Oaktree Capital Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Howard Marks's Oaktree Capital Management reported 50 stock positions worth $3.9 billion. Its top holding was Torm PLC-A (TRMD) at 17.3% of the portfolio, followed by Expand Energy (EXE, 15.1%) and Garrett Motion (GTX, 9.9%). Compared with Q1 2025, it opened 8 new positions, sold out of 9, added to 11 and reduced 16. The biggest buy was Itau Unibanco H-Spon PRF ADR (ITUB, shares +59%) and the biggest sale an exit from H World Group Ltd.-ADR (HTHT).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $3.9B (Q2 2025)
- SEC Filing
- 0000949509-25-000004 ↗ filed Aug 13, 2025
Holdings Value
Holdings 50 stocks · $3.9B
| TRMD Torm PLC-A | 17.35% | 40,581,120 | $681.6M | No change |
| EXE Expand Energy Corp. | 15.07% | 5,062,364 | $592.0M | Reduce -9.0% |
| GTX Garrett Motion Inc. | 9.87% | 36,894,816 | $387.8M | Reduce -16.3% |
| STR Sitio Royalties Corp. Class A | 6.06% | 12,945,551 | $237.9M | Add +0.1% |
| AU Anglogold Ashanti PLC | 5.74% | 4,947,737 | $225.5M | Reduce -9.5% |
| INDV Indivior Ltd. | 4.13% | 11,009,125 | $162.3M | No change |
| STKL Sunopta Inc. | 3.06% | 20,726,126 | $120.2M | No change |
| RWAY Runway Growth Finance Corp. | 2.67% | 9,779,667 | $104.9M | Reduce -9.3% |
| CX Cemex Sab-Spons ADR Part Cer | 2.62% | 14,839,032 | $102.8M | Reduce -23.4% |
| VIST Vista Energy Sab DE CV | 2.51% | 2,061,561 | $98.6M | Reduce -5.6% |
| NOK Nokia Corp.-Spon ADR | 2.47% | 18,752,229 | $97.1M | Add +0.0% |
| FCX Freeport-McMoran Inc. | 2.20% | 1,996,075 | $86.5M | Reduce -8.9% |
| LBTYA Liberty Global Ltd. Class A | 2.09% | 8,212,191 | $82.2M | Add +14.0% |
| CBL CBL & Associates Properties | 1.94% | 3,005,126 | $76.3M | No change |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.90% | 11,004,494 | $74.7M | Add +58.5% |
| B Barrick Mining Corp. | 1.67% | 3,157,686 | $65.7M | Add +25.5% |
| TAC Transalta Corp. | 1.67% | 6,085,253 | $65.5M | Add +8.9% |
| KRC Kilroy Realty Corp. | 1.62% | 1,850,011 | $63.5M | No change |
| CRC California Resources Corp. | 1.60% | 1,376,753 | $62.9M | No change |
| GRAB Grab Holdings Ltd. Class A | 1.48% | 11,569,295 | $58.2M | Add +12.6% |
| SBLK Star Bulk Carriers Corp. | 1.42% | 3,230,527 | $55.7M | Reduce -39.9% |
| TLN Talen Energy Corp. | 0.96% | 129,829 | $37.8M | Reduce -59.4% |
| BLCO Bausch + Lomb Corp. | 0.83% | 2,521,245 | $32.8M | New |
| EC Ecopetrol SA-Sponsored ADR | 0.80% | 3,549,822 | $31.4M | Add +12.3% |
| BZ Kanzhun Ltd. - ADR | 0.71% | 1,571,272 | $28.0M | Add +34.2% |
| TX Ternium SA-Sponsored ADR | 0.70% | 919,709 | $27.7M | Add +13.2% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.68% | 1,513,039 | $26.8M | Add +20.6% |
| OCSL Oaktree Specialty Lending Co. | 0.64% | 1,852,456 | $25.3M | No change |
| TEO Telecom Argentina SA-SP ADR | 0.59% | 2,644,263 | $23.3M | Reduce -2.4% |
| YMM Full Truck Alliance -SPN ADR | 0.55% | 1,842,337 | $21.8M | New |
| VALE Vale SA-SP ADR | 0.50% | 2,033,706 | $19.7M | Reduce -66.2% |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.41% | 7,500,000 | $16.1M | No change |
| UNIT Uniti Group LLC Com SHS | 0.37% | 3,397,592 | $14.7M | No change |
| LILAK Liberty Latin Americ Class C | 0.37% | 2,328,516 | $14.5M | New |
| ALVO Alvotech SA | 0.36% | 1,563,676 | $14.3M | Reduce -16.3% |
| SE Sea Ltd.-ADR | 0.34% | 83,513 | $13.4M | New |
| MX Magnachip Semiconductor Corp. | 0.29% | 2,849,858 | $11.3M | No change |
| BRY Berry Corp. | 0.26% | 3,697,000 | $10.2M | No change |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.26% | 324,330 | $10.2M | New |
| BHC Bausch Health Cos Inc. | 0.22% | 1,270,000 | $8.5M | No change |
| SMRT Smartrent Inc. | 0.19% | 7,505,294 | $7.4M | No change |
| HDB HDFC Bank Ltd.-ADR | 0.17% | 84,843 | $6.5M | Reduce -5.4% |
| HDSN Hudson Technologies Inc. | 0.12% | 562,662 | $4.6M | New |
| BMA Banco Macro SA-ADR | 0.11% | 60,591 | $4.3M | Reduce -76.7% |
| TPICQ Tpi Composites Inc. | 0.10% | 4,610,003 | $4.0M | No change |
| BATL Battalion Oil Corp. | 0.10% | 3,009,912 | $3.9M | No change |
| TGS Transportador Gas-ADR SP B | 0.09% | 137,630 | $3.6M | Reduce -71.6% |
| JBS JBS NV-A | 0.09% | 238,610 | $3.5M | New |
| BAK Braskem SA Class A- ADR | 0.04% | 453,167 | $1.5M | Reduce -80.7% |
| BTAIQ Bioxcel Therapeutics Inc. | 0.01% | 241,188 | $437K | New |
Options reported separately and not counted above: SPY puts ($630.2M), XHB puts ($68.0M), IWM puts ($51.8M), TLN calls ($18.9M).
Other holdings (124): bonds, preferreds, convertibles and warrants · $1.1B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 62,423,000 | $59.2M | Add +44.7% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 59,981,000 | $57.6M | Add +38.7% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 51,812,000 | $49.1M | Add +21.6% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 36,300,000 | $35.1M | Add +44.6% |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 30,455,000 | $29.5M | Add +1379.8% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 30,069,000 | $28.4M | Add +34.5% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 30,338,000 | $28.1M | Add +97.6% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 31,807,000 | $27.4M | Add +27.3% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 27,705,000 | $26.3M | Add +59.0% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 29,437,000 | $25.6M | Add +42.4% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 21,447,560 | $25.3M | Add +34.0% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 24,946,000 | $24.3M | Add +220.5% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 25,833,000 | $24.1M | Add +68.5% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 23,501,000 | $22.5M | Add +104.4% |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | 21,116,000 | $21.1M | Add +331.8% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 22,281,000 | $20.7M | Add +30.2% |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 20,241,000 | $20.1M | Add +516.5% |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 20,605,000 | $19.6M | Add +31.9% |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 18,080,000 | $17.5M | New |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 18,056,000 | $16.9M | Add +27.7% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 16,111,000 | $15.9M | New |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 13,459,000 | $14.9M | New |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 13,200,000 | $13.0M | Reduce -60.6% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 12,352,000 | $12.9M | New |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 11,913,000 | $12.8M | Reduce -0.8% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 11,381,000 | $12.3M | Add +2.7% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 14,755,000 | $12.0M | Add +24.6% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 11,985,000 | $11.9M | New |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 11,017,000 | $11.7M | Add +5.3% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 11,901,000 | $11.3M | Add +21.9% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 7,894,000 | $10.3M | Add +177.0% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 95,294 | $10.3M | No change |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 9,995,000 | $10.2M | Reduce -33.3% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 9,922,000 | $9.5M | New |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 8,821,000 | $9.5M | Reduce -23.7% |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 7,193,000 | $8.4M | Reduce -11.1% |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 7,154,000 | $8.3M | New |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $8.2M | No change |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 7,141,000 | $8.1M | Reduce -19.2% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 6,969,000 | $7.9M | Add +281.6% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 8,288,000 | $7.8M | Reduce -21.0% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 7,203,000 | $7.7M | Add +377.3% |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 7,835,000 | $7.5M | New |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 6,945,000 | $7.4M | New |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 7,741,000 | $7.4M | Add +6.9% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | 6,884,000 | $7.3M | Reduce -36.6% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 7,458,000 | $7.3M | Add +27.4% |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | 6,692,000 | $7.1M | Add +4.7% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 7,151,000 | $7.0M | Add +1.8% |
| ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) | NOTE 0.500% 6/0 · principal | 5,397,000 | $6.9M | New |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 5,011,000 | $6.6M | Reduce -9.0% |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | 6,746,000 | $6.5M | New |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 6,637,000 | $6.4M | Add +196.4% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 7,025,000 | $6.3M | Add +155.1% |
| LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) | NOTE 1.500%12/1 · principal | 3,997,000 | $6.1M | Add +110.4% |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 6,124,000 | $6.1M | Add +196.4% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 6,373,000 | $6.0M | Add +187.5% |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 6,380,000 | $5.9M | Add +16.2% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 6,077,000 | $5.9M | New |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 6,248,000 | $5.8M | Add +6.0% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 5,796,000 | $5.8M | Add +163.4% |
| INTEGRA LIFESCIENCES HLD (IART 0.5 08/15/25) | NOTE 0.500% 8/1 · principal | 5,761,000 | $5.7M | Reduce -2.4% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 5,463,000 | $5.4M | New |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | 5,561,000 | $5.4M | Add +26.6% |
| MESA LABORATORIES INC (MLAB 1.375 08/15/25) | NOTE 1.375% 8/1 · principal | 5,438,000 | $5.4M | No change |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 5,411,000 | $5.4M | Reduce -17.9% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 5,446,000 | $5.2M | Reduce -20.9% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 5,259,000 | $5.2M | Add +76.2% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 6,448,000 | $5.1M | Add +96.0% |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 4,765,000 | $4.7M | Reduce -26.3% |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 4,923,000 | $4.7M | Add +192.7% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 5,017,000 | $4.6M | Reduce -77.3% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 3,163,000 | $4.5M | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 4,657,000 | $4.5M | Add +253.9% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 3,996,000 | $4.5M | New |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 4,509,000 | $4.4M | Add +28.6% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 4,291,000 | $4.0M | Add +16.2% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 3,750,000 | $4.0M | Add +150.0% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 3,297,000 | $3.9M | Add +127.4% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 3,845,000 | $3.8M | Add +251.5% |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 6,500,000 | $3.8M | New |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 4,865,000 | $3.7M | Add +724.6% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 4,301,000 | $3.6M | Add +42.4% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 4,920,000 | $3.6M | Reduce -51.4% |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 3,669,000 | $3.5M | Reduce -22.7% |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 3,742,000 | $3.4M | Reduce -21.8% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 3,819,000 | $3.3M | Reduce -87.9% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 2,000,000 | $3.0M | Reduce -7.0% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 3,216,000 | $3.0M | No change |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 2,585,000 | $3.0M | No change |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 2,100,000 | $2.6M | Add +68.0% |
| SSR MINING INC (SSRMCN 2.5 04/01/39) | NOTE 2.500% 4/0 · principal | 2,419,000 | $2.5M | Reduce -15.8% |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 2,722,000 | $2.5M | New |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | 2,000,000 | $2.4M | New |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 2,397,000 | $2.3M | New |
| REDFIN CORP (RDFN 0 10/15/25) | NOTE 10/1 · principal | 2,381,000 | $2.3M | New |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 2,385,000 | $2.3M | New |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 1,950,000 | $2.3M | Add +56.0% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 2,464,000 | $2.2M | Reduce -63.8% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 2,000,000 | $2.0M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 1,975,000 | $2.0M | Reduce -68.3% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 2,052,000 | $1.9M | New |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 2,002,000 | $1.8M | New |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,304,000 | $1.6M | Reduce -87.3% |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 1,500,000 | $1.5M | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 1,300,000 | $1.5M | No change |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 1,463,000 | $1.4M | Add +89.0% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 1,481,000 | $1.4M | New |
| TRAVERE THERAPEUTICS INC (TVTX 2.5 09/15/25) | NOTE 2.500% 9/1 · principal | 1,377,000 | $1.4M | No change |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 1,050,000 | $1.3M | Reduce -44.7% |
| SUNNOVA ENERGY INTL INC (NOVA 0.25 12/01/26) | NOTE 0.250%12/0 · principal | 106,199,000 | $1.3M | No change |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 1,336,000 | $1.3M | Reduce -47.4% |
| PAR TECHNOLOGY CORP (PAR 1.5 10/15/27) | NOTE 1.500%10/1 · principal | 1,100,000 | $1.3M | No change |
| TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 1,000,000 | $1.2M | New |
| UBER TECHNOLOGIES INC (UBER 0 12/15/25) | NOTE 12/1 · principal | 1,000,000 | $1.2M | New |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 1,000,000 | $1.2M | Reduce -20.0% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 900,000 | $1.1M | New |
| PAGERDUTY INC. (PD 1.25 07/01/25) | NOTE 1.250% 7/0 · principal | 1,033,000 | $1.0M | New |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 1,020,000 | $983K | New |
| ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) | NOTE 1.000% 9/1 · principal | 750,000 | $976K | Reduce -25.0% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 500,000 | $900K | Reduce -76.7% |
| SUNNOVA ENERGY INTL INC (NOVA 2.625 02/15/28) | NOTE 2.625% 2/1 · principal | 61,469,000 | $768K | No change |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 514,000 | $493K | Reduce -73.0% |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 161,000 | $155K | New |
Total filed on the 13F, all lines: $5.0B.
Portfolio Sells Q1 2025 → Q2 2025
| HTHT H World Group Ltd.-ADR | Sold out | 0.00% | −1.13 |
| VALE Vale SA-SP ADR | Reduce -66.2% | 0.50% | −0.99 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.98 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.95 |
| BILI Bilibili Inc.-Sponsored ADR | Sold out | 0.00% | −0.91 |
| SBLK Star Bulk Carriers Corp. | Reduce -39.9% | 1.42% | −0.66 |
| TLN Talen Energy Corp. | Reduce -59.4% | 0.96% | −0.62 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.46 |
| KC Kingsoft Cloud Holdings-ADR | Sold out | 0.00% | −0.39 |
| BMA Banco Macro SA-ADR | Reduce -76.7% | 0.11% | −0.38 |
| ONIT Onity Group Inc. | Sold out | 0.00% | −0.33 |
| EXE Expand Energy Corp. | Reduce -9.0% | 15.07% | −0.31 |
| TGS Transportador Gas-ADR SP B | Reduce -71.6% | 0.09% | −0.23 |
| BAK Braskem SA Class A- ADR | Reduce -80.7% | 0.04% | −0.19 |
| VCSA Vacasa Inc. Class A | Sold out | 0.00% | −0.18 |
| DQ Daqo New Energy Corp.-ADR | Sold out | 0.00% | −0.15 |
| RWAY Runway Growth Finance Corp. | Reduce -9.3% | 2.67% | −0.10 |
| TEO Telecom Argentina SA-SP ADR | Reduce -2.4% | 0.59% | −0.09 |
| ALVO Alvotech SA | Reduce -16.3% | 0.36% | −0.09 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -23.4% | 2.62% | −0.08 |
| VIST Vista Energy Sab DE CV | Reduce -5.6% | 2.51% | −0.02 |
| HDB HDFC Bank Ltd.-ADR | Reduce -5.4% | 0.17% | +0.02 |
| FCX Freeport-McMoran Inc. | Reduce -8.9% | 2.20% | +0.14 |
| AU Anglogold Ashanti PLC | Reduce -9.5% | 5.74% | +0.70 |
| GTX Garrett Motion Inc. | Reduce -16.3% | 9.87% | +0.71 |
Portfolio Buys Q1 2025 → Q2 2025
| ITUB Itau Unibanco H-Spon PRF ADR | Add +58.5% | 1.90% | +0.95 |
| BLCO Bausch + Lomb Corp. | New | 0.83% | +0.83 |
| YMM Full Truck Alliance -SPN ADR | New | 0.55% | +0.55 |
| B Barrick Mining Corp. | Add +25.5% | 1.67% | +0.46 |
| TAC Transalta Corp. | Add +8.9% | 1.67% | +0.37 |
| LILAK Liberty Latin Americ Class C | New | 0.37% | +0.37 |
| SE Sea Ltd.-ADR | New | 0.34% | +0.34 |
| GRAB Grab Holdings Ltd. Class A | Add +12.6% | 1.48% | +0.33 |
| YPF YPF S.A.-Sponsored ADR | New | 0.26% | +0.26 |
| BZ Kanzhun Ltd. - ADR | Add +34.2% | 0.71% | +0.16 |
| HDSN Hudson Technologies Inc. | New | 0.12% | +0.12 |
| JBS JBS NV-A | New | 0.09% | +0.09 |
| TX Ternium SA-Sponsored ADR | Add +13.2% | 0.70% | +0.08 |
| BEKE Ke Holdings Inc.-ADR | Add +20.6% | 0.68% | +0.06 |
| LBTYA Liberty Global Ltd. Class A | Add +14.0% | 2.09% | +0.03 |
| NOK Nokia Corp.-Spon ADR | Add +0.0% | 2.47% | +0.02 |
| BTAIQ Bioxcel Therapeutics Inc. | New | 0.01% | +0.01 |
| EC Ecopetrol SA-Sponsored ADR | Add +12.3% | 0.80% | −0.02 |
| STR Sitio Royalties Corp. Class A | Add +0.1% | 6.06% | −0.33 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Add +200.0% | 1,020,000 | $630.2M |
| XHB SS SPDR S&P Homebldrs ETF | put | New | 690,000 | $68.0M |
| IWM iShares Russell 2000 ETF | put | New | 240,000 | $51.8M |
| TLN Talen Energy Corp. | call | Reduce -76.8% | 65,000 | $18.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +44.7% | 62,423,000 | $59.2M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +38.7% | 59,981,000 | $57.6M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +21.6% | 51,812,000 | $49.1M |
| COHERUS ONCOLOGY INC (CHRS 1.5 04/15/26) | NOTE 1.500% 4/1 · principal | Sold out | 49,030,000 | $48.3Mbefore exit |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +44.6% | 36,300,000 | $35.1M |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | Add +1379.8% | 30,455,000 | $29.5M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Add +34.5% | 30,069,000 | $28.4M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +97.6% | 30,338,000 | $28.1M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +27.3% | 31,807,000 | $27.4M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +59.0% | 27,705,000 | $26.3M |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Add +42.4% | 29,437,000 | $25.6M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +34.0% | 21,447,560 | $25.3M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Add +220.5% | 24,946,000 | $24.3M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +68.5% | 25,833,000 | $24.1M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Add +104.4% | 23,501,000 | $22.5M |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | Add +331.8% | 21,116,000 | $21.1M |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Add +30.2% | 22,281,000 | $20.7M |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Add +516.5% | 20,241,000 | $20.1M |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Add +31.9% | 20,605,000 | $19.6M |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | New | 18,080,000 | $17.5M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Add +27.7% | 18,056,000 | $16.9M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | New | 16,111,000 | $15.9M |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | New | 13,459,000 | $14.9M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | Reduce -60.6% | 13,200,000 | $13.0M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | New | 12,352,000 | $12.9M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Reduce -0.8% | 11,913,000 | $12.8M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +2.7% | 11,381,000 | $12.3M |
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Sold out | 12,559,000 | $12.2Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +24.6% | 14,755,000 | $12.0M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | New | 11,985,000 | $11.9M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +5.3% | 11,017,000 | $11.7M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Add +21.9% | 11,901,000 | $11.3M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Add +177.0% | 7,894,000 | $10.3M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | Reduce -33.3% | 9,995,000 | $10.2M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | New | 9,922,000 | $9.5M |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | Reduce -23.7% | 8,821,000 | $9.5M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Reduce -11.1% | 7,193,000 | $8.4M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | New | 7,154,000 | $8.3M |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | Reduce -19.2% | 7,141,000 | $8.1M |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +281.6% | 6,969,000 | $7.9M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Reduce -21.0% | 8,288,000 | $7.8M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +377.3% | 7,203,000 | $7.7M |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | New | 7,835,000 | $7.5M |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | Sold out | 7,556,000 | $7.5Mbefore exit |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | New | 6,945,000 | $7.4M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Add +6.9% | 7,741,000 | $7.4M |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | NOTE 3.000% 5/0 · principal | Reduce -36.6% | 6,884,000 | $7.3M |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | Add +27.4% | 7,458,000 | $7.3M |
| CYTOKINETICS INC (CYTK 3.5 07/01/27) | NOTE 3.500% 7/0 · principal | Add +4.7% | 6,692,000 | $7.1M |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Add +1.8% | 7,151,000 | $7.0M |
Showing the first 50 of 135.
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 |