Oaktree Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Howard Marks's Oaktree Capital Management reported 54 stock positions worth $4.7 billion. Its top holding was Torm PLC-A (TRMD) at 17.7% of the portfolio, followed by Expand Energy (EXE, 11.4%) and Garrett Motion (GTX, 9.2%). Compared with Q2 2025, it opened 13 new positions, sold out of 9, added to 14 and reduced 13. The biggest buy was a new position in Viper Energy Class A (VNOM) and the biggest sale an exit from Sitio Royalties Class A (STR).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $4.7B (Q3 2025)
- SEC Filing
- 0000949509-25-000007 ↗ filed Nov 13, 2025
Holdings Value
Holdings 54 stocks · $4.7B
| TRMD Torm PLC-A | 17.67% | 40,581,120 | $834.6M | No change |
| EXE Expand Energy Corp. | 11.38% | 5,062,363 | $537.8M | Reduce 0.0% |
| GTX Garrett Motion Inc. | 9.20% | 31,894,816 | $434.4M | Reduce -13.6% |
| AU Anglogold Ashanti PLC | 6.23% | 4,185,261 | $294.3M | Reduce -15.4% |
| VNOM Viper Energy Inc. Class A | 5.08% | 6,285,062 | $240.2M | New |
| TDS Telephone and Data Systems | 3.06% | 3,688,386 | $144.7M | New |
| TLN Talen Energy Corp. | 2.62% | 291,117 | $123.8M | Add +124.2% |
| STKL Sunopta Inc. | 2.57% | 20,726,126 | $121.4M | No change |
| CORZ Core Scientific Inc. | 2.43% | 6,400,708 | $114.8M | New |
| B Barrick Mining Corp. | 2.29% | 3,302,086 | $108.2M | Add +4.6% |
| LBTYA Liberty Global Ltd. Class A | 2.07% | 8,551,191 | $98.0M | Add +4.1% |
| FTAI Ftai Aviation Ltd. | 2.07% | 585,175 | $97.6M | New |
| CX Cemex Sab-Spons ADR Part Cer | 1.99% | 10,448,824 | $93.9M | Reduce -29.6% |
| ITUB Itau Unibanco H-Spon PRF ADR | 1.97% | 12,665,801 | $93.0M | Add +15.1% |
| CBL CBL & Associates Properties | 1.95% | 3,005,126 | $91.9M | No change |
| NOK Nokia Corp.-Spon ADR | 1.91% | 18,752,229 | $90.2M | No change |
| TAC Transalta Corp. | 1.86% | 6,415,253 | $87.6M | Add +5.4% |
| RWAY Runway Growth Finance Corp. | 1.78% | 8,279,667 | $84.1M | Reduce -15.3% |
| KRC Kilroy Realty Corp. | 1.65% | 1,850,011 | $78.2M | No change |
| GRAB Grab Holdings Ltd. Class A | 1.54% | 12,094,495 | $72.8M | Add +4.5% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.53% | 4,518,884 | $72.3M | New |
| VIST Vista Energy Sab DE CV | 1.34% | 1,841,319 | $63.3M | Reduce -10.7% |
| FCX Freeport-McMoran Inc. | 1.25% | 1,504,865 | $59.0M | Reduce -24.6% |
| LILAK Liberty Latin Americ Class C | 1.19% | 6,669,823 | $56.3M | Add +186.4% |
| YMM Full Truck Alliance -SPN ADR | 1.04% | 3,797,697 | $49.3M | Add +106.1% |
| BLCO Bausch + Lomb Corp. | 1.04% | 3,245,439 | $48.9M | Add +28.7% |
| ECHO Echostar Corp. Class A | 0.97% | 600,000 | $45.8M | New |
| BZ Kanzhun Ltd. - ADR | 0.81% | 1,643,572 | $38.4M | Add +4.6% |
| XP XP Inc. Class A | 0.81% | 2,032,877 | $38.2M | New |
| CRC California Resources Corp. | 0.78% | 694,502 | $36.9M | Reduce -49.6% |
| SBLK Star Bulk Carriers Corp. | 0.77% | 1,962,892 | $36.5M | Reduce -39.2% |
| AD Array Digital Infrastructure | 0.77% | 724,444 | $36.2M | New |
| TX Ternium SA-Sponsored ADR | 0.66% | 897,509 | $31.2M | Reduce -2.4% |
| NBR Nabors Industries Ltd. | 0.64% | 737,112 | $30.1M | New |
| SE Sea Ltd.-ADR | 0.53% | 141,368 | $25.3M | Add +69.3% |
| ECVT Ecovyst Inc. | 0.53% | 2,859,022 | $25.0M | New |
| OCSL Oaktree Specialty Lending Co. | 0.51% | 1,852,456 | $24.2M | No change |
| JBS JBS NV-A | 0.50% | 1,580,400 | $23.6M | Add +562.3% |
| VALE Vale SA-SP ADR | 0.47% | 2,033,706 | $22.1M | No change |
| TEO Telecom Argentina SA-SP ADR | 0.40% | 2,629,483 | $19.1M | Reduce -0.6% |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 0.38% | 7,500,000 | $18.1M | No change |
| ALVO Alvotech SA | 0.27% | 1,563,676 | $12.8M | No change |
| INDV Indivior Ltd. | 0.23% | 257,785,398 | $10.7M | Add +2241.6% |
| SMRT Smartrent Inc. | 0.22% | 7,505,294 | $10.6M | No change |
| MX Magnachip Semiconductor Corp. | 0.19% | 2,849,858 | $8.9M | No change |
| ACR Acres Commercial Realty Corp. | 0.18% | 391,380 | $8.3M | New |
| BHC Bausch Health Cos Inc. | 0.17% | 1,270,000 | $8.2M | No change |
| LILA Liberty Latin Americ Class A | 0.15% | 846,474 | $7.0M | New |
| LGN Legence Corp. Class A | 0.11% | 175,000 | $5.4M | New |
| HDB HDFC Bank Ltd.-ADR | 0.11% | 151,206 | $5.2M | Reduce -10.9% |
| BATL Battalion Oil Corp. | 0.08% | 3,013,823 | $3.6M | Add +0.1% |
| TGS Transportador Gas-ADR SP B | 0.03% | 56,522 | $1.2M | Reduce -58.9% |
| BTAIQ Bioxcel Therapeutics Inc. | 0.01% | 241,188 | $617K | No change |
| TPICQ Tpi Composites Inc. | 0.00% | 4,610,003 | $143K | No change |
Options reported separately and not counted above: SPY puts ($219.8M), ORCL puts ($140.6M), IWM puts ($53.2M), MAR puts ($39.1M), TLN calls ($27.6M), WING puts ($12.6M).
Other holdings (105): bonds, preferreds, convertibles and warrants · $1.3B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 68,263,000 | $66.6M | Add +13.8% |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 58,746,000 | $57.4M | Add +13.4% |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 40,513,000 | $38.6M | Add +46.2% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 39,353,000 | $38.6M | Add +8.4% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 40,638,000 | $38.2M | Add +34.0% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 37,028,000 | $35.6M | Add +23.1% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 39,330,000 | $34.8M | Add +23.6% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 35,832,000 | $34.2M | Add +38.7% |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | 34,930,000 | $30.8M | Add +610.0% |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | 29,441,000 | $29.0M | Reduce -3.3% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 26,176,000 | $25.9M | Reduce -58.1% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 23,821,000 | $25.7M | Add +92.8% |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 28,622,000 | $24.9M | Add +94.0% |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 24,757,000 | $24.5M | Reduce -0.8% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 25,479,000 | $24.1M | Add +14.3% |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 24,773,000 | $23.8M | Add +149.7% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 17,763,000 | $22.1M | New |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 24,689,000 | $21.5M | Add +282.9% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 16,700,000 | $19.9M | New |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | 18,133,000 | $19.7M | Reduce -12.0% |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | 17,343,000 | $19.0M | Add +57.4% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 19,719,000 | $18.7M | Add +1231.5% |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | 16,705,000 | $18.3M | Add +39.4% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 15,733,000 | $18.0M | Add +38.2% |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 17,275,000 | $16.6M | New |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 16,906,000 | $16.5M | Add +263.0% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 13,010,000 | $16.4M | Add +64.8% |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 15,085,000 | $16.3M | Add +50.9% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 17,825,000 | $16.2M | New |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | 12,414,000 | $15.3M | Add +73.5% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 16,221,000 | $15.1M | New |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 12,910,000 | $14.7M | Add +79.2% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 14,544,000 | $14.3M | Add +22.1% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 15,339,000 | $13.7M | Reduce -47.9% |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 12,695,000 | $13.1M | Add +108.9% |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | 11,905,000 | $12.9M | Add +70.8% |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | 12,963,000 | $12.9M | Reduce -19.5% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 13,060,000 | $12.8M | Reduce -44.4% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 10,471,000 | $12.5M | Add +109.0% |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | 9,240,000 | $12.1M | Add +28.5% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 12,977,000 | $12.0M | Add +548.2% |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | 11,716,000 | $11.2M | Add +32.8% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 11,443,000 | $10.9M | Reduce -3.9% |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | 10,757,000 | $10.6M | Reduce -40.4% |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | 9,213,000 | $10.4M | Add +19.0% |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 12,833,000 | $9.9M | Add +97.4% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 10,014,000 | $9.8M | Add +1848.3% |
| EXEEL Chesapeake Energy Corp. -CW26 | *W EXP 02/09/202 | 95,294 | $9.2M | No change |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 9,382,000 | $9.2M | Reduce -48.1% |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | 9,246,000 | $9.1M | Add +105.1% |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 7,568,000 | $9.0M | Add +6.0% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 8,822,000 | $8.9M | Add +52.2% |
| BLACKLINE INC (BL 1 06/01/29) | NOTE 1.000% 6/0 · principal | 8,148,000 | $8.5M | Add +17.3% |
| LI AUTO INC (LI 0.25 05/01/28) | NOTE 0.250% 5/0 · principal | 7,279,000 | $8.3M | Add +120.8% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 8,120,000 | $7.5M | Add +15.6% |
| VERTEX INC (VERX 0.75 05/01/29) | NOTE 0.750% 5/0 · principal | 7,250,000 | $7.4M | New |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 8,630,000 | $7.4M | Add +100.7% |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $7.1M | No change |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 7,783,000 | $6.9M | New |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 6,939,000 | $6.8M | Reduce -3.0% |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 6,275,000 | $6.6M | Add +597.2% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 6,637,000 | $6.5M | No change |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 6,406,000 | $6.2M | Add +3878.9% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 6,376,000 | $6.1M | Add +17.1% |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 6,090,000 | $6.0M | Reduce -18.3% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 5,583,000 | $5.6M | Add +45.2% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 4,224,000 | $5.4M | Add +5.7% |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | 5,411,000 | $5.4M | No change |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 4,557,000 | $5.1M | Reduce -66.1% |
| FRESHPET INC (FRPT 3 04/01/28) | NOTE 3.000% 4/0 · principal | 4,300,000 | $4.8M | New |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 4,626,000 | $4.5M | Reduce -41.0% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 4,646,000 | $4.5M | Reduce -27.1% |
| FUBOTV INC (FUBO 3.25 02/15/26) | NOTE 3.250% 2/1 · principal | 4,538,000 | $4.5M | Reduce -18.4% |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 4,647,000 | $4.5M | Reduce -7.4% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 4,908,000 | $4.4M | New |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 4,446,000 | $4.4M | Add +85.5% |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 4,337,000 | $4.3M | Add +81.8% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 4,291,000 | $4.1M | No change |
| TWO HARBORS INV CORP (TWO 6.25 01/15/26) | NOTE 6.250% 1/1 · principal | 3,724,000 | $3.7M | Reduce -21.9% |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 3,621,000 | $3.6M | Reduce -26.4% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 3,751,000 | $3.6M | Add +16.6% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 3,930,000 | $3.4M | Add +2.9% |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 4,061,000 | $3.4M | Reduce -16.5% |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 3,357,000 | $3.1M | Add +23.3% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 3,371,000 | $3.1M | Add +36.8% |
| Q2 HOLDINGS INC (QTWO 0.125 11/15/25) | NOTE 0.125%11/1 · principal | 2,701,000 | $2.7M | New |
| HERBALIFE LTD (HLF 4.25 06/15/28) | NOTE 4.250% 6/1 · principal | 2,847,000 | $2.7M | Reduce -23.9% |
| BRIDGEBIO PHARMA INC (BBIO 2.5 03/15/27) | NOTE 2.500% 3/1 · principal | 1,850,000 | $2.6M | Reduce -11.9% |
| GROUPON INC (GRPN 1.125 03/15/26) | NOTE 1.125% 3/1 · principal | 2,382,000 | $2.3M | Add +78.3% |
| ON SEMICONDUCTOR CORP (ON 0 05/01/27) | NOTE 5/0 · principal | 1,950,000 | $2.2M | No change |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 1,503,000 | $2.2M | Reduce -52.5% |
| ESPERION THERAPEUTICS (ESPR 4 11/15/25) | NOTE 4.000%11/1 · principal | 2,114,000 | $2.1M | Add +44.5% |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 2,063,000 | $2.0M | New |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 2,031,000 | $1.9M | New |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 1,886,000 | $1.8M | Reduce -8.1% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 1,300,000 | $1.5M | No change |
| LYFT INC (LYFT 0.625 03/01/29) | NOTE 0.625% 3/0 · principal | 1,100,000 | $1.4M | New |
| WAYFAIR INC (W 3.25 09/15/27) | NOTE 3.250% 9/1 · principal | 900,000 | $1.4M | Reduce -65.2% |
| ASCENDIS PHARMA A/S (ASND 2.25 04/01/28) | NOTE 2.250% 4/0 · principal | 1,000,000 | $1.4M | Reduce -23.3% |
| PELOTON INTERACTIVE INC (PTON 0 02/15/26) | NOTE 2/1 · principal | 1,354,000 | $1.3M | Reduce -63.1% |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 1,351,000 | $1.3M | New |
| FASTLY INC (FSLY 0 03/15/26) | NOTE 3/1 · principal | 1,354,000 | $1.3M | New |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 900,000 | $1.2M | Reduce -14.3% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 1,049,000 | $1.0M | Reduce -80.0% |
| EVOLENT HEALTH INC (EVH 3.5 12/01/29) | NOTE 3.500%12/0 · principal | 1,015,000 | $818K | New |
Total filed on the 13F, all lines: $6.0B.
Portfolio Sells Q2 2025 → Q3 2025
| STR Sitio Royalties Corp. Class A | Sold out | 0.00% | −6.06 |
| EXE Expand Energy Corp. | Reduce 0.0% | 11.38% | −3.68 |
| VIST Vista Energy Sab DE CV | Reduce -10.7% | 1.34% | −1.17 |
| FCX Freeport-McMoran Inc. | Reduce -24.6% | 1.25% | −0.95 |
| RWAY Runway Growth Finance Corp. | Reduce -15.3% | 1.78% | −0.89 |
| CRC California Resources Corp. | Reduce -49.6% | 0.78% | −0.82 |
| EC Ecopetrol SA-Sponsored ADR | Sold out | 0.00% | −0.80 |
| BEKE Ke Holdings Inc.-ADR | Sold out | 0.00% | −0.68 |
| GTX Garrett Motion Inc. | Reduce -13.6% | 9.20% | −0.67 |
| SBLK Star Bulk Carriers Corp. | Reduce -39.2% | 0.77% | −0.65 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -29.6% | 1.99% | −0.63 |
| UNIT Uniti Group LLC Com SHS | Sold out | 0.00% | −0.37 |
| BRY Berry Corp. | Sold out | 0.00% | −0.26 |
| YPF YPF S.A.-Sponsored ADR | Sold out | 0.00% | −0.26 |
| TEO Telecom Argentina SA-SP ADR | Reduce -0.6% | 0.40% | −0.19 |
| HDSN Hudson Technologies Inc. | Sold out | 0.00% | −0.12 |
| BMA Banco Macro SA-ADR | Sold out | 0.00% | −0.11 |
| TGS Transportador Gas-ADR SP B | Reduce -58.9% | 0.03% | −0.07 |
| HDB HDFC Bank Ltd.-ADR | Reduce -10.9% | 0.11% | −0.06 |
| TX Ternium SA-Sponsored ADR | Reduce -2.4% | 0.66% | −0.04 |
| BAK Braskem SA Class A- ADR | Sold out | 0.00% | −0.04 |
| AU Anglogold Ashanti PLC | Reduce -15.4% | 6.23% | +0.49 |
Portfolio Buys Q2 2025 → Q3 2025
| VNOM Viper Energy Inc. Class A | New | 5.08% | +5.08 |
| TDS Telephone and Data Systems | New | 3.06% | +3.06 |
| CORZ Core Scientific Inc. | New | 2.43% | +2.43 |
| FTAI Ftai Aviation Ltd. | New | 2.07% | +2.07 |
| TLN Talen Energy Corp. | Add +124.2% | 2.62% | +1.66 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 1.53% | +1.53 |
| ECHO Echostar Corp. Class A | New | 0.97% | +0.97 |
| LILAK Liberty Latin Americ Class C | Add +186.4% | 1.19% | +0.82 |
| XP XP Inc. Class A | New | 0.81% | +0.81 |
| AD Array Digital Infrastructure | New | 0.77% | +0.77 |
| NBR Nabors Industries Ltd. | New | 0.64% | +0.64 |
| B Barrick Mining Corp. | Add +4.6% | 2.29% | +0.62 |
| ECVT Ecovyst Inc. | New | 0.53% | +0.53 |
| YMM Full Truck Alliance -SPN ADR | Add +106.1% | 1.04% | +0.49 |
| JBS JBS NV-A | Add +562.3% | 0.50% | +0.41 |
| BLCO Bausch + Lomb Corp. | Add +28.7% | 1.04% | +0.20 |
| SE Sea Ltd.-ADR | Add +69.3% | 0.53% | +0.19 |
| TAC Transalta Corp. | Add +5.4% | 1.86% | +0.19 |
| ACR Acres Commercial Realty Corp. | New | 0.18% | +0.18 |
| LILA Liberty Latin Americ Class A | New | 0.15% | +0.15 |
| LGN Legence Corp. Class A | New | 0.11% | +0.11 |
| BZ Kanzhun Ltd. - ADR | Add +4.6% | 0.81% | +0.10 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +15.1% | 1.97% | +0.07 |
| GRAB Grab Holdings Ltd. Class A | Add +4.5% | 1.54% | +0.06 |
| LBTYA Liberty Global Ltd. Class A | Add +4.1% | 2.07% | −0.02 |
| BATL Battalion Oil Corp. | Add +0.1% | 0.08% | −0.02 |
| INDV Indivior Ltd. | Add +2241.6% | 0.23% | −3.90 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -67.7% | 330,000 | $219.8M |
| ORCL Oracle Corp. | put | New | 500,000 | $140.6M |
| XHB SS SPDR S&P Homebldrs ETF | put | Sold out | 690,000 | $68.0Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Reduce -8.3% | 220,000 | $53.2M |
| MAR Marriott International Class A | put | New | 150,000 | $39.1M |
| WING Wingstop Inc. | put | New | 50,000 | $12.6M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +13.8% | 68,263,000 | $66.6M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +13.4% | 58,746,000 | $57.4M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Add +46.2% | 40,513,000 | $38.6M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +8.4% | 39,353,000 | $38.6M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +34.0% | 40,638,000 | $38.2M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Add +23.1% | 37,028,000 | $35.6M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +23.6% | 39,330,000 | $34.8M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +38.7% | 35,832,000 | $34.2M |
| SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27) | NOTE 1.250% 9/1 · principal | Add +610.0% | 34,930,000 | $30.8M |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | Reduce -3.3% | 29,441,000 | $29.0M |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Reduce -58.1% | 26,176,000 | $25.9M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Add +92.8% | 23,821,000 | $25.7M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Sold out | 21,447,560 | $25.3Mbefore exit |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +94.0% | 28,622,000 | $24.9M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Reduce -0.8% | 24,757,000 | $24.5M |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Add +14.3% | 25,479,000 | $24.1M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Add +149.7% | 24,773,000 | $23.8M |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | New | 17,763,000 | $22.1M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Add +282.9% | 24,689,000 | $21.5M |
| WIX LTD (WIX 0 08/15/25) | NOTE 8/1 · principal | Sold out | 21,116,000 | $21.1Mbefore exit |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Sold out | 20,241,000 | $20.1Mbefore exit |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | New | 16,700,000 | $19.9M |
| FIRST MAJESTIC SILVER (AGCN 0.375 01/15/27) | NOTE 0.375% 1/1 · principal | Reduce -12.0% | 18,133,000 | $19.7M |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Add +57.4% | 17,343,000 | $19.0M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Add +1231.5% | 19,719,000 | $18.7M |
| MKS INC (MKSI 1.25 06/01/30) | NOTE 1.250% 6/0 · principal | Add +39.4% | 16,705,000 | $18.3M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +38.2% | 15,733,000 | $18.0M |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | New | 17,275,000 | $16.6M |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | Add +263.0% | 16,906,000 | $16.5M |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | Add +64.8% | 13,010,000 | $16.4M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | Add +50.9% | 15,085,000 | $16.3M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | New | 17,825,000 | $16.2M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Add +73.5% | 12,414,000 | $15.3M |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | New | 16,221,000 | $15.1M |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | Add +79.2% | 12,910,000 | $14.7M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | Add +22.1% | 14,544,000 | $14.3M |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | Reduce -47.9% | 15,339,000 | $13.7M |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | Add +108.9% | 12,695,000 | $13.1M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | Sold out | 13,200,000 | $13.0Mbefore exit |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Add +70.8% | 11,905,000 | $12.9M |
| DEXCOM INC (DXCM 0.25 11/15/25) | NOTE 0.250%11/1 · principal | Reduce -19.5% | 12,963,000 | $12.9M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | Reduce -44.4% | 13,060,000 | $12.8M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | Add +109.0% | 10,471,000 | $12.5M |
| GUARDANT HEALTH INC (GH 1.25 02/15/31) | DEBT 1.250% 2/1 · principal | Add +28.5% | 9,240,000 | $12.1M |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | Add +548.2% | 12,977,000 | $12.0M |
| SHAKE SHACK INC (SHAK 0 03/01/28) | NOTE 3/0 · principal | Add +32.8% | 11,716,000 | $11.2M |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Reduce -3.9% | 11,443,000 | $10.9M |
| BRIDGEBIO PHARMA INC (BBIO 2.25 02/01/29) | NOTE 2.250% 2/0 · principal | Reduce -40.4% | 10,757,000 | $10.6M |
| TRAVERE THERAPEUTICS INC (TVTX 2.25 03/01/29) | NOTE 2.250% 3/0 · principal | Add +19.0% | 9,213,000 | $10.4M |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | Add +97.4% | 12,833,000 | $9.9M |
Showing the first 50 of 133.
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 |