Howard Marks · quarter digest
What Howard Marks did in Q4 2025
Oaktree Capital filed 62 moves in Q4 2025: 7 new, 20 add, 23 trim, 12 exit.
13F filed 2026-02-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 7
Fresh money
SMHVANECK SEMICONDUCTOR ETF
NEW·4.4% book·−7
AEROGRUPO AEROMEXICO SAB DE CV
NEW·1.2% book·−6
INFYINFOSYS LTD
NEW·0.3% book·−22
ONITONITY GROUP INC
NEW·0.3% book·−8
OPTUOPTIMUM COMMUNICATIONS INC
NEW·0.2% book·−19
ITRONITRON INC
NEW·0.1% book·−3
LYVLIVE NATION ENTERTAINMENT INC
NEW·0.1% book·−16
Adds · 20
Adding to conviction
ADD +8%·15.2% book·+16
“More Torm shipping.”
ADD +18%·12.8% book·+1
“Adding to Vistra — power demand from AI.”
ADD +15%·8.1% book·+1
“Building Permian Resources.”
SPYSTATE STREET CORP
ADD +17%·3.7% book·−2
TLNTALEN ENERGY CORP
ADD +77%·3.4% book·−10
CORZCORE SCIENTIFIC INC
ADD +62%·2.1% book·−3
ITUBITAU UNIBANCO HOLDING SA
ADD +9%·1.4% book·−10
XPXP INC
ADD +63%·0.8% book·−6
ABNBAIRBNB INC
ADD +29%·0.7% book·−14
BMRNBIOMARIN PHARMACEUTICAL INC
ADD +114%·0.6% book·0
ECVTECOVYST INC
ADD +49%·0.6% book·−6
EQIXETSY INC
ADD +28%·0.6% book·−2
SNAPSNAP INC
ADD +21%·0.5% book·−11
BLOCKBLOCK INC
ADD +96%·0.4% book·−4
FIVE9FIVE9 INC
ADD +290%·0.4% book·−7
OKTAOKTA INC
ADD +67%·0.4% book·−11
BANDBANDWIDTH INC
ADD +58%·0.2% book·−11
UUNITY SOFTWARE INC
ADD +142%·0.1% book·−7
UPWKUPWORK INC
ADD +51%·0.1% book·−17
POSTPOST HOLDINGS INC
ADD +104%·0.0% book·−9
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Remove with Pro →Trims · 23
Taking chips off
AUANGLOGOLD ASHANTI PLC
TRIM -8%·4.7% book·−12
GTXGARRETT MOTION INC
TRIM -46%·4.2% book·−13
BBARRICK MINING CORP
TRIM -10%·1.8% book·−6
FTAIFTAI AVIATION LTD
TRIM -12%·1.4% book·−19
CBLCBL & ASSOCIATES PROPERTIES INC
TRIM -16%·1.3% book·−11
FCXFREEPORT-MCMORAN INC
TRIM -8%·1.0% book·−6
CXCEMEX SAB DE CV
TRIM -45%·0.9% book·−5
RWAYRUNWAY GROWTH FINANCE CORP
TRIM -15%·0.9% book·−2
GRABGRAB HOLDINGS LTD
TRIM -7%·0.8% book·−4
LILALIBERTY LATIN AMERICA LTD
TRIM -12%·0.7% book·−11
YMMFULL TRUCK ALLIANCE CO LTD
TRIM -7%·0.5% book·−8
VISTVISTA ENERGY SAB DE CV
TRIM -58%·0.5% book·+6
BZKANZHUN LTD
TRIM -7%·0.4% book·−14
TEOTELECOM ARGENTINA SA
TRIM -11%·0.4% book·−4
TXTERNIUM SA
TRIM -27%·0.4% book·−9
JDJD.COM INC
TRIM -19%·0.3% book·+7
FLUORFLUOR CORP
TRIM -11%·0.2% book·−9
ALVOALVOTECH SA
TRIM -17%·0.1% book·−3
HDBHDFC BANK LTD
TRIM -14%·0.1% book·−17
MKSMKS INC
TRIM -63%·0.1% book·−10
SHAKSHAKE SHACK INC
TRIM -51%·0.1% book·−7
BBIOBRIDGEBIO PHARMA INC
TRIM -80%·0.0% book·−13
GHGUARDANT HEALTH INC
TRIM -96%·0.0% book·−8
Exits · 12
Closed positions
IWMISHARES RUSSELL 2000 ETF
EXIT·0.0% book·−2
JBSJBS NV
EXIT·0.0% book·0
OPTUALTICE USA INC
EXIT·0.0% book·−19
WINGWINGSTOP INC
EXIT·0.0% book·−11
FOURSHIFT4 PAYMENTS INC
EXIT·0.0% book·+12
GUESSGUESS INC
EXIT·0.0% book·−11
LGNLEGENCE CORP
EXIT·0.0% book·−9
ACRACRES COMMERCIAL REALTY CORP
EXIT·0.0% book·−7
TGSTRANSPORTADORA DE GAS DEL SUR SA
EXIT·0.0% book·−4
WWAYFAIR INC
EXIT·0.0% book·−12
UBERUBER TECHNOLOGIES INC
EXIT·0.0% book·+15
Q2Q2 HOLDINGS INC
EXIT·0.0% book·−5
Current top holdings
Howard Marks’s book, latest snapshot
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Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.
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