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

According to the SEC 13F filed on Aug 13, 2025, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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	-

Page 1 of 2