Oaktree Capital Management
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 20, 2026), Howard Marks's Oaktree Capital Management reported 50 stock positions worth $4.3 billion. Its top holding was Torm PLC-A (TRMD) at 15.7% of the portfolio, followed by Expand Energy (EXE, 13.4%) and Anglogold Ashanti (AU, 7.3%). Compared with Q4 2025, it opened 12 new positions, sold out of 12, added to 4 and reduced 18. The biggest buy was a new position in Petroleo Brasileiro-Spon ADR (PBR) and the biggest sale an exit from Ftai Aviation (FTAI).
- Most Recent 13F
- Q2 2026
- Notable People
- Howard Marks
- Location
- LOS ANGELES, CA
- CIK
- 0000949509
- Portfolio Value
- $4.3B (Q1 2026)
- SEC Filing
- 0000949509-26-000004 ↗ filed May 20, 2026
Holdings Value
Holdings 50 stocks · $4.3B
| TRMD Torm PLC-A | 15.68% | 23,839,575 | $675.1M | Reduce -9.8% |
| EXE Expand Energy Corp. | 13.36% | 5,237,477 | $575.0M | Add +3.5% |
| AU Anglogold Ashanti PLC | 7.29% | 3,223,092 | $313.8M | Reduce -16.2% |
| GTX Garrett Motion Inc. | 6.16% | 14,594,816 | $265.2M | Reduce -14.6% |
| INDV Indivior Pharmaceuticals Inc. | 4.94% | 6,984,102 | $212.9M | Reduce -1.8% |
| TDS Telephone and Data Systems | 4.20% | 4,292,243 | $180.7M | Add +16.4% |
| VNOM Viper Energy Inc. Class A | 4.14% | 3,791,432 | $178.2M | Reduce -39.7% |
| CORZ Core Scientific Inc. | 3.25% | 9,350,708 | $139.9M | Add +12.0% |
| STKL Sunopta Inc. | 3.12% | 20,726,126 | $134.2M | No change |
| PBR Petroleo Brasileiro-Spon ADR | 2.93% | 6,089,413 | $126.4M | New |
| B Barrick Mining Corp. | 2.49% | 2,624,859 | $107.1M | Reduce -11.8% |
| TLN Talen Energy Corp. | 2.46% | 331,117 | $105.7M | No change |
| LBTYA Liberty Global Ltd. Class A | 2.40% | 8,551,191 | $103.4M | No change |
| ITUB Itau Unibanco H-Spon PRF ADR | 2.37% | 12,188,995 | $102.1M | Reduce -11.8% |
| NOK Nokia Corp.-Spon ADR | 2.09% | 11,200,308 | $90.1M | Reduce -40.3% |
| TAC Transalta Corp. | 1.95% | 6,415,253 | $84.1M | No change |
| CBL CBL & Associates Properties | 1.92% | 2,153,717 | $82.8M | Reduce -14.4% |
| FCX Freeport-McMoran Inc. | 1.67% | 1,220,122 | $71.7M | Reduce -12.2% |
| XP XP Inc. Class A | 1.40% | 3,172,009 | $60.4M | Reduce -4.5% |
| AERO Grupo Aeromexico Sab DE CV | 1.29% | 3,968,686 | $55.6M | Add +5.1% |
| BLCO Bausch + Lomb Corp. | 1.25% | 3,382,739 | $53.8M | No change |
| KRC Kilroy Realty Corp. | 1.21% | 1,850,011 | $52.2M | No change |
| LILAK Liberty Latin Americ Class C | 1.18% | 5,748,780 | $50.7M | No change |
| CRDO Credo Technology Group Holdi | 1.18% | 539,000 | $50.6M | New |
| RWAY Runway Growth Finance Corp. | 1.12% | 7,029,667 | $48.3M | No change |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.95% | 886,465 | $41.0M | New |
| AD Array Digital Infrastructure | 0.78% | 724,444 | $33.4M | No change |
| CX Cemex Sab-Spons ADR Part Cer | 0.73% | 2,763,083 | $31.6M | Reduce -51.9% |
| ECVT Ecovyst Inc. | 0.71% | 2,393,791 | $30.8M | Reduce -43.7% |
| EMBJ Embraer SA-Spon ADR | 0.62% | 447,606 | $26.6M | New |
| KRSP Rice Acquisition Corp. 3-A | 0.57% | 2,400,000 | $24.7M | No change |
| TX Ternium SA-Sponsored ADR | 0.54% | 582,924 | $23.4M | Reduce -11.5% |
| SHAZ Sharonai Holdings Inc. | 0.53% | 1,000,000 | $22.7M | New |
| OCSL Oaktree Specialty Lending Co. | 0.49% | 1,852,456 | $20.9M | No change |
| TEO Telecom Argentina SA-SP ADR | 0.44% | 1,622,244 | $19.0M | Reduce -30.9% |
| SMPL The Simply Good Foods Co. | 0.38% | 1,128,889 | $16.2M | New |
| MINE Mayfair Gold Corp. | 0.32% | 4,500,000 | $13.9M | New |
| BATL Battalion Oil Corp. | 0.27% | 3,009,912 | $11.7M | No change |
| SMRT Smartrent Inc. | 0.26% | 7,505,294 | $11.3M | No change |
| BMM Blue Moon Metals Inc. | 0.25% | 1,685,000 | $10.9M | New |
| OPTU Optimum Communications Inc. Class A | 0.22% | 7,330,490 | $9.5M | Reduce -2.3% |
| MX Magnachip Semiconductor Corp. | 0.19% | 2,849,858 | $8.0M | No change |
| ILLUU Illumination Acquisition Cor | 0.17% | 750,000 | $7.4M | New |
| LILA Liberty Latin Americ Class A | 0.17% | 839,020 | $7.2M | No change |
| NRG NRG Energy Inc. | 0.17% | 49,028 | $7.2M | New |
| BKLN Invesco Senior Loan ETF | 0.09% | 200,020 | $4.1M | New |
| HDB HDFC Bank Ltd.-ADR | 0.07% | 114,261 | $2.8M | Reduce -12.4% |
| PDD PDD Holdings Inc. | 0.01% | 4,823 | $493K | New |
| ALVO Alvotech SA | 0.01% | 240,038 | $339K | Reduce -55.0% |
| BTAIQ Bioxcel Therapeutics Inc. | 0.01% | 241,188 | $323K | No change |
Options reported separately and not counted above: QQQ puts ($329.0M), XOP puts ($181.8M), CORZ calls ($52.4M), TLN calls ($47.9M), LYB puts ($40.3M).
Other holdings (92): bonds, preferreds, convertibles and warrants · $1.6B (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 95,093,000 | $94.8M | Add +5.0% |
| RIOT PLATFORMS INC (RIOT 0.75 01/15/30) | NOTE 0.750% 1/1 · principal | 79,664,000 | $91.8M | Reduce -2.8% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 18,000,001 | $64.3M | Add +0.0% |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 57,736,000 | $56.4M | Add +45.4% |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 55,921,000 | $55.8M | Add +1532.3% |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 61,196,000 | $54.8M | Add +22.0% |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 55,985,000 | $54.0M | Add +32.9% |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | 52,633,000 | $52.2M | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 56,620,000 | $50.6M | Add +48.3% |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | 52,119,000 | $50.2M | Add +29.1% |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | 47,886,000 | $46.9M | Add +23.2% |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 46,973,000 | $46.7M | Add +65.9% |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 46,995,000 | $44.7M | Add +598.3% |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | 41,053,000 | $40.9M | New |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | 44,355,000 | $40.0M | Add +75.8% |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 37,779,000 | $37.7M | Add +86.6% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 40,423,000 | $37.3M | Add +44.4% |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | 36,154,000 | $36.1M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 36,189,000 | $35.1M | Reduce -10.3% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 35,941,000 | $35.0M | Add +296.0% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 38,036,000 | $34.5M | Reduce -12.7% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 33,070,000 | $31.7M | Reduce -14.1% |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | 31,046,000 | $28.2M | Reduce -6.7% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 26,126,000 | $26.1M | Reduce -5.0% |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | 27,272,000 | $25.7M | New |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 26,175,000 | $25.7M | Reduce -20.9% |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | 21,743,000 | $19.0M | Reduce -28.4% |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | 19,745,000 | $18.7M | Add +0.9% |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 15,977,000 | $15.9M | Reduce -48.1% |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | 16,137,000 | $14.7M | Reduce -32.9% |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | 13,815,000 | $14.3M | Reduce -19.9% |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | 12,959,000 | $12.9M | Add +8.0% |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | 10,221,000 | $12.5M | Add +33.6% |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 12,499,000 | $12.3M | Add +77.6% |
| ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) | NOTE 1/1 · principal | 11,055,000 | $11.5M | New |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 11,537,000 | $11.2M | Add +120.8% |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | 11,053,000 | $11.0M | Reduce -42.5% |
| ITRON INC (ITRI 1.375 07/15/30) | NOTE 1.375% 7/1 · principal | 10,349,000 | $10.4M | Add +18.9% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 10,982,000 | $10.3M | Add +85.0% |
| AEROVIRONMENT INC (AVAV 0 07/15/30) | NOTE 7/1 · principal | 10,313,000 | $10.1M | Reduce -34.6% |
| STRATEGY INC (MSTR 0 12/01/29) | NOTE 12/0 · principal | 12,080,000 | $10.1M | Add +109.6% |
| ZIFF DAVIS INC (ZD 1.75 11/01/26) | NOTE 1.750%11/0 · principal | 10,091,000 | $9.9M | No change |
| PENN ENTERTAINMENT INC (PENN 2.75 05/15/26) | NOTE 2.750% 5/1 · principal | 9,562,000 | $9.6M | Add +93.1% |
| CALLAWAY GOLF CO (CALY 2.75 05/01/26) | NOTE 2.750% 5/0 · principal | 9,166,000 | $9.2M | Reduce -4.5% |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 9,138,000 | $9.1M | Reduce -8.0% |
| REDFIN CORP (RDFN 0.5 04/01/27) | NOTE 0.500% 4/0 · principal | 9,197,000 | $8.8M | Reduce -22.3% |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 8,997,000 | $8.8M | Reduce -8.5% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 9,376,000 | $8.5M | Reduce -53.6% |
| REDWOOD TRUST INC (RWT 7.75 06/15/27) | NOTE 7.750% 6/1 · principal | 8,247,000 | $8.4M | Add +10.6% |
| TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) | NOTE 0.750% 6/1 · principal | 7,588,000 | $7.9M | Add +538.2% |
| NUTANIX INC (NTNX 0.25 10/01/27) | NOTE 0.250%10/0 · principal | 7,600,000 | $7.8M | Add +280.0% |
| DATADOG INC (DDOG 0 12/01/29) | NOTE 12/0 · principal | 7,699,000 | $7.5M | Add +2.7% |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 5,397,000 | $6.2M | New |
| MGP INGREDIENTS INC (MGPI 1.875 11/15/41) | NOTE 1.875%11/1 · principal | 6,251,000 | $6.0M | Reduce -73.1% |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 6,000,000 | $5.5M | Reduce -55.3% |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 5,935,000 | $5.4M | New |
| CERENCE INC (CRNC 1.5 07/01/28) | NOTE 1.500% 7/0 · principal | 5,942,000 | $5.3M | Reduce -10.0% |
| NEOGENOMICS INC (NEO 0.25 01/15/28) | NOTE 0.250% 1/1 · principal | 5,575,000 | $5.1M | Reduce -21.5% |
| GREEN PLAINS INC (GPRE 2.25 03/15/27) | NOTE 2.250% 3/1 · principal | 4,998,000 | $5.0M | Reduce -34.9% |
| UPSTART HOLDINGS INC (UPST 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 4,869,000 | $4.8M | Reduce -32.4% |
| PENNYMAC CORP (PMT 8.5 06/01/29) | NOTE 8.500% 6/0 · principal | 3,971,000 | $4.2M | New |
| PG&E CORP (PCG 4.25 12/01/27) | NOTE 4.250%12/0 · principal | 4,000,000 | $4.1M | New |
| SOUTHERN CO (SO 4.5 06/15/27) | NOTE 4.500% 6/1 · principal | 3,357,000 | $3.7M | Reduce -26.3% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 4,167,000 | $3.7M | Reduce -69.5% |
| SNAP INC (SNAP 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 3,767,000 | $3.7M | No change |
| ZIFF DAVIS INC (ZD 3.625 03/01/28) | DEBT 3.625% 3/0 · principal | 3,496,000 | $3.4M | No change |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 3,306,000 | $3.2M | No change |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 2,927,000 | $2.9M | New |
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 2,985,000 | $2.9M | Add +58.8% |
| UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) | NOTE 0.875%12/0 · principal | 2,000,000 | $2.4M | New |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 2,000,000 | $2.2M | New |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | NOTE 0.250% 4/0 · principal | 2,364,000 | $2.2M | Reduce -77.5% |
| CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 2,173,000 | $2.1M | Add +10.9% |
| STRATEGY INC (MSTR 0.875 03/15/31) | NOTE 0.875% 3/1 · principal | 2,200,000 | $2.1M | Add +69.2% |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 1,950,000 | $2.1M | Reduce -26.4% |
| JAZZ INVESTMENTS I LTD (JAZZ 3.125 09/15/30) | NOTE 3.125% 9/1 · principal | 1,461,000 | $2.1M | Reduce -86.2% |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 2,060,000 | $2.0M | Add +77.6% |
| LIVE NATION ENTERTAINMEN (LYV 2.875 01/15/30) | NOTE 2.875% 1/1 · principal | 1,813,000 | $2.0M | Reduce -81.3% |
| SNOWFLAKE INC (SNOW 0 10/01/27) | NOTE 10/0 · principal | 1,600,000 | $1.9M | New |
| MERITAGE HOMES CORP (MTH 1.75 05/15/28) | NOTE 1.750% 5/1 · principal | 1,900,000 | $1.8M | New |
| NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) | NOTE 3.000% 3/0 · principal | 1,292,000 | $1.8M | No change |
| GLADSTONE CAPITAL CORP (GLAD 5.875 10/01/30) | NOTE 5.875%10/0 · principal | 1,898,000 | $1.8M | Add +151.7% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 1,371,000 | $1.7M | Reduce -85.4% |
| RAPID7 INC (RPD 0.25 03/15/27) | NOTE 0.250% 3/1 · principal | 1,668,000 | $1.6M | New |
| IRHYTHM HOLDINGS INC (IRTC 1.5 09/01/29) | NOTE 1.500% 9/0 · principal | 1,350,000 | $1.5M | New |
| CELCUITY INC (CELC 2.75 08/01/31) | NOTE 2.750% 8/0 · principal | 600,000 | $1.5M | Reduce -14.3% |
| RIVIAN AUTO INC (RIVN 3.625 10/15/30) | NOTE 3.625%10/1 · principal | 1,300,000 | $1.2M | New |
| ALVOW Alvotech SA -27 | *W EXP 99/99/999 | 4,666,667 | $1.2M | No change |
| ALARM.COM HLDGS INC (ALRM 2.25 06/01/29) | NOTE 2.250% 6/0 · principal | 1,008,000 | $931K | New |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 837,000 | $801K | Reduce -7.2% |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 833,000 | $751K | New |
| KRSP.WS Rice Acquisition Corp. 3 | *W EXP 99/99/999 | 399,999 | $320K | No change |
Total filed on the 13F, all lines: $5.9B.
Portfolio Sells Q4 2025 → Q1 2026
| FTAI Ftai Aviation Ltd. | Sold out | 0.00% | −2.25 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −1.66 |
| GRAB Grab Holdings Ltd. Class A | Sold out | 0.00% | −1.24 |
| VNOM Viper Energy Inc. Class A | Reduce -39.7% | 4.14% | −1.23 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −0.84 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.83 |
| SBLK Star Bulk Carriers Corp. | Sold out | 0.00% | −0.83 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -51.9% | 0.73% | −0.73 |
| INDV Indivior Pharmaceuticals Inc. | Reduce -1.8% | 4.94% | −0.69 |
| CRC California Resources Corp. | Sold out | 0.00% | −0.69 |
| BZ Kanzhun Ltd. - ADR | Sold out | 0.00% | −0.69 |
| NOK Nokia Corp.-Spon ADR | Reduce -40.3% | 2.09% | −0.59 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.58 |
| INFY Infosys Ltd.-SP ADR | Sold out | 0.00% | −0.43 |
| GTX Garrett Motion Inc. | Reduce -14.6% | 6.16% | −0.42 |
| ONIT Onity Group Inc. | Sold out | 0.00% | −0.40 |
| B Barrick Mining Corp. | Reduce -11.8% | 2.49% | −0.38 |
| ECVT Ecovyst Inc. | Reduce -43.7% | 0.71% | −0.20 |
| BHC Bausch Health Cos Inc. | Sold out | 0.00% | −0.20 |
| TEO Telecom Argentina SA-SP ADR | Reduce -30.9% | 0.44% | −0.16 |
| CBL CBL & Associates Properties | Reduce -14.4% | 1.92% | −0.14 |
| OPTU Optimum Communications Inc. Class A | Reduce -2.3% | 0.22% | −0.05 |
| HDB HDFC Bank Ltd.-ADR | Reduce -12.4% | 0.07% | −0.04 |
| ALVO Alvotech SA | Reduce -55.0% | 0.01% | −0.04 |
| TX Ternium SA-Sponsored ADR | Reduce -11.5% | 0.54% | −0.01 |
| AU Anglogold Ashanti PLC | Reduce -16.2% | 7.29% | +0.04 |
| FCX Freeport-McMoran Inc. | Reduce -12.2% | 1.67% | +0.11 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -11.8% | 2.37% | +0.19 |
| XP XP Inc. Class A | Reduce -4.5% | 1.40% | +0.20 |
| TRMD Torm PLC-A | Reduce -9.8% | 15.68% | +4.03 |
Portfolio Buys Q4 2025 → Q1 2026
| PBR Petroleo Brasileiro-Spon ADR | New | 2.93% | +2.93 |
| CRDO Credo Technology Group Holdi | New | 1.18% | +1.18 |
| EXE Expand Energy Corp. | Add +3.5% | 13.36% | +1.01 |
| YPF YPF S.A.-Sponsored ADR | New | 0.95% | +0.95 |
| TDS Telephone and Data Systems | Add +16.4% | 4.20% | +0.86 |
| EMBJ Embraer SA-Spon ADR | New | 0.62% | +0.62 |
| CORZ Core Scientific Inc. | Add +12.0% | 3.25% | +0.56 |
| SHAZ Sharonai Holdings Inc. | New | 0.53% | +0.53 |
| SMPL The Simply Good Foods Co. | New | 0.38% | +0.38 |
| MINE Mayfair Gold Corp. | New | 0.32% | +0.32 |
| BMM Blue Moon Metals Inc. | New | 0.25% | +0.25 |
| ILLUU Illumination Acquisition Cor | New | 0.17% | +0.17 |
| NRG NRG Energy Inc. | New | 0.17% | +0.17 |
| BKLN Invesco Senior Loan ETF | New | 0.09% | +0.09 |
| PDD PDD Holdings Inc. | New | 0.01% | +0.01 |
| AERO Grupo Aeromexico Sab DE CV | Add +5.1% | 1.29% | −0.54 |
Options Activity Q4 2025 → Q1 2026
| QQQ Invesco QQQ Trust Series 1 | put | New | 570,000 | $329.0M |
| SMH Vaneck Semiconductor ETF | put | Sold out | 865,000 | $311.5Mbefore exit |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 385,000 | $262.5Mbefore exit |
| XOP SS SPDR S&P Og Exp & Prod | put | New | 1,000,000 | $181.8M |
| ORCL Oracle Corp. | put | Sold out | 500,000 | $97.5Mbefore exit |
| CORZ Core Scientific Inc. | call | Add +75.0% | 3,500,000 | $52.4M |
| TLN Talen Energy Corp. | call | Reduce -50.0% | 150,000 | $47.9M |
| MAR Marriott International Class A | put | Sold out | 150,000 | $46.5Mbefore exit |
| LYB Lyondellbasell Indu Class A | put | New | 500,000 | $40.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Add +5.0% | 95,093,000 | $94.8M |
| RIOT PLATFORMS INC (RIOT 0.75 01/15/30) | NOTE 0.750% 1/1 · principal | Reduce -2.8% | 79,664,000 | $91.8M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +0.0% | 18,000,001 | $64.3M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 58,874,000 | $58.1Mbefore exit |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Add +45.4% | 57,736,000 | $56.4M |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Add +1532.3% | 55,921,000 | $55.8M |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | Add +22.0% | 61,196,000 | $54.8M |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | Add +32.9% | 55,985,000 | $54.0M |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | NOTE 0.500% 6/0 · principal | New | 52,633,000 | $52.2M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +48.3% | 56,620,000 | $50.6M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 50,633,000 | $50.2Mbefore exit |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Add +29.1% | 52,119,000 | $50.2M |
| SEA LTD (SEALTD 0.25 09/15/26) | NOTE 0.250% 9/1 · principal | Add +23.2% | 47,886,000 | $46.9M |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | Add +65.9% | 46,973,000 | $46.7M |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | Add +598.3% | 46,995,000 | $44.7M |
| Q2 HOLDINGS INC (QTWO 0.75 06/01/26) | NOTE 0.750% 6/0 · principal | New | 41,053,000 | $40.9M |
| DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) | NOTE 3/1 · principal | Add +75.8% | 44,355,000 | $40.0M |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | Add +86.6% | 37,779,000 | $37.7M |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | Add +44.4% | 40,423,000 | $37.3M |
| PROGRESS SOFTWARE CORP (PRGS 1 04/15/26) | NOTE 1.000% 4/1 · principal | New | 36,154,000 | $36.1M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | Reduce -10.3% | 36,189,000 | $35.1M |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Add +296.0% | 35,941,000 | $35.0M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Reduce -12.7% | 38,036,000 | $34.5M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -14.1% | 33,070,000 | $31.7M |
| ARRAY TECHNOLOGIES INC (ARRY 1 12/01/28) | NOTE 1.000%12/0 · principal | Reduce -6.7% | 31,046,000 | $28.2M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Sold out | 27,198,000 | $27.3Mbefore exit |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | Reduce -5.0% | 26,126,000 | $26.1M |
| SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) | NOTE 0.500% 8/0 · principal | New | 27,272,000 | $25.7M |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | Reduce -20.9% | 26,175,000 | $25.7M |
| SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) | NOTE 1.500% 2/1 · principal | Sold out | 21,560,000 | $21.5Mbefore exit |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | Sold out | 19,351,000 | $19.2Mbefore exit |
| FIVE9 INC (FIVN 1 03/15/29) | NOTE 1.000% 3/1 · principal | Reduce -28.4% | 21,743,000 | $19.0M |
| SNAP INC (SNAP 0 05/01/27) | NOTE 5/0 · principal | Add +0.9% | 19,745,000 | $18.7M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | Sold out | 15,285,000 | $17.7Mbefore exit |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Sold out | 15,672,000 | $17.2Mbefore exit |
| TETRA TECH INC (TTEK 2.25 08/15/28) | DBCV 2.250% 8/1 · principal | Sold out | 15,289,000 | $16.6Mbefore exit |
| CMS ENERGY CORP (CMS 3.375 05/01/28) | NOTE 3.375% 5/0 · principal | Sold out | 15,199,000 | $16.3Mbefore exit |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | Reduce -48.1% | 15,977,000 | $15.9M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Sold out | 15,030,000 | $14.9Mbefore exit |
| NABORS INDUSTRIES INC (NBR 1.75 06/15/29) | NOTE 1.750% 6/1 · principal | Reduce -32.9% | 16,137,000 | $14.7M |
| SYNAPTICS INC (SYNA 0.75 12/01/31) | NOTE 0.750%12/0 · principal | Reduce -19.9% | 13,815,000 | $14.3M |
| WEC ENERGY GROUP INC (WEC 4.375 06/01/29) | NOTE 4.375% 6/0 · principal | Sold out | 11,957,000 | $14.0Mbefore exit |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | Sold out | 11,525,000 | $13.2Mbefore exit |
| BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) | NOTE 5.500% 3/1 · principal | Add +8.0% | 12,959,000 | $12.9M |
| COGENT BIOSCIENCES INC (COGT 1.625 11/15/31) | NOTE 1.625%11/1 · principal | Add +33.6% | 10,221,000 | $12.5M |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Add +77.6% | 12,499,000 | $12.3M |
| ARROWHEAD RESEARCH CORP (ARWR 0 01/15/32) | NOTE 1/1 · principal | New | 11,055,000 | $11.5M |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | Add +120.8% | 11,537,000 | $11.2M |
| JD.COM INC (JD 0.25 06/01/29) | NOTE 0.250% 6/0 · principal | Reduce -42.5% | 11,053,000 | $11.0M |
| PENNYMAC CORP (PMT 5.5 03/15/26) | NOTE 5.500% 3/1 · principal | Sold out | 10,935,000 | $11.0Mbefore exit |
Showing the first 50 of 128.
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 |