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

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