Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q3 2025)

According to the SEC 13F filed on Nov 13, 2025, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Sep 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 Q3 2025, the filing reported:

New Buys - ACRES Commercial Realty Corp., Core Scientific, Inc., Ecovyst Inc., FTAI Aviation, Nu Holdings, and 6 more

Increases - Barrick Gold, Battalion Oil Corporation, Bausch + Lomb Corporation, KANZHUN LIMITED - American Depo, Grab, and 10 more

Reductions - AngloGold Ashanti, , California Resources Corporatio, Cemex, S.A.B. de C.V. Sponsored, Freeport-McMoRan, Inc., and 7 more

Complete Exits - Braskem SA, KE Holdings Inc, Banco Macro S.A., Berry Corporation (bry), Ecopetrol S.A., and 4 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
Q3 2025	ACR ACRES Commercial Realty Corp.	ACRES Commercial Realty Corp.	Buy - Position Entry	+391,380	-	$8.28M	391,380
Q3 2025	AU AngloGold Ashanti	AngloGold Ashanti	Sell	-762,476	-15.4%	$294.35M	4,185,261
Q3 2025	B Barrick Gold	Barrick Gold	Buy	+144,400	+4.6%	$108.21M	3,302,086
Q3 2025	BAK Braskem SA	Braskem SA	Sell - Position Exit	-453,167	-100.0%	$0.00	-
Q3 2025	BATL Battalion Oil Corporation	Battalion Oil Corporation	Buy	+3,911	+0.1%	$3.65M	3,013,823
Q3 2025	BEKE KE Holdings Inc	KE Holdings Inc	Sell - Position Exit	-1,513,039	-100.0%	$0.00	-
Q3 2025	BLCO Bausch + Lomb Corporation	Bausch + Lomb Corporation	Buy	+724,194	+28.7%	$48.91M	3,245,439
Q3 2025	BMA Banco Macro S.A.	Banco Macro S.A.	Sell - Position Exit	-60,591	-100.0%	$0.00	-
Q3 2025	BRY Berry Corporation (bry)	Berry Corporation (bry)	Sell - Position Exit	-3,697,000	-100.0%	$0.00	-
Q3 2025	BZ KANZHUN LIMITED - American Depo	KANZHUN LIMITED - American Depo	Buy	+72,300	+4.6%	$38.39M	1,643,572
Q3 2025	CHK		Sell	-1	-0.0%	$537.83M	5,062,363
Q3 2025	CORZ Core Scientific, Inc.	Core Scientific, Inc.	Buy - Position Entry	+6,400,708	-	$114.83M	6,400,708
Q3 2025	CRC California Resources Corporatio	California Resources Corporatio	Sell	-682,251	-49.6%	$36.93M	694,502
Q3 2025	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Sell	-4,390,208	-29.6%	$93.93M	10,448,824
Q3 2025	EC Ecopetrol S.A.	Ecopetrol S.A.	Sell - Position Exit	-3,549,822	-100.0%	$0.00	-
Q3 2025	ECVT Ecovyst Inc.	Ecovyst Inc.	Buy - Position Entry	+2,859,022	-	$25.05M	2,859,022
Q3 2025	FCX Freeport-McMoRan, Inc.	Freeport-McMoRan, Inc.	Sell	-491,210	-24.6%	$59.02M	1,504,865
Q3 2025	FTAI FTAI Aviation	FTAI Aviation	Buy - Position Entry	+585,175	-	$97.64M	585,175
Q3 2025	G4124C109 Grab	Grab	Buy	+525,200	+4.5%	$72.81M	12,094,495
Q3 2025	G6683N103 Nu Holdings	Nu Holdings	Buy - Position Entry	+4,518,884	-	$72.35M	4,518,884
Q3 2025	GTX Garrett Motion Inc.	Garrett Motion Inc.	Sell	-5,000,000	-13.6%	$434.41M	31,894,816
Q3 2025	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+66,363	+78.2%	$5.17M	151,206
Q3 2025	HDSN Hudson Technologies, Inc.	Hudson Technologies, Inc.	Sell - Position Exit	-562,662	-100.0%	$0.00	-
Q3 2025	INDV Indivior	Indivior	Buy	+246,776,273	+2241.6%	$10.69M	257,785,398
Q3 2025	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+1,661,307	+15.1%	$92.97M	12,665,801
Q3 2025	LBTYA Liberty Global	Liberty Global	Buy	+339,000	+4.1%	$98.00M	8,551,191
Q3 2025	LILA Liberty Latin America Ltd	Liberty Latin America Ltd	Buy - Position Entry	+846,474	-	$7.02M	846,474
Q3 2025	LILAK Liberty Latin America Ltd	Liberty Latin America Ltd	Buy	+4,341,307	+186.4%	$56.29M	6,669,823
Q3 2025	N4732M103 JBS	JBS	Buy	+1,341,790	+562.3%	$23.60M	1,580,400
Q3 2025	NBR Nabors Industries	Nabors Industries	Buy - Position Entry	+737,112	-	$30.13M	737,112

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