | 2,324,000 | $2.3M | No change |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 2,450,000 | $2.3M | Add +18.1% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 2,200,000 | $2.3M | New |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 2,415,000 | $2.2M | Reduce -24.7% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 2,301,000 | $2.2M | New |
| NEOGENOMICS INC (NEO 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 2,076,000 | $2.1M | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 2,000,000 | $1.9M | Reduce -51.0% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 2,409,000 | $1.9M | Reduce -21.4% |
| 8X8 INC (EGHT 4 02/01/28) | NOTE 4.000% 2/0 · principal | 2,068,000 | $1.8M | Reduce -49.4% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 1,801,000 | $1.8M | Reduce -7.8% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 1,300,000 | $1.5M | No change |
| TRANSMEDICS GROUP INC (TMDX 1.5 06/01/28) | NOTE 1.500% 6/0 · principal | 1,400,000 | $1.4M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,533,000 | $1.4M | No change |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 1,350,000 | $1.4M | Reduce -25.0% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 1,461,000 | $1.4M | No change |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 1,448,000 | $1.4M | Reduce -77.5% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 1,507,000 | $1.3M | New |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 1,376,000 | $1.3M | Reduce -44.1% |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 1,182,000 | $1.1M | Reduce -48.6% |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 1,136,000 | $1.1M | Reduce -66.5% |
| TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) | NOTE 2.500% 9/1 · principal | 1,033,000 | $1.0M | New |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 724,000 | $704K | Reduce -74.8% |
| NIO INC (NIO 3.875 10/15/29) | NOTE 3.875%10/1 · principal | 932,000 | $688K | Reduce -23.3% |
| HEALTH CATALYST INC (HCAT 2.5 04/15/25) | NOTE 2.500% 4/1 · principal | 578,000 | $570K | New |
| RIVIAN AUTO INC (RIVN 4.625 03/15/29) | NOTE 4.625% 3/1 · principal | 517,000 | $522K | New |
| ARBOR REALTY TRUST INC (ABR 7.5 08/01/25) | NOTE 7.500% 8/0 · principal | 444,000 | $444K | Reduce -74.6% |
Total filed on the 13F, all lines: $5.3B.
Portfolio Sells Q3 2024 → Q4 2024
| ITUB Itau Unibanco H-Spon PRF ADR | Sold out | 0.00% | −1.14 |
| FCX Freeport-McMoran Inc. | Reduce -27.3% | 1.51% | −0.78 |
| SBLK Star Bulk Carriers Corp. | Reduce -5.9% | 1.80% | −0.75 |
| BBD Banco Bradesco-ADR | Sold out | 0.00% | −0.71 |
| JOYY Joyy Inc.-ADR | Sold out | 0.00% | −0.60 |
| TLN Talen Energy Corp. | Reduce -43.1% | 1.79% | −0.55 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.45 |
| VALE Vale SA-SP ADR | Reduce -12.3% | 1.43% | −0.38 |
| JD Jd.com Inc.-ADR | Reduce -19.9% | 1.10% | −0.23 |
| HIMS Hims & Hers Health Inc. | Sold out | 0.00% | −0.23 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −0.22 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.17 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -17.6% | 0.97% | −0.14 |
| PDD PDD Holdings Inc. | Reduce -1.9% | 0.60% | −0.12 |
| BZ Kanzhun Ltd. - ADR | Reduce -12.4% | 0.55% | −0.11 |
| TX Ternium SA-Sponsored ADR | Reduce -2.0% | 0.54% | −0.05 |
| ALVO Alvotech SA | Reduce -23.9% | 0.57% | +0.00 |
| DQ Daqo New Energy Corp.-ADR | Reduce -8.9% | 0.24% | +0.01 |
| ONIT Onity Group Inc. | Reduce -9.0% | 0.28% | +0.01 |
| PAM Pampa Energia SA-Spon ADR | Reduce -35.7% | 0.26% | +0.03 |
| HTHT H World Group Ltd.-ADR | Reduce -1.9% | 0.85% | +0.03 |
| AU Anglogold Ashanti PLC | Reduce -1.8% | 2.88% | +0.03 |
| CBL CBL & Associates Properties | Reduce -25.0% | 1.98% | +0.08 |
| ENLC Enlink Midstream LLC | Reduce -1.0% | 0.79% | +0.10 |
| INFY Infosys Ltd.-SP ADR | Reduce -2.0% | 0.83% | +0.11 |
| YUMC Yum China Holdings Inc. | Reduce -10.1% | 0.95% | +0.12 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -0.7% | 1.85% | +0.16 |
| TGS Transportador Gas-ADR SP B | Reduce -14.0% | 0.52% | +0.20 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -9.4% | 1.10% | +0.22 |
| BMA Banco Macro SA-ADR | Reduce -18.4% | 0.82% | +0.27 |
| TEO Telecom Argentina SA-SP ADR | Reduce -9.1% | 0.79% | +0.35 |
| VIST Vista Energy Sab DE CV | Reduce -8.4% | 2.78% | +0.70 |
| INDV Indivior Ltd. | Reduce -8.3% | 2.51% | +0.74 |
Portfolio Buys Q3 2024 → Q4 2024
| EXE Expand Energy Corp. | Add +1.0% | 15.50% | +4.83 |
| SNREY Sunrise Communicat Class A | New | 1.39% | +1.39 |
| NTES Netease Inc.-ADR | Add +71.8% | 0.80% | +0.39 |
| B Barrick Gold Corp. | New | 0.35% | +0.35 |
| CPNG Coupang Inc. | New | 0.12% | +0.12 |
| MESO Mesoblast Ltd.- Spon ADR | New | 0.08% | +0.08 |
| HDB HDFC Bank Ltd.-ADR | Add +66.0% | 0.13% | +0.06 |
| LBTYA Liberty Global Ltd. Class A | Add +20.6% | 2.06% | −0.32 |
Options Activity Q3 2024 → Q4 2024
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -19.0% | 320,000 | $187.5M |
| VST Vistra Corp. | put | New | 660,000 | $91.0M |
| TLN Talen Energy Corp. | call | New | 240,000 | $48.4M |
| PWR Quanta Services Inc. | put | New | 120,000 | $37.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Add +6.5% | 49,030,000 | $47.7M |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | Add +26.0% | 73,903,000 | $44.5M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +11.1% | 46,137,000 | $43.0M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +88.2% | 41,128,000 | $38.4M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +132.8% | 39,943,000 | $37.2M |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Add +78.6% | 38,535,000 | $32.5M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | Reduce -1.8% | 36,476,000 | $32.4M |
| SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) | NOTE 2.625% 2/1 · principal | New | 47,819,000 | $18.2M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | New | 15,275,000 | $16.6M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Add +17.2% | 14,502,000 | $16.0M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +117.9% | 16,954,000 | $13.9M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Add +15.2% | 12,686,000 | $13.3M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Add +21.6% | 11,889,000 | $12.0M |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | New | 10,549,000 | $11.7M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Add +53.1% | 11,059,000 | $11.5M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Reduce -61.7% | 11,500,000 | $11.0M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | New | 9,910,000 | $10.7M |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | Reduce -3.0% | 9,749,000 | $10.4M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Add +34.9% | 8,802,000 | $9.7M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +52.8% | 9,138,000 | $9.5M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -31.5% | 7,515,000 | $9.2M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +89.3% | 8,499,000 | $8.9M |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | Sold out | 7,407,000 | $8.9Mbefore exit |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | Add +1.0% | 8,556,000 | $8.8M |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | Reduce -25.2% | 8,843,000 | $8.8M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Add +64.3% | 9,502,000 | $8.6M |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | New | 7,962,000 | $8.5M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Add +311.1% | 6,988,000 | $8.3M |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | New | 95,294 | $8.2M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Reduce -9.3% | 7,122,000 | $7.8M |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Add +7.7% | 8,609,000 | $7.7M |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Reduce -43.8% | 8,479,000 | $7.7M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Add +10.9% | 7,921,000 | $7.4M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +3.8% | 6,311,000 | $7.4M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +1062.8% | 7,919,000 | $7.4M |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | Add +147.3% | 7,572,000 | $7.3M |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Reduce -0.5% | 8,800,000 | $7.2M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Add +10.7% | 7,918,000 | $7.2M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +13.5% | 7,574,000 | $6.6M |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | New | 6,883,000 | $6.6M |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | Sold out | 4,903,000 | $6.0Mbefore exit |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | Sold out | 6,319,000 | $6.0Mbefore exit |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | New | 6,531,000 | $5.9M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Sold out | 4,778,000 | $5.7Mbefore exit |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Reduce -34.4% | 4,405,000 | $5.6M |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | Reduce -22.9% | 5,507,000 | $5.4M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Reduce -18.8% | 5,350,000 | $5.1M |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Add +270.3% | 5,277,000 | $5.0M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Sold out | 4,988,000 | $4.9Mbefore exit |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | Reduce -27.6% | 4,913,000 | $4.9M |
Showing the first 50 of 118.
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 |