Asset Manager · CIK 0000949509

Howard Marks

Oaktree Capital

Mid-Size Fund

Howard Marks runs Oaktree Capital, an asset manager overseeing $7.03B in disclosed equity holdings (SEC CIK 0000949509). The latest portfolio (2025Q4) discloses 166 positions across 11 sectors, with the largest positions in EXE, TORM PLC and ANGLOGOLD ASHANTI PLC. On a mark-to-market basis the tracked portfolio has returned 40.2% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Howard's filings View holdings

Portfolio

$7.03B

Positions

166

Quarter

2025Q4

Filings tracked

1Y+40.2%3Y+75.5%Full performance →

Quarter

2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1

Holdings

Sorted by value · 2024Q3

Sector166 positions

G89479102TORM PLC

22.16%

of portfolio

Number of shares

40,581,120 sh

Holdings current value

$1.38B

Avg closing price

$6.37

Last action

Trimmed 25.9%

2025Q4

Current —

EXECHESAPEAKE ENERGY CORP

Energy·Oil & Gas E&P

9.06%

of portfolio

Number of shares

6,870,884 sh

Holdings current value

$565.13M

Avg closing price

$43.93

+121.6%

Last action

Trimmed 0.0%

2025Q3

Current $97.36

GTXGARRETT MOTION INC

Consumer Cyclical·Auto Parts

5.78%

of portfolio

Number of shares

44,082,816 sh

Holdings current value

$360.60M

Avg closing price

$7.54

Last action

Trimmed 25.1%

2025Q4

Current —

SB9SITIO ROYALTIES CORP

4.32%

of portfolio

Number of shares

12,935,120 sh

Holdings current value

$269.57M

Avg closing price

$28.84

Last action

Exited

2025Q3

Current —

INFNEURINFINERA CORP

2.72%

of portfolio

Number of shares

25,175,384 sh

Holdings current value

$169.93M

Avg closing price

$4.93

Last action

Exited

2025Q1

Current —

G0378L100ANGLOGOLD ASHANTI PLC

2.41%

of portfolio

Number of shares

5,657,451 sh

Holdings current value

$150.66M

Avg closing price

$16.61

Last action

Trimmed 5.6%

2025Q4

Current —

Y8162K204STAR BULK CARRIERS CORP.

2.17%

of portfolio

Number of shares

5,712,206 sh

Holdings current value

$135.32M

Avg closing price

$9.89

Last action

Trimmed 18.2%

2025Q3

Current —

STKLSUNOPTA INC

Consumer Defensive·Beverages - Non-Alcoholic

2.12%

of portfolio

Number of shares

20,726,126 sh

Holdings current value

$132.17M

Avg closing price

$12.08

Last action

New holding

2022Q1

Current —

G61188101LIBERTY GLOBAL LTD

2.02%

of portfolio

Number of shares

5,973,258 sh

Holdings current value

$126.10M

Avg closing price

$16.69

Last action

Added 6.0%

2025Q3

Current —

TLNTALEN ENERGY CORP

Utilities·Utilities - Independent Power Producers

1.99%

of portfolio

Number of shares

696,676 sh

Holdings current value

$124.18M

Avg closing price

$322.37

+12.4%

Last action

Added 6.1%

2025Q4

Current $362.40

FCXFREEPORT-MCMORAN INC

Basic Materials·Copper

1.94%

of portfolio

Number of shares

2,425,239 sh

Holdings current value

$121.07M

Avg closing price

$43.35

+57.5%

Last action

Trimmed 4.5%

2025Q4

Current $68.28

RWAYRUNWAY GROWTH FINANCE CORP

Financial Services·Asset Management

1.78%

of portfolio

Number of shares

10,779,667 sh

Holdings current value

$110.92M

Avg closing price

$13.58

Last action

Trimmed 10.4%

2025Q4

Current —

VISTVISTA OIL & GAS SAB DE CVADR

Energy·Oil & Gas E&P

1.77%

of portfolio

Number of shares

2,503,714 sh

Holdings current value

$110.61M

Avg closing price

$4.69

Last action

Trimmed 29.7%

2025Q4

Current —

CRCCALIFORNIA RES CORP

Energy·Oil & Gas E&P

1.72%

of portfolio

Number of shares

2,046,753 sh

Holdings current value

$107.39M

Avg closing price

$52.09

+28.4%

Last action

Trimmed 25.0%

2025Q3

Current $66.87

CBLCBL & ASSOC PPTYS INCREIT

Real Estate·REIT - Retail

1.62%

of portfolio

Number of shares

4,005,126 sh

Holdings current value

$100.93M

Avg closing price

$32.83

Last action

Trimmed 10.9%

2025Q4

Current —

VALEVALE S AADR

Basic Materials·Other Industrial Metals & Mining

1.54%

of portfolio

Number of shares

8,203,466 sh

Holdings current value

$95.82M

Avg closing price

$13.27

+31.3%

Last action

Trimmed 0.1%

2025Q4

Current $17.43

G4766E116INDIVIOR PLC

1.51%

of portfolio

Number of shares

9,521,980 sh

Holdings current value

$94.07M

Avg closing price

$0.62

Last action

Trimmed 96.3%

2025Q4

Current —

CXCEMEX SAB DE CVADR

Basic Materials·Building Materials

1.44%

of portfolio

Number of shares

14,689,032 sh

Holdings current value

$89.60M

Avg closing price

$6.33

Last action

Trimmed 24.2%

2025Q4

Current —

KRCKILROY RLTY CORPREIT

Real Estate·REIT - Office

1.15%

of portfolio

Number of shares

1,850,011 sh

Holdings current value

$71.60M

Avg closing price

$65.28

Last action

Added 14.6%

2022Q4

Current —

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

1.13%

of portfolio

Number of shares

1,760,208 sh

Holdings current value

$70.41M

Avg closing price

$29.48

Last action

Exited

2025Q2

Current —

ITUBITAU UNIBANCO HLDG S AADR

Financial Services·Banks - Regional

0.97%

of portfolio

Number of shares

9,076,407 sh

Holdings current value

$60.36M

Avg closing price

$6.71

Last action

Added 14.6%

2025Q4

Current —

PBRPETROLEO BRASILEIRO SA PETROADR

Energy·Oil & Gas Integrated

0.94%

of portfolio

Number of shares

4,069,272 sh

Holdings current value

$58.64M

Avg closing price

$10.64

Last action

Exited

2025Q2

Current —

TCOMTRIP COM GROUP LTDADR

Consumer Cyclical·Travel Services

0.75%

of portfolio

Number of shares

791,523 sh

Holdings current value

$47.04M

Avg closing price

$50.23

Last action

Exited

2025Q1

Current —

NOVA 0.25 12/01/26SUNNOVA ENERGY INTL INC.

0.72%

of portfolio

Number of shares

58,642,000 sh

Holdings current value

$44.79M

Avg closing price

$0.51

Last action

Exited

2025Q3

Current —

YUMCYUM CHINA HLDGS INC

Consumer Cyclical·Restaurants

0.70%

of portfolio

Number of shares

976,906 sh

Holdings current value

$43.98M

Avg closing price

$39.84

Last action

Exited

2025Q1

Current —

HTHTHUAZHU GROUP LTDADR

Consumer Cyclical·Lodging

0.70%

of portfolio

Number of shares

1,167,869 sh

Holdings current value

$43.44M

Avg closing price

$34.19

Last action

Exited

2025Q2

Current —

CABO 0 03/15/26CABLE ONE INC

0.61%

of portfolio

Number of shares

41,521,000 sh

Holdings current value

$38.20M

Avg closing price

$0.88

Last action

Added 0.3%

2025Q4

Current —

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

0.61%

of portfolio

Number of shares

283,267 sh

Holdings current value

$38.19M

Avg closing price

$134.81

Last action

Exited

2025Q1

Current —

INFYINFOSYS LTDADR

Technology·Information Technology Services

0.61%

of portfolio

Number of shares

1,711,512 sh

Holdings current value

$38.12M

Avg closing price

$15.26

Last action

New holding

2025Q4

Current —

BBDBANCO BRADESCO S AADR

Financial Services·Banks - Regional

0.60%

of portfolio

Number of shares

14,114,711 sh

Holdings current value

$37.55M

Avg closing price

$3.66

Last action

Exited

2024Q4

Current —

0E41ENLINK MIDSTREAM LLCUNIT

0.59%

of portfolio

Number of shares

2,525,098 sh

Holdings current value

$36.64M

Avg closing price

$14.51

Last action

Exited

2025Q1

Current —

19249HAB9COHERUS BIOSCIENCES INC

0.58%

of portfolio

Number of shares

46,030,000 sh

Holdings current value

$36.13M

Avg closing price

$0.79

Last action

Exited

2025Q2

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.56%

of portfolio

Number of shares

2,011,574 sh

Holdings current value

$34.92M

Avg closing price

$17.74

Last action

Trimmed 5.6%

2025Q4

Current —

HOUS 0.25 06/15/26REALOGY GRP LLC/REALOGY CO

0.52%

of portfolio

Number of shares

37,148,000 sh

Holdings current value

$32.59M

Avg closing price

$0.87

Last action

Exited

2025Q3

Current —

JOYYJOYY INCADR

Communication Services·Internet Content & Information

0.51%

of portfolio

Number of shares

882,590 sh

Holdings current value

$31.99M

Avg closing price

$31.97

Last action

Exited

2024Q4

Current —

TXTERNIUM SAADR

Basic Materials·Steel

0.50%

of portfolio

Number of shares

844,909 sh

Holdings current value

$31.19M

Avg closing price

$35.39

Last action

Trimmed 22.0%

2025Q4

Current —

OCSLOAKTREE SPECIALTY LENDING CO

Financial Services·Asset Management

0.48%

of portfolio

Number of shares

1,852,456 sh

Holdings current value

$30.21M

Avg closing price

$18.83

Last action

New holding

2023Q1

Current —

L01800108ALVOTECH

0.48%

of portfolio

Number of shares

2,532,027 sh

Holdings current value

$30.13M

Avg closing price

$9.25

Last action

Trimmed 28.9%

2025Q4

Current —

BMABANCO MACRO SAADR

Financial Services·Banks - Regional

0.47%

of portfolio

Number of shares

464,300 sh

Holdings current value

$29.48M

Avg closing price

$49.28

Last action

Exited

2025Q3

Current —

TVTX 2.25 03/01/29TRAVERE THERAPEUTICS INC

0.42%

of portfolio

Number of shares

30,000,000 sh

Holdings current value

$25.92M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

0.38%

of portfolio

Number of shares

224,719 sh

Holdings current value

$23.85M

Avg closing price

$111.40

+24.4%

Last action

Exited

2024Q4

Current $138.59

TEOTELECOM ARGENTINA SAADR

Communication Services·Telecom Services

0.37%

of portfolio

Number of shares

3,079,088 sh

Holdings current value

$23.22M

Avg closing price

$9.83

Last action

Trimmed 8.4%

2025Q4

Current —

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

0.35%

of portfolio

Number of shares

232,594 sh

Holdings current value

$21.75M

Avg closing price

$111.75

Last action

Exited

2025Q1

Current —

TPICQTPI COMPOSITES INC

0.34%

of portfolio

Number of shares

4,610,003 sh

Holdings current value

$20.98M

Avg closing price

$3.51

Last action

Exited

2025Q4

Current —

PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR

0.32%

of portfolio

Number of shares

21,851,000 sh

Holdings current value

$20.15M

Avg closing price

$0.94

Last action

Added 162.6%

2025Q4

Current —

BATLBATTALION OIL CORP

0.32%

of portfolio

Number of shares

3,009,912 sh

Holdings current value

$20.08M

Avg closing price

$10.87

Last action

Trimmed 0.1%

2025Q4

Current —

91325V108UNITI GROUP INC

0.31%

of portfolio

Number of shares

3,397,592 sh

Holdings current value

$19.16M

Avg closing price

$11.03

Last action

Exited

2025Q3

Current —

BRYBERRY CORP

0.30%

of portfolio

Number of shares

3,697,000 sh

Holdings current value

$19.00M

Avg closing price

$11.16

Last action

Exited

2025Q3

Current —

OPTUALTICE USA INC

Communication Services·Telecom Services

0.30%

of portfolio

Number of shares

7,500,000 sh

Holdings current value

$18.45M

Avg closing price

$2.13

Last action

Added 26.3%

2024Q3

Current —

BAKBRASKEM S AADR

0.29%

of portfolio

Number of shares

2,491,792 sh

Holdings current value

$18.29M

Avg closing price

$10.56

Last action

Exited

2025Q3

Current —

GH 0 11/15/27GUARDANT HEALTH INC

0.28%

of portfolio

Number of shares

21,573,000 sh

Holdings current value

$17.37M

Avg closing price

$0.80

Last action

Trimmed 15.9%

2025Q4

Current —

TGSTRANSPORTADORA DE GAS SURADR

0.27%

of portfolio

Number of shares

923,183 sh

Holdings current value

$16.93M

Avg closing price

$9.80

Last action

Exited

2025Q4

Current —

JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP

0.25%

of portfolio

Number of shares

17,160,000 sh

Holdings current value

$15.83M

Avg closing price

$0.93

Last action

Added

2025Q4

Current —

ASND 2.25 04/01/28ASCENDIS PHARMA A/S

0.23%

of portfolio

Number of shares

12,369,000 sh

Holdings current value

$14.42M

Avg closing price

$1.14

Last action

Trimmed 2.4%

2025Q4

Current —

ONITOCWEN FINL CORP

Financial Services·Mortgage Finance

0.23%

of portfolio

Number of shares

451,029 sh

Holdings current value

$14.41M

Avg closing price

$23.76

Last action

New holding

2025Q4

Current —

L01800116ALVOTECH SA

0.23%

of portfolio

Number of shares

4,666,667 sh

Holdings current value

$14.23M

Avg closing price

$0.84

Last action

New holding

2022Q2

Current —

ATEC 0.75 08/01/26ALPHATEC HLDGS INC

0.22%

of portfolio

Number of shares

15,000,000 sh

Holdings current value

$13.53M

Avg closing price

$0.95

Last action

Exited

2025Q1

Current —

AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP

0.21%

of portfolio

Number of shares

15,092,000 sh

Holdings current value

$13.41M

Avg closing price

$0.87

Last action

Exited

2025Q4

Current —

MXMAGNACHIP SEMICONDUCTOR CORP

0.21%

of portfolio

Number of shares

2,849,858 sh

Holdings current value

$13.31M

Avg closing price

$10.32

Last action

Added 23.9%

2023Q2

Current —

SMRTSMARTRENT INC

Technology·Software - Application

0.21%

of portfolio

Number of shares

7,505,294 sh

Holdings current value

$12.98M

Avg closing price

$3.21

Last action

Added 71.4%

2023Q1

Current —

ZTO 1.5 09/01/27ZTO EXPRESS CAYMAN INC

0.20%

of portfolio

Number of shares

11,828,000 sh

Holdings current value

$12.64M

Avg closing price

$1.07

Last action

Exited

2025Q2

Current —

DQDAQO NEW ENERGY CORPADR

Technology·Semiconductor Equipment & Materials

0.20%

of portfolio

Number of shares

604,939 sh

Holdings current value

$12.32M

Avg closing price

$42.90

Last action

Exited

2025Q2

Current —

HIMSHIMS & HERS HEALTH INC

Healthcare·Drug Manufacturers - Specialty & Generic

0.20%

of portfolio

Number of shares

666,962 sh

Holdings current value

$12.29M

Avg closing price

$13.23

+104.0%

Last action

Exited

2024Q4

Current $26.99

SO 3.875 12/15/25SOUTHERN CO

0.20%

of portfolio

Number of shares

11,016,000 sh

Holdings current value

$12.26M

Avg closing price

$1.05

Last action

Exited

2025Q1

Current —

PAMPAMPA ENERGIA S AADR

Industrials·Conglomerates

0.20%

of portfolio

Number of shares

203,767 sh

Holdings current value

$12.23M

Avg closing price

$24.96

Last action

Exited

2025Q1

Current —

FWONK 2.25 08/15/27LIBERTY MEDIA CORP DEL

0.19%

of portfolio

Number of shares

10,969,000 sh

Holdings current value

$12.11M

Avg closing price

$1.02

Last action

Exited

2025Q2

Current —

HTHT 3 05/01/26H WORLD GROUP LTD

0.19%

of portfolio

Number of shares

10,049,000 sh

Holdings current value

$11.87M

Avg closing price

$1.11

Last action

Exited

2025Q3

Current —

YPFYPF SOCIEDAD ANONIMAADR

Energy·Oil & Gas Integrated

0.19%

of portfolio

Number of shares

551,128 sh

Holdings current value

$11.69M

Avg closing price

$17.73

Last action

Exited

2025Q3

Current —

BHCBAUSCH HEALTH COS INC

Healthcare·Drug Manufacturers - Specialty & Generic

0.17%

of portfolio

Number of shares

1,270,000 sh

Holdings current value

$10.36M

Avg closing price

$8.22

-29.2%

Last action

Trimmed 2.3%

2024Q2

Current $5.82

AKAM 0.375 09/01/27AKAMAI TECHNOLOGIES INC

0.16%

of portfolio

Number of shares

9,774,000 sh

Holdings current value

$10.11M

Avg closing price

$1.06

Last action

Exited

2025Q1

Current —

G98239109XP INC

0.15%

of portfolio

Number of shares

510,764 sh

Holdings current value

$9.16M

Avg closing price

$18.16

Last action

Added

2025Q4

Current —

NTNX 0.25 10/01/27NUTANIX INC

0.14%

of portfolio

Number of shares

7,407,000 sh

Holdings current value

$8.87M

Avg closing price

$0.96

Last action

New holding

2025Q4

Current —

AEIS 2.5 09/15/28ADVANCED ENERGY INDS

0.13%

of portfolio

Number of shares

7,855,000 sh

Holdings current value

$8.31M

Avg closing price

$1.06

Last action

Exited

2025Q1

Current —

FLR 1.125 08/15/29FLUOR CORP 1.125 08/15/29 CVT

0.13%

of portfolio

Number of shares

6,718,000 sh

Holdings current value

$8.24M

Avg closing price

$1.19

Last action

Trimmed 14.1%

2025Q4

Current —

TTEK 2.25 08/15/28TETRA TECH INC NEW

0.13%

of portfolio

Number of shares

6,083,000 sh

Holdings current value

$7.99M

Avg closing price

$1.13

Last action

Added 125.4%

2025Q4

Current —

SHAK 0 03/01/28SHAKE SHACK INC

0.13%

of portfolio

Number of shares

8,475,000 sh

Holdings current value

$7.90M

Avg closing price

$0.77

Last action

Trimmed 41.6%

2025Q4

Current —

RWT 5.75 10/01/25RWT HLDGS INC

0.12%

of portfolio

Number of shares

7,884,000 sh

Holdings current value

$7.77M

Avg closing price

$0.96

Last action

Exited

2025Q1

Current —

SRPT 1.25 09/15/27SAREPTA THERAPEUTICS INC

0.12%

of portfolio

Number of shares

6,524,000 sh

Holdings current value

$7.41M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

PEGA 0.75 03/01/25PEGASYSTEMS INC

0.12%

of portfolio

Number of shares

7,315,000 sh

Holdings current value

$7.19M

Avg closing price

$0.98

Last action

Exited

2025Q1

Current —

SNAP 0.125 03/01/28SNAP INC

0.11%

of portfolio

Number of shares

8,848,000 sh

Holdings current value

$7.11M

Avg closing price

$0.82

Last action

Trimmed 17.8%

2025Q4

Current —

DOCN 0 12/01/26DIGITALOCEAN HOLDINGS INC

0.11%

of portfolio

Number of shares

7,997,000 sh

Holdings current value

$7.10M

Avg closing price

$0.78

Last action

Trimmed 1.9%

2025Q4

Current —

NCLH 1.125 02/15/27NCL CORP LTD

0.11%

of portfolio

Number of shares

7,225,000 sh

Holdings current value

$7.02M

Avg closing price

$0.95

Last action

Exited

2025Q2

Current —

59064RAA7MESA LABS INC

0.11%

of portfolio

Number of shares

7,146,000 sh

Holdings current value

$6.90M

Avg closing price

$0.92

Last action

Exited

2025Q3

Current —

NMFC 7.5 10/15/25NEW MTN FIN CORP

0.11%

of portfolio

Number of shares

6,635,000 sh

Holdings current value

$6.72M

Avg closing price

$1.02

Last action

Exited

2025Q1

Current —

GMED 0.375 03/15/25NUVASIVE INC

0.11%

of portfolio

Number of shares

6,791,000 sh

Holdings current value

$6.65M

Avg closing price

$0.85

Last action

Exited

2025Q1

Current —

ZD 1.75 11/01/26ZIFF DAVIS INC

0.11%

of portfolio

Number of shares

7,145,000 sh

Holdings current value

$6.63M

Avg closing price

$0.95

Last action

Added 108.3%

2025Q4

Current —

ON 0.5 03/01/29On Semiconductor Corp - US

0.10%

of portfolio

Number of shares

6,440,000 sh

Holdings current value

$6.53M

Avg closing price

$0.90

Last action

Exited

2025Q3

Current —

SEALTD 0.25 09/15/26SEA LTD

0.10%

of portfolio

Number of shares

7,152,000 sh

Holdings current value

$6.50M

Avg closing price

$0.90

Last action

Added 34.3%

2025Q4

Current —

CMS 3.375 05/01/28CMS ENERGY CORP

0.10%

of portfolio

Number of shares

5,980,000 sh

Holdings current value

$6.43M

Avg closing price

$1.08

Last action

Trimmed 26.4%

2025Q4

Current —

ETSY 0.25 06/15/28ETSY INC

0.10%

of portfolio

Number of shares

7,782,000 sh

Holdings current value

$6.38M

Avg closing price

$0.84

Last action

Added

2025Q4

Current —

PCRX 0.75 08/01/25PACIRA BIOSCIENCES INC

0.10%

of portfolio

Number of shares

6,494,000 sh

Holdings current value

$6.20M

Avg closing price

$0.96

Last action

Exited

2025Q2

Current —

HAE 0 03/01/26HAEMONETICS CORP MASS

0.10%

of portfolio

Number of shares

6,589,000 sh

Holdings current value

$6.09M

Avg closing price

$0.93

Last action

Added 718.5%

2025Q4

Current —

LYV 3.125 01/15/29LIVE NATION ENTERTAINMENT IN

0.10%

of portfolio

Number of shares

4,903,000 sh

Holdings current value

$6.05M

Avg closing price

$1.21

Last action

Exited

2024Q4

Current —

00922RAD7AIR TRANS SVCS GROUP INC

0.10%

of portfolio

Number of shares

6,319,000 sh

Holdings current value

$5.97M

Avg closing price

$0.94

Last action

Exited

2024Q4

Current —

TDOC 1.25 06/01/27TELADOC HEALTH INC

0.09%

of portfolio

Number of shares

6,671,000 sh

Holdings current value

$5.79M

Avg closing price

$0.85

Last action

Trimmed 24.5%

2025Q4

Current —

HALO 1 08/15/28HALOZYME THERAPEUTICS INC

0.09%

of portfolio

Number of shares

4,778,000 sh

Holdings current value

$5.69M

Avg closing price

$1.01

Last action

Exited

2024Q4

Current —

MARA 1 12/01/26MARATHON DIGITAL HOLDINGS IN

0.09%

of portfolio

Number of shares

6,293,000 sh

Holdings current value

$5.59M

Avg closing price

$0.87

Last action

Exited

2025Q1

Current —

BAND 0.5 04/01/28BANDWIDTH INC

0.09%

of portfolio

Number of shares

6,975,000 sh

Holdings current value

$5.48M

Avg closing price

$0.83

Last action

Added 256.8%

2025Q4

Current —

CHGG 0.125 03/15/25CHEGG INC

0.09%

of portfolio

Number of shares

5,568,000 sh

Holdings current value

$5.35M

Avg closing price

$0.92

Last action

Exited

2025Q1

Current —

100

UPST 0.25 08/15/26UPSTART HOLDINGS INC

0.08%

of portfolio

Number of shares

5,784,000 sh

Holdings current value

$5.15M

Avg closing price

$0.79

Last action

Trimmed 42.3%

2025Q4

Current —

101

F 0 03/15/26FORD MTR CO DEL

0.08%

of portfolio

Number of shares

4,988,000 sh

Holdings current value

$4.90M

Avg closing price

$1.09

Last action

New holding

2025Q4

Current —

102

PPL 2.875 03/15/28PPL CAP FDG INC

0.08%

of portfolio

Number of shares

4,491,000 sh

Holdings current value

$4.77M

Avg closing price

$1.09

Last action

Trimmed 1.3%

2025Q4

Current —

103

TWO 6.25 01/15/26TWO HARBORS INVESTMENT CORP

0.07%

of portfolio

Number of shares

4,785,000 sh

Holdings current value

$4.68M

Avg closing price

$0.98

Last action

Trimmed 8.2%

2025Q4

Current —

104

EYE 2.5 05/15/25NATIONAL VISION HLDGS INC

0.07%

of portfolio

Number of shares

4,765,000 sh

Holdings current value

$4.68M

Avg closing price

$0.99

Last action

Exited

2025Q2

Current —

105

AFRM 0 11/15/26AFFIRM HLDGS INC

0.07%

of portfolio

Number of shares

5,193,000 sh

Holdings current value

$4.62M

Avg closing price

$0.82

Last action

Added 21.9%

2025Q4

Current —

106

FVRR 0 11/01/25FIVERR INTL LTD

0.07%

of portfolio

Number of shares

4,904,000 sh

Holdings current value

$4.62M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

107

PMT 5.5 03/15/26PENNYMAC MORTGAGE INVESTMENT TRUST

0.07%

of portfolio

Number of shares

4,503,000 sh

Holdings current value

$4.38M

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

108

UPWK 0.25 08/15/26UPWORK INC

0.07%

of portfolio

Number of shares

4,752,000 sh

Holdings current value

$4.36M

Avg closing price

$0.94

Last action

Added 101.4%

2025Q4

Current —

109

BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN

0.07%

of portfolio

Number of shares

4,376,000 sh

Holdings current value

$4.17M

Avg closing price

$0.95

Last action

Added

2025Q4

Current —

110

92940WAD1WIX COM LTD

0.07%

of portfolio

Number of shares

4,303,000 sh

Holdings current value

$4.12M

Avg closing price

$0.97

Last action

Exited

2025Q3

Current —

111

ALRM 0 01/15/26ALARM COM HLDGS INC

0.06%

of portfolio

Number of shares

4,254,000 sh

Holdings current value

$3.99M

Avg closing price

$0.96

Last action

Added 134.6%

2025Q4

Current —

112

302301AE6EZCORP INC

0.06%

of portfolio

Number of shares

3,975,000 sh

Holdings current value

$3.93M

Avg closing price

$0.86

Last action

Exited

2025Q2

Current —

113

91854V206VACASA INC

0.06%

of portfolio

Number of shares

1,375,448 sh

Holdings current value

$3.87M

Avg closing price

$5.43

Last action

Exited

2025Q2

Current —

114

INSM 0.75 06/01/28INSMED INC

0.06%

of portfolio

Number of shares

1,642,000 sh

Holdings current value

$3.77M

Avg closing price

$0.97

Last action

Exited

2025Q1

Current —

115

FOUR 0 12/15/25SHIFT4 PMTS INC

0.06%

of portfolio

Number of shares

2,950,000 sh

Holdings current value

$3.60M

Avg closing price

$1.04

Last action

Exited

2024Q4

Current —

116

LITE 0.5 06/15/28LUMENTUM HLDGS INC

0.06%

of portfolio

Number of shares

4,084,000 sh

Holdings current value

$3.55M

Avg closing price

$0.88

Last action

Exited

2025Q2

Current —

117

HDBHDFC BANK LTDADR

Financial Services·Banks - Regional

0.05%

of portfolio

Number of shares

54,040 sh

Holdings current value

$3.38M

Avg closing price

$49.60

Last action

Trimmed 27.8%

2025Q4

Current —

118

OKTA 0.125 09/01/25OKTA INC

0.05%

of portfolio

Number of shares

3,402,000 sh

Holdings current value

$3.26M

Avg closing price

$0.99

Last action

Exited

2025Q3

Current —

119

TREE 0.5 07/15/25LENDINGTREE INC

0.05%

of portfolio

Number of shares

3,386,000 sh

Holdings current value

$3.19M

Avg closing price

$0.91

Last action

Exited

2025Q1

Current —

120

MGNI 0.25 03/15/26MAGNITE INC

0.05%

of portfolio

Number of shares

3,403,000 sh

Holdings current value

$3.17M

Avg closing price

$0.94

Last action

Added

2025Q4

Current —

121

EGHT 4 02/01/288X8 INC NEW

0.05%

of portfolio

Number of shares

4,083,000 sh

Holdings current value

$3.05M

Avg closing price

$0.85

Last action

Exited

2025Q1

Current —

122

NEO 0.25 01/15/28NEOGENOMICS INC

0.05%

of portfolio

Number of shares

3,607,000 sh

Holdings current value

$3.00M

Avg closing price

$0.87

Last action

Added 721.6%

2025Q4

Current —

123

INVA 2.125 03/15/28INNOVIVA INC

0.05%

of portfolio

Number of shares

3,062,000 sh

Holdings current value

$2.99M

Avg closing price

$0.83

Last action

Exited

2024Q4

Current —

124

14161WAB1CARDLYTICS INC

0.05%

of portfolio

Number of shares

3,206,000 sh

Holdings current value

$2.95M

Avg closing price

$0.93

Last action

Exited

2025Q1

Current —

125

XYZ 0 05/01/26BLOCK INC

0.05%

of portfolio

Number of shares

3,178,000 sh

Holdings current value

$2.94M

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

126

IART 0.5 08/15/25INTEGRA LIFESCIENCES HLDGS C

0.05%

of portfolio

Number of shares

3,062,000 sh

Holdings current value

$2.92M

Avg closing price

$0.96

Last action

Exited

2025Q3

Current —

127

SSRMCN 2.5 04/01/39SSR MNG INC

0.05%

of portfolio

Number of shares

3,039,000 sh

Holdings current value

$2.86M

Avg closing price

$0.98

Last action

Exited

2025Q3

Current —

128

FIVN 0.5 06/01/25FIVE9 INC

0.04%

of portfolio

Number of shares

2,879,000 sh

Holdings current value

$2.79M

Avg closing price

$0.99

Last action

Exited

2025Q2

Current —

129

PRFT 0.125 11/15/26PERFICIENT INC

0.04%

of portfolio

Number of shares

2,823,000 sh

Holdings current value

$2.78M

Avg closing price

$0.81

Last action

Exited

2024Q4

Current —

130

29975EAD1EVENTBRITE INC

0.04%

of portfolio

Number of shares

3,062,000 sh

Holdings current value

$2.66M

Avg closing price

$0.83

Last action

Exited

2025Q1

Current —

131

ZS 0.125 07/01/25ZSCALER INC

0.04%

of portfolio

Number of shares

2,150,000 sh

Holdings current value

$2.63M

Avg closing price

$1.10

Last action

Exited

2024Q4

Current —

132

BSY 0.125 01/15/26BENTLEY SYS INC

0.04%

of portfolio

Number of shares

2,500,000 sh

Holdings current value

$2.51M

Avg closing price

$1.00

Last action

Exited

2025Q1

Current —

133

STX 3.5 06/01/28SEAGATE HDD CAYMAN

0.04%

of portfolio

Number of shares

1,679,000 sh

Holdings current value

$2.42M

Avg closing price

$1.39

Last action

Exited

2025Q3

Current —

134

04916EAB0ATLANTICA SUSTAINABLE INFRA

0.04%

of portfolio

Number of shares

2,383,000 sh

Holdings current value

$2.36M

Avg closing price

$0.93

Last action

Exited

2024Q4

Current —

135

ARRY 1 12/01/28ARRAY TECHNOLOGIES INC

0.04%

of portfolio

Number of shares

3,145,000 sh

Holdings current value

$2.35M

Avg closing price

$0.88

Last action

Added

2025Q4

Current —

136

62914VAF3NIO INC

0.04%

of portfolio

Number of shares

2,324,000 sh

Holdings current value

$2.27M

Avg closing price

$0.88

Last action

Exited

2025Q1

Current —

137

CBRL 0.625 06/15/26CRACKER BARREL OLD CTRY STOR

0.04%

of portfolio

Number of shares

2,461,000 sh

Holdings current value

$2.27M

Avg closing price

$0.96

Last action

Added

2025Q4

Current —

138

RDFN 0.5 04/01/27REDFIN CORP 0.500 04/01/27 CVT

0.04%

of portfolio

Number of shares

3,063,000 sh

Holdings current value

$2.26M

Avg closing price

$0.86

Last action

Added

2025Q4

Current —

139

CYTK 3.5 07/01/27CYTOKINETICS INC

0.04%

of portfolio

Number of shares

1,700,000 sh

Holdings current value

$2.20M

Avg closing price

$1.21

Last action

Exited

2025Q3

Current —

140

INN 1.5 02/15/26SUMMIT HOTEL PPTYS

0.03%

of portfolio

Number of shares

2,298,000 sh

Holdings current value

$2.17M

Avg closing price

$0.97

Last action

Trimmed 77.4%

2025Q4

Current —

141

ALNY 1 09/15/27ALNYLAM PHARMACEUTICALS INC

0.03%

of portfolio

Number of shares

1,800,000 sh

Holdings current value

$2.11M

Avg closing price

$0.93

Last action

Exited

2025Q3

Current —

142

TTGT 0 12/15/26TECHTARGET INC

0.03%

of portfolio

Number of shares

2,041,000 sh

Holdings current value

$2.00M

Avg closing price

$0.78

Last action

Exited

2024Q4

Current —

143

BBIO 2.25 02/01/29BRIDGEBIO PHARMA INC

0.03%

of portfolio

Number of shares

2,382,000 sh

Holdings current value

$2.00M

Avg closing price

$0.87

Last action

Trimmed 77.5%

2025Q4

Current —

144

RWT 7.75 06/15/27REDWOOD TRUST INC 7.750 06/15/27 CVT

0.03%

of portfolio

Number of shares

1,954,000 sh

Holdings current value

$1.96M

Avg closing price

$1.00

Last action

Added 2312.3%

2025Q4

Current —

145

GRPN 1.125 03/15/26GROUPON INC

0.03%

of portfolio

Number of shares

2,075,000 sh

Holdings current value

$1.86M

Avg closing price

$0.91

Last action

Trimmed 19.7%

2025Q4

Current —

146

U 0 11/15/26UNITY SOFTWARE INC

0.03%

of portfolio

Number of shares

2,043,000 sh

Holdings current value

$1.83M

Avg closing price

$0.92

Last action

Added

2025Q4

Current —

147

ABR 7.5 08/01/25ARBOR REALTY TRUST INC

0.03%

of portfolio

Number of shares

1,750,000 sh

Holdings current value

$1.79M

Avg closing price

$1.01

Last action

Exited

2025Q1

Current —

148

W 3.25 09/15/27WAYFAIR INC

0.03%

of portfolio

Number of shares

1,400,000 sh

Holdings current value

$1.69M

Avg closing price

$1.14

Last action

Exited

2025Q4

Current —

149

MIDD 1 09/01/25MIDDLEBY CORP

0.03%

of portfolio

Number of shares

1,400,000 sh

Holdings current value

$1.64M

Avg closing price

$1.17

Last action

Exited

2024Q4

Current —

150

NOG 3.625 04/15/29NORTHERN OIL & GAS INC

0.03%

of portfolio

Number of shares

1,400,000 sh

Holdings current value

$1.60M

Avg closing price

$1.18

Last action

Exited

2024Q4

Current —

151

POST 2.5 08/15/27POST HLDGS INC

0.02%

of portfolio

Number of shares

1,300,000 sh

Holdings current value

$1.55M

Avg closing price

$1.10

Last action

Added

2025Q4

Current —

152

ETSY 0.125 10/01/26ETSY INC

0.02%

of portfolio

Number of shares

1,550,000 sh

Holdings current value

$1.54M

Avg closing price

$1.02

Last action

Exited

2024Q4

Current —

153

090040AF3BILIBILI INC

0.02%

of portfolio

Number of shares

1,480,000 sh

Holdings current value

$1.47M

Avg closing price

$0.91

Last action

Exited

2024Q4

Current —

154

XMTR 1 02/01/27XOMETRY INC

0.02%

of portfolio

Number of shares

1,702,000 sh

Holdings current value

$1.44M

Avg closing price

$0.81

Last action

Exited

2024Q4

Current —

155

ABNB 0 03/15/26AIRBNB INC

0.02%

of portfolio

Number of shares

1,533,000 sh

Holdings current value

$1.43M

Avg closing price

$0.96

Last action

Added

2025Q4

Current —

156

VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE

0.02%

of portfolio

Number of shares

1,461,000 sh

Holdings current value

$1.36M

Avg closing price

$0.96

Last action

Exited

2025Q3

Current —

157

MTN 0 01/01/26VAIL RESORTS INC

0.02%

of portfolio

Number of shares

1,425,000 sh

Holdings current value

$1.35M

Avg closing price

$0.96

Last action

Trimmed 75.0%

2025Q4

Current —

158

56400PAQ5MANNKIND CORP

0.02%

of portfolio

Number of shares

1,000,000 sh

Holdings current value

$1.33M

Avg closing price

$1.21

Last action

Exited

2024Q4

Current —

159

BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC

0.02%

of portfolio

Number of shares

1,246,000 sh

Holdings current value

$1.29M

Avg closing price

$1.13

Last action

Exited

2025Q4

Current —

160

XYZ 0.125 03/01/25BLOCK INC

0.02%

of portfolio

Number of shares

1,253,000 sh

Holdings current value

$1.23M

Avg closing price

$0.94

Last action

Exited

2024Q4

Current —

161

NIO 3.875 10/15/29NIO INC

0.02%

of portfolio

Number of shares

1,215,000 sh

Holdings current value

$1.13M

Avg closing price

$0.93

Last action

Exited

2025Q1

Current —

162

REAL 1 03/01/28THE REALREAL INC

0.01%

of portfolio

Number of shares

1,616,000 sh

Holdings current value

$775.7K

Avg closing price

$0.62

Last action

Exited

2025Q1

Current —

163

SEDG 0 09/15/25SOLAREDGE TECHNOLOGIES INC

0.01%

of portfolio

Number of shares

681,000 sh

Holdings current value

$634.0K

Avg closing price

$0.97

Last action

Exited

2025Q2

Current —

164

CNMD 2.25 06/15/27CONMED CORP

0.01%

of portfolio

Number of shares

681,000 sh

Holdings current value

$633.5K

Avg closing price

$0.95

Last action

Trimmed 21.7%

2025Q4

Current —

165

70932AAD5PENNYMAC MORTGAGE INVESTMENT TRUST

0.01%

of portfolio

Number of shares

578,000 sh

Holdings current value

$575.8K

Avg closing price

$1.00

Last action

Exited

2024Q4

Current —

166

27877D104ECD AUTOMOTIVE DESIGN INC

0.00%

of portfolio

Number of shares

75,000 sh

Holdings current value

$89.3K

Avg closing price

$1.23

Last action

Exited

2025Q1

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

TORM PLC

22.16%

ANGLOGOLD ASHANTI PLC

2.41%

STAR BULK CARRIERS CORP.

2.17%

STKL

2.12%

LIBERTY GLOBAL LTD

2.02%

INDIVIOR PLC

1.51%

142 more

22.47%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Energy5 pos$853.5M30.9%
Consumer Cyclical7 pos$627.5M22.7%
Basic Materials4 pos$337.7M12.2%
Financial Services7 pos$286.3M10.4%
Real Estate2 pos$172.5M6.2%
Consumer Defensive1 pos$132.2M4.8%
Communication Services5 pos$130.3M4.7%
Utilities1 pos$124.2M4.5%
Technology3 pos$63.4M2.3%
Healthcare2 pos$22.6M0.8%
Industrials1 pos$12.2M0.4%

(54.0% unclassified, excluded from %)