Oaktree Capital Management
13F Holdings and Portfolio Analysis
Howard Marks 2025 Q4 13F holdings, quarterly changes, portfolio value trend and position weight distribution.
Oaktree Capital Management Overview
Oaktree Capital Management held 170 stocks in 2025 Q4, with total market value around $7.03B.
Oaktree Capital Management's top five holdings in 2025 Q4: EXPAND ENERGY CORP(EXE) 7.95%, TORM PLC COMMON STOCK(TRMD) 7.50%, ANGLOGOLD ASHANTI PLC COMMON STOCK(AU) 4.67%, VANECK SEMICONDUCTOR ETF ETF(SMH) 4.43%, GARRETT MOTION INC COMMON STOCK(GTX) 4.24%.
- Portfolio Value
- $7.03B
- Current Holdings
- 170 stocks
- New / Increased
- 37 / 55
- Reduced / Exited
- 54 / 31
Current Holdings
| 1 | EXPAND ENERGY CORPEXE | 0.56 | 7.95% | 5.06 - | $110.36 | - | $44.04 | 0.00 | 5.00 | +$0.34B+150.61% | Held |
| 2 | TORM PLC COMMON STOCKTRMD | 0.53 | 7.50% | 26.43 -34.88% | $19.95 | $28.16 +41.15% | $6.46 | -14.16 | 7.50 | +$0.57B+335.98% | Reduced |
| 3 | ANGLOGOLD ASHANTI PLC COMMON STOCKAU | 0.33 | 4.67% | 3.85 -8.06% | $85.28 | - | $16.61 | -0.34 | 2.50 | +$0.26B+413.27% | Reduced |
| 4 | VANECK SEMICONDUCTOR ETF ETFSMH | 0.31 | 4.43% | 0.86 | $360.13 | - | $360.13 | +0.86 | 0.25 | $0.00B0.00% | New |
| 5 | GARRETT MOTION INC COMMON STOCKGTX | 0.30 | 4.24% | 17.09 -46.40% | $17.43 | - | $15.36 | -14.80 | 4.75 | +$0.04B+13.51% | Reduced |
| 6 | SPDR S&P 500 ETF TRSPY | 0.26 | 3.74% | 0.39 +16.67% | $681.92 | $754.20 +10.60% | $579.69 | +0.06 | 4.50 | +$0.07B+30.10% | Increased |
| 7 | Indivior COMMON STOCKIZQVF | 0.26 | 3.63% | 7.11 -97.24% | $35.88 | - | $0.46 | -250.68 | 2.00 | +$0.25B+7693.25% | Reduced |
| 8 | VIPER ENERGY INC COMMON STOCKVNOM | 0.24 | 3.45% | 6.29 - | $38.63 | - | $38.22 | 0.00 | 0.50 | +$0.00B+1.07% | Held |
| 9 | TALEN ENERGY CORP COMTLN | 0.24 | 3.37% | 0.63 +77.22% | $374.84 | $379.64 +1.28% | $437.11 | +0.28 | 1.50 | -$0.04B-13.15% | Increased |
| 10 | TELEPHONE AND DATA SYSTEMS INC COMMON STOCKTDS | 0.15 | 2.15% | 3.69 - | $41.00 | - | $39.24 | 0.00 | 0.50 | +$0.01B+4.49% | Held |
| 11 | CORE SCIENTIFIC INC COMMON STOCKCORZ | 0.15 | 2.14% | 10.35 +61.71% | $14.56 | - | $16.65 | +3.95 | 0.50 | -$0.02B-12.55% | Increased |
| 12 | BARRICK MINING CORPB | 0.13 | 1.84% | 2.98 -9.90% | $43.55 | - | $21.34 | -0.33 | 0.75 | +$0.07B+104.05% | Reduced |
| 13 | NOKIA OYJ COMMON STOCKNOK | 0.12 | 1.73% | 18.75 - | $6.47 | - | $5.27 | 0.00 | 1.00 | +$0.02B+22.77% | Held |
| 14 | FTAI AVIATION LTD COMMON STOCKFTAI | 0.10 | 1.45% | 0.52 -11.59% | $196.85 | - | $166.86 | -0.07 | 0.50 | +$0.02B+17.97% | Reduced |
| 15 | ITAU UNIBANCO HOLDING SA COMMON STOCKITUB | 0.10 | 1.41% | 13.82 +9.13% | $7.16 | - | $6.24 | +1.16 | 1.00 | +$0.01B+14.76% | Increased |
| 16 | Oracle CorporationORCL | 0.10 | 1.39% | 0.50 - | $194.91 | $299.00 +53.40% | $281.24 | 0.00 | 0.50 | +$0.01B+6.31% | Held |
| 17 | LIBERTY GLOBAL LTD COM CL ALBTYA | 0.10 | 1.36% | 8.55 - | $11.14 | - | $16.77 | 0.00 | 1.75 | -$0.05B-33.55% | Held |
| 18 | CBL & ASSOCIATES PROPERTIES INC COMMON STOCKCBL | 0.09 | 1.33% | 2.52 -16.22% | $37.00 | - | $32.04 | -0.49 | 4.25 | +$0.01B+15.50% | Reduced |
| 19 | RIOT PLATFORMS INC Convertible BondCUSIP 767292AB1可转换债券 | 0.09 | 1.32% | 81.96 | $1.13 | - | $1.13 | +81.96 | 0.25 | $0.00B0.00% | New |
| 20 | JETBLUE AIRWAYS CORP Convertible BondCUSIP 477143AP6可转换债券 | 0.09 | 1.27% | 90.53 +32.62% | $0.98 | - | $0.93 | +22.27 | 3.75 | +$0.00B+5.50% | Increased |
| 21 | GRUPO AEROMEXICO SAB DE CVAERO | 0.08 | 1.18% | 3.78 | $21.96 | - | $21.96 | +3.78 | 0.25 | $0.00B0.00% | New |
| 22 | TRANSALTA CORP COMMON STOCKTAC | 0.08 | 1.16% | 6.42 - | $12.66 | - | $9.67 | 0.00 | 1.00 | +$0.02B+31.02% | Held |
| 23 | SUNOPTA INC COMMON STOCKSTKL | 0.08 | 1.12% | 20.73 - | $3.81 | - | $9.78 | 0.00 | 9.00 | -$0.12B-61.09% | Held |
| 24 | NU HLDGS LTD ORD SHS CL ANU | 0.07 | 1.07% | 4.48 -0.88% | $16.74 | $11.64 -30.47% | $16.01 | -0.04 | 0.50 | -$0.02B-27.30% | Reduced |
| 25 | Freeport-McMoRan Inc.FCX | 0.07 | 1.00% | 1.39 -7.63% | $50.79 | $41.18 -18.92% | $35.02 | -0.11 | 4.50 | +$0.01B+17.58% | Reduced |
Showing 1-25 of 170
"Holding Period (yrs)" is the latest uninterrupted holding duration, calculated by dividing continuous reported quarters by 4.
Cost basis is an estimate and can differ materially from the actual cost, especially in edge cases.
Cost basis estimate: from the latest uninterrupted holding period, new or increased shares are added to the cost pool at the report price; reductions remove shares at the then-average cost. Example: buy 100 shares at $10 in Q1 and add 50 shares at $16 in Q2, estimated cost basis is (100 x 10 + 50 x 16) / 150 = $12 per share.
Return shows estimated dollar return on top and percentage return below. It uses current price when available, otherwise report price.
Exited Holdings
Stocks no longer disclosed in the current 13F portfolio for 2025 Q4.
| 1 | ISHARES RUSSELL 2000 ETF ETFIWM | 0.22 | 0.50 | $215.79 | $241.96 | +$0.01B+12.13% |
| 2 | ECHOSTAR CORP-AECHO | 0.60 | 0.25 | $76.36 | $108.70 | +$0.02B+42.35% |
| 3 | SAREPTA THERAPEUTICS INCSRPT | 34.93 | 2.25 | $0.92 | $0.88 | -$0.00B-3.88% |
| 4 | NABORS INDUSTRIES LTDNBR | 0.74 | 0.25 | $40.87 | $40.87 | $0.00B0.00% |
| 5 | Sea LimitedSE | 0.14 | 0.50 | $167.63 | $127.57 | -$0.01B-23.90% |
| 6 | JBS NVJBS | 1.58 | 0.50 | $14.88 | $14.93 | +$0.00B+0.32% |
| 7 | FIRST MAJESTIC SILVER CORPFBP | 18.13 | 2.25 | $0.87 | $1.09 | +$0.00B+24.48% |
| 8 | SHIFT4 PAYMENTS INC Convertible BondCUSIP 82452JAD1可转换债券 | 14.54 | 1.00 | $1.05 | $0.99 | -$0.00B-6.37% |
| 9 | MERITAGE HOMES CORP Convertible BondCUSIP 59001ABF8可转换债券 | 12.70 | 0.50 | $1.00 | $1.03 | +$0.00B+2.64% |
| 10 | DEXCOM INC Convertible BondCUSIP 252131AK3可转换债券 | 12.96 | 0.50 | $0.98 | $0.99 | +$0.00B+0.86% |
| 11 | WINGSTOP INC COMWING | 0.05 | 0.25 | $251.68 | $238.49 | -$0.00B-5.24% |
| 12 | GUARDANT HEALTH INCGH | 9.24 | 0.75 | $1.10 | $1.30 | +$0.00B+19.06% |
| 13 | TRAVERE THERAPEUTICS INCTVTX | 9.21 | 1.25 | $0.91 | $1.13 | +$0.00B+24.19% |
| 14 | BLACKLINE INCBL | 8.15 | 0.50 | $1.06 | $1.04 | -$0.00B-2.10% |
| 15 | LI AUTO INCLI | 7.28 | 0.75 | $1.16 | $1.14 | -$0.00B-1.63% |
| 16 | ACRES COMMERCIAL REALTY CORPACR | 0.39 | 0.25 | $21.16 | $21.16 | $0.00B0.00% |
| 17 | LEGENCE CORPLGN | 0.17 | 0.25 | $30.81 | $30.81 | $0.00B0.00% |
| 18 | VERINT SYSTEMS INCVRNT | 4.63 | 0.50 | $0.96 | $0.98 | +$0.00B+2.05% |
| 19 | FUBOTV INCFUBO | 4.54 | 0.75 | $0.97 | $0.99 | +$0.00B+1.88% |
| 20 | NOVOCURE LTDNVCR | 4.34 | 0.50 | $0.99 | $0.99 | +$0.00B+0.83% |
| 21 | GUESS INCGES | 3.62 | 0.75 | $0.94 | $0.99 | +$0.00B+5.57% |
| 22 | Q2 HOLDINGS INCQTWO | 2.70 | 0.25 | $0.99 | $0.99 | $0.00B0.00% |
| 23 | BRIDGEBIO PHARMA INCBBIO | 1.85 | 0.75 | $1.19 | $1.41 | +$0.00B+18.38% |
| 24 | UBER TECHNOLOGIES INC Convertible BondCUSIP 90353TAM2可转换债券 | 1.50 | 1.00 | $1.10 | $1.47 | +$0.00B+33.26% |
| 25 | ESPERION THERAPEUTICS INCESPR | 2.11 | 0.75 | $0.99 | $1.00 | +$0.00B+1.22% |
Showing 1-25 of 31
Exited holdings are stocks disclosed in the previous report period but no longer disclosed in the current 13F portfolio.
"Holding Period (yrs)" is the latest uninterrupted holding duration, calculated by dividing continuous reported quarters by 4.
Cost basis uses the same weighted cost-pool method as current holdings. Estimated exit price uses the current report period weighted report price when available, otherwise the previous report price; it does not represent the actual sale price.
Exit return shows estimated dollar return on top and percentage return below.
Portfolio Visuals
Track portfolio value, position weights and Top 10 history.