Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q1 2025)

As of Mar 31, 2025, the Oaktree Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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 Q1 2025, the filing reported:

New Buys - KE Holdings Inc, Baidu, Inc., Bilibili Inc., Ecopetrol S.A., Grab, and 4 more

Increases - Cemex, S.A.B. de C.V. Sponsored, Freeport-McMoRan, Inc., Barrick Gold Corporation, H World Group Limited, Indivior

Reductions - AngloGold Ashanti, Braskem SA, Banco Macro S.A., KANZHUN LIMITED - American Depo, , and 11 more

Complete Exits - Coupang, Inc., EnLink Midstream, LLC, Infinera Corporation, Infosys Limited, Mesoblast Limited, and 6 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
Q1 2025	AU AngloGold Ashanti	AngloGold Ashanti	Sell	-92,700	-1.7%	$202.86M	5,464,851
Q1 2025	BAK Braskem SA	Braskem SA	Sell	-147,500	-5.9%	$9.03M	2,344,292
Q1 2025	BEKE KE Holdings Inc	KE Holdings Inc	Buy - Position Entry	+1,254,784	-	$25.21M	1,254,784
Q1 2025	BIDU Baidu, Inc.	Baidu, Inc.	Buy - Position Entry	+199,684	-	$18.38M	199,684
Q1 2025	BILI Bilibili Inc.	Bilibili Inc.	Buy - Position Entry	+1,925,797	-	$36.80M	1,925,797
Q1 2025	BMA Banco Macro S.A.	Banco Macro S.A.	Sell	-118,163	-31.2%	$19.67M	260,462
Q1 2025	BZ KANZHUN LIMITED - American Depo	KANZHUN LIMITED - American Depo	Sell	-591,670	-33.6%	$22.45M	1,170,961
Q1 2025	CHK		Sell	-1,375,000	-19.8%	$619.20M	5,562,364
Q1 2025	CPNG Coupang, Inc.	Coupang, Inc.	Sell - Position Exit	-241,544	-100.0%	$0.00	-
Q1 2025	CRC California Resources Corporatio	California Resources Corporatio	Sell	-670,000	-32.7%	$60.54M	1,376,753
Q1 2025	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+4,794,697	+32.9%	$108.74M	19,383,729
Q1 2025	DQ DAQO New Energy Corp.	DAQO New Energy Corp.	Sell	-206,188	-37.4%	$6.24M	344,819
Q1 2025	EC Ecopetrol S.A.	Ecopetrol S.A.	Buy - Position Entry	+3,162,122	-	$33.01M	3,162,122
Q1 2025	ENLC EnLink Midstream, LLC	EnLink Midstream, LLC	Sell - Position Exit	-2,499,111	-100.0%	$0.00	-
Q1 2025	FCX Freeport-McMoRan, Inc.	Freeport-McMoRan, Inc.	Buy	+428,105	+24.3%	$82.96M	2,191,108
Q1 2025	G4124C109 Grab	Grab	Buy - Position Entry	+10,275,995	-	$46.55M	10,275,995
Q1 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Buy	+1,501,595	+147.9%	$48.92M	2,516,658
Q1 2025	HTHT H World Group Limited	H World Group Limited	Buy	+84,130	+7.3%	$45.50M	1,229,399
Q1 2025	INDV Indivior	Indivior	Buy	+2,275,577	+26.1%	$103.45M	11,009,125
Q1 2025	INFN Infinera Corporation	Infinera Corporation	Sell - Position Exit	-25,175,384	-100.0%	$0.00	-
Q1 2025	INFY Infosys Limited	Infosys Limited	Sell - Position Exit	-1,677,679	-100.0%	$0.00	-
Q1 2025	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy - Position Entry	+6,941,012	-	$38.18M	6,941,012
Q1 2025	JD JD.com, Inc.	JD.com, Inc.	Sell	-449,156	-31.9%	$39.51M	960,796
Q1 2025	KC Kingsoft Cloud Holdings Limited	Kingsoft Cloud Holdings Limited	Buy - Position Entry	+1,091,853	-	$15.68M	1,091,853
Q1 2025	L01800108 Alvotech	Alvotech	Sell	-57,222	-3.0%	$18.07M	1,868,483
Q1 2025	MESO Mesoblast Limited	Mesoblast Limited	Sell - Position Exit	-179,593	-100.0%	$0.00	-
Q1 2025	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy - Position Entry	+18,752,227	-	$98.82M	18,752,227
Q1 2025	NTES NetEase, Inc.	NetEase, Inc.	Sell - Position Exit	-399,694	-100.0%	$0.00	-
Q1 2025	PAM Pampa Energia S.A.	Pampa Energia S.A.	Sell - Position Exit	-131,086	-100.0%	$0.00	-
Q1 2025	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Sell	-693,232	-20.7%	$38.14M	2,659,492

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