Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q4 2025)
According to the SEC 13F filed on Feb 17, 2026, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. 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 | Type | Change Qty |
|---|---|---|---|
|
Q4 2025
|
ACR
ACRES Commercial Realty Corp.
|
Sell - Position Exit |
-391,380
|
|
Q4 2025
|
AU
AngloGold Ashanti
|
Sell |
-337,270
|
|
Q4 2025
|
B
Barrick Gold
|
Sell |
-326,968
|
|
Q4 2025
|
BATL
Battalion Oil Corporation
|
Sell |
-3,911
|
|
Q4 2025
|
BLCO
Bausch + Lomb Corporation
|
Buy |
+137,300
|
|
Q4 2025
|
BZ
KANZHUN LIMITED - American Depo
|
Sell |
-120,341
|
|
Q4 2025
|
CBL
CBL & Associates Properties, In
|
Sell |
-487,550
|
|
Q4 2025
|
CORZ
Core Scientific, Inc.
|
Buy |
+1,950,000
|
|
Q4 2025
|
CX
Cemex, S.A.B. de C.V. Sponsored
|
Sell |
-4,699,500
|
|
Q4 2025
|
ECVT
Ecovyst Inc.
|
Buy |
+1,395,481
|
|
Q4 2025
|
FCX
Freeport-McMoRan, Inc.
|
Sell |
-114,812
|
|
Q4 2025
|
FTAI
FTAI Aviation
|
Sell |
-67,847
|
|
Q4 2025
|
G4124C109
Grab
|
Sell |
-886,796
|
|
Q4 2025
|
G6683N103
Nu Holdings
|
Sell |
-39,709
|
|
Q4 2025
|
GTX
Garrett Motion Inc.
|
Sell |
-14,800,000
|
|
Q4 2025
|
HDB
HDFC Bank Limited
|
Sell |
-20,765
|
|
Q4 2025
|
INDV
Indivior
|
Sell |
-250,676,754
|
|
Q4 2025
|
INFY
Infosys Limited
|
Buy - Position Entry |
+1,094,752
|
|
Q4 2025
|
ITUB
Itau Unibanco Banco Holding SA
|
Buy |
+1,156,946
|
|
Q4 2025
|
L01800108
Alvotech
|
Sell |
-1,030,020
|
|
Q4 2025
|
LILA
Liberty Latin America Ltd
|
Sell |
-7,454
|
|
Q4 2025
|
LILAK
Liberty Latin America Ltd
|
Sell |
-921,043
|
|
Q4 2025
|
N4732M103
JBS
|
Sell - Position Exit |
-1,580,400
|
|
Q4 2025
|
NBR
Nabors Industries
|
Sell - Position Exit |
-737,112
|
|
Q4 2025
|
ONIT
Onity Group Inc.
|
Buy - Position Entry |
+390,835
|
|
Q4 2025
|
RWAY
Runway Growth Finance Corp.
|
Sell |
-1,250,000
|
|
Q4 2025
|
SATS
EchoStar Corporation
|
Sell - Position Exit |
-600,000
|
|
Q4 2025
|
SE
Sea Limited
|
Sell - Position Exit |
-141,368
|
|
Q4 2025
|
TEO
Telecom Argentina SA
|
Sell |
-281,975
|
|
Q4 2025
|
TGS
Transportadora de Gas del Sur S
|
Sell - Position Exit |
-56,522
|
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