Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q2 2025)

As of Jun 30, 2025, the Oaktree Capital Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys - Barrick Gold, Bausch + Lomb Corporation, BioXcel, Hudson Technologies, Inc., Liberty Latin America Ltd, and 4 more

Increases - KE Holdings Inc, KANZHUN LIMITED - American Depo, Ecopetrol S.A., Grab, Itau Unibanco Banco Holding SA, and 5 more

Reductions - AngloGold Ashanti, Braskem SA, Banco Macro S.A., , Cemex, S.A.B. de C.V. Sponsored, and 11 more

Complete Exits - Baidu, Inc., Bilibili Inc., DAQO New Energy Corp., Barrick Gold Corporation, H World Group Limited, and 5 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
Q2 2025	AU AngloGold Ashanti	AngloGold Ashanti	Sell	-517,114	-9.5%	$225.47M	4,947,737
Q2 2025	B Barrick Gold	Barrick Gold	Buy - Position Entry	+3,157,686	-	$65.74M	3,157,686
Q2 2025	BAK Braskem SA	Braskem SA	Sell	-1,891,125	-80.7%	$1.49M	453,167
Q2 2025	BEKE KE Holdings Inc	KE Holdings Inc	Buy	+258,255	+20.6%	$26.84M	1,513,039
Q2 2025	BIDU Baidu, Inc.	Baidu, Inc.	Sell - Position Exit	-199,684	-100.0%	$0.00	-
Q2 2025	BILI Bilibili Inc.	Bilibili Inc.	Sell - Position Exit	-1,925,797	-100.0%	$0.00	-
Q2 2025	BLCO Bausch + Lomb Corporation	Bausch + Lomb Corporation	Buy - Position Entry	+2,521,245	-	$32.80M	2,521,245
Q2 2025	BMA Banco Macro S.A.	Banco Macro S.A.	Sell	-199,871	-76.7%	$4.25M	60,591
Q2 2025	BTAI BioXcel	BioXcel	Buy - Position Entry	+241,188	-	$436.55K	241,188
Q2 2025	BZ KANZHUN LIMITED - American Depo	KANZHUN LIMITED - American Depo	Buy	+400,311	+34.2%	$28.03M	1,571,272
Q2 2025	CHK		Sell	-500,000	-9.0%	$591.99M	5,062,364
Q2 2025	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Sell	-4,544,697	-23.4%	$102.83M	14,839,032
Q2 2025	DQ DAQO New Energy Corp.	DAQO New Energy Corp.	Sell - Position Exit	-344,819	-100.0%	$0.00	-
Q2 2025	EC Ecopetrol S.A.	Ecopetrol S.A.	Buy	+387,700	+12.3%	$31.42M	3,549,822
Q2 2025	FCX Freeport-McMoRan, Inc.	Freeport-McMoRan, Inc.	Sell	-195,033	-8.9%	$86.53M	1,996,075
Q2 2025	G4124C109 Grab	Grab	Buy	+1,293,300	+12.6%	$58.19M	11,569,295
Q2 2025	GOLD Barrick Gold Corporation	Barrick Gold Corporation	Sell - Position Exit	-2,516,658	-100.0%	$0.00	-
Q2 2025	GTX Garrett Motion Inc.	Garrett Motion Inc.	Sell	-7,188,000	-16.3%	$387.76M	36,894,816
Q2 2025	HDB HDFC Bank Limited	HDFC Bank Limited	Sell	-4,854	-5.4%	$6.50M	84,843
Q2 2025	HDSN Hudson Technologies, Inc.	Hudson Technologies, Inc.	Buy - Position Entry	+562,662	-	$4.57M	562,662
Q2 2025	HTHT H World Group Limited	H World Group Limited	Sell - Position Exit	-1,229,399	-100.0%	$0.00	-
Q2 2025	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+4,063,482	+58.5%	$74.72M	11,004,494
Q2 2025	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-960,796	-100.0%	$0.00	-
Q2 2025	KC Kingsoft Cloud Holdings Limited	Kingsoft Cloud Holdings Limited	Sell - Position Exit	-1,091,853	-100.0%	$0.00	-
Q2 2025	L01800108 Alvotech	Alvotech	Sell	-304,807	-16.3%	$14.26M	1,563,676
Q2 2025	LBTYA Liberty Global	Liberty Global	Buy	+1,008,001	+14.0%	$82.20M	8,212,191
Q2 2025	LILAK Liberty Latin America Ltd	Liberty Latin America Ltd	Buy - Position Entry	+2,328,516	-	$14.48M	2,328,516
Q2 2025	N4732M103 JBS	JBS	Buy - Position Entry	+238,610	-	$3.49M	238,610
Q2 2025	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Buy	+2	+0.0%	$97.14M	18,752,229
Q2 2025	ONIT Onity Group Inc.	Onity Group Inc.	Sell - Position Exit	-410,429	-100.0%	$0.00	-

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