Aviation, pharma and bitcoin miner: how billionaire Howard Marks' portfolio has changed

Billionaire Howard Marks, known on Wall Street for his analytical notes on all aspects of investing, has significantly increased his stakes in a small U.S. pharmaceutical company and a bitcoin miner and invested in a Mexican airline, according to the latest report from his investment firm Oaktree Capital Management. How Oaktree 's portfolio changed last quarter is in this piece,

The most notable deal was an investment in a small pharmaceutical company Indivior. Oaktree Capital bought 6.7 million shares, increasing its stake 16 times - up to $255 million. Indivior, capitalization of which is about $4 billion, specializes in the treatment of mental illnesses, opioid and other addictions.

Marks also increased its stake in ophthalmology company Bausch + Lomb: the fund had 3.4 million shares worth $57.8 million at the end of the year.

In the technology block, the investor focused on IT services and digital infrastructure. Oaktree increased its investment in bitcoin miner Core Scientific by almost a third (up to $122 million), which adapts capacity to AI loads.

The investor opened a new position in Indian IT services and consulting provider Infosys, buying 1.1 million shares for $19.5 million. The fund also increased its investment in Brazilian fintech platform XP Inc, which provides access to investment and banking products through a digital ecosystem.

In the industrial block, the fund added Rice Acquisition Corp 3, a company targeting energy infrastructure assets, to the portfolio and increased its investments in catalyst maker Ecovyst and power producer Talen Energy.

Oaktree also added Mexican airline Grupo Aeromexico to its portfolio, buying $82.9 million worth of shares.

In the fourth quarter the investor actively fixed profits, reducing shares in cyclical sectors. Garrett Motion was the leader in terms of the number of shares sold: Marks sold 14.8 million securities, reducing its position in the turbocharger manufacturer by almost half, to $298 million. The fund withdrew almost the same volume - 14.2 million shares - from oil tanker company TORM, reducing its investments by a third.

Oaktree's other favorites were also revised. In the gold mining sector, stakes in Barrick Gold (down almost 10%) and AngloGold Ashanti (down 8%). Shares in pharmaceutical Alvotech fell by two-thirds, while investments in independent oil and gas company Vista Energy more than halved. Oaktree also sold almost half of shares in Mexican cement producer Cemex and a quarter of securities in steelmaker Ternium.

The fund completely eliminated eight positions in the fourth quarter of 2025, including satellite communications developer EchoStar and oilfield services company Nabors Industries.

The total value of Oaktree Capital's fourth-quarter 2025 portfolio grew 8% to $7 billion, and the number of issuers increased from 165 to 172.

Howard Marks maintains its focus on companies from the energy, finance and technology sectors. The largest asset remains the energy company Expand Energy, which accounts for 9% of the portfolio worth $559 mln. The second place in the list of top holdings is held by the oil tanker company Torm with a share of 8.4% ($517 mln), followed by gold miner Anglogold Ashanti (5.3%, $328 mln) and Garrett Motion (4.8%, $298 mln). Pharmaceutical company Indivior rounds out the top five, with its weight in assets reaching 4.14% ($255 mln) after large-scale acquisitions in the fourth quarter.

In the U.S., large investors are required to disclose their equity investments at the end of each calendar quarter in a report on Form 13F. This report reflects assets as of December 31, 2025, and does not take into account transactions made by the fund in early 2026.

This article was AI-translated and verified by a human editor