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. 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

Quarter

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

Holdings

Sorted by value · 2025Q3

Sector159 positions

G89479102TORM PLC

12.86%

of portfolio

Number of shares

40,581,120 sh

Holdings current value

$834.58M

Avg closing price

$6.37

Last action

Trimmed 25.9%

2025Q4

Current —

EXECHESAPEAKE ENERGY CORP

Energy·Oil & Gas E&P

8.29%

of portfolio

Number of shares

5,062,363 sh

Holdings current value

$537.83M

Avg closing price

$43.93

+121.6%

Last action

Trimmed 0.0%

2025Q3

Current $97.36

GTXGARRETT MOTION INC

Consumer Cyclical·Auto Parts

6.69%

of portfolio

Number of shares

31,894,816 sh

Holdings current value

$434.41M

Avg closing price

$7.54

Last action

Trimmed 31.7%

2025Q4

Current —

G0378L100ANGLOGOLD ASHANTI PLC

4.54%

of portfolio

Number of shares

4,185,261 sh

Holdings current value

$294.35M

Avg closing price

$16.61

Last action

Trimmed 7.5%

2025Q4

Current —

VNOMVIPER ENERGY INC

Energy·Oil & Gas Midstream

3.70%

of portfolio

Number of shares

6,285,062 sh

Holdings current value

$240.22M

Avg closing price

$38.22

Last action

New holding

2025Q3

Current —

TDSTELEPHONE & DATA SYS INC

Communication Services·Telecom Services

2.23%

of portfolio

Number of shares

3,688,386 sh

Holdings current value

$144.73M

Avg closing price

$39.24

+16.1%

Last action

New holding

2025Q3

Current $45.57

TLNTALEN ENERGY CORP

Utilities·Utilities - Independent Power Producers

1.91%

of portfolio

Number of shares

291,117 sh

Holdings current value

$123.84M

Avg closing price

$322.37

+12.4%

Last action

Added 15.9%

2025Q4

Current $362.40

STKLSUNOPTA INC

Consumer Defensive·Beverages - Non-Alcoholic

1.87%

of portfolio

Number of shares

20,726,126 sh

Holdings current value

$121.43M

Avg closing price

$12.08

Last action

New holding

2022Q1

Current —

CORZCORE SCIENTIFIC INC NEW

Technology·Software - Infrastructure

1.77%

of portfolio

Number of shares

6,400,708 sh

Holdings current value

$114.83M

Avg closing price

$17.15

+13.3%

Last action

Added 43.8%

2025Q4

Current $19.44

BBARRICK MNG CORP

Basic Materials·Gold

1.67%

of portfolio

Number of shares

3,302,086 sh

Holdings current value

$108.21M

Avg closing price

$21.34

+98.7%

Last action

Trimmed 9.0%

2025Q4

Current $42.40

G61188101LIBERTY GLOBAL LTD

1.51%

of portfolio

Number of shares

8,551,191 sh

Holdings current value

$98.00M

Avg closing price

$16.69

Last action

Added 4.1%

2025Q3

Current —

G3730V105FTAI AVIATION LTD

1.50%

of portfolio

Number of shares

585,175 sh

Holdings current value

$97.64M

Avg closing price

$17.12

Last action

Trimmed 10.4%

2025Q4

Current —

CXCEMEX SAB DE CVADR

Basic Materials·Building Materials

1.45%

of portfolio

Number of shares

10,448,824 sh

Holdings current value

$93.93M

Avg closing price

$6.33

Last action

Trimmed 31.0%

2025Q4

Current —

ITUBITAU UNIBANCO HLDG S AADR

Financial Services·Banks - Regional

1.43%

of portfolio

Number of shares

12,665,801 sh

Holdings current value

$92.97M

Avg closing price

$6.71

Last action

Added 10.1%

2025Q4

Current —

CBLCBL & ASSOC PPTYS INCREIT

Real Estate·REIT - Retail

1.42%

of portfolio

Number of shares

3,005,126 sh

Holdings current value

$91.90M

Avg closing price

$32.83

Last action

Trimmed 14.0%

2025Q4

Current —

NOKNOKIA CORPADR

Technology·Communication Equipment

1.39%

of portfolio

Number of shares

18,752,229 sh

Holdings current value

$90.20M

Avg closing price

$5.27

Last action

Added 0.0%

2025Q2

Current —

TACTRANSALTA CORP

Utilities·Utilities - Independent Power Producers

1.35%

of portfolio

Number of shares

6,415,253 sh

Holdings current value

$87.65M

Avg closing price

$9.67

+39.7%

Last action

Added 5.4%

2025Q3

Current $13.50

RWAYRUNWAY GROWTH FINANCE CORP

Financial Services·Asset Management

1.30%

of portfolio

Number of shares

8,279,667 sh

Holdings current value

$84.12M

Avg closing price

$13.58

Last action

Trimmed 13.1%

2025Q4

Current —

KRCKILROY RLTY CORPREIT

Real Estate·REIT - Office

1.20%

of portfolio

Number of shares

1,850,011 sh

Holdings current value

$78.16M

Avg closing price

$65.28

Last action

Added 14.6%

2022Q4

Current —

G4124C109GRAB HOLDINGS LIMITED

1.12%

of portfolio

Number of shares

12,094,495 sh

Holdings current value

$72.81M

Avg closing price

$4.65

Last action

Trimmed 6.8%

2025Q4

Current —

NUNU HLDGS LTD

Financial Services·Banks - Regional

1.11%

of portfolio

Number of shares

4,518,884 sh

Holdings current value

$72.35M

Avg closing price

$16.01

-3.6%

Last action

Trimmed 0.9%

2025Q4

Current $15.43

JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP

1.03%

of portfolio

Number of shares

68,263,000 sh

Holdings current value

$66.64M

Avg closing price

$0.93

Last action

Added 48.4%

2025Q4

Current —

VISTVISTA OIL & GAS SAB DE CVADR

Energy·Oil & Gas E&P

0.98%

of portfolio

Number of shares

1,841,319 sh

Holdings current value

$63.34M

Avg closing price

$4.69

Last action

Trimmed 36.5%

2025Q4

Current —

FCXFREEPORT-MCMORAN INC

Basic Materials·Copper

0.91%

of portfolio

Number of shares

1,504,865 sh

Holdings current value

$59.02M

Avg closing price

$43.35

+57.5%

Last action

Trimmed 7.1%

2025Q4

Current $68.28

CABO 0 03/15/26CABLE ONE INC

0.88%

of portfolio

Number of shares

58,746,000 sh

Holdings current value

$57.37M

Avg closing price

$0.88

Last action

Added 0.2%

2025Q4

Current —

G9001E128LIBERTY LATIN AMERICA LTD

0.87%

of portfolio

Number of shares

6,669,823 sh

Holdings current value

$56.29M

Avg closing price

$7.66

Last action

Trimmed 12.1%

2025Q4

Current —

YMMFULL TRUCK ALLIANCE CO LTDADR

Technology·Software - Application

0.76%

of portfolio

Number of shares

3,797,697 sh

Holdings current value

$49.26M

Avg closing price

$12.41

Last action

Trimmed 6.8%

2025Q4

Current —

BLCOBAUSCH PLUS LOMB CORP

Healthcare·Medical Instruments & Supplies

0.75%

of portfolio

Number of shares

3,245,439 sh

Holdings current value

$48.91M

Avg closing price

$13.62

Last action

Added 4.4%

2025Q4

Current —

SATSECHOSTAR CORP

Communication Services·Telecom Services

0.71%

of portfolio

Number of shares

600,000 sh

Holdings current value

$45.82M

Avg closing price

$76.36

Last action

Exited

2025Q4

Current —

CNMD 2.25 06/15/27CONMED CORP

0.60%

of portfolio

Number of shares

40,513,000 sh

Holdings current value

$38.65M

Avg closing price

$0.95

Last action

Trimmed 0.5%

2025Q4

Current —

ABNB 0 03/15/26AIRBNB INC

0.59%

of portfolio

Number of shares

39,353,000 sh

Holdings current value

$38.57M

Avg closing price

$0.96

Last action

Added 40.2%

2025Q4

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.59%

of portfolio

Number of shares

1,643,572 sh

Holdings current value

$38.39M

Avg closing price

$17.74

Last action

Trimmed 6.8%

2025Q4

Current —

G98239109XP INC

0.59%

of portfolio

Number of shares

2,032,877 sh

Holdings current value

$38.20M

Avg closing price

$18.16

Last action

Added 172.7%

2025Q4

Current —

TDOC 1.25 06/01/27TELADOC HEALTH INC

0.59%

of portfolio

Number of shares

40,638,000 sh

Holdings current value

$38.16M

Avg closing price

$0.85

Last action

Trimmed 5.0%

2025Q4

Current —

CRCCALIFORNIA RES CORP

Energy·Oil & Gas E&P

0.57%

of portfolio

Number of shares

694,502 sh

Holdings current value

$36.93M

Avg closing price

$52.09

+28.4%

Last action

Trimmed 49.6%

2025Q3

Current $66.87

Y8162K204STAR BULK CARRIERS CORP.

0.56%

of portfolio

Number of shares

1,962,892 sh

Holdings current value

$36.49M

Avg closing price

$9.89

Last action

Trimmed 39.2%

2025Q3

Current —

ADUNITED STATES CELLULAR CORP

Communication Services·Telecom Services

0.56%

of portfolio

Number of shares

724,444 sh

Holdings current value

$36.23M

Avg closing price

$50.01

Last action

New holding

2025Q3

Current —

SEALTD 0.25 09/15/26SEA LTD

0.55%

of portfolio

Number of shares

37,028,000 sh

Holdings current value

$35.55M

Avg closing price

$0.90

Last action

Added 5.2%

2025Q4

Current —

ETSY 0.25 06/15/28ETSY INC

0.54%

of portfolio

Number of shares

39,330,000 sh

Holdings current value

$34.84M

Avg closing price

$0.84

Last action

Added 38.0%

2025Q4

Current —

VAC 3.25 12/15/27MARRIOTT VACATIONS WORLDWIDE CORP

0.53%

of portfolio

Number of shares

35,832,000 sh

Holdings current value

$34.24M

Avg closing price

$0.94

Last action

Added 14.5%

2025Q4

Current —

TXTERNIUM SAADR

Basic Materials·Steel

0.48%

of portfolio

Number of shares

897,509 sh

Holdings current value

$31.17M

Avg closing price

$35.39

Last action

Trimmed 21.0%

2025Q4

Current —

SRPT 1.25 09/15/27SAREPTA THERAPEUTICS INC

0.47%

of portfolio

Number of shares

34,930,000 sh

Holdings current value

$30.82M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

G6359F137NABORS INDUSTRIES LTD

0.46%

of portfolio

Number of shares

737,112 sh

Holdings current value

$30.13M

Avg closing price

$40.87

Last action

Exited

2025Q4

Current —

INN 1.5 02/15/26SUMMIT HOTEL PPTYS

0.45%

of portfolio

Number of shares

29,441,000 sh

Holdings current value

$28.98M

Avg closing price

$0.97

Last action

Trimmed 21.1%

2025Q4

Current —

PEB 1.75 12/15/26PEBBLEBROOK HOTEL TR

0.40%

of portfolio

Number of shares

26,176,000 sh

Holdings current value

$25.86M

Avg closing price

$0.94

Last action

Added 107.0%

2025Q4

Current —

JD 0.25 06/01/29JD.COM INC

0.40%

of portfolio

Number of shares

23,821,000 sh

Holdings current value

$25.66M

Avg closing price

$1.06

Last action

Trimmed 16.1%

2025Q4

Current —

SESEA LTDADR

Consumer Cyclical·Internet Retail

0.39%

of portfolio

Number of shares

141,368 sh

Holdings current value

$25.27M

Avg closing price

$167.63

-46.1%

Last action

Exited

2025Q4

Current $90.40

ECVTECOVYST INC

Basic Materials·Specialty Chemicals

0.39%

of portfolio

Number of shares

2,859,022 sh

Holdings current value

$25.05M

Avg closing price

$9.08

Last action

Added 95.3%

2025Q4

Current —

ENPH 0 03/01/28ENPHASE ENERGY INC

0.38%

of portfolio

Number of shares

28,622,000 sh

Holdings current value

$24.86M

Avg closing price

$0.88

Last action

Added 50.1%

2025Q4

Current —

ALRM 0 01/15/26ALARM COM HLDGS INC

0.38%

of portfolio

Number of shares

24,757,000 sh

Holdings current value

$24.48M

Avg closing price

$0.96

Last action

Added 10.9%

2025Q4

Current —

OCSLOAKTREE SPECIALTY LENDING CO

Financial Services·Asset Management

0.37%

of portfolio

Number of shares

1,852,456 sh

Holdings current value

$24.17M

Avg closing price

$18.83

Last action

New holding

2023Q1

Current —

NVST 1.75 08/15/28ENVISTA HOLDINGS CORP

0.37%

of portfolio

Number of shares

25,479,000 sh

Holdings current value

$24.09M

Avg closing price

$0.92

Last action

Added 26.3%

2025Q4

Current —

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

0.37%

of portfolio

Number of shares

24,773,000 sh

Holdings current value

$23.80M

Avg closing price

$0.96

Last action

Added 50.6%

2025Q4

Current —

N4732M103JBS N.V.

0.36%

of portfolio

Number of shares

1,580,400 sh

Holdings current value

$23.60M

Avg closing price

$14.88

Last action

Exited

2025Q4

Current —

VALEVALE S AADR

Basic Materials·Other Industrial Metals & Mining

0.34%

of portfolio

Number of shares

2,033,706 sh

Holdings current value

$22.09M

Avg closing price

$13.27

+31.3%

Last action

Trimmed 0.5%

2025Q4

Current $17.43

AVAV 0 07/15/30AEROVIRONMENT INC

0.34%

of portfolio

Number of shares

17,763,000 sh

Holdings current value

$22.05M

Avg closing price

$1.24

Last action

Trimmed 10.1%

2025Q4

Current —

ARRY 1 12/01/28ARRAY TECHNOLOGIES INC

0.33%

of portfolio

Number of shares

24,689,000 sh

Holdings current value

$21.47M

Avg closing price

$0.88

Last action

Added 53.4%

2025Q4

Current —

JAZZ 3.125 09/15/30JAZZ PHARMACEUTICALS PLC

0.31%

of portfolio

Number of shares

16,700,000 sh

Holdings current value

$19.86M

Avg closing price

$1.19

Last action

Trimmed 26.8%

2025Q4

Current —

AGCN 0.375 01/15/27FIRST MAJESTIC SILVER CORP

0.30%

of portfolio

Number of shares

18,133,000 sh

Holdings current value

$19.68M

Avg closing price

$0.87

Last action

Exited

2025Q4

Current —

TEOTELECOM ARGENTINA SAADR

Communication Services·Telecom Services

0.29%

of portfolio

Number of shares

2,629,483 sh

Holdings current value

$19.12M

Avg closing price

$9.83

Last action

Trimmed 9.7%

2025Q4

Current —

CMS 3.375 05/01/28CMS ENERGY CORP

0.29%

of portfolio

Number of shares

17,343,000 sh

Holdings current value

$19.03M

Avg closing price

$1.08

Last action

Trimmed 11.0%

2025Q4

Current —

BMRN 1.25 05/15/27BIOMARIN PHARMACEUTICAL INC

0.29%

of portfolio

Number of shares

19,719,000 sh

Holdings current value

$18.74M

Avg closing price

$0.96

Last action

Added

2025Q4

Current —

MKSI 1.25 06/01/30MKS INC

0.28%

of portfolio

Number of shares

16,705,000 sh

Holdings current value

$18.33M

Avg closing price

$1.02

Last action

Trimmed 38.5%

2025Q4

Current —

OPTUALTICE USA INC

Communication Services·Telecom Services

0.28%

of portfolio

Number of shares

7,500,000 sh

Holdings current value

$18.07M

Avg closing price

$2.13

Last action

Added 26.3%

2024Q3

Current —

PPL 2.875 03/15/28PPL CAP FDG INC

0.28%

of portfolio

Number of shares

15,733,000 sh

Holdings current value

$17.98M

Avg closing price

$1.09

Last action

Trimmed 0.4%

2025Q4

Current —

MGPI 1.875 11/15/41MGP INGREDIENTS INC

0.26%

of portfolio

Number of shares

17,275,000 sh

Holdings current value

$16.55M

Avg closing price

$0.96

Last action

Added 52.5%

2025Q4

Current —

OKTA 0.375 06/15/26OKTA INC

0.25%

of portfolio

Number of shares

16,906,000 sh

Holdings current value

$16.49M

Avg closing price

$0.97

Last action

Added 207.3%

2025Q4

Current —

COIN 0.25 04/01/30COINBASE GLOBAL INC

0.25%

of portfolio

Number of shares

13,010,000 sh

Holdings current value

$16.38M

Avg closing price

$1.21

Last action

Trimmed 16.1%

2025Q4

Current —

LIVN 2.5 03/15/29LIVANOVA PLC

0.25%

of portfolio

Number of shares

15,085,000 sh

Holdings current value

$16.25M

Avg closing price

$1.00

Last action

Added 1.3%

2025Q4

Current —

AMPH 2 03/15/29AMPHASTAR PHARMACEUTICALS IN

0.25%

of portfolio

Number of shares

17,825,000 sh

Holdings current value

$16.25M

Avg closing price

$0.92

Last action

Added

2025Q4

Current —

WEC 4.375 06/01/29WEC ENERGY GROUP INC

0.24%

of portfolio

Number of shares

12,414,000 sh

Holdings current value

$15.26M

Avg closing price

$1.19

Last action

Trimmed 3.6%

2025Q4

Current —

SPB 3.375 06/01/29SPECTRUM BRANDS HOLDINGS INC

0.23%

of portfolio

Number of shares

16,221,000 sh

Holdings current value

$15.11M

Avg closing price

$0.94

Last action

Added 228.0%

2025Q4

Current —

PSN 2.625 03/01/29PARSONS CORP

0.23%

of portfolio

Number of shares

12,910,000 sh

Holdings current value

$14.75M

Avg closing price

$1.09

Last action

Trimmed 47.6%

2025Q4

Current —

FOUR 0.5 08/01/27SHIFT4 PAYMENTS INC

0.22%

of portfolio

Number of shares

14,544,000 sh

Holdings current value

$14.35M

Avg closing price

$0.95

Last action

Exited

2025Q4

Current —

SNAP 0.125 03/01/28SNAP INC

0.21%

of portfolio

Number of shares

15,339,000 sh

Holdings current value

$13.70M

Avg closing price

$0.82

Last action

Trimmed 11.1%

2025Q4

Current —

MTH 1.75 05/15/28MERITAGE HOMES CORP

0.20%

of portfolio

Number of shares

12,695,000 sh

Holdings current value

$13.06M

Avg closing price

$1.00

Last action

Exited

2025Q4

Current —

TTEK 2.25 08/15/28TETRA TECH INC NEW

0.20%

of portfolio

Number of shares

11,905,000 sh

Holdings current value

$12.90M

Avg closing price

$1.13

Last action

Added 39.7%

2025Q4

Current —

DXCM 0.25 11/15/25DEXCOM INC

0.20%

of portfolio

Number of shares

12,963,000 sh

Holdings current value

$12.88M

Avg closing price

$1.02

Last action

Exited

2025Q4

Current —

L01800108ALVOTECH

0.20%

of portfolio

Number of shares

1,563,676 sh

Holdings current value

$12.81M

Avg closing price

$9.25

Last action

Trimmed 39.7%

2025Q4

Current —

ENPH 0 03/01/26ENPHASE ENERGY INC

0.20%

of portfolio

Number of shares

13,060,000 sh

Holdings current value

$12.77M

Avg closing price

$0.95

Last action

Trimmed 14.1%

2025Q4

Current —

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

0.19%

of portfolio

Number of shares

10,471,000 sh

Holdings current value

$12.45M

Avg closing price

$1.19

Last action

Trimmed 9.5%

2025Q4

Current —

GH 1.25 02/15/31GUARDANT HEALTH INC

0.19%

of portfolio

Number of shares

9,240,000 sh

Holdings current value

$12.05M

Avg closing price

$1.10

Last action

Exited

2025Q4

Current —

SNAP 0 05/01/27SNAP INC

0.18%

of portfolio

Number of shares

12,977,000 sh

Holdings current value

$12.00M

Avg closing price

$0.83

Last action

Added 103.5%

2025Q4

Current —

SHAK 0 03/01/28SHAKE SHACK INC

0.17%

of portfolio

Number of shares

11,716,000 sh

Holdings current value

$11.15M

Avg closing price

$0.77

Last action

Trimmed 34.0%

2025Q4

Current —

UPST 0.25 08/15/26UPSTART HOLDINGS INC

0.17%

of portfolio

Number of shares

11,443,000 sh

Holdings current value

$10.90M

Avg closing price

$0.79

Last action

Trimmed 27.1%

2025Q4

Current —

G4766E116INDIVIOR PLC

0.16%

of portfolio

Number of shares

257,785,398 sh

Holdings current value

$10.69M

Avg closing price

$0.62

Last action

Trimmed 49.3%

2025Q4

Current —

BBIO 2.25 02/01/29BRIDGEBIO PHARMA INC

0.16%

of portfolio

Number of shares

10,757,000 sh

Holdings current value

$10.63M

Avg closing price

$0.87

Last action

Trimmed 43.3%

2025Q4

Current —

SMRTSMARTRENT INC

Technology·Software - Application

0.16%

of portfolio

Number of shares

7,505,294 sh

Holdings current value

$10.58M

Avg closing price

$3.21

Last action

Added 71.4%

2023Q1

Current —

TVTX 2.25 03/01/29TRAVERE THERAPEUTICS INC

0.16%

of portfolio

Number of shares

9,213,000 sh

Holdings current value

$10.43M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

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

0.15%

of portfolio

Number of shares

12,833,000 sh

Holdings current value

$9.88M

Avg closing price

$0.74

Last action

Added 700.6%

2025Q4

Current —

XYZ 0 05/01/26BLOCK INC

0.15%

of portfolio

Number of shares

10,014,000 sh

Holdings current value

$9.76M

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

EXEELCHESAPEAKE ENERGY CORPWT

0.14%

of portfolio

Number of shares

95,294 sh

Holdings current value

$9.22M

Avg closing price

$52.47

Last action

New holding

2024Q4

Current —

DAY 0.25 03/15/26DAYFORCE INC

0.14%

of portfolio

Number of shares

9,382,000 sh

Holdings current value

$9.19M

Avg closing price

$0.85

Last action

Added

2025Q4

Current —

HAE 0 03/01/26HAEMONETICS CORP MASS

0.14%

of portfolio

Number of shares

9,246,000 sh

Holdings current value

$9.08M

Avg closing price

$0.93

Last action

Added 167.1%

2025Q4

Current —

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

0.14%

of portfolio

Number of shares

7,568,000 sh

Holdings current value

$8.96M

Avg closing price

$1.16

Last action

Trimmed 45.3%

2025Q4

Current —

MXMAGNACHIP SEMICONDUCTOR CORP

0.14%

of portfolio

Number of shares

2,849,858 sh

Holdings current value

$8.92M

Avg closing price

$10.32

Last action

Added 23.9%

2023Q2

Current —

RGEN 1 12/15/28REPLIGEN CORP

0.14%

of portfolio

Number of shares

8,822,000 sh

Holdings current value

$8.89M

Avg closing price

$1.02

Last action

Added 12.9%

2025Q4

Current —

BL 1 06/01/29BLACKLINE INC

0.13%

of portfolio

Number of shares

8,148,000 sh

Holdings current value

$8.48M

Avg closing price

$1.06

Last action

Exited

2025Q4

Current —

LI 0.25 05/01/28LI AUTO INC

0.13%

of portfolio

Number of shares

7,279,000 sh

Holdings current value

$8.32M

Avg closing price

$1.16

Last action

Exited

2025Q4

Current —

100

ACRACRES COMMERCIAL REALTY CORPREIT

0.13%

of portfolio

Number of shares

391,380 sh

Holdings current value

$8.28M

Avg closing price

$21.16

Last action

Exited

2025Q4

Current —

101

BHCBAUSCH HEALTH COS INC

Healthcare·Drug Manufacturers - Specialty & Generic

0.13%

of portfolio

Number of shares

1,270,000 sh

Holdings current value

$8.19M

Avg closing price

$8.22

-29.2%

Last action

Trimmed 2.3%

2024Q2

Current $5.82

102

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

0.12%

of portfolio

Number of shares

8,120,000 sh

Holdings current value

$7.54M

Avg closing price

$0.86

Last action

Added 84.6%

2025Q4

Current —

103

VERX 0.75 05/01/29VERTEX INC

0.11%

of portfolio

Number of shares

7,250,000 sh

Holdings current value

$7.39M

Avg closing price

$1.02

Last action

Trimmed 9.3%

2025Q4

Current —

104

BAND 0.5 04/01/28BANDWIDTH INC

0.11%

of portfolio

Number of shares

8,630,000 sh

Holdings current value

$7.37M

Avg closing price

$0.83

Last action

Added 139.1%

2025Q4

Current —

105

L01800116ALVOTECH SA

0.11%

of portfolio

Number of shares

4,666,667 sh

Holdings current value

$7.09M

Avg closing price

$0.84

Last action

New holding

2022Q2

Current —

106

G9001E102LIBERTY LATIN AMERICA LTD

0.11%

of portfolio

Number of shares

846,474 sh

Holdings current value

$7.02M

Avg closing price

$8.29

Last action

Trimmed 0.9%

2025Q4

Current —

107

FIVN 1 03/15/29FIVE9 INC

0.11%

of portfolio

Number of shares

7,783,000 sh

Holdings current value

$6.92M

Avg closing price

$0.90

Last action

Added

2025Q4

Current —

108

BXMT 5.5 03/15/27BLACKSTONE MORTGAGE TRUST IN

0.11%

of portfolio

Number of shares

6,939,000 sh

Holdings current value

$6.83M

Avg closing price

$0.95

Last action

Added 269.3%

2025Q4

Current —

109

LNTH 2.625 12/15/27LANTHEUS HLDGS INC

0.10%

of portfolio

Number of shares

6,275,000 sh

Holdings current value

$6.62M

Avg closing price

$1.10

Last action

Added 512.2%

2025Q4

Current —

110

MGNI 0.25 03/15/26MAGNITE INC

0.10%

of portfolio

Number of shares

6,637,000 sh

Holdings current value

$6.49M

Avg closing price

$0.94

Last action

Added 123.5%

2025Q4

Current —

111

LCII 1.125 05/15/26LCI INDS

0.09%

of portfolio

Number of shares

6,406,000 sh

Holdings current value

$6.16M

Avg closing price

$0.97

Last action

Added 122.0%

2025Q4

Current —

112

ZD 1.75 11/01/26ZIFF DAVIS INC

0.09%

of portfolio

Number of shares

6,376,000 sh

Holdings current value

$6.13M

Avg closing price

$0.95

Last action

Added 139.6%

2025Q4

Current —

113

MTN 0 01/01/26VAIL RESORTS INC

0.09%

of portfolio

Number of shares

6,090,000 sh

Holdings current value

$6.02M

Avg closing price

$0.96

Last action

Trimmed 41.2%

2025Q4

Current —

114

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

0.09%

of portfolio

Number of shares

5,583,000 sh

Holdings current value

$5.60M

Avg closing price

$1.00

Last action

Added 50.5%

2025Q4

Current —

115

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

0.08%

of portfolio

Number of shares

4,224,000 sh

Holdings current value

$5.40M

Avg closing price

$1.12

Last action

Trimmed 41.8%

2025Q4

Current —

116

PMT 5.5 03/15/26PENNYMAC MORTGAGE INVESTMENT TRUST

0.08%

of portfolio

Number of shares

5,411,000 sh

Holdings current value

$5.40M

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

117

LGNLEGENCE CORP

Industrials·Engineering & Construction

0.08%

of portfolio

Number of shares

175,000 sh

Holdings current value

$5.39M

Avg closing price

$30.81

Last action

Exited

2025Q4

Current —

118

HDBHDFC BANK LTDADR

Financial Services·Banks - Regional

0.08%

of portfolio

Number of shares

151,206 sh

Holdings current value

$5.17M

Avg closing price

$49.60

Last action

Trimmed 12.1%

2025Q4

Current —

119

SO 4.5 06/15/27SOUTHERN CO/THE

0.08%

of portfolio

Number of shares

4,557,000 sh

Holdings current value

$5.08M

Avg closing price

$1.11

Last action

Trimmed 66.1%

2025Q3

Current —

120

FRPT 3 04/01/28FRESHPET INC

0.07%

of portfolio

Number of shares

4,300,000 sh

Holdings current value

$4.84M

Avg closing price

$1.14

Last action

Added 230.8%

2025Q4

Current —

121

VRNT 0.25 04/15/26VERINT SYSTEMS INC

0.07%

of portfolio

Number of shares

4,626,000 sh

Holdings current value

$4.54M

Avg closing price

$0.85

Last action

Exited

2025Q4

Current —

122

UPWK 0.25 08/15/26UPWORK INC

0.07%

of portfolio

Number of shares

4,646,000 sh

Holdings current value

$4.51M

Avg closing price

$0.94

Last action

Added 106.1%

2025Q4

Current —

123

FUBO 3.25 02/15/26FUBOTV INC

0.07%

of portfolio

Number of shares

4,538,000 sh

Holdings current value

$4.49M

Avg closing price

$0.97

Last action

Exited

2025Q4

Current —

124

GH 0 11/15/27GUARDANT HEALTH INC

0.07%

of portfolio

Number of shares

4,647,000 sh

Holdings current value

$4.48M

Avg closing price

$0.80

Last action

Trimmed 46.8%

2025Q4

Current —

125

WGO 3.25 01/15/30WINNEBAGO INDUSTRIES INC

0.07%

of portfolio

Number of shares

4,908,000 sh

Holdings current value

$4.41M

Avg closing price

$0.93

Last action

Added

2025Q4

Current —

126

CALY 2.75 05/01/26TOPGOLF CALLAWAY BRANDS CORP

0.07%

of portfolio

Number of shares

4,446,000 sh

Holdings current value

$4.39M

Avg closing price

$0.99

Last action

Added

2025Q4

Current —

127

NVCR 0 11/01/25NOVOCURE LTD

0.07%

of portfolio

Number of shares

4,337,000 sh

Holdings current value

$4.31M

Avg closing price

$0.94

Last action

Exited

2025Q4

Current —

128

AFRM 0 11/15/26AFFIRM HLDGS INC

0.06%

of portfolio

Number of shares

4,291,000 sh

Holdings current value

$4.10M

Avg closing price

$0.82

Last action

Added 27.8%

2025Q4

Current —

129

TWO 6.25 01/15/26TWO HARBORS INVESTMENT CORP

0.06%

of portfolio

Number of shares

3,724,000 sh

Holdings current value

$3.72M

Avg closing price

$0.98

Last action

Trimmed 10.3%

2025Q4

Current —

130

BATLBATTALION OIL CORP

0.06%

of portfolio

Number of shares

3,013,823 sh

Holdings current value

$3.65M

Avg closing price

$10.87

Last action

Trimmed 0.1%

2025Q4

Current —

131

GES 3.75 04/15/28GUESS INC

0.06%

of portfolio

Number of shares

3,621,000 sh

Holdings current value

$3.59M

Avg closing price

$0.94

Last action

Exited

2025Q4

Current —

132

U 0 11/15/26UNITY SOFTWARE INC

0.06%

of portfolio

Number of shares

3,751,000 sh

Holdings current value

$3.58M

Avg closing price

$0.92

Last action

Added

2025Q4

Current —

133

NEO 0.25 01/15/28NEOGENOMICS INC

0.05%

of portfolio

Number of shares

3,930,000 sh

Holdings current value

$3.40M

Avg closing price

$0.87

Last action

Added 415.7%

2025Q4

Current —

134

CRNC 1.5 07/01/28CERENCE INC

0.05%

of portfolio

Number of shares

4,061,000 sh

Holdings current value

$3.39M

Avg closing price

$0.81

Last action

Added 167.7%

2025Q4

Current —

135

BILL 0 04/01/27BILL HOLDINGS INC

0.05%

of portfolio

Number of shares

3,357,000 sh

Holdings current value

$3.13M

Avg closing price

$0.92

Last action

Trimmed 1.5%

2025Q4

Current —

136

XYZ 0.25 11/01/27BLOCK INC

0.05%

of portfolio

Number of shares

3,371,000 sh

Holdings current value

$3.08M

Avg closing price

$0.91

Last action

Added 317.7%

2025Q4

Current —

137

QTWO 0.125 11/15/25Q2 HOLDINGS INC

0.04%

of portfolio

Number of shares

2,701,000 sh

Holdings current value

$2.68M

Avg closing price

$0.90

Last action

Exited

2025Q4

Current —

138

HLF 4.25 06/15/28HERBALIFE LTD

0.04%

of portfolio

Number of shares

2,847,000 sh

Holdings current value

$2.65M

Avg closing price

$0.86

Last action

Trimmed 36.1%

2025Q4

Current —

139

BBIO 2.5 03/15/27BRIDGEBIO PHARMA INC

0.04%

of portfolio

Number of shares

1,850,000 sh

Holdings current value

$2.60M

Avg closing price

$1.13

Last action

Exited

2025Q4

Current —

140

GRPN 1.125 03/15/26GROUPON INC

0.04%

of portfolio

Number of shares

2,382,000 sh

Holdings current value

$2.30M

Avg closing price

$0.91

Last action

Trimmed 17.6%

2025Q4

Current —

141

ON 0 05/01/27ON SEMICONDUCTOR CORP

0.03%

of portfolio

Number of shares

1,950,000 sh

Holdings current value

$2.22M

Avg closing price

$1.11

Last action

Added 56.0%

2025Q2

Current —

142

UBER 0.875 12/01/28 2028UBER TECHNOLOGIES INC

0.03%

of portfolio

Number of shares

1,503,000 sh

Holdings current value

$2.21M

Avg closing price

$1.10

Last action

Exited

2025Q4

Current —

143

ESPR 4 11/15/25ESPERION THERAPEUTICS INC

0.03%

of portfolio

Number of shares

2,114,000 sh

Holdings current value

$2.11M

Avg closing price

$0.97

Last action

Exited

2025Q4

Current —

144

SNAP 0.75 08/01/26SNAP INC

0.03%

of portfolio

Number of shares

2,063,000 sh

Holdings current value

$1.98M

Avg closing price

$0.86

Last action

Added 474.7%

2025Q4

Current —

145

DOCN 0 12/01/26DIGITALOCEAN HOLDINGS INC

0.03%

of portfolio

Number of shares

2,031,000 sh

Holdings current value

$1.92M

Avg closing price

$0.78

Last action

Trimmed 6.9%

2025Q4

Current —

146

BSY 0.375 07/01/27BENTLEY SYS INC

0.03%

of portfolio

Number of shares

1,886,000 sh

Holdings current value

$1.78M

Avg closing price

$0.78

Last action

Added

2025Q4

Current —

147

POST 2.5 08/15/27POST HLDGS INC

0.02%

of portfolio

Number of shares

1,300,000 sh

Holdings current value

$1.46M

Avg closing price

$1.10

Last action

Added

2025Q4

Current —

148

LYFT 0.625 03/01/29LYFT INC

0.02%

of portfolio

Number of shares

1,100,000 sh

Holdings current value

$1.42M

Avg closing price

$0.97

Last action

New holding

2025Q3

Current —

149

W 3.25 09/15/27WAYFAIR INC

0.02%

of portfolio

Number of shares

900,000 sh

Holdings current value

$1.37M

Avg closing price

$1.14

Last action

Exited

2025Q4

Current —

150

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

0.02%

of portfolio

Number of shares

1,000,000 sh

Holdings current value

$1.36M

Avg closing price

$1.14

Last action

Trimmed 23.1%

2025Q4

Current —

151

PTON 0 02/15/26PELOTON INTERACTIVE INC

0.02%

of portfolio

Number of shares

1,354,000 sh

Holdings current value

$1.33M

Avg closing price

$0.76

Last action

Trimmed 37.0%

2025Q4

Current —

152

ZD 3.625 03/01/28ZIFF DAVIS INCPRIV

0.02%

of portfolio

Number of shares

1,351,000 sh

Holdings current value

$1.31M

Avg closing price

$0.98

Last action

Added

2025Q4

Current —

153

FSLY 0 03/15/26FASTLY INC

0.02%

of portfolio

Number of shares

1,354,000 sh

Holdings current value

$1.30M

Avg closing price

$0.35

Last action

Trimmed 26.6%

2025Q4

Current —

154

IRTC 1.5 09/01/29IRHYTHM TECHNOLOGIES INC

0.02%

of portfolio

Number of shares

900,000 sh

Holdings current value

$1.24M

Avg closing price

$1.04

Last action

Exited

2025Q4

Current —

155

TGSTRANSPORTADORA DE GAS SURADR

0.02%

of portfolio

Number of shares

56,522 sh

Holdings current value

$1.19M

Avg closing price

$9.80

Last action

Exited

2025Q4

Current —

156

FVRR 0 11/01/25FIVERR INTL LTD

0.02%

of portfolio

Number of shares

1,049,000 sh

Holdings current value

$1.05M

Avg closing price

$0.92

Last action

Exited

2025Q4

Current —

157

EVH 3.5 12/01/29EVOLENT HEALTH INC 3.500 12/01/29 CVT

0.01%

of portfolio

Number of shares

1,015,000 sh

Holdings current value

$817.6K

Avg closing price

$0.81

Last action

Exited

2025Q4

Current —

158

BTAIBIOXCEL THERAPEUTICS INC

0.01%

of portfolio

Number of shares

241,188 sh

Holdings current value

$617.4K

Avg closing price

$1.81

Last action

New holding

2025Q2

Current —

159

TPICQTPI COMPOSITES INC

0.00%

of portfolio

Number of shares

4,610,003 sh

Holdings current value

$142.9K

Avg closing price

$3.51

Last action

Exited

2025Q4

Current —

Portfolio heatmap

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

TORM PLC

12.86%

ANGLOGOLD ASHANTI PLC

4.54%

LIBERTY GLOBAL LTD

1.51%

FTAI AVIATION LTD

1.50%

GRAB HOLDINGS LIMITED

1.12%

135 more

29.18%

Sector exposure

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

Energy4 pos$878.3M28.4%
Consumer Cyclical2 pos$459.7M14.9%
Basic Materials6 pos$339.5M11.0%
Communication Services6 pos$302.4M9.8%
Financial Services5 pos$278.8M9.0%
Technology4 pos$264.9M8.6%
Utilities2 pos$211.5M6.8%
Real Estate2 pos$170.1M5.5%
Consumer Defensive1 pos$121.4M3.9%
Healthcare2 pos$57.1M1.8%
Industrials1 pos$5.4M0.2%

(48.5% unclassified, excluded from %)