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 13F filing (2025Q4) discloses 166 positions across 11 sectors, with the largest positions in EXE, TORM PLC and ANGLOGOLD ASHANTI PLC. OpenStocks tracks 40 consecutive 13F filings 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

Quarter

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

Holdings

Sorted by value · 2025Q2

Sector174 positions

G89479102TORM PLC

11.72%

of portfolio

Number of shares

40,581,120 sh

Holdings current value

$681.59M

Avg closing price

$6.37

Last action

Trimmed 25.9%

2025Q4

Current —

EXECHESAPEAKE ENERGY CORP

Energy·Oil & Gas E&P

10.18%

of portfolio

Number of shares

5,062,364 sh

Holdings current value

$591.99M

Avg closing price

$43.93

+121.6%

Last action

Trimmed 0.0%

2025Q3

Current $97.36

GTXGARRETT MOTION INC

Consumer Cyclical·Auto Parts

6.67%

of portfolio

Number of shares

36,894,816 sh

Holdings current value

$387.76M

Avg closing price

$7.54

Last action

Trimmed 28.6%

2025Q4

Current —

SB9SITIO ROYALTIES CORP

4.09%

of portfolio

Number of shares

12,945,551 sh

Holdings current value

$237.94M

Avg closing price

$28.84

Last action

Exited

2025Q3

Current —

G0378L100ANGLOGOLD ASHANTI PLC

3.88%

of portfolio

Number of shares

4,947,737 sh

Holdings current value

$225.47M

Avg closing price

$16.61

Last action

Trimmed 6.4%

2025Q4

Current —

G4766E116INDIVIOR PLC

2.79%

of portfolio

Number of shares

11,009,125 sh

Holdings current value

$162.27M

Avg closing price

$0.62

Last action

Trimmed 95.8%

2025Q4

Current —

STKLSUNOPTA INC

Consumer Defensive·Beverages - Non-Alcoholic

2.07%

of portfolio

Number of shares

20,726,126 sh

Holdings current value

$120.19M

Avg closing price

$12.08

Last action

New holding

2022Q1

Current —

RWAYRUNWAY GROWTH FINANCE CORP

Financial Services·Asset Management

1.80%

of portfolio

Number of shares

9,779,667 sh

Holdings current value

$104.94M

Avg closing price

$13.58

Last action

Trimmed 11.3%

2025Q4

Current —

CXCEMEX SAB DE CVADR

Basic Materials·Building Materials

1.77%

of portfolio

Number of shares

14,839,032 sh

Holdings current value

$102.83M

Avg closing price

$6.33

Last action

Trimmed 24.1%

2025Q4

Current —

VISTVISTA OIL & GAS SAB DE CVADR

Energy·Oil & Gas E&P

1.70%

of portfolio

Number of shares

2,061,561 sh

Holdings current value

$98.56M

Avg closing price

$4.69

Last action

Trimmed 33.9%

2025Q4

Current —

NOKNOKIA CORPADR

Technology·Communication Equipment

1.67%

of portfolio

Number of shares

18,752,229 sh

Holdings current value

$97.14M

Avg closing price

$5.27

Last action

Added 0.0%

2025Q2

Current —

FCXFREEPORT-MCMORAN INC

Basic Materials·Copper

1.49%

of portfolio

Number of shares

1,996,075 sh

Holdings current value

$86.53M

Avg closing price

$43.35

+57.5%

Last action

Trimmed 5.4%

2025Q4

Current $68.28

G61188101LIBERTY GLOBAL LTD

1.41%

of portfolio

Number of shares

8,212,191 sh

Holdings current value

$82.20M

Avg closing price

$16.69

Last action

Added 4.3%

2025Q3

Current —

CBLCBL & ASSOC PPTYS INCREIT

Real Estate·REIT - Retail

1.31%

of portfolio

Number of shares

3,005,126 sh

Holdings current value

$76.30M

Avg closing price

$32.83

Last action

Trimmed 14.0%

2025Q4

Current —

ITUBITAU UNIBANCO HLDG S AADR

Financial Services·Banks - Regional

1.29%

of portfolio

Number of shares

11,004,494 sh

Holdings current value

$74.72M

Avg closing price

$6.71

Last action

Added 11.7%

2025Q4

Current —

BBARRICK MNG CORP

Basic Materials·Gold

1.13%

of portfolio

Number of shares

3,157,686 sh

Holdings current value

$65.74M

Avg closing price

$21.34

+98.7%

Last action

Trimmed 9.4%

2025Q4

Current $42.40

TACTRANSALTA CORP

Utilities·Utilities - Independent Power Producers

1.13%

of portfolio

Number of shares

6,085,253 sh

Holdings current value

$65.51M

Avg closing price

$9.67

+39.7%

Last action

Added 5.7%

2025Q3

Current $13.50

KRCKILROY RLTY CORPREIT

Real Estate·REIT - Office

1.09%

of portfolio

Number of shares

1,850,011 sh

Holdings current value

$63.47M

Avg closing price

$65.28

Last action

Added 14.6%

2022Q4

Current —

CRCCALIFORNIA RES CORP

Energy·Oil & Gas E&P

1.08%

of portfolio

Number of shares

1,376,753 sh

Holdings current value

$62.88M

Avg closing price

$52.09

+28.4%

Last action

Trimmed 33.1%

2025Q3

Current $66.87

PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR

1.02%

of portfolio

Number of shares

62,423,000 sh

Holdings current value

$59.15M

Avg closing price

$0.94

Last action

Added 27.7%

2025Q4

Current —

G4124C109GRAB HOLDINGS LIMITED

1.00%

of portfolio

Number of shares

11,569,295 sh

Holdings current value

$58.19M

Avg closing price

$4.65

Last action

Trimmed 7.1%

2025Q4

Current —

JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP

0.99%

of portfolio

Number of shares

59,981,000 sh

Holdings current value

$57.58M

Avg closing price

$0.93

Last action

Added 59.0%

2025Q4

Current —

Y8162K204STAR BULK CARRIERS CORP.

0.96%

of portfolio

Number of shares

3,230,527 sh

Holdings current value

$55.73M

Avg closing price

$9.89

Last action

Trimmed 28.2%

2025Q3

Current —

CABO 0 03/15/26CABLE ONE INC

0.85%

of portfolio

Number of shares

51,812,000 sh

Holdings current value

$49.15M

Avg closing price

$0.88

Last action

Added 0.2%

2025Q4

Current —

TLNTALEN ENERGY CORP

Utilities·Utilities - Independent Power Producers

0.65%

of portfolio

Number of shares

129,829 sh

Holdings current value

$37.75M

Avg closing price

$322.37

+12.4%

Last action

Added 44.5%

2025Q4

Current $362.40

ABNB 0 03/15/26AIRBNB INC

0.60%

of portfolio

Number of shares

36,300,000 sh

Holdings current value

$35.08M

Avg closing price

$0.96

Last action

Added 45.1%

2025Q4

Current —

BLCOBAUSCH PLUS LOMB CORP

Healthcare·Medical Instruments & Supplies

0.56%

of portfolio

Number of shares

2,521,245 sh

Holdings current value

$32.80M

Avg closing price

$13.62

Last action

Added 5.8%

2025Q4

Current —

ECECOPETROL S AADR

Energy·Oil & Gas Integrated

0.54%

of portfolio

Number of shares

3,549,822 sh

Holdings current value

$31.42M

Avg closing price

$10.27

Last action

Exited

2025Q3

Current —

INN 1.5 02/15/26SUMMIT HOTEL PPTYS

0.51%

of portfolio

Number of shares

30,455,000 sh

Holdings current value

$29.54M

Avg closing price

$0.97

Last action

Trimmed 20.6%

2025Q4

Current —

SEALTD 0.25 09/15/26SEA LTD

0.49%

of portfolio

Number of shares

30,069,000 sh

Holdings current value

$28.43M

Avg closing price

$0.90

Last action

Added 6.5%

2025Q4

Current —

TDOC 1.25 06/01/27TELADOC HEALTH INC

0.48%

of portfolio

Number of shares

30,338,000 sh

Holdings current value

$28.06M

Avg closing price

$0.85

Last action

Trimmed 6.6%

2025Q4

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.48%

of portfolio

Number of shares

1,571,272 sh

Holdings current value

$28.03M

Avg closing price

$17.74

Last action

Trimmed 7.1%

2025Q4

Current —

TXTERNIUM SAADR

Basic Materials·Steel

0.48%

of portfolio

Number of shares

919,709 sh

Holdings current value

$27.68M

Avg closing price

$35.39

Last action

Trimmed 20.6%

2025Q4

Current —

ETSY 0.25 06/15/28ETSY INC

0.47%

of portfolio

Number of shares

31,807,000 sh

Holdings current value

$27.38M

Avg closing price

$0.84

Last action

Added 51.7%

2025Q4

Current —

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

0.46%

of portfolio

Number of shares

1,513,039 sh

Holdings current value

$26.84M

Avg closing price

$19.69

Last action

Exited

2025Q3

Current —

CNMD 2.25 06/15/27CONMED CORP

0.45%

of portfolio

Number of shares

27,705,000 sh

Holdings current value

$26.32M

Avg closing price

$0.95

Last action

Trimmed 0.7%

2025Q4

Current —

SNAP 0.125 03/01/28SNAP INC

0.44%

of portfolio

Number of shares

29,437,000 sh

Holdings current value

$25.57M

Avg closing price

$0.82

Last action

Trimmed 6.1%

2025Q4

Current —

SATS 3.875 11/30/30ECHOSTAR CORP

0.44%

of portfolio

Number of shares

21,447,560 sh

Holdings current value

$25.31M

Avg closing price

$1.13

Last action

New holding

2025Q4

Current —

OCSLOAKTREE SPECIALTY LENDING CO

Financial Services·Asset Management

0.44%

of portfolio

Number of shares

1,852,456 sh

Holdings current value

$25.30M

Avg closing price

$18.83

Last action

New holding

2023Q1

Current —

ALRM 0 01/15/26ALARM COM HLDGS INC

0.42%

of portfolio

Number of shares

24,946,000 sh

Holdings current value

$24.32M

Avg closing price

$0.96

Last action

Added 10.8%

2025Q4

Current —

VAC 3.25 12/15/27MARRIOTT VACATIONS WORLDWIDE CORP

0.41%

of portfolio

Number of shares

25,833,000 sh

Holdings current value

$24.12M

Avg closing price

$0.94

Last action

Added 21.3%

2025Q4

Current —

TEOTELECOM ARGENTINA SAADR

Communication Services·Telecom Services

0.40%

of portfolio

Number of shares

2,644,263 sh

Holdings current value

$23.35M

Avg closing price

$9.83

Last action

Trimmed 9.6%

2025Q4

Current —

ENPH 0 03/01/26ENPHASE ENERGY INC

0.39%

of portfolio

Number of shares

23,501,000 sh

Holdings current value

$22.53M

Avg closing price

$0.95

Last action

Trimmed 8.4%

2025Q4

Current —

YMMFULL TRUCK ALLIANCE CO LTDADR

Technology·Software - Application

0.37%

of portfolio

Number of shares

1,842,337 sh

Holdings current value

$21.76M

Avg closing price

$12.41

Last action

Trimmed 13.1%

2025Q4

Current —

92940WAD1WIX COM LTD

0.36%

of portfolio

Number of shares

21,116,000 sh

Holdings current value

$21.06M

Avg closing price

$0.97

Last action

Exited

2025Q3

Current —

NVST 1.75 08/15/28ENVISTA HOLDINGS CORP

0.36%

of portfolio

Number of shares

22,281,000 sh

Holdings current value

$20.74M

Avg closing price

$0.92

Last action

Added 31.3%

2025Q4

Current —

OKTA 0.125 09/01/25OKTA INC

0.35%

of portfolio

Number of shares

20,241,000 sh

Holdings current value

$20.14M

Avg closing price

$0.99

Last action

Exited

2025Q3

Current —

VALEVALE S AADR

Basic Materials·Other Industrial Metals & Mining

0.34%

of portfolio

Number of shares

2,033,706 sh

Holdings current value

$19.75M

Avg closing price

$13.27

+31.3%

Last action

Trimmed 0.5%

2025Q4

Current $17.43

AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP

0.34%

of portfolio

Number of shares

20,605,000 sh

Holdings current value

$19.65M

Avg closing price

$0.87

Last action

Exited

2025Q4

Current —

DAY 0.25 03/15/26DAYFORCE INC

0.30%

of portfolio

Number of shares

18,080,000 sh

Holdings current value

$17.48M

Avg closing price

$0.85

Last action

Added 122.9%

2025Q4

Current —

BBIO 2.25 02/01/29BRIDGEBIO PHARMA INC

0.29%

of portfolio

Number of shares

18,056,000 sh

Holdings current value

$16.90M

Avg closing price

$0.87

Last action

Trimmed 31.2%

2025Q4

Current —

OPTUALTICE USA INC

Communication Services·Telecom Services

0.28%

of portfolio

Number of shares

7,500,000 sh

Holdings current value

$16.05M

Avg closing price

$2.13

Last action

Added 26.3%

2024Q3

Current —

DXCM 0.25 11/15/25DEXCOM INC

0.27%

of portfolio

Number of shares

16,111,000 sh

Holdings current value

$15.87M

Avg closing price

$1.02

Last action

Exited

2025Q4

Current —

SO 4.5 06/15/27SOUTHERN CO/THE

0.26%

of portfolio

Number of shares

13,459,000 sh

Holdings current value

$14.87M

Avg closing price

$1.11

Last action

Trimmed 39.8%

2025Q3

Current —

91325V108UNITI GROUP INC

0.25%

of portfolio

Number of shares

3,397,592 sh

Holdings current value

$14.68M

Avg closing price

$11.03

Last action

Exited

2025Q3

Current —

G9001E128LIBERTY LATIN AMERICA LTD

0.25%

of portfolio

Number of shares

2,328,516 sh

Holdings current value

$14.48M

Avg closing price

$7.66

Last action

Trimmed 28.3%

2025Q4

Current —

L01800108ALVOTECH

0.25%

of portfolio

Number of shares

1,563,676 sh

Holdings current value

$14.26M

Avg closing price

$9.25

Last action

Trimmed 39.7%

2025Q4

Current —

SESEA LTDADR

Consumer Cyclical·Internet Retail

0.23%

of portfolio

Number of shares

83,513 sh

Holdings current value

$13.36M

Avg closing price

$167.63

-46.1%

Last action

Exited

2025Q4

Current $90.40

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

0.22%

of portfolio

Number of shares

13,200,000 sh

Holdings current value

$12.99M

Avg closing price

$0.87

Last action

Exited

2025Q3

Current —

JD 0.25 06/01/29JD.COM INC

0.22%

of portfolio

Number of shares

12,352,000 sh

Holdings current value

$12.91M

Avg closing price

$1.06

Last action

Trimmed 27.1%

2025Q4

Current —

FOUR 0.5 08/01/27SHIFT4 PAYMENTS INC

0.22%

of portfolio

Number of shares

11,913,000 sh

Holdings current value

$12.81M

Avg closing price

$0.95

Last action

Exited

2025Q4

Current —

PPL 2.875 03/15/28PPL CAP FDG INC

0.21%

of portfolio

Number of shares

11,381,000 sh

Holdings current value

$12.32M

Avg closing price

$1.09

Last action

Trimmed 0.5%

2025Q4

Current —

ENPH 0 03/01/28ENPHASE ENERGY INC

0.21%

of portfolio

Number of shares

14,755,000 sh

Holdings current value

$12.00M

Avg closing price

$0.88

Last action

Added 183.8%

2025Q4

Current —

MKSI 1.25 06/01/30MKS INC

0.20%

of portfolio

Number of shares

11,985,000 sh

Holdings current value

$11.87M

Avg closing price

$1.02

Last action

Trimmed 46.6%

2025Q4

Current —

CMS 3.375 05/01/28CMS ENERGY CORP

0.20%

of portfolio

Number of shares

11,017,000 sh

Holdings current value

$11.74M

Avg closing price

$1.08

Last action

Trimmed 16.3%

2025Q4

Current —

MXMAGNACHIP SEMICONDUCTOR CORP

0.20%

of portfolio

Number of shares

2,849,858 sh

Holdings current value

$11.34M

Avg closing price

$10.32

Last action

Added 23.9%

2023Q2

Current —

UPST 0.25 08/15/26UPSTART HOLDINGS INC

0.19%

of portfolio

Number of shares

11,901,000 sh

Holdings current value

$11.31M

Avg closing price

$0.79

Last action

Trimmed 26.3%

2025Q4

Current —

COIN 0.25 04/01/30COINBASE GLOBAL INC

0.18%

of portfolio

Number of shares

7,894,000 sh

Holdings current value

$10.35M

Avg closing price

$1.21

Last action

Trimmed 24.1%

2025Q4

Current —

EXEELCHESAPEAKE ENERGY CORPWT

0.18%

of portfolio

Number of shares

95,294 sh

Holdings current value

$10.32M

Avg closing price

$52.47

Last action

New holding

2024Q4

Current —

BRYBERRY CORP

0.18%

of portfolio

Number of shares

3,697,000 sh

Holdings current value

$10.24M

Avg closing price

$11.16

Last action

Exited

2025Q3

Current —

YPFYPF SOCIEDAD ANONIMAADR

Energy·Oil & Gas Integrated

0.18%

of portfolio

Number of shares

324,330 sh

Holdings current value

$10.20M

Avg closing price

$17.73

Last action

Exited

2025Q3

Current —

LIVN 2.5 03/15/29LIVANOVA PLC

0.18%

of portfolio

Number of shares

9,995,000 sh

Holdings current value

$10.20M

Avg closing price

$1.00

Last action

Added 2.0%

2025Q4

Current —

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

0.16%

of portfolio

Number of shares

9,922,000 sh

Holdings current value

$9.50M

Avg closing price

$0.96

Last action

Added 522.5%

2025Q4

Current —

SHAK 0 03/01/28SHAKE SHACK INC

0.16%

of portfolio

Number of shares

8,821,000 sh

Holdings current value

$9.47M

Avg closing price

$0.77

Last action

Trimmed 40.6%

2025Q4

Current —

BHCBAUSCH HEALTH COS INC

Healthcare·Drug Manufacturers - Specialty & Generic

0.15%

of portfolio

Number of shares

1,270,000 sh

Holdings current value

$8.46M

Avg closing price

$8.22

-29.2%

Last action

Trimmed 2.3%

2024Q2

Current $5.82

GH 1.25 02/15/31GUARDANT HEALTH INC

0.14%

of portfolio

Number of shares

7,193,000 sh

Holdings current value

$8.40M

Avg closing price

$1.10

Last action

Exited

2025Q4

Current —

WEC 4.375 06/01/29WEC ENERGY GROUP INC

0.14%

of portfolio

Number of shares

7,154,000 sh

Holdings current value

$8.27M

Avg closing price

$1.19

Last action

Trimmed 6.0%

2025Q4

Current —

L01800116ALVOTECH SA

0.14%

of portfolio

Number of shares

4,666,667 sh

Holdings current value

$8.24M

Avg closing price

$0.84

Last action

New holding

2022Q2

Current —

NEE 3 03/01/27NEXTERA ENERGY CAP HLDGS INC

0.14%

of portfolio

Number of shares

7,141,000 sh

Holdings current value

$8.14M

Avg closing price

$1.16

Last action

Trimmed 46.8%

2025Q4

Current —

TTEK 2.25 08/15/28TETRA TECH INC NEW

0.14%

of portfolio

Number of shares

6,969,000 sh

Holdings current value

$7.87M

Avg closing price

$1.13

Last action

Added 94.4%

2025Q4

Current —

DXCM 0.375 05/15/28DEXCOM INC

0.13%

of portfolio

Number of shares

8,288,000 sh

Holdings current value

$7.82M

Avg closing price

$0.92

Last action

New holding

2025Q4

Current —

PSN 2.625 03/01/29PARSONS CORP

0.13%

of portfolio

Number of shares

7,203,000 sh

Holdings current value

$7.69M

Avg closing price

$1.09

Last action

Trimmed 62.0%

2025Q4

Current —

VRNT 0.25 04/15/26VERINT SYSTEMS INC

0.13%

of portfolio

Number of shares

7,835,000 sh

Holdings current value

$7.53M

Avg closing price

$0.85

Last action

Exited

2025Q4

Current —

SMRTSMARTRENT INC

Technology·Software - Application

0.13%

of portfolio

Number of shares

7,505,294 sh

Holdings current value

$7.43M

Avg closing price

$3.21

Last action

Added 71.4%

2023Q1

Current —

BL 1 06/01/29BLACKLINE INC

0.13%

of portfolio

Number of shares

6,945,000 sh

Holdings current value

$7.41M

Avg closing price

$1.06

Last action

Exited

2025Q4

Current —

TVTX 2.25 03/01/29TRAVERE THERAPEUTICS INC

0.13%

of portfolio

Number of shares

7,741,000 sh

Holdings current value

$7.39M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

HTHT 3 05/01/26H WORLD GROUP LTD

0.13%

of portfolio

Number of shares

6,884,000 sh

Holdings current value

$7.28M

Avg closing price

$1.11

Last action

Exited

2025Q3

Current —

MTN 0 01/01/26VAIL RESORTS INC

0.13%

of portfolio

Number of shares

7,458,000 sh

Holdings current value

$7.27M

Avg closing price

$0.96

Last action

Trimmed 36.4%

2025Q4

Current —

CYTK 3.5 07/01/27CYTOKINETICS INC

0.12%

of portfolio

Number of shares

6,692,000 sh

Holdings current value

$7.14M

Avg closing price

$1.21

Last action

Exited

2025Q3

Current —

BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN

0.12%

of portfolio

Number of shares

7,151,000 sh

Holdings current value

$6.98M

Avg closing price

$0.95

Last action

Added 242.0%

2025Q4

Current —

BABA 0.5 06/01/31ALIBABA GROUP HLDG LTD

0.12%

of portfolio

Number of shares

5,397,000 sh

Holdings current value

$6.90M

Avg closing price

$1.28

Last action

Exited

2025Q3

Current —

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

0.11%

of portfolio

Number of shares

5,011,000 sh

Holdings current value

$6.58M

Avg closing price

$1.19

Last action

Trimmed 18.0%

2025Q4

Current —

VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE

0.11%

of portfolio

Number of shares

6,746,000 sh

Holdings current value

$6.53M

Avg closing price

$0.96

Last action

Exited

2025Q3

Current —

HDBHDFC BANK LTDADR

Financial Services·Banks - Regional

0.11%

of portfolio

Number of shares

84,843 sh

Holdings current value

$6.50M

Avg closing price

$49.60

Last action

Trimmed 19.7%

2025Q4

Current —

MGNI 0.25 03/15/26MAGNITE INC

0.11%

of portfolio

Number of shares

6,637,000 sh

Holdings current value

$6.42M

Avg closing price

$0.94

Last action

Added 123.5%

2025Q4

Current —

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

0.11%

of portfolio

Number of shares

7,025,000 sh

Holdings current value

$6.34M

Avg closing price

$0.86

Last action

Added 112.6%

2025Q4

Current —

LITE 1.5 12/15/29LUMENTUM HLDGS INC

0.11%

of portfolio

Number of shares

3,997,000 sh

Holdings current value

$6.14M

Avg closing price

$1.37

Last action

Exited

2025Q3

Current —

653656AB4NICE LTD

0.10%

of portfolio

Number of shares

6,124,000 sh

Holdings current value

$6.06M

Avg closing price

$1.01

Last action

Exited

2025Q3

Current —

UPWK 0.25 08/15/26UPWORK INC

0.10%

of portfolio

Number of shares

6,373,000 sh

Holdings current value

$6.03M

Avg closing price

$0.94

Last action

Added 60.1%

2025Q4

Current —

100

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

0.10%

of portfolio

Number of shares

6,380,000 sh

Holdings current value

$5.92M

Avg closing price

$0.90

Last action

Exited

2025Q3

Current —

101

MTH 1.75 05/15/28MERITAGE HOMES CORP

0.10%

of portfolio

Number of shares

6,077,000 sh

Holdings current value

$5.91M

Avg closing price

$1.00

Last action

Exited

2025Q4

Current —

102

WK 1.25 08/15/28WORKIVA INC

0.10%

of portfolio

Number of shares

6,248,000 sh

Holdings current value

$5.80M

Avg closing price

$1.05

Last action

Exited

2025Q3

Current —

103

RGEN 1 12/15/28REPLIGEN CORP

0.10%

of portfolio

Number of shares

5,796,000 sh

Holdings current value

$5.77M

Avg closing price

$1.02

Last action

Added 21.1%

2025Q4

Current —

104

IART 0.5 08/15/25INTEGRA LIFESCIENCES HLDGS C

0.10%

of portfolio

Number of shares

5,761,000 sh

Holdings current value

$5.71M

Avg closing price

$0.96

Last action

Exited

2025Q3

Current —

105

HAE 2.5 06/01/29HAEMONETICS CORP

0.09%

of portfolio

Number of shares

5,463,000 sh

Holdings current value

$5.45M

Avg closing price

$1.00

Last action

New holding

2025Q4

Current —

106

FUBO 3.25 02/15/26FUBOTV INC

0.09%

of portfolio

Number of shares

5,561,000 sh

Holdings current value

$5.44M

Avg closing price

$0.97

Last action

Exited

2025Q4

Current —

107

59064RAA7MESA LABS INC

0.09%

of portfolio

Number of shares

5,438,000 sh

Holdings current value

$5.41M

Avg closing price

$0.92

Last action

Exited

2025Q3

Current —

108

PMT 5.5 03/15/26PENNYMAC MORTGAGE INVESTMENT TRUST

0.09%

of portfolio

Number of shares

5,411,000 sh

Holdings current value

$5.38M

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

109

ZD 1.75 11/01/26ZIFF DAVIS INC

0.09%

of portfolio

Number of shares

5,446,000 sh

Holdings current value

$5.19M

Avg closing price

$0.95

Last action

Added 214.6%

2025Q4

Current —

110

FVRR 0 11/01/25FIVERR INTL LTD

0.09%

of portfolio

Number of shares

5,259,000 sh

Holdings current value

$5.16M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

111

ARRY 1 12/01/28ARRAY TECHNOLOGIES INC

0.09%

of portfolio

Number of shares

6,448,000 sh

Holdings current value

$5.13M

Avg closing price

$0.88

Last action

Added

2025Q4

Current —

112

TWO 6.25 01/15/26TWO HARBORS INVESTMENT CORP

0.08%

of portfolio

Number of shares

4,765,000 sh

Holdings current value

$4.69M

Avg closing price

$0.98

Last action

Trimmed 8.2%

2025Q4

Current —

113

GES 3.75 04/15/28GUESS INC

0.08%

of portfolio

Number of shares

4,923,000 sh

Holdings current value

$4.68M

Avg closing price

$0.94

Last action

Exited

2025Q4

Current —

114

HDSNHUDSON TECHNOLOGIES INC

Basic Materials·Specialty Chemicals

0.08%

of portfolio

Number of shares

562,662 sh

Holdings current value

$4.57M

Avg closing price

$8.12

Last action

Exited

2025Q3

Current —

115

GH 0 11/15/27GUARDANT HEALTH INC

0.08%

of portfolio

Number of shares

5,017,000 sh

Holdings current value

$4.56M

Avg closing price

$0.80

Last action

Trimmed 44.9%

2025Q4

Current —

116

UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC

0.08%

of portfolio

Number of shares

3,163,000 sh

Holdings current value

$4.53M

Avg closing price

$1.10

Last action

Exited

2025Q4

Current —

117

OKTA 0.375 06/15/26OKTA INC

0.08%

of portfolio

Number of shares

4,657,000 sh

Holdings current value

$4.47M

Avg closing price

$0.97

Last action

Added

2025Q4

Current —

118

TCOM 0.75 06/15/29TRIP.COM GROUP LTD

0.08%

of portfolio

Number of shares

3,996,000 sh

Holdings current value

$4.45M

Avg closing price

$1.12

Last action

Trimmed 43.2%

2025Q4

Current —

119

HAE 0 03/01/26HAEMONETICS CORP MASS

0.08%

of portfolio

Number of shares

4,509,000 sh

Holdings current value

$4.37M

Avg closing price

$0.93

Last action

Added

2025Q4

Current —

120

BMABANCO MACRO SAADR

Financial Services·Banks - Regional

0.07%

of portfolio

Number of shares

60,591 sh

Holdings current value

$4.25M

Avg closing price

$49.28

Last action

Exited

2025Q3

Current —

121

AFRM 0 11/15/26AFFIRM HLDGS INC

0.07%

of portfolio

Number of shares

4,291,000 sh

Holdings current value

$4.04M

Avg closing price

$0.82

Last action

Added 27.8%

2025Q4

Current —

122

DUK 4.125 04/15/26DUKE ENERGY CORP NEW

0.07%

of portfolio

Number of shares

3,750,000 sh

Holdings current value

$3.97M

Avg closing price

$1.07

Last action

Exited

2025Q3

Current —

123

TPICQTPI COMPOSITES INC

0.07%

of portfolio

Number of shares

4,610,003 sh

Holdings current value

$3.96M

Avg closing price

$3.51

Last action

Exited

2025Q4

Current —

124

LI 0.25 05/01/28LI AUTO INC

0.07%

of portfolio

Number of shares

3,297,000 sh

Holdings current value

$3.92M

Avg closing price

$1.16

Last action

Exited

2025Q4

Current —

125

BATLBATTALION OIL CORP

0.07%

of portfolio

Number of shares

3,009,912 sh

Holdings current value

$3.88M

Avg closing price

$10.87

Last action

Trimmed 0.1%

2025Q4

Current —

126

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

0.07%

of portfolio

Number of shares

3,845,000 sh

Holdings current value

$3.81M

Avg closing price

$1.00

Last action

Added 95.0%

2025Q4

Current —

127

NBR 1.75 06/15/29NABORS INDUSTRIES INC 1.750 06/15/29 CVT

0.06%

of portfolio

Number of shares

6,500,000 sh

Holdings current value

$3.75M

Avg closing price

$0.74

Last action

Added

2025Q4

Current —

128

CRNC 1.5 07/01/28CERENCE INC

0.06%

of portfolio

Number of shares

4,865,000 sh

Holdings current value

$3.73M

Avg closing price

$0.81

Last action

Added 109.6%

2025Q4

Current —

129

BAND 0.5 04/01/28BANDWIDTH INC

0.06%

of portfolio

Number of shares

4,301,000 sh

Holdings current value

$3.62M

Avg closing price

$0.83

Last action

Added

2025Q4

Current —

130

TGSTRANSPORTADORA DE GAS SURADR

0.06%

of portfolio

Number of shares

137,630 sh

Holdings current value

$3.56M

Avg closing price

$9.80

Last action

Exited

2025Q4

Current —

131

SRPT 1.25 09/15/27SAREPTA THERAPEUTICS INC

0.06%

of portfolio

Number of shares

4,920,000 sh

Holdings current value

$3.55M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

132

PTON 0 02/15/26PELOTON INTERACTIVE INC

0.06%

of portfolio

Number of shares

3,669,000 sh

Holdings current value

$3.55M

Avg closing price

$0.76

Last action

Trimmed 17.8%

2025Q4

Current —

133

N4732M103JBS N.V.

0.06%

of portfolio

Number of shares

238,610 sh

Holdings current value

$3.49M

Avg closing price

$14.88

Last action

Exited

2025Q4

Current —

134

HLF 4.25 06/15/28HERBALIFE LTD

0.06%

of portfolio

Number of shares

3,742,000 sh

Holdings current value

$3.41M

Avg closing price

$0.86

Last action

Trimmed 30.0%

2025Q4

Current —

135

NEO 0.25 01/15/28NEOGENOMICS INC

0.06%

of portfolio

Number of shares

3,819,000 sh

Holdings current value

$3.28M

Avg closing price

$0.87

Last action

Added 486.6%

2025Q4

Current —

136

SPOT 0 03/15/26SPOTIFY USA INC

0.05%

of portfolio

Number of shares

2,000,000 sh

Holdings current value

$3.03M

Avg closing price

$0.57

Last action

New holding

2025Q4

Current —

137

U 0 11/15/26UNITY SOFTWARE INC

0.05%

of portfolio

Number of shares

3,216,000 sh

Holdings current value

$3.01M

Avg closing price

$0.92

Last action

Added

2025Q4

Current —

138

W 3.25 09/15/27WAYFAIR INC

0.05%

of portfolio

Number of shares

2,585,000 sh

Holdings current value

$2.95M

Avg closing price

$1.14

Last action

Exited

2025Q4

Current —

139

BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC

0.05%

of portfolio

Number of shares

2,100,000 sh

Holdings current value

$2.62M

Avg closing price

$1.13

Last action

Exited

2025Q4

Current —

140

SSRMCN 2.5 04/01/39SSR MNG INC

0.04%

of portfolio

Number of shares

2,419,000 sh

Holdings current value

$2.51M

Avg closing price

$0.98

Last action

Exited

2025Q3

Current —

141

BILL 0 04/01/27BILL HOLDINGS INC

0.04%

of portfolio

Number of shares

2,722,000 sh

Holdings current value

$2.49M

Avg closing price

$0.92

Last action

Trimmed 1.8%

2025Q4

Current —

142

NET 0 08/15/26CLOUDFLARE INC

0.04%

of portfolio

Number of shares

2,000,000 sh

Holdings current value

$2.37M

Avg closing price

$0.56

Last action

Exited

2025Q3

Current —

143

CALY 2.75 05/01/26TOPGOLF CALLAWAY BRANDS CORP

0.04%

of portfolio

Number of shares

2,397,000 sh

Holdings current value

$2.34M

Avg closing price

$0.99

Last action

Added

2025Q4

Current —

144

75737FAC2REDFIN CORP

0.04%

of portfolio

Number of shares

2,381,000 sh

Holdings current value

$2.33M

Avg closing price

$0.98

Last action

Exited

2025Q3

Current —

145

NVCR 0 11/01/25NOVOCURE LTD

0.04%

of portfolio

Number of shares

2,385,000 sh

Holdings current value

$2.33M

Avg closing price

$0.94

Last action

Exited

2025Q4

Current —

146

ON 0 05/01/27ON SEMICONDUCTOR CORP

0.04%

of portfolio

Number of shares

1,950,000 sh

Holdings current value

$2.32M

Avg closing price

$1.11

Last action

Added 56.0%

2025Q2

Current —

147

XYZ 0.25 11/01/27BLOCK INC

0.04%

of portfolio

Number of shares

2,464,000 sh

Holdings current value

$2.21M

Avg closing price

$0.91

Last action

Added

2025Q4

Current —

148

HALO 0.25 03/01/27HALOZYME THERAPEUTICS INC

0.03%

of portfolio

Number of shares

2,000,000 sh

Holdings current value

$2.00M

Avg closing price

$0.88

Last action

Exited

2025Q3

Current —

149

PCG 4.25 12/01/27PG&E CORP

0.03%

of portfolio

Number of shares

1,975,000 sh

Holdings current value

$1.96M

Avg closing price

$1.09

Last action

Exited

2025Q3

Current —

150

BSY 0.375 07/01/27BENTLEY SYS INC

0.03%

of portfolio

Number of shares

2,052,000 sh

Holdings current value

$1.94M

Avg closing price

$0.78

Last action

Added

2025Q4

Current —

151

SNAP 0 05/01/27SNAP INC

0.03%

of portfolio

Number of shares

2,002,000 sh

Holdings current value

$1.82M

Avg closing price

$0.83

Last action

Added

2025Q4

Current —

152

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

0.03%

of portfolio

Number of shares

1,304,000 sh

Holdings current value

$1.64M

Avg closing price

$1.14

Last action

Trimmed 18.7%

2025Q4

Current —

153

AAL 6.5 07/01/25AMERICAN AIRLINES GROUP INC

0.03%

of portfolio

Number of shares

1,500,000 sh

Holdings current value

$1.50M

Avg closing price

$1.47

Last action

Exited

2025Q3

Current —

154

POST 2.5 08/15/27POST HLDGS INC

0.03%

of portfolio

Number of shares

1,300,000 sh

Holdings current value

$1.49M

Avg closing price

$1.10

Last action

Added

2025Q4

Current —

155

BAKBRASKEM S AADR

0.03%

of portfolio

Number of shares

453,167 sh

Holdings current value

$1.49M

Avg closing price

$10.56

Last action

Exited

2025Q3

Current —

156

ESPR 4 11/15/25ESPERION THERAPEUTICS INC

0.02%

of portfolio

Number of shares

1,463,000 sh

Holdings current value

$1.43M

Avg closing price

$0.97

Last action

Exited

2025Q4

Current —

157

BMRN 1.25 05/15/27BIOMARIN PHARMACEUTICAL INC

0.02%

of portfolio

Number of shares

1,481,000 sh

Holdings current value

$1.40M

Avg closing price

$0.96

Last action

Added

2025Q4

Current —

158

761299AB2TRAVERE THERAPEUTICS INC

0.02%

of portfolio

Number of shares

1,377,000 sh

Holdings current value

$1.36M

Avg closing price

$1.02

Last action

Exited

2025Q3

Current —

159

IRTC 1.5 09/01/29IRHYTHM TECHNOLOGIES INC

0.02%

of portfolio

Number of shares

1,050,000 sh

Holdings current value

$1.35M

Avg closing price

$1.04

Last action

Exited

2025Q4

Current —

160

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

0.02%

of portfolio

Number of shares

106,199,000 sh

Holdings current value

$1.33M

Avg closing price

$0.51

Last action

Exited

2025Q3

Current —

161

GRPN 1.125 03/15/26GROUPON INC

0.02%

of portfolio

Number of shares

1,336,000 sh

Holdings current value

$1.31M

Avg closing price

$0.91

Last action

Trimmed 27.5%

2025Q4

Current —

162

PAR 1.5 10/15/27PAR TECHNOLOGY CORP

0.02%

of portfolio

Number of shares

1,100,000 sh

Holdings current value

$1.26M

Avg closing price

$1.07

Last action

Exited

2025Q3

Current —

163

TYL 0.25 03/15/26TYLER TEX INDPT SCH DIST

0.02%

of portfolio

Number of shares

1,000,000 sh

Holdings current value

$1.23M

Avg closing price

$1.06

Last action

New holding

2025Q4

Current —

164

UBER 0 12/15/25UBER TECHNOLOGIES INC

0.02%

of portfolio

Number of shares

1,000,000 sh

Holdings current value

$1.20M

Avg closing price

$0.92

Last action

Exited

2025Q3

Current —

165

VTR 3.75 06/01/26VENTAS RLTY LTD PARTNERSHIP

0.02%

of portfolio

Number of shares

1,000,000 sh

Holdings current value

$1.20M

Avg closing price

$1.29

Last action

Exited

2025Q3

Current —

166

LNTH 2.625 12/15/27LANTHEUS HLDGS INC

0.02%

of portfolio

Number of shares

900,000 sh

Holdings current value

$1.15M

Avg closing price

$1.10

Last action

Added

2025Q4

Current —

167

69553PAB6PAGERDUTY INC

0.02%

of portfolio

Number of shares

1,033,000 sh

Holdings current value

$1.03M

Avg closing price

$1.00

Last action

Exited

2025Q3

Current —

168

BL 0 03/15/26BLACKLINE INC

0.02%

of portfolio

Number of shares

1,020,000 sh

Holdings current value

$983.1K

Avg closing price

$0.73

Last action

New holding

2025Q4

Current —

169

ALNY 1 09/15/27ALNYLAM PHARMACEUTICALS INC

0.02%

of portfolio

Number of shares

750,000 sh

Holdings current value

$976.1K

Avg closing price

$0.93

Last action

Exited

2025Q3

Current —

170

STX 3.5 06/01/28SEAGATE HDD CAYMAN

0.02%

of portfolio

Number of shares

500,000 sh

Holdings current value

$900.2K

Avg closing price

$1.39

Last action

Exited

2025Q3

Current —

171

NOVA 2.625 02/15/28SUNNOVA ENERGY INTL INC.

0.01%

of portfolio

Number of shares

61,469,000 sh

Holdings current value

$768.4K

Avg closing price

$0.32

Last action

Exited

2025Q3

Current —

172

XYZ 0 05/01/26BLOCK INC

0.01%

of portfolio

Number of shares

514,000 sh

Holdings current value

$492.5K

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

173

BTAIBIOXCEL THERAPEUTICS INC

0.01%

of portfolio

Number of shares

241,188 sh

Holdings current value

$436.6K

Avg closing price

$1.81

Last action

New holding

2025Q2

Current —

174

LCII 1.125 05/15/26LCI INDS

0.00%

of portfolio

Number of shares

161,000 sh

Holdings current value

$155.5K

Avg closing price

$0.97

Last action

Added

2025Q4

Current —

Portfolio heatmap

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

TORM PLC

11.72%

ANGLOGOLD ASHANTI PLC

3.88%

INDIVIOR PLC

2.79%

LIBERTY GLOBAL LTD

1.41%

GRAB HOLDINGS LIMITED

1.00%

JBLU 0.5 04/01/26

0.99%

STAR BULK CARRIERS CORP.

0.96%

CABO 0 03/15/26

0.85%

150 more

23.70%

Sector exposure

Share of dollar value across the latest 13F report. Unclassified positions excluded.

Energy5 pos$795.0M33.9%
Consumer Cyclical2 pos$401.1M17.1%
Basic Materials6 pos$307.1M13.1%
Financial Services5 pos$215.7M9.2%
Real Estate3 pos$166.6M7.1%
Technology3 pos$126.3M5.4%
Consumer Defensive1 pos$120.2M5.1%
Utilities2 pos$103.3M4.4%
Communication Services3 pos$67.4M2.9%
Healthcare2 pos$41.3M1.8%

(53.5% unclassified, excluded from %)