Howard Marks – Oaktree Capital Management Portfolio Activity & Recent Trades (Sep 30, 2025)
As of Sep 30, 2025, the Oaktree Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q3 2025, the filing reported:
New Buys – ACRES Commercial Realty Corp., Core Scientific, Inc., Ecovyst Inc., FTAI Aviation, Nu Holdings, and 6 more
Increases – Barrick Gold, Battalion Oil Corporation, Bausch + Lomb Corporation, KANZHUN LIMITED - American Depo, Grab, and 10 more
Reductions – AngloGold Ashanti, null, California Resources Corporatio, Cemex, S.A.B. de C.V. Sponsored, Freeport-McMoRan, Inc., and 7 more
Complete Exits – Braskem SA, KE Holdings Inc, Banco Macro S.A., Berry Corporation (bry), Ecopetrol S.A., and 4 more
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q3 2025 | ACR ACRES Commercial Realty Corp. | ACRES Commercial Realty Corp. | Buy - Position Entry | +391,380 | - | $8.28M | 391,380 |
Q3 2025 | AU AngloGold Ashanti | AngloGold Ashanti | Sell | -762,476 | -15.4% | $294.35M | 4,185,261 |
Q3 2025 | B Barrick Gold | Barrick Gold | Buy | +144,400 | +4.6% | $108.21M | 3,302,086 |
Q3 2025 | BAK Braskem SA | Braskem SA | Sell - Position Exit | -453,167 | -100.0% | $0.00 | - |
Q3 2025 | BATL Battalion Oil Corporation | Battalion Oil Corporation | Buy | +3,911 | +0.1% | $3.65M | 3,013,823 |
Q3 2025 | BEKE KE Holdings Inc | KE Holdings Inc | Sell - Position Exit | -1,513,039 | -100.0% | $0.00 | - |
Q3 2025 | BLCO Bausch + Lomb Corporation | Bausch + Lomb Corporation | Buy | +724,194 | +28.7% | $48.91M | 3,245,439 |
Q3 2025 | BMA Banco Macro S.A. | Banco Macro S.A. | Sell - Position Exit | -60,591 | -100.0% | $0.00 | - |
Q3 2025 | BRY Berry Corporation (bry) | Berry Corporation (bry) | Sell - Position Exit | -3,697,000 | -100.0% | $0.00 | - |
Q3 2025 | BZ KANZHUN LIMITED - American Depo | KANZHUN LIMITED - American Depo | Buy | +72,300 | +4.6% | $38.39M | 1,643,572 |
Q3 2025 | Sell | -1 | -0.0% | $537.83M | 5,062,363 | ||
Q3 2025 | CORZ Core Scientific, Inc. | Core Scientific, Inc. | Buy - Position Entry | +6,400,708 | - | $114.83M | 6,400,708 |
Q3 2025 | CRC California Resources Corporatio | California Resources Corporatio | Sell | -682,251 | -49.6% | $36.93M | 694,502 |
Q3 2025 | CX Cemex, S.A.B. de C.V. Sponsored | Cemex, S.A.B. de C.V. Sponsored | Sell | -4,390,208 | -29.6% | $93.93M | 10,448,824 |
Q3 2025 | EC Ecopetrol S.A. | Ecopetrol S.A. | Sell - Position Exit | -3,549,822 | -100.0% | $0.00 | - |
Q3 2025 | ECVT Ecovyst Inc. | Ecovyst Inc. | Buy - Position Entry | +2,859,022 | - | $25.05M | 2,859,022 |
Q3 2025 | FCX Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Sell | -491,210 | -24.6% | $59.02M | 1,504,865 |
Q3 2025 | FTAI FTAI Aviation | FTAI Aviation | Buy - Position Entry | +585,175 | - | $97.64M | 585,175 |
Q3 2025 | G4124C109 Grab | Grab | Buy | +525,200 | +4.5% | $72.81M | 12,094,495 |
Q3 2025 | G6683N103 Nu Holdings | Nu Holdings | Buy - Position Entry | +4,518,884 | - | $72.35M | 4,518,884 |
Q3 2025 | GTX Garrett Motion Inc. | Garrett Motion Inc. | Sell | -5,000,000 | -13.6% | $434.41M | 31,894,816 |
Q3 2025 | HDB HDFC Bank Limited | HDFC Bank Limited | Buy | +66,363 | +78.2% | $5.17M | 151,206 |
Q3 2025 | HDSN Hudson Technologies, Inc. | Hudson Technologies, Inc. | Sell - Position Exit | -562,662 | -100.0% | $0.00 | - |
Q3 2025 | INDV Indivior | Indivior | Buy | +246,776,273 | +2241.6% | $10.69M | 257,785,398 |
Q3 2025 | ITUB Itau Unibanco Banco Holding SA | Itau Unibanco Banco Holding SA | Buy | +1,661,307 | +15.1% | $92.97M | 12,665,801 |
Q3 2025 | LBTYA Liberty Global | Liberty Global | Buy | +339,000 | +4.1% | $98.00M | 8,551,191 |
Q3 2025 | LILA Liberty Latin America Ltd | Liberty Latin America Ltd | Buy - Position Entry | +846,474 | - | $7.02M | 846,474 |
Q3 2025 | LILAK Liberty Latin America Ltd | Liberty Latin America Ltd | Buy | +4,341,307 | +186.4% | $56.29M | 6,669,823 |
Q3 2025 | N4732M103 JBS | JBS | Buy | +1,341,790 | +562.3% | $23.60M | 1,580,400 |
Q3 2025 | NBR Nabors Industries | Nabors Industries | Buy - Position Entry | +737,112 | - | $30.13M | 737,112 |