Howard Marks · quarter digest
What Howard Marks did in Q3 2025
Oaktree Capital filed 52 moves in Q3 2025: 9 new, 23 add, 12 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·−2
“New Sitio Royalties — mineral rights.”
ORCLORACLE CORP
NEW·2.2% book·−11
TDSTELEPHONE AND DATA SYSTEMS INC
NEW·2.2% book·−6
NUNU HOLDINGS LTD/CAYMAN ISLANDS
NEW·1.1% book·−12
MARMARRIOTT INTERNATIONAL INC/MD
NEW·0.6% book·−16
XPXP INC
NEW·0.6% book·−4
FIVE9FIVE9 INC
NEW·0.1% book·−5
LYFTLYFT INC
NEW·0.0% book·−17
Q2Q2 HOLDINGS INC
NEW·0.0% book·−5
Adds · 23
Adding to conviction
ADD +12%·14.8% book·+14
“Building Torm shipping.”
ADD +25%·11.2% book·+1
“Same data center thesis as Klarman.”
TLNTALEN ENERGY CORP
ADD +83%·2.3% book·−10
SEASEA LTD
ADD +17%·1.5% book·+1
LILAKLIBERTY LATIN AMERICA LTD
ADD +223%·1.0% book·−12
CABOCABLE ONE INC
ADD +13%·0.9% book·−6
TDOCTELADOC HEALTH INC
ADD +34%·0.6% book·−6
ABNBAIRBNB INC
ADD +8%·0.6% book·−14
EQIXETSY INC
ADD +24%·0.5% book·−7
JBSJBS NV
ADD +562%·0.4% book·−7
JDJD.COM INC
ADD +93%·0.4% book·+9
GHGUARDANT HEALTH INC
ADD +14%·0.3% book·−9
PPLPPL CORP
ADD +38%·0.3% book·−9
MKSMKS INC
ADD +39%·0.3% book·−9
BMRNBIOMARIN PHARMACEUTICAL INC
ADD +1231%·0.3% book·0
BLOCKBLOCK INC
ADD +349%·0.2% book·−8
SHAKSHAKE SHACK INC
ADD +33%·0.2% book·−7
FLUORFLUOR CORP
ADD +109%·0.2% book·−2
FOURSHIFT4 PAYMENTS INC
ADD +22%·0.2% book·+14
UUNITY SOFTWARE INC
ADD +17%·0.1% book·−7
HDBHDFC BANK LTD
ADD +78%·0.1% book·−16
BANDBANDWIDTH INC
ADD +101%·0.1% book·−12
BILLBILL HOLDINGS INC
ADD +23%·0.0% book·−5
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Remove with Pro →Trims · 12
Taking chips off
GTXGARRETT MOTION INC
TRIM -14%·6.7% book·−13
SPGSTATE STREET CORP
TRIM -68%·3.4% book·−4
CXCEMEX SAB DE CV
TRIM -30%·1.4% book·−10
FCXFREEPORT-MCMORAN INC
TRIM -25%·0.9% book·−4
IVVISHARES RUSSELL 2000 ETF
TRIM -8%·0.8% book·−19
OKTAOKTA INC
TRIM -32%·0.3% book·−6
BBIOBRIDGEBIO PHARMA INC
TRIM -37%·0.2% book·−14
GUESSGUESS INC
TRIM -26%·0.1% book·−11
UPWKUPWORK INC
TRIM -27%·0.1% book·−16
WWAYFAIR INC
TRIM -65%·0.0% book·−7
UBERUBER TECHNOLOGIES INC
TRIM -64%·0.0% book·+16
ONON SEMICONDUCTOR CORP
TRIM -77%·0.0% book·−16
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.