Howard Marks's distressed-debt house; the equity 13F is a window into a credit-first shop famous for its memos.
| # | Holding | Our call | % of book | Value | Shares | QoQ |
|---|---|---|---|---|---|---|
| 1 | TRMD | — | 11.4% | $675M | 23.8M | Trimmed-10% |
| 2 | EXE | Hold | 9.7% | $575M | 5.24M | Added+3% |
| 3 | QQQPut | — | — | $329M | 570K | NEW |
| 4 | AU | — | 5.3% | $314M | 3.22M | Trimmed-16% |
| 5 | GTX | Hold | 4.5% | $265M | 14.6M | Trimmed-15% |
| 6 | INDV | Hold | 3.6% | $213M | 6.98M | NEW |
| 7 | XOPPut | — | — | $182M | 1.00M | NEW |
| 8 | TDS | — | 3.1% | $181M | 4.29M | Added+16% |
| 9 | VNOM | Hold | 3.0% | $178M | 3.79M | Trimmed-40% |
| 10 | CORZ | Avoid | 2.4% | $140M | 9.35M | Added+12% |
| 11 | SUNOPTA INC | — | 2.3% | $134M | 20.7M | — |
| 12 | PBR | — | 2.1% | $126M | 6.09M | NEW |
| 13 | B | — | 1.8% | $107M | 2.62M | Trimmed-12% |
| 14 | TLN | Hold | 1.8% | $106M | 331K | — |
| 15 | LBTYA | — | 1.8% | $103M | 8.55M | — |
| 16 | ITUB | — | 1.7% | $102M | 12.2M | Trimmed-12% |
| 17 | JETBLUE AIRWAYS CORP | — | 1.6% | $94.8M | 95.1M | Added+5% |
| 18 | RIOT PLATFORMS INC | — | 1.6% | $91.8M | 79.7M | Trimmed-3% |
| 19 | NOK | — | 1.5% | $90.1M | 11.2M | Trimmed-40% |
| 20 | TAC | — | 1.4% | $84.1M | 6.42M | — |
| 21 | CBL | — | 1.4% | $82.8M | 2.15M | Trimmed-14% |
| 22 | FCX | Hold | 1.2% | $71.7M | 1.22M | Trimmed-12% |
| 23 | ECHOSTAR CORP | — | 1.1% | $64.3M | 18.0M | — |
| 24 | XP | — | 1.0% | $60.4M | 3.17M | Trimmed-4% |
| 25 | PEBBLEBROOK HOTEL TRUST | — | 1.0% | $56.4M | 57.7M | Added+45% |
| 26 | AMERICAN WATER CAPITAL CORP | — | 0.9% | $55.8M | 55.9M | Added+1532% |
| 27 | GRUPO AEROMEXICO SAB DE CV | — | 0.9% | $55.6M | 3.97M | Added+5% |
| 28 | ETSY INC | — | 0.9% | $54.8M | 61.2M | Added+22% |
| 29 | BIOMARIN PHARMACEUTICAL INC | — | 0.9% | $54.0M | 56.0M | Added+33% |
| 30 | BLCO | Hold | 0.9% | $53.8M | 3.38M | — |
| 31 | CORZCall | Avoid | — | $52.4M | 3.50M | Added+75% |
| 32 | COINBASE GLOBAL INC | — | 0.9% | $52.2M | 52.6M | NEW |
| 33 | KRC | — | 0.9% | $52.2M | 1.85M | — |
| 34 | LILAK | — | 0.9% | $50.7M | 5.75M | — |
| 35 | ENPHASE ENERGY INC | — | 0.9% | $50.6M | 56.6M | Added+48% |
| 36 | CRDO | Hold | 0.9% | $50.6M | 539K | NEW |
| 37 | MARRIOTT VACATIONS WORLDWIDE CORP | — | 0.8% | $50.2M | 52.1M | Added+29% |
| 38 | RWAY | — | 0.8% | $48.3M | 7.03M | — |
| 39 | TLNCall | Hold | — | $47.9M | 150K | Trimmed-50% |
| 40 | SEA LTD | — | 0.8% | $46.9M | 47.9M | Added+23% |
| 41 | OKTA INC | — | 0.8% | $46.7M | 47.0M | Added+66% |
| 42 | BENTLEY SYSTEMS INC | — | 0.8% | $44.7M | 47.0M | Added+598% |
| 43 | YPF | — | 0.7% | $41.0M | 886K | NEW |
| 44 | Q2 HOLDINGS INC | — | 0.7% | $40.9M | 41.1M | NEW |
| 45 | LYBPut | Hold | — | $40.3M | 500K | NEW |
| 46 | DRAFTKINGS INC | — | 0.7% | $40.0M | 44.4M | Added+76% |
| 47 | BLOCK INC | — | 0.6% | $37.7M | 37.8M | Added+87% |
| 48 | DEXCOM INC | — | 0.6% | $37.3M | 40.4M | Added+44% |
| 49 | PROGRESS SOFTWARE CORP | — | 0.6% | $36.1M | 36.2M | NEW |
| 50 | CONMED CORP | — | 0.6% | $35.1M | 36.2M | Trimmed-10% |
| 51 | UNITY SOFTWARE INC | — | 0.6% | $35.0M | 35.9M | Added+296% |
| 52 | AMPHASTAR PHARMACEUTICALS INC | — | 0.6% | $34.5M | 38.0M | Trimmed-13% |
| 53 | AD | — | 0.6% | $33.4M | 724K | — |
| 54 | TELADOC HEALTH INC | — | 0.5% | $31.7M | 33.1M | Trimmed-14% |
| 55 | CX | — | 0.5% | $31.6M | 2.76M | Trimmed-52% |
| 56 | ECVT | — | 0.5% | $30.8M | 2.39M | Trimmed-44% |
| 57 | ARRAY TECHNOLOGIES INC | — | 0.5% | $28.2M | 31.0M | Trimmed-7% |
| 58 | EMBJ | — | 0.4% | $26.6M | 448K | NEW |
| 59 | SPECTRUM BRANDS HOLDINGS INC | — | 0.4% | $26.1M | 26.1M | Trimmed-5% |
| 60 | SHIFT4 PAYMENTS INC | — | 0.4% | $25.7M | 27.3M | NEW |
| 61 | CRACKER BARREL OLD COUNTRY STORE INC | — | 0.4% | $25.7M | 26.2M | Trimmed-21% |
| 62 | KRSP | — | 0.4% | $24.7M | 2.40M | — |
| 63 | TERNIUM SA | — | 0.4% | $23.4M | 583K | Trimmed-11% |
| 64 | SHAZ | — | 0.4% | $22.7M | 1.00M | NEW |
| 65 | OCSL | — | 0.4% | $20.9M | 1.85M | — |
| 66 | FIVE9 INC | — | 0.3% | $19.0M | 21.7M | Trimmed-28% |
| 67 | TELECOM ARGENTINA SA | — | 0.3% | $19.0M | 1.62M | Trimmed-31% |
| 68 | SNAP INC | — | 0.3% | $18.7M | 19.7M | — |
| 69 | SMPL | — | 0.3% | $16.2M | 1.13M | NEW |
| 70 | ENVISTA HOLDINGS CORP | — | 0.3% | $15.9M | 16.0M | Trimmed-48% |
| 71 | NABORS INDUSTRIES LTD | — | 0.2% | $14.7M | 16.1M | Trimmed-33% |
| 72 | SYNAPTICS INC | — | 0.2% | $14.3M | 13.8M | Trimmed-20% |
| 73 | MINE | — | 0.2% | $13.9M | 4.50M | NEW |
| 74 | BLACKSTONE MORTGAGE TRUST INC | — | 0.2% | $12.9M | 13.0M | Added+8% |
| 75 | COGENT BIOSCIENCES INC | — | 0.2% | $12.5M | 10.2M | Added+34% |
| 76 | UPWORK INC | — | 0.2% | $12.3M | 12.5M | Added+78% |
| 77 | BATL | — | 0.2% | $11.7M | 3.01M | — |
| 78 | ARROWHEAD PHARMACEUTICALS INC | — | 0.2% | $11.5M | 11.1M | NEW |
| 79 | SMRT | — | 0.2% | $11.3M | 7.51M | — |
| 80 | AFFIRM HOLDINGS INC | — | 0.2% | $11.2M | 11.5M | Added+121% |
| 81 | JD.COM INC | — | 0.2% | $11.0M | 11.1M | Trimmed-43% |
| 82 | BMM | — | 0.2% | $10.9M | 1.69M | NEW |
| 83 | ITRON INC | — | 0.2% | $10.4M | 10.3M | Added+19% |
| 84 | BLOCK INC | — | 0.2% | $10.3M | 11.0M | Added+85% |
| 85 | AEROVIRONMENT INC | — | 0.2% | $10.1M | 10.3M | Trimmed-35% |
| 86 | STRATEGY INC | — | 0.2% | $10.1M | 12.1M | Added+110% |
| 87 | ZIFF DAVIS INC | — | 0.2% | $9.91M | 10.1M | — |
| 88 | PENN ENTERTAINMENT INC | — | 0.2% | $9.56M | 9.56M | Added+93% |
| 89 | OPTU | — | 0.2% | $9.53M | 7.33M | Trimmed-2% |
| 90 | CALLAWAY GOLF CO | — | 0.2% | $9.18M | 9.17M | Trimmed-4% |
| 91 | LCI INDUSTRIES | — | 0.2% | $9.10M | 9.14M | Trimmed-8% |
| 92 | REDFIN CORP | — | 0.1% | $8.82M | 9.20M | Trimmed-22% |
| 93 | REPLIGEN CORP | — | 0.1% | $8.79M | 9.00M | Trimmed-8% |
| 94 | WINNEBAGO INDUSTRIES INC | — | 0.1% | $8.50M | 9.38M | Trimmed-54% |
| 95 | REDWOOD TRUST INC | — | 0.1% | $8.37M | 8.25M | Added+11% |
| 96 | MX | — | 0.1% | $7.98M | 2.85M | — |
| 97 | TRIP.COM GROUP LTD | — | 0.1% | $7.87M | 7.59M | Added+538% |
| 98 | NUTANIX INC | — | 0.1% | $7.76M | 7.60M | Added+280% |
| 99 | DATADOG INC | — | 0.1% | $7.47M | 7.70M | Added+3% |
| 100 | ILLUMINATION ACQUISITION CORP I | — | 0.1% | $7.44M | 750K | NEW |
| 101 | LIBERTY LATIN AMERICA LTD | — | 0.1% | $7.25M | 839K | — |
| 102 | NRG | Hold | 0.1% | $7.16M | 49.0K | NEW |
| 103 | AKAMAI TECHNOLOGIES INC | — | 0.1% | $6.18M | 5.40M | NEW |
| 104 | MGP INGREDIENTS INC | — | 0.1% | $6.03M | 6.25M | Trimmed-73% |
| 105 | SNAP INC | — | 0.1% | $5.48M | 6.00M | Trimmed-55% |
| 106 | PAGERDUTY INC | — | 0.1% | $5.37M | 5.93M | NEW |
| 107 | CERENCE INC | — | 0.1% | $5.26M | 5.94M | Trimmed-10% |
| 108 | NEOGENOMICS INC | — | 0.1% | $5.10M | 5.58M | Trimmed-21% |
| 109 | GREEN PLAINS INC | — | 0.1% | $4.98M | 5.00M | Trimmed-35% |
| 110 | UPSTART HOLDINGS INC | — | 0.1% | $4.80M | 4.87M | Trimmed-32% |
| 111 | PENNYMAC MORTGAGE INVESTMENT TRUST | — | 0.1% | $4.15M | 3.97M | NEW |
| 112 | PG&E CORP | — | 0.1% | $4.14M | 4.00M | NEW |
| 113 | BKLN | — | 0.1% | $4.08M | 200K | NEW |
| 114 | SOUTHERN CO/THE | — | 0.1% | $3.73M | 3.36M | Trimmed-26% |
| 115 | BANDWIDTH INC | — | 0.1% | $3.73M | 4.17M | Trimmed-69% |
| 116 | SNAP INC | — | 0.1% | $3.68M | 3.77M | — |
| 117 | ZIFF DAVIS INC | — | 0.1% | $3.44M | 3.50M | — |
| 118 | BILL HOLDINGS INC | — | 0.1% | $3.20M | 3.31M | — |
| 119 | JBT MAREL CORP | — | 0.0% | $2.92M | 2.93M | NEW |
| 120 | DIGITALOCEAN HOLDINGS INC | — | 0.0% | $2.92M | 2.98M | Added+59% |
| 121 | HDB | — | 0.0% | $2.84M | 114K | Trimmed-12% |
| 122 | UBER TECHNOLOGIES INC | — | 0.0% | $2.41M | 2.00M | NEW |
| 123 | NORTHERN OIL & GAS INC | — | 0.0% | $2.20M | 2.00M | NEW |
| 124 | COINBASE GLOBAL INC | — | 0.0% | $2.20M | 2.36M | Trimmed-78% |
| 125 | CHEESECAKE FACTORY INC/THE | — | 0.0% | $2.15M | 2.17M | Added+11% |
| 126 | STRATEGY INC | — | 0.0% | $2.12M | 2.20M | Added+69% |
| 127 | POST HOLDINGS INC | — | 0.0% | $2.11M | 1.95M | Trimmed-26% |
| 128 | JAZZ PHARMACEUTICALS PLC | — | 0.0% | $2.07M | 1.46M | Trimmed-86% |
| 129 | PARSONS CORP | — | 0.0% | $2.03M | 2.06M | Added+78% |
| 130 | LIVE NATION ENTERTAINMENT INC | — | 0.0% | $1.96M | 1.81M | Trimmed-81% |
| 131 | SNOWFLAKE INC | — | 0.0% | $1.89M | 1.60M | NEW |
| 132 | MERITAGE HOMES CORP | — | 0.0% | $1.84M | 1.90M | NEW |
| 133 | NEXTERA ENERGY INC | — | 0.0% | $1.79M | 1.29M | — |
| 134 | GLADSTONE CAPITAL CORP | — | 0.0% | $1.78M | 1.90M | Added+152% |
| 135 | FLUOR CORP | — | 0.0% | $1.69M | 1.37M | Trimmed-85% |
| 136 | RAPID7 INC | — | 0.0% | $1.57M | 1.67M | NEW |
| 137 | IRHYTHM TECHNOLOGIES INC | — | 0.0% | $1.48M | 1.35M | NEW |
| 138 | CELCUITY INC | — | 0.0% | $1.46M | 600K | Trimmed-14% |
| 139 | RIVIAN AUTOMOTIVE INC | — | 0.0% | $1.25M | 1.30M | NEW |
| 140 | ALVOTECH SA | — | 0.0% | $1.19M | 4.67M | — |
| 141 | ALARM.COM HOLDINGS INC | — | 0.0% | $931K | 1.01M | NEW |
| 142 | HAEMONETICS CORP | — | 0.0% | $801K | 837K | Trimmed-7% |
| 143 | IMMUNOCORE HOLDINGS PLC | — | 0.0% | $751K | 833K | NEW |
| 144 | PDD | — | 0.0% | $493K | 4.82K | NEW |
| 145 | ALVO | — | 0.0% | $339K | 240K | Trimmed-55% |
| 146 | BTAI | — | 0.0% | $323K | 241K | — |
| 147 | RICE ACQUISITION CORP 3 | — | 0.0% | $320K | 400K | — |
Source: SEC Form 13F-HR. Positions are as-of quarter end (filed up to 45 days later) and cover US-listed equities only — shorts, non-US listings and most derivatives don’t appear. Values as reported by the filer. “Our call” is TENK/calls’s independent SEC-grounded verdict, not the fund’s view.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.