Oaktree Capital Management 13F, Q3 2025
Howard Marks · quarter ending 30 September 2025 · filed 13 November 2025 · SEC CIK 949509
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 6 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q3 2025
The 25 largest of 159 positions. Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| TORM PLC | $834.58M | 13.9% | unchanged | |
| EXPAND ENERGY CORP | EXE | $537.83M | 9.0% | unchanged |
| GARRETT MOTION INC | GTX | $434.41M | 7.2% | -14% shares |
| ANGLOGOLD ASHANTI PLC | $294.35M | 4.9% | -15% shares | |
| VIPER ENERGY INC | VNOM | $240.22M | 4.0% | new |
| TELEPHONE AND DATA SYSTEMS INC | TDS | $144.73M | 2.4% | new |
| TALEN ENERGY CORP | TLN | $123.84M | 2.1% | +124% shares |
| SUNOPTA INC | STKL | $121.43M | 2.0% | unchanged |
| CORE SCIENTIFIC INC | CORZ | $114.83M | 1.9% | new |
| BARRICK MINING CORP | B | $108.21M | 1.8% | +5% shares |
| LIBERTY GLOBAL LTD | $98.00M | 1.6% | +4% shares | |
| FTAI AVIATION LTD | $97.64M | 1.6% | new | |
| CEMEX SAB DE CV | CX | $93.93M | 1.6% | -30% shares |
| ITAU UNIBANCO HOLDING SA | ITUB | $92.97M | 1.6% | +15% shares |
| CBL & ASSOCIATES PROPERTIES INC | CBL | $91.90M | 1.5% | unchanged |
| NOKIA OYJ | NOK | $90.20M | 1.5% | unchanged |
| TRANSALTA CORP | TAC | $87.65M | 1.5% | +5% shares |
| RUNWAY GROWTH FINANCE CORP | RWAY | $84.12M | 1.4% | -15% shares |
| KILROY REALTY CORP | KRC | $78.16M | 1.3% | unchanged |
| GRAB HOLDINGS LTD | $72.81M | 1.2% | +5% shares | |
| NU HOLDINGS LTD/CAYMAN ISLANDS | $72.35M | 1.2% | new | |
| JETBLUE AIRWAYS CORP | JBLU 0.5 04/01/26 | $66.64M | 1.1% | +14% shares |
| VISTA ENERGY SAB DE CV | VIST | $63.34M | 1.1% | -11% shares |
| FREEPORT-MCMORAN INC | FCX | $59.02M | 1.0% | -25% shares |
| CABLE ONE INC | CABO 0 03/15/26 | $57.37M | 1.0% | +13% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Oaktree Capital Management opened 29 new positions, added to 67, trimmed 38, left 25 unchanged and exited 44. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- VNOM$240.22M
- TDS$144.73M
- CORZ$114.83M
- FTAI AVIATION LTD$97.64M
- NU HOLDINGS LTD/CAYMAN ISLANDS$72.35M
- ECHO$45.82M
- XP INC$38.20M
- AD$36.23M
and 21 more
Exited
- SITIO ROYALTIES CORPwas $237.94M
- ECwas $31.42M
- BEKEwas $26.84M
- ECHO 3.875 11/30/30was $25.31M
- WIX.COM LTDwas $21.06M
- OKTA INCwas $20.14M
- UNITI GROUP INCwas $14.68M
- ANYWHERE REAL ESTATE INCwas $12.99M
and 36 more
Other quarters
Source: SEC Form 13F-HR, accession 0000949509-25-000007, filed by OAKTREE CAPITAL MANAGEMENT LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.