Howard Marks · quarter digest
What Howard Marks did in Q4 2025
Oaktree Capital filed 24 moves in Q4 2025: 2 new, 12 add, 5 trim, 5 exit.
13F filed 2026-02-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 2
Fresh money
Adds · 12
Adding to conviction
ADD +8%·15.2% book·+21
“More Torm shipping.”
ADD +18%·12.8% book·+22
“Adding to Vistra — power demand from AI.”
ADD +15%·8.1% book·+6
“Building Permian Resources.”
SPGSTATE STREET CORP
ADD +17%·3.7% book·+10
XPXP INC
ADD +63%·0.8% book·+1
ABNBAIRBNB INC
ADD +29%·0.7% book·+2
EQIXETSY INC
ADD +28%·0.6% book·0
SNAPSNAP INC
ADD +21%·0.5% book·+1
BLOCKBLOCK INC
ADD +96%·0.4% book·+4
FIVE9FIVE9 INC
ADD +290%·0.4% book·+3
OKTAOKTA INC
ADD +67%·0.4% book·0
POSTPOST HOLDINGS INC
ADD +104%·0.0% book·+1
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Trims · 5
Taking chips off
Exits · 5
Closed positions
Current top holdings
Howard Marks’s book, latest snapshot
Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.