Howard Marks · quarter digest
What Howard Marks did in Q3 2025
Oaktree Capital filed 74 moves in Q3 2025: 18 new, 25 add, 18 trim, 13 exit.
13F filed 2025-11-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 18
Fresh money
NEW·5.1% book·−2
“New Sitio Royalties — mineral rights.”
VNOMVIPER ENERGY INC
NEW·3.7% book·−4
ORCLORACLE CORP
NEW·2.2% book·−18
TDSTELEPHONE AND DATA SYSTEMS INC
NEW·2.2% book·−6
CORZCORE SCIENTIFIC INC
NEW·1.8% book·−3
FTAIFTAI AVIATION LTD
NEW·1.5% book·−19
NUNU HOLDINGS LTD/CAYMAN ISLANDS
NEW·1.1% book·−13
BLCOBAUSCH LOMB CORP
NEW·0.8% book·−8
MARMARRIOTT INTERNATIONAL INC/MD
NEW·0.6% book·−15
ADARRAY DIGITAL INFRASTRUCTURE INC
NEW·0.6% book·−4
XPXP INC
NEW·0.6% book·−6
ECVTECOVYST INC
NEW·0.4% book·−6
WINGWINGSTOP INC
NEW·0.2% book·−11
LGNLEGENCE CORP
NEW·0.1% book·−9
FIVE9FIVE9 INC
NEW·0.1% book·−7
ACRACRES COMMERCIAL REALTY CORP
NEW·0.1% book·−7
LYFTLYFT INC
NEW·0.0% book·−24
Q2Q2 HOLDINGS INC
NEW·0.0% book·−5
Adds · 25
Adding to conviction
ADD +12%·14.8% book·+16
“Building Torm shipping.”
ADD +25%·11.2% book·+1
“Same data center thesis as Klarman.”
TLNTALEN ENERGY CORP
ADD +83%·2.3% book·−10
SESEA LTD
ADD +17%·1.5% book·−4
ITUBITAU UNIBANCO HOLDING SA
ADD +15%·1.4% book·−10
LILALIBERTY LATIN AMERICA LTD
ADD +223%·1.0% book·−11
CABOCABLE ONE INC
ADD +13%·0.9% book·−7
YMMFULL TRUCK ALLIANCE CO LTD
ADD +106%·0.8% book·−8
TDOCTELADOC HEALTH INC
ADD +34%·0.6% book·−6
ABNBAIRBNB INC
ADD +8%·0.6% book·−14
EQIXETSY INC
ADD +24%·0.5% book·−2
JBSJBS NV
ADD +562%·0.4% book·0
JDJD.COM INC
ADD +93%·0.4% book·+7
GHGUARDANT HEALTH INC
ADD +14%·0.3% book·−8
PPLPPL CORP
ADD +38%·0.3% book·−9
MKSMKS INC
ADD +39%·0.3% book·−10
BMRNBIOMARIN PHARMACEUTICAL INC
ADD +1231%·0.3% book·0
BLOCKBLOCK INC
ADD +349%·0.2% book·−4
SHAKSHAKE SHACK INC
ADD +33%·0.2% book·−7
FLUORFLUOR CORP
ADD +109%·0.2% book·−9
FOURSHIFT4 PAYMENTS INC
ADD +22%·0.2% book·+12
UUNITY SOFTWARE INC
ADD +17%·0.1% book·−7
HDBHDFC BANK LTD
ADD +78%·0.1% book·−17
BANDBANDWIDTH INC
ADD +101%·0.1% book·−11
BILLBILL HOLDINGS INC
ADD +23%·0.0% book·−5
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Remove with Pro →Trims · 18
Taking chips off
GTXGARRETT MOTION INC
TRIM -14%·6.7% book·−13
AUANGLOGOLD ASHANTI PLC
TRIM -15%·4.5% book·−12
SPYSTATE STREET CORP
TRIM -68%·3.4% book·−2
CXCEMEX SAB DE CV
TRIM -30%·1.4% book·−5
RWAYRUNWAY GROWTH FINANCE CORP
TRIM -15%·1.3% book·−2
VISTVISTA ENERGY SAB DE CV
TRIM -11%·1.0% book·+6
FCXFREEPORT-MCMORAN INC
TRIM -25%·0.9% book·−6
IWMISHARES RUSSELL 2000 ETF
TRIM -8%·0.8% book·−2
ECHOECHOSTAR CORP
TRIM -97%·0.7% book·−7
CRCCALIFORNIA RESOURCES CORP
TRIM -50%·0.6% book·−12
OKTAOKTA INC
TRIM -32%·0.3% book·−11
BBIOBRIDGEBIO PHARMA INC
TRIM -37%·0.2% book·−13
GUESSGUESS INC
TRIM -26%·0.1% book·−11
UPWKUPWORK INC
TRIM -27%·0.1% book·−17
TGSTRANSPORTADORA DE GAS DEL SUR SA
TRIM -59%·0.0% book·−4
WWAYFAIR INC
TRIM -65%·0.0% book·−12
UBERUBER TECHNOLOGIES INC
TRIM -64%·0.0% book·+15
ONON SEMICONDUCTOR CORP
TRIM -77%·0.0% book·−16
Exits · 13
Closed positions
XHBSTATE STREET CORP
EXIT·0.0% book·−6
BLCOBAUSCH PLUS LOMB CORP
EXIT·0.0% book·−8
BEKEKE HOLDINGS INC
EXIT·0.0% book·−21
ECECOPETROL SA
EXIT·0.0% book·−7
UNITIUNITI GROUP INC
EXIT·0.0% book·−7
YPFYPF SA
EXIT·0.0% book·+8
BERRYBERRY CORP
EXIT·0.0% book·−9
BMABANCO MACRO SA
EXIT·0.0% book·−3
HDSNHUDSON TECHNOLOGIES INC
EXIT·0.0% book·−6
NICENICE LTD
EXIT·0.0% book·−6
BABAALIBABA GROUP HOLDING LTD
EXIT·0.0% book·+26
BAKBRASKEM SA
EXIT·0.0% book·−2
PDDPG&E CORP
EXIT·0.0% book·−12
Current top holdings
Howard Marks’s book, latest snapshot
Other quarters for Howard Marks
Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.
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