Howard Marks – Oaktree Capital Management Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Oaktree Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys – Infosys Limited, Onity Group Inc.
Increases – Bausch + Lomb Corporation, Core Scientific, Inc., Ecovyst Inc., Itau Unibanco Banco Holding SA, Talen Energy, and 1 more
Reductions – AngloGold Ashanti, Barrick Gold, Battalion Oil Corporation, KANZHUN LIMITED - American Depo, CBL & Associates Properties, In, and 18 more
Complete Exits – ACRES Commercial Realty Corp., JBS, Nabors Industries, EchoStar Corporation, Sea Limited, and 2 more
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | ACR ACRES Commercial Realty Corp. | ACRES Commercial Realty Corp. | Sell - Position Exit | -391,380 | -100.0% | $0.00 | - |
Q4 2025 | AU AngloGold Ashanti | AngloGold Ashanti | Sell | -337,270 | -8.1% | $328.16M | 3,847,991 |
Q4 2025 | B Barrick Gold | Barrick Gold | Sell | -326,968 | -9.9% | $129.57M | 2,975,118 |
Q4 2025 | BATL Battalion Oil Corporation | Battalion Oil Corporation | Sell | -3,911 | -0.1% | $3.40M | 3,009,912 |
Q4 2025 | BLCO Bausch + Lomb Corporation | Bausch + Lomb Corporation | Buy | +137,300 | +4.2% | $57.78M | 3,382,739 |
Q4 2025 | BZ KANZHUN LIMITED - American Depo | KANZHUN LIMITED - American Depo | Sell | -120,341 | -7.3% | $31.04M | 1,523,231 |
Q4 2025 | CBL CBL & Associates Properties, In | CBL & Associates Properties, In | Sell | -487,550 | -16.2% | $93.15M | 2,517,576 |
Q4 2025 | CORZ Core Scientific, Inc. | Core Scientific, Inc. | Buy | +1,950,000 | +30.5% | $121.59M | 8,350,708 |
Q4 2025 | CX Cemex, S.A.B. de C.V. Sponsored | Cemex, S.A.B. de C.V. Sponsored | Sell | -4,699,500 | -45.0% | $66.06M | 5,749,324 |
Q4 2025 | ECVT Ecovyst Inc. | Ecovyst Inc. | Buy | +1,395,481 | +48.8% | $41.40M | 4,254,503 |
Q4 2025 | FCX Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Sell | -114,812 | -7.6% | $70.60M | 1,390,053 |
Q4 2025 | FTAI FTAI Aviation | FTAI Aviation | Sell | -67,847 | -11.6% | $101.84M | 517,328 |
Q4 2025 | G4124C109 Grab | Grab | Sell | -886,796 | -7.3% | $55.93M | 11,207,699 |
Q4 2025 | G6683N103 Nu Holdings | Nu Holdings | Sell | -39,709 | -0.9% | $74.98M | 4,479,175 |
Q4 2025 | GTX Garrett Motion Inc. | Garrett Motion Inc. | Sell | -14,800,000 | -46.4% | $297.96M | 17,094,816 |
Q4 2025 | HDB HDFC Bank Limited | HDFC Bank Limited | Sell | -20,765 | -13.7% | $4.77M | 130,441 |
Q4 2025 | INDV Indivior | Indivior | Sell | -250,676,754 | -97.2% | $255.06M | 7,108,644 |
Q4 2025 | INFY Infosys Limited | Infosys Limited | Buy - Position Entry | +1,094,752 | - | $19.51M | 1,094,752 |
Q4 2025 | ITUB Itau Unibanco Banco Holding SA | Itau Unibanco Banco Holding SA | Buy | +1,156,946 | +9.1% | $98.97M | 13,822,747 |
Q4 2025 | L01800108 Alvotech | Alvotech | Sell | -1,030,020 | -65.9% | $2.02M | 533,656 |
Q4 2025 | LILA Liberty Latin America Ltd | Liberty Latin America Ltd | Sell | -7,454 | -0.9% | $6.20M | 839,020 |
Q4 2025 | LILAK Liberty Latin America Ltd | Liberty Latin America Ltd | Sell | -921,043 | -13.8% | $42.89M | 5,748,780 |
Q4 2025 | N4732M103 JBS | JBS | Sell - Position Exit | -1,580,400 | -100.0% | $0.00 | - |
Q4 2025 | NBR Nabors Industries | Nabors Industries | Sell - Position Exit | -737,112 | -100.0% | $0.00 | - |
Q4 2025 | ONIT Onity Group Inc. | Onity Group Inc. | Buy - Position Entry | +390,835 | - | $17.90M | 390,835 |
Q4 2025 | RWAY Runway Growth Finance Corp. | Runway Growth Finance Corp. | Sell | -1,250,000 | -15.1% | $62.77M | 7,029,667 |
Q4 2025 | SATS EchoStar Corporation | EchoStar Corporation | Sell - Position Exit | -600,000 | -100.0% | $0.00 | - |
Q4 2025 | SE Sea Limited | Sea Limited | Sell - Position Exit | -141,368 | -100.0% | $0.00 | - |
Q4 2025 | TEO Telecom Argentina SA | Telecom Argentina SA | Sell | -281,975 | -10.7% | $27.25M | 2,347,508 |
Q4 2025 | TGS Transportadora de Gas del Sur S | Transportadora de Gas del Sur S | Sell - Position Exit | -56,522 | -100.0% | $0.00 | - |