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

According to the SEC 13F filed on May 15, 2025, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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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