Howard Marks · quarter digest
What Howard Marks did in Q3 2025
Oaktree Capital filed 53 moves in Q3 2025: 9 new, 23 add, 13 trim, 8 exit.
13F filed 2025-11-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 9
Fresh money
NEW·5.1% book·−1
“New Sitio Royalties — mineral rights.”
ORCLORACLE CORP
NEW·2.2% book·−13
TDSTELEPHONE AND DATA SYSTEMS INC
NEW·2.2% book·−6
NUNU HOLDINGS LTD/CAYMAN ISLANDS
NEW·1.1% book·−11
MARMARRIOTT INTERNATIONAL INC/MD
NEW·0.6% book·−8
XPXP INC
NEW·0.6% book·−5
FIVE9FIVE9 INC
NEW·0.1% book·−3
LYFTLYFT INC
NEW·0.0% book·−3
Q2Q2 HOLDINGS INC
NEW·0.0% book·−9
Adds · 23
Adding to conviction
ADD +12%·14.8% book·+15
“Building Torm shipping.”
ADD +25%·11.2% book·−10
“Same data center thesis as Klarman.”
TLNTALEN ENERGY CORP
ADD +83%·2.3% book·−8
SEASEA LTD
ADD +17%·1.5% book·−7
LILAKLIBERTY LATIN AMERICA LTD
ADD +223%·1.0% book·−8
CABOCABLE ONE INC
ADD +13%·0.9% book·−4
TDOCTELADOC HEALTH INC
ADD +34%·0.6% book·−4
ABNBAIRBNB INC
ADD +8%·0.6% book·+1
EQIXETSY INC
ADD +24%·0.5% book·−8
JBSJBS NV
ADD +562%·0.4% book·−8
JDJD.COM INC
ADD +93%·0.4% book·+13
GHGUARDANT HEALTH INC
ADD +14%·0.3% book·+1
LIVNLIVANOVA PLC
ADD +51%·0.3% book·−7
PPLPPL CORP
ADD +38%·0.3% book·−6
MKSMKS INC
ADD +39%·0.3% book·−6
BMRNBIOMARIN PHARMACEUTICAL INC
ADD +1231%·0.3% book·−2
BLOCKBLOCK INC
ADD +349%·0.2% book·−10
SHAKSHAKE SHACK INC
ADD +33%·0.2% book·−10
FLUORFLUOR CORP
ADD +109%·0.2% book·−8
UUNITY SOFTWARE INC
ADD +17%·0.1% book·−5
HDBHDFC BANK LTD
ADD +78%·0.1% book·−11
BANDBANDWIDTH INC
ADD +101%·0.1% book·−5
BILLBILL HOLDINGS INC
ADD +23%·0.0% book·−6
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Trims · 13
Taking chips off
GTXGARRETT MOTION INC
TRIM -14%·6.7% book·−9
SPGSTATE STREET CORP
TRIM -68%·3.4% book·+2
CXCEMEX SAB DE CV
TRIM -30%·1.4% book·−12
FCXFREEPORT-MCMORAN INC
TRIM -25%·0.9% book·−9
IVVISHARES RUSSELL 2000 ETF
TRIM -8%·0.8% book·0
OKTAOKTA INC
TRIM -32%·0.3% book·−5
BBIOBRIDGEBIO PHARMA INC
TRIM -37%·0.2% book·−9
GUESSGUESS INC
TRIM -26%·0.1% book·−10
UPWKUPWORK INC
TRIM -27%·0.1% book·−6
WWAYFAIR INC
TRIM -65%·0.0% book·−10
UBERUBER TECHNOLOGIES INC
TRIM -64%·0.0% book·+13
ONON SEMICONDUCTOR CORP
TRIM -77%·0.0% book·−2
HLFHERBALIFE LTD
TRIM -24%·0.0% book·−11
Exits · 8
Closed positions
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.