Not classifiedExpand Energy Corp
9.1%
Not classifiedValue$559M
Howard Marks is an American investor and writer who co-founded Oaktree Capital Management in 1995 and remains its co-chairman.
Oaktree Capital Management LP Holdings · Q4 2025
| Stock | % | Avg. buy price | Estimated gain | Quarter-end price | Last transaction | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Not classifiedExpand Energy Corp
9.1%
Not classifiedValue$559M
|
Not classifiedExpand Energy Corp | 9.1% | – | – | – | – | |||||
 TOil & Gas MidstreamTORM plc (TRMD)
8.5%
Last transaction
Reduced· Q4 2025Sold 34.9% of shares
|
T
Oil & Gas MidstreamTORM plc (TRMD)
|
8.5% | – | – | – | Reduced· Q4 2025Sold 34.9% of shares | |||||
 AGoldAngloGold Ashanti plc (AU)
5.3%
Avg. buy price
$20.43
Estimated gain+317.4%Quarter-end price
$85.28
Last transaction
Reduced· Q4 2025Sold 8.1% of shares
|
A
GoldAngloGold Ashanti plc (AU)
|
5.3% | $20.43 | +317.4% | $85.28 | Reduced· Q4 2025Sold 8.1% of shares | |||||
 GAuto - PartsGarrett Motion Inc. (GTX)
4.8%
Avg. buy price
$7.91
Estimated gain+120.4%Quarter-end price
$17.43
Last transaction
Reduced· Q4 2025Sold 46.4% of shares
|
G
Auto - PartsGarrett Motion Inc. (GTX)
|
4.8% | $7.91 | +120.4% | $17.43 | Reduced· Q4 2025Sold 46.4% of shares | |||||
 IDrug Manufacturers - Specialty & GenericIndivior PLC (INDV)
4.1%
Last transaction
Reduced· Q4 2025Sold 97.2% of shares
|
I
Drug Manufacturers - Specialty & GenericIndivior PLC (INDV)
|
4.1% | – | – | – | Reduced· Q4 2025Sold 97.2% of shares | |||||
 VOil & Gas MidstreamViper Energy, Inc. (VNOM)
3.9%
Last transaction
New· Q3 2025Opened a new position
|
V
Oil & Gas MidstreamViper Energy, Inc. (VNOM)
|
3.9% | – | – | – | New· Q3 2025Opened a new position | |||||
 TTelecommunications ServicesTelephone and Data Systems, Inc. (TDS)
2.5%
Last transaction
New· Q3 2025Opened a new position
|
T
Telecommunications ServicesTelephone and Data Systems, Inc. (TDS)
|
2.5% | – | – | – | New· Q3 2025Opened a new position | |||||
 BGoldBarrick Mining Corporation (B)
2.1%
Avg. buy price
$19.86
Estimated gain+119.2%Quarter-end price
$43.53
Last transaction
Reduced· Q4 2025Sold 9.9% of shares
|
B
GoldBarrick Mining Corporation (B)
|
2.1% | $19.86 | +119.2% | $43.53 | Reduced· Q4 2025Sold 9.9% of shares | |||||
 TIndependent Power ProducersTalen Energy Corporation (TLN)
2.0%
Avg. buy price
$277.39
Estimated gain+35.1%Quarter-end price
$374.84
Last transaction
Added· Q4 2025Increased shares by 13.7%
|
T
Independent Power ProducersTalen Energy Corporation (TLN)
|
2.0% | $277.39 | +35.1% | $374.84 | Added· Q4 2025Increased shares by 13.7% | |||||
 CSoftware - InfrastructureCore Scientific, Inc. (CORZ)
2.0%
Last transaction
Added· Q4 2025Increased shares by 30.5%
|
C
Software - InfrastructureCore Scientific, Inc. (CORZ)
|
2.0% | – | – | – | Added· Q4 2025Increased shares by 30.5% | |||||
 NCommunication EquipmentNokia Oyj (NOK)
2.0%
Last transaction
Added· Q2 2025Increased shares by 0.0%
|
N
Communication EquipmentNokia Oyj (NOK)
|
2.0% | – | – | – | Added· Q2 2025Increased shares by 0.0% | |||||
 FRental & Leasing ServicesFTAI Aviation Ltd. (FTAI)
1.7%
Last transaction
Reduced· Q4 2025Sold 11.6% of shares
|
F
Rental & Leasing ServicesFTAI Aviation Ltd. (FTAI)
|
1.7% | – | – | – | Reduced· Q4 2025Sold 11.6% of shares | |||||
 IBanks - RegionalItaú Unibanco Holding S.A. (ITUB)
1.6%
Last transaction
Added· Q4 2025Increased shares by 9.1%
|
I
Banks - RegionalItaú Unibanco Holding S.A. (ITUB)
|
1.6% | – | – | – | Added· Q4 2025Increased shares by 9.1% | |||||
|
Not classifiedLiberty Global Ltd
1.5%
Not classifiedValue$95M
|
Not classifiedLiberty Global Ltd | 1.5% | – | – | – | – | |||||
 CREIT - RetailCBL & Associates Properties, Inc. (CBL)
1.5%
Last transaction
Reduced· Q4 2025Sold 16.2% of shares
|
C
REIT - RetailCBL & Associates Properties, Inc. (CBL)
|
1.5% | – | – | – | Reduced· Q4 2025Sold 16.2% of shares | |||||
G
Garrett Motion Inc. (GTX)
−$236M
S
EchoStar Corporation (SATS)
Exited−$49M
A
AngloGold Ashanti plc (AU)
−$26M
S
Sea Limited (SE)
Exited−$21M
B
Barrick Mining Corporation (B)
−$12M
F
Freeport-McMoRan Inc. (FCX)
−$5.0M
G
Grab Holdings Limited (GRAB)
−$4.9M
N
Nu Holdings Ltd. (NU)
−$638K
T
Talen Energy Corporation (TLN)
+$16M
B
Bausch + Lomb Corporation (BLCO)
+$2.2M
I
Indivior PLC (INDV)
−250.7M
T
TORM plc (TRMD)
−14.2MLargest holdings in Q4 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.
Howard Marks is an American investor and writer who co-founded Oaktree Capital Management in 1995 and remains its co-chairman. Before Oaktree, he worked in equity research and debt investing at Citicorp, then led high-yield and convertible investing at TCW. High-yield debt pays more interest because repayment is less certain. Convertible securities can be exchanged for company shares. Marks and Bruce Karsh also organized an early distressed-debt fund at TCW. Distressed debt comes from borrowers in serious financial trouble and is often bought at a steep discount. Oaktree built its name in that field and other forms of credit investing, which means investing in loans and debt securities. Marks is known for his public investment memos, The Most Important Thing, and Mastering the Market Cycle. His approach centers on risk control, investor psychology, and judging where markets stand in a cycle, with greater emphasis on limiting losses than chasing spectacular gains. This page is not Howard Marks's personal portfolio. It shows Oaktree Capital Management LP's quarterly Form 13F report, a United States regulatory filing for certain US-listed shares and related securities that the firm holds. Use the current-holdings and quarterly-change sections to inspect the reported positions. The filing does not cover every Oaktree fund, credit strategy, private investment, debt holding, short position, derivative contract tied to another asset, or client account.
Profile refreshed July 20, 2026
As of the Q4 2025 filing, Howard Marks's largest disclosed holdings are Expand Energy Corp, TORM plc (TRMD), AngloGold Ashanti plc (AU). The table shows 15 of 166 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.
The biggest disclosed buys in Q4 2025 were Talen Energy Corporation (TLN), Bausch + Lomb Corporation (BLCO), Riot Platforms Inc, based on the Oaktree Capital Management LP 13F filing. New positions are marked "new" in the table above.
The biggest reductions in Q4 2025 were Garrett Motion Inc. (GTX), AngloGold Ashanti plc (AU), Barrick Mining Corporation (B). The filing comparison contains 6 full exits, summarized in the activity view above.
The latest 13F discloses $6.2B across 166 positions in Q4 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.
Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q4 2025, the latest disclosed quarter. The filing date is shown with every table.
Non-rejected, non-superseded SEC Form 13F filings for Oaktree Capital Management LP provide the Q4 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.
Howard Marks is an American investor and writer. He co-founded Oaktree Capital Management in 1995 and remains its co-chairman.
Oaktree is an investment manager founded by Marks, Bruce Karsh, and three other partners after they left TCW. It became known for high-yield debt, distressed debt, and private equity, which means investing in companies outside public stock markets. High-yield debt pays more interest because the borrower is more likely to miss payments or fail to repay.
Yes. Marks remains Oaktree's co-chairman as well as a co-founder.
Marks publishes essays called memos about investment strategy and the economy. They are widely read for his views on risk, investor psychology, and market cycles.
His investing books include The Most Important Thing, The Most Important Thing Illuminated, and Mastering the Market Cycle.
He is closely associated with credit investing and distressed debt, which is debt from a borrower in serious financial trouble. His approach stresses risk control, careful reading of market psychology, and judging the current stage of a market cycle.
Brookfield Asset Management acquired 62 percent of Oaktree in 2019. Marks and other Oaktree members retained the remaining 38 percent and control of day-to-day operations.
No. The current-holdings and quarterly-change sections show positions reported by Oaktree Capital Management LP, not Marks's personal brokerage account.
No. Form 13F is a United States regulatory filing for certain US-listed shares and related securities that a manager holds. Oaktree's credit funds, private investments, debt holdings, short positions, many derivative contracts tied to other assets, and other assets or accounts can sit outside that report.
No. The filing reports a quarter-end snapshot only after the quarter has finished, so positions may have changed before readers see it. It also leaves out much of Oaktree's credit business. The page is useful for studying disclosed holdings and quarterly changes, not as a live trade feed.