Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q3 2018)

According to the SEC 13F filed on Aug 14, 2026, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Sep 30, 2018. 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 2018, the filing reported:

New Buys - Banco Bradesco Sa, Cumulus Media Inc., Farmland Partners Inc., NXP Semiconductors, Pampa Energia S.A., and 5 more

Increases - Azul S.A., Bel Fuse Inc., BRF S.A., Cemex, S.A.B. de C.V. Sponsored, ICICI Bank Limited, and 6 more

Reductions - Bank of America, Ishares MSCI India ETF, Itau Unibanco Banco Holding SA, Petroleo Brasileiro S.A.- Petro, VICI Properties Inc., and 2 more

Complete Exits - Banco Macro S.A., Rayonier Advanced Materials Inc, VanEck Semiconductor ETF, SPDR S&P 500

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 2018	AZUL Azul S.A.	Azul S.A.	Buy	+118,442	+6.7%	$33.33K	1,873,216
Q3 2018	BAC.PRN Bank of America	Bank of America	Sell	-1,000	-11.6%	$9.84K	7,600
Q3 2018	BBD Banco Bradesco Sa	Banco Bradesco Sa	Buy - Position Entry	+3,936,583	-	$27.87K	3,936,583
Q3 2018	BELFA Bel Fuse Inc.	Bel Fuse Inc.	Buy	+50,751	+243.3%	$1.59K	71,613
Q3 2018	BMA Banco Macro S.A.	Banco Macro S.A.	Sell - Position Exit	-22,306	-100.0%	$0.00	-
Q3 2018	BRFS BRF S.A.	BRF S.A.	Buy	+781,654	+18.0%	$28.04K	5,117,302
Q3 2018	CMLS Cumulus Media Inc.	Cumulus Media Inc.	Buy - Position Entry	+42,075	-	$716.00	42,075
Q3 2018	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+2,639,560	+121.7%	$33.85K	4,808,700
Q3 2018	FPI Farmland Partners Inc.	Farmland Partners Inc.	Buy - Position Entry	+322,142	-	$2.16K	322,142
Q3 2018	IBN ICICI Bank Limited	ICICI Bank Limited	Buy	+792,833	+8.1%	$89.44K	10,534,345
Q3 2018	INDA Ishares MSCI India ETF	Ishares MSCI India ETF	Sell	-900	-2.8%	$1.03K	31,700
Q3 2018	INFY Infosys Limited	Infosys Limited	Buy	+783,135	+20.2%	$47.35K	4,655,979
Q3 2018	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-1,592,894	-17.4%	$82.76K	7,536,959
Q3 2018	N6596X109 NXP Semiconductors	NXP Semiconductors	Buy - Position Entry	+166,000	-	$14.19K	166,000
Q3 2018	PAM Pampa Energia S.A.	Pampa Energia S.A.	Buy - Position Entry	+240,000	-	$7.45K	240,000
Q3 2018	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Sell	-985,668	-10.8%	$85.10K	8,135,360
Q3 2018	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Buy	+715,000	+143.0%	$55.90K	1,215,000
Q3 2018	RYAM Rayonier Advanced Materials Inc	Rayonier Advanced Materials Inc	Sell - Position Exit	-1,000,000	-100.0%	$0.00	-
Q3 2018	SIGA SIGA Technologies Inc.	SIGA Technologies Inc.	Buy	+527,886	+703.8%	$4.16K	602,886
Q3 2018	SMCI Super Micro Computer, Inc.	Super Micro Computer, Inc.	Buy - Position Entry	+1,500,000	-	$30.91K	1,500,000
Q3 2018	SMH VanEck Semiconductor ETF	VanEck Semiconductor ETF	Sell - Position Exit	-700,000	-100.0%	$0.00	-
Q3 2018	SPY SPDR S&P 500	SPDR S&P 500	Sell - Position Exit	-2,306,500	-100.0%	$0.00	-
Q3 2018	TEO Telecom Argentina SA	Telecom Argentina SA	Buy	+471,500	+195.6%	$12.41K	712,500
Q3 2018	TGS Transportadora de Gas del Sur S	Transportadora de Gas del Sur S	Buy - Position Entry	+320,000	-	$4.65K	320,000
Q3 2018	TRMD TORM	TORM	Buy - Position Entry	+47,600,172	-	$285.81K	47,600,172
Q3 2018	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+424,923	+13.3%	$160.12K	3,625,809
Q3 2018	VALE VALE S.A.	VALE S.A.	Buy	+820,722	+33.1%	$49.01K	3,302,681
Q3 2018	VICI VICI Properties Inc.	VICI Properties Inc.	Sell	-303,543	-7.8%	$77.32K	3,576,319
Q3 2018	VST Vistra Corp.	Vistra Corp.	Sell	-8,837,694	-19.8%	$888.60K	35,715,343
Q3 2018	WB Weibo Corporation	Weibo Corporation	Buy - Position Entry	+406,600	-	$29.73K	406,600

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