Oaktree Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Howard Marks's Oaktree Capital Management reported 51 stock positions worth $4.0 billion. Its top holding was Torm PLC-A (TRMD) at 16.5% of the portfolio, followed by Expand Energy (EXE, 15.4%) and Garrett Motion (GTX, 9.2%). Compared with Q4 2024, it opened 9 new positions, sold out of 12, added to 5 and reduced 16. The biggest buy was a new position in Nokia Corp.-Spon ADR (NOK) and the biggest sale an exit from Infinera (INFN).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $4.0B (Q1 2025)
- SEC Filing
- 0000949509-25-000002 ↗ filed May 15, 2025
Holdings Value
Holdings 51 stocks · $4.0B
| TRMD Torm PLC-A | 16.45% | 40,581,120 | $662.8M | No change |
| EXE Expand Energy Corp. | 15.37% | 5,562,364 | $619.2M | Reduce -19.8% |
| GTX Garrett Motion Inc. | 9.16% | 44,082,816 | $369.0M | No change |
| STR Sitio Royalties Corp. Class A | 6.38% | 12,935,120 | $257.0M | No change |
| AU Anglogold Ashanti PLC | 5.04% | 5,464,851 | $202.9M | Reduce -1.7% |
| RWAY Runway Growth Finance Corp. | 2.77% | 10,779,667 | $111.6M | No change |
| CX Cemex Sab-Spons ADR Part Cer | 2.70% | 19,383,729 | $108.7M | Add +32.9% |
| INDV Indivior Ltd. | 2.57% | 11,009,125 | $103.5M | Add +26.1% |
| VIST Vista Energy Sab DE CV | 2.52% | 2,184,561 | $101.7M | Reduce -4.8% |
| STKL Sunopta Inc. | 2.50% | 20,726,126 | $100.8M | No change |
| NOK Nokia Corp.-Spon ADR | 2.45% | 18,752,227 | $98.8M | New |
| SBLK Star Bulk Carriers Corp. | 2.08% | 5,373,631 | $83.6M | No change |
| FCX Freeport-McMoran Inc. | 2.06% | 2,191,108 | $83.0M | Add +24.3% |
| LBTYA Liberty Global Ltd. Class A | 2.06% | 7,204,190 | $82.9M | No change |
| CBL CBL & Associates Properties | 1.98% | 3,005,126 | $79.9M | No change |
| TLN Talen Energy Corp. | 1.59% | 319,829 | $63.9M | Reduce -19.4% |
| KRC Kilroy Realty Corp. | 1.50% | 1,850,011 | $60.6M | No change |
| CRC California Resources Corp. | 1.50% | 1,376,753 | $60.5M | Reduce -32.7% |
| VALE Vale SA-SP ADR | 1.49% | 6,014,782 | $60.0M | Reduce -16.4% |
| TAC Transalta Corp. | 1.29% | 5,585,253 | $52.1M | New |
| B Barrick Gold Corp. | 1.21% | 2,516,658 | $48.9M | Add +147.9% |
| GRAB Grab Holdings Ltd. Class A | 1.16% | 10,275,995 | $46.6M | New |
| HTHT H World Group Ltd.-ADR | 1.13% | 1,229,399 | $45.5M | Add +7.3% |
| JD Jd.com Inc.-ADR | 0.98% | 960,796 | $39.5M | Reduce -31.9% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.95% | 6,941,012 | $38.2M | New |
| PBR Petroleo Brasileiro-Spon ADR | 0.95% | 2,659,492 | $38.1M | Reduce -20.7% |
| BILI Bilibili Inc.-Sponsored ADR | 0.91% | 1,925,797 | $36.8M | New |
| EC Ecopetrol SA-Sponsored ADR | 0.82% | 3,162,122 | $33.0M | New |
| OCSL Oaktree Specialty Lending Co. | 0.71% | 1,852,456 | $28.5M | No change |
| TEO Telecom Argentina SA-SP ADR | 0.69% | 2,709,263 | $27.6M | Reduce -3.2% |
| TX Ternium SA-Sponsored ADR | 0.63% | 812,609 | $25.3M | Reduce -1.9% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.63% | 1,254,784 | $25.2M | New |
| BZ Kanzhun Ltd. - ADR | 0.56% | 1,170,961 | $22.4M | Reduce -33.6% |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.50% | 7,500,000 | $19.9M | No change |
| BMA Banco Macro SA-ADR | 0.49% | 260,462 | $19.7M | Reduce -31.2% |
| BIDU Baidu Inc. - Spon ADR | 0.46% | 199,684 | $18.4M | New |
| ALVO Alvotech SA | 0.45% | 1,868,483 | $18.1M | Reduce -3.0% |
| UNIT Uniti Group LLC Com SHS | 0.43% | 3,397,592 | $17.1M | No change |
| KC Kingsoft Cloud Holdings-ADR | 0.39% | 1,091,853 | $15.7M | New |
| ONIT Onity Group Inc. | 0.33% | 410,429 | $13.3M | No change |
| TGS Transportador Gas-ADR SP B | 0.32% | 484,606 | $12.8M | Reduce -39.0% |
| BRY Berry Corp. | 0.29% | 3,697,000 | $11.9M | No change |
| MX Magnachip Semiconductor Corp. | 0.24% | 2,849,858 | $9.8M | No change |
| SMRT Smartrent Inc. | 0.23% | 7,505,294 | $9.1M | No change |
| BAK Braskem SA Class A- ADR | 0.22% | 2,344,292 | $9.0M | Reduce -5.9% |
| BHC Bausch Health Cos Inc. | 0.20% | 1,270,000 | $8.2M | No change |
| VCSA Vacasa Inc. Class A | 0.18% | 1,375,448 | $7.4M | No change |
| DQ Daqo New Energy Corp.-ADR | 0.15% | 344,819 | $6.2M | Reduce -37.4% |
| HDB HDFC Bank Ltd.-ADR | 0.15% | 89,697 | $6.0M | No change |
| BATL Battalion Oil Corp. | 0.10% | 3,009,912 | $3.9M | No change |
| TPICQ Tpi Composites Inc. | 0.09% | 4,610,003 | $3.7M | No change |
Options reported separately and not counted above: SPY puts ($190.2M), TLN calls ($55.9M).
Other holdings (115): bonds, preferreds, convertibles and warrants · $895.3M (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 | $48.3M | No change |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 43,234,000 | $40.9M | Add +8.2% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 42,610,000 | $40.5M | Reduce -7.6% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 43,139,000 | $40.4M | Add +4.9% |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 33,515,000 | $31.2M | Reduce -8.1% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 31,456,000 | $27.3M | Add +725.8% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 25,108,000 | $24.0M | Add +1537.8% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 24,981,000 | $21.3M | Add +47.4% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 22,355,000 | $20.9M | Add +182.3% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 22,076,000 | $19.6M | Reduce -42.7% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 16,000,000 | $17.9M | New |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 20,672,000 | $17.5M | Add +134.9% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 17,428,000 | $16.4M | Add +120.1% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 17,118,000 | $15.5M | Add +162.1% |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 15,626,000 | $14.7M | Add +84.3% |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 14,988,000 | $14.3M | New |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 15,336,000 | $14.2M | Add +369.3% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 15,354,000 | $14.1M | Add +102.7% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 14,135,000 | $12.7M | Add +272.2% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 11,081,000 | $12.4M | Add +30.4% |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 12,559,000 | $12.2M | Add +13.6% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 10,267,000 | $12.2M | Reduce -29.2% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 12,010,000 | $12.2M | Add +21.2% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 10,857,000 | $12.1M | Add +11.4% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 10,467,000 | $11.6M | Add +14.5% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 11,497,000 | $10.9M | Add +399.6% |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 11,556,000 | $10.7M | Add +35.1% |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | 106,199,000 | $10.6M | Add +43.7% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 8,841,000 | $10.2M | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 11,840,000 | $10.1M | New |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 95,294 | $9.6M | No change |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 10,115,000 | $9.4M | Add +14.9% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 10,486,000 | $9.4M | New |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 9,763,000 | $9.1M | Add +2.8% |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 8,088,000 | $8.4M | New |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 7,783,000 | $7.5M | Add +119.9% |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 7,556,000 | $7.5M | Add +63.5% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 6,392,000 | $7.3M | Reduce -8.5% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 7,241,000 | $7.2M | Reduce -37.0% |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $7.0M | No change |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 7,022,000 | $6.8M | Add +39.7% |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 6,225,000 | $6.6M | Reduce -59.3% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 6,589,000 | $6.6M | Add +38.2% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 6,886,000 | $6.5M | Reduce -13.1% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 6,466,000 | $6.4M | Add +143.1% |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | 6,266,000 | $6.2M | Add +51.6% |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 6,163,000 | $6.1M | Add +751.2% |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 6,442,000 | $6.1M | New |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 6,813,000 | $6.0M | Add +352.1% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 5,505,000 | $5.9M | Add +25.0% |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 5,901,000 | $5.8M | Reduce -22.1% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 6,089,000 | $5.6M | Add +204.4% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 5,852,000 | $5.6M | Add +10.9% |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 5,600,000 | $5.6M | New |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | NOTE 1.500% 9/0 · principal | 5,503,000 | $5.5M | Reduce -37.8% |
| SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) | NOTE 2.625% 2/1 · principal | 61,469,000 | $5.5M | Add +28.6% |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 5,897,000 | $5.5M | Reduce -25.9% |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | 5,438,000 | $5.3M | Reduce -1.3% |
| WAYFAIR INC (W 0.625 10/01/25) | NOTE 0.625%10/0 · principal | 5,056,000 | $4.9M | Reduce -26.5% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 4,890,000 | $4.8M | Add +1.3% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 5,491,000 | $4.7M | Add +279.2% |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 4,623,000 | $4.6M | New |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 4,746,000 | $4.5M | New |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | 4,392,000 | $4.3M | New |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 4,787,000 | $4.1M | New |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 3,163,000 | $3.9M | Reduce -70.0% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 3,693,000 | $3.4M | Reduce -23.4% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 3,506,000 | $3.4M | Reduce -34.5% |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 3,283,000 | $3.2M | Add +6.7% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 3,216,000 | $3.0M | Add +23.6% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 2,984,000 | $2.9M | Reduce -36.5% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 2,873,000 | $2.9M | Reduce -40.4% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 2,850,000 | $2.6M | New |
| SOLAR EDGE TECHNOLOGIES (SEDG 0 09/15/25) | NOTE 9/1 · principal | 2,716,000 | $2.6M | New |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 2,150,000 | $2.6M | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 2,150,000 | $2.6M | Reduce -46.3% |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 2,585,000 | $2.5M | Reduce -3.7% |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 2,539,000 | $2.4M | Add +3.6% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 3,020,000 | $2.4M | Reduce -41.5% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 3,289,000 | $2.4M | Reduce -15.6% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 2,754,000 | $2.4M | Add +14.3% |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | 2,317,000 | $2.3M | New |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 1,900,000 | $2.2M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 2,200,000 | $2.2M | No change |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 2,239,000 | $2.1M | Reduce -34.2% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 2,217,000 | $2.1M | Reduce -35.2% |
| SNAP INC (SNAP 0.25 05/01/25) | NOTE 0.250% 5/0 · principal | 2,041,000 | $2.0M | New |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 2,066,000 | $2.0M | New |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 1,900,000 | $2.0M | New |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 2,058,000 | $2.0M | Add +74.1% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 1,826,000 | $1.9M | Reduce -71.1% |
| EZCORP INC (EZPW 2.375 05/01/25) | NOTE 2.375% 5/0 · principal | 1,819,000 | $1.8M | Reduce -54.2% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 1,901,000 | $1.8M | Reduce -29.6% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 1,450,000 | $1.7M | New |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 1,500,000 | $1.6M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 1,250,000 | $1.6M | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 1,300,000 | $1.6M | No change |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 1,682,000 | $1.5M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 1,509,000 | $1.5M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 1,250,000 | $1.4M | New |
| NEOGENOMICS INC (NEO 1.25 05/01/25) | NOTE 1.250% 5/0 · principal | 1,376,000 | $1.4M | Reduce -33.7% |
| TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) | NOTE 2.500% 9/1 · principal | 1,377,000 | $1.4M | Add +33.3% |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 1,250,000 | $1.3M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 1,250,000 | $1.3M | New |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,350,000 | $1.3M | New |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 1,316,000 | $1.3M | New |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 1,100,000 | $1.2M | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 1,000,000 | $1.2M | Reduce -25.9% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 1,211,000 | $1.1M | New |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 1,094,000 | $1.1M | Reduce -39.3% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 700,000 | $852K | Reduce -90.7% |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 774,000 | $759K | New |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 590,000 | $419K | New |
| HEALTH CATALYST INC (HCAT 2.5 04/15/25) | NOTE 2.500% 4/1 · principal | 375,000 | $373K | Reduce -35.1% |
| THE REALREAL INC (REAL 4 02/15/31) | DEBT 4.000% 2/1 · principal | 295,000 | $246K | New |
Total filed on the 13F, all lines: $4.9B.
Portfolio Sells Q4 2024 → Q1 2025
| INFN Infinera Corp. | Sold out | 0.00% | −3.71 |
| SNREY Sunrise Communicat Class A | Sold out | 0.00% | −1.39 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −1.10 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.95 |
| CRC California Resources Corp. | Reduce -32.7% | 1.50% | −0.88 |
| INFY Infosys Ltd.-SP ADR | Sold out | 0.00% | −0.83 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.80 |
| ENLC Enlink Midstream LLC | Sold out | 0.00% | −0.79 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.60 |
| BMA Banco Macro SA-ADR | Reduce -31.2% | 0.49% | −0.33 |
| VIST Vista Energy Sab DE CV | Reduce -4.8% | 2.52% | −0.26 |
| PAM Pampa Energia SA-Spon ADR | Sold out | 0.00% | −0.26 |
| TLN Talen Energy Corp. | Reduce -19.4% | 1.59% | −0.21 |
| TGS Transportador Gas-ADR SP B | Reduce -39.0% | 0.32% | −0.20 |
| EXE Expand Energy Corp. | Reduce -19.8% | 15.37% | −0.12 |
| ALVO Alvotech SA | Reduce -3.0% | 0.45% | −0.12 |
| CPNG Coupang Inc. | Sold out | 0.00% | −0.12 |
| JD Jd.com Inc.-ADR | Reduce -31.9% | 0.98% | −0.12 |
| TEO Telecom Argentina SA-SP ADR | Reduce -3.2% | 0.69% | −0.11 |
| DQ Daqo New Energy Corp.-ADR | Reduce -37.4% | 0.15% | −0.09 |
| MESO Mesoblast Ltd.- Spon ADR | Sold out | 0.00% | −0.08 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -20.7% | 0.95% | −0.02 |
| ECD AUTOMOTIVE DESIGN INC | Sold out | 0.00% | −0.00 |
| BAK Braskem SA Class A- ADR | Reduce -5.9% | 0.22% | +0.01 |
| BZ Kanzhun Ltd. - ADR | Reduce -33.6% | 0.56% | +0.01 |
| VALE Vale SA-SP ADR | Reduce -16.4% | 1.49% | +0.06 |
| TX Ternium SA-Sponsored ADR | Reduce -1.9% | 0.63% | +0.09 |
| AU Anglogold Ashanti PLC | Reduce -1.7% | 5.04% | +2.16 |
Portfolio Buys Q4 2024 → Q1 2025
| NOK Nokia Corp.-Spon ADR | New | 2.45% | +2.45 |
| TAC Transalta Corp. | New | 1.29% | +1.29 |
| GRAB Grab Holdings Ltd. Class A | New | 1.16% | +1.16 |
| ITUB Itau Unibanco H-Spon PRF ADR | New | 0.95% | +0.95 |
| BILI Bilibili Inc.-Sponsored ADR | New | 0.91% | +0.91 |
| B Barrick Gold Corp. | Add +147.9% | 1.21% | +0.86 |
| CX Cemex Sab-Spons ADR Part Cer | Add +32.9% | 2.70% | +0.85 |
| EC Ecopetrol SA-Sponsored ADR | New | 0.82% | +0.82 |
| BEKE Ke Holdings Inc.-ADR | New | 0.63% | +0.63 |
| FCX Freeport-McMoran Inc. | Add +24.3% | 2.06% | +0.55 |
| BIDU Baidu Inc. - Spon ADR | New | 0.46% | +0.46 |
| KC Kingsoft Cloud Holdings-ADR | New | 0.39% | +0.39 |
| HTHT H World Group Ltd.-ADR | Add +7.3% | 1.13% | +0.28 |
| INDV Indivior Ltd. | Add +26.1% | 2.57% | +0.06 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +6.3% | 340,000 | $190.2M |
| VST Vistra Corp. | put | Sold out | 660,000 | $91.0Mbefore exit |
| TLN Talen Energy Corp. | call | Add +16.7% | 280,000 | $55.9M |
| PWR Quanta Services Inc. | put | Sold out | 120,000 | $37.9Mbefore exit |
| LBTYA Liberty Global Ltd. Class A | call | Sold out | 500,000 | $6.4Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +8.2% | 43,234,000 | $40.9M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Reduce -7.6% | 42,610,000 | $40.5M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +4.9% | 43,139,000 | $40.4M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | Reduce -8.1% | 33,515,000 | $31.2M |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | Add +725.8% | 31,456,000 | $27.3M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +1537.8% | 25,108,000 | $24.0M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +47.4% | 24,981,000 | $21.3M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Add +182.3% | 22,355,000 | $20.9M |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | Reduce -42.7% | 22,076,000 | $19.6M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 16,000,000 | $17.9M |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Add +134.9% | 20,672,000 | $17.5M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +120.1% | 17,428,000 | $16.4M |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Add +162.1% | 17,118,000 | $15.5M |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Add +84.3% | 15,626,000 | $14.7M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | New | 14,988,000 | $14.3M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +369.3% | 15,336,000 | $14.2M |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | Sold out | 15,000,000 | $14.2Mbefore exit |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +102.7% | 15,354,000 | $14.1M |
| SOUTHERN CO (SO 3.875 12/15/25) | NOTE 3.875%12/1 · principal | Sold out | 12,686,000 | $13.3Mbefore exit |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +272.2% | 14,135,000 | $12.7M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +30.4% | 11,081,000 | $12.4M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Add +13.6% | 12,559,000 | $12.2M |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | Reduce -29.2% | 10,267,000 | $12.2M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +21.2% | 12,010,000 | $12.2M |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | Add +11.4% | 10,857,000 | $12.1M |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | Sold out | 11,889,000 | $12.0Mbefore exit |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +14.5% | 10,467,000 | $11.6M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Add +399.6% | 11,497,000 | $10.9M |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | Add +35.1% | 11,556,000 | $10.7M |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | Add +43.7% | 106,199,000 | $10.6M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | New | 8,841,000 | $10.2M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | New | 11,840,000 | $10.1M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Add +14.9% | 10,115,000 | $9.4M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | New | 10,486,000 | $9.4M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Add +2.8% | 9,763,000 | $9.1M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | New | 8,088,000 | $8.4M |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | Sold out | 7,122,000 | $7.8Mbefore exit |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Sold out | 8,609,000 | $7.7Mbefore exit |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Add +119.9% | 7,783,000 | $7.5M |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Add +63.5% | 7,556,000 | $7.5M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Reduce -8.5% | 6,392,000 | $7.3M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Reduce -37.0% | 7,241,000 | $7.2M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Add +39.7% | 7,022,000 | $6.8M |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | Reduce -59.3% | 6,225,000 | $6.6M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Add +38.2% | 6,589,000 | $6.6M |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | Reduce -13.1% | 6,886,000 | $6.5M |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | Add +143.1% | 6,466,000 | $6.4M |
| NATIONAL VISION HOLDINGS (EYE 2.5 05/15/25) | NOTE 2.500% 5/1 · principal | Add +51.6% | 6,266,000 | $6.2M |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | Add +751.2% | 6,163,000 | $6.1M |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | New | 6,442,000 | $6.1M |
Showing the first 50 of 136.
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 |