Howard Marks – Oaktree Capital Management Portfolio Activity & Recent Trades (Jun 30, 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 (B), Bausch + Lomb Corporation (BLCO), Liberty Latin America Ltd (LILAK), Full Truck Alliance Co. Ltd. (YMM), Hudson Technologies, Inc. (HDSN), and 4 more

Increases – Itau Unibanco Banco Holding SA (ITUB), Grab (G4124C109), Liberty Global (LBTYA), TransAlta Corporation (TAC), KANZHUN LIMITED - American Depo (BZ), and 5 more

Reductions – HDFC Bank Limited (HDB), Telecom Argentina SA (TEO), Vista Energy S.A.B. de C.V. (VIST), Talen Energy (TLN), Freeport-McMoRan, Inc. (FCX), and 11 more

Complete Exits – Baidu, Inc. (BIDU), DAQO New Energy Corp. (DQ), Onity Group Inc. (ONIT), JD.com, Inc. (JD), Kingsoft Cloud Holdings Limited (KC), and 5 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Oaktree Capital Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2019Sep 30, 2019	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell	-400,000-32.9%	$8.15K	815,000
Q3 2019Sep 30, 2019	AZUL Azul S.A.	Azul S.A.	Sell	-480,230-31.7%	$37.13K	1,036,438
Q3 2019Sep 30, 2019	WB Weibo Corporation	Weibo Corporation	Sell - Position Exit	-531,918-100.0%	$0.00	-
Q3 2019Sep 30, 2019	VST Vistra Corp.	Vistra Corp.	Sell	-873,344-3.1%	$729.14K	27,278,055
Q2 2019Jun 30, 2019	BRY Berry Corporation (bry)	Berry Corporation (bry)	Buy	+5,085,000+65.1%	$136.65K	12,891,717
Q2 2019Jun 30, 2019	VST Vistra Corp.	Vistra Corp.	Buy	+4,100,000+17.0%	$637.35K	28,151,399
Q2 2019Jun 30, 2019	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy - Position Entry	+2,200,848	$34.27K	2,200,848
Q2 2019Jun 30, 2019	Y8162K204 Star Bulk Carriers	Star Bulk Carriers	Buy	+2,029,500+5.7%	$361.04K	37,413,697
Q2 2019Jun 30, 2019	CCO Clear Channel Outdoor Holdings,	Clear Channel Outdoor Holdings,	Buy - Position Entry	+1,681,898	$7.94K	1,681,898
Q2 2019Jun 30, 2019	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+851,401+13.4%	$30.46K	7,183,331
Q2 2019Jun 30, 2019	HUYA HUYA Inc.	HUYA Inc.	Buy - Position Entry	+540,100	$13.35K	540,100
Q2 2019Jun 30, 2019	SMCI Super Micro Computer, Inc.	Super Micro Computer, Inc.	Buy	+400,000+20.0%	$46.44K	2,400,000
Q2 2019Jun 30, 2019	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy - Position Entry	+385,000	$3.25K	385,000
Q2 2019Jun 30, 2019	TGS Transportadora de Gas del Sur S	Transportadora de Gas del Sur S	Buy	+354,000+51.4%	$15.08K	1,043,000
Q2 2019Jun 30, 2019	TEO Telecom Argentina SA	Telecom Argentina SA	Buy	+154,000+14.8%	$21.17K	1,198,000
Q2 2019Jun 30, 2019	LOMA Loma Negra Compania Industrial	Loma Negra Compania Industrial	Buy - Position Entry	+107,000	$1.25K	107,000
Q2 2019Jun 30, 2019	PAM Pampa Energia S.A.	Pampa Energia S.A.	Buy	+86,500+19.6%	$18.31K	528,000
Q2 2019Jun 30, 2019	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+42,346+0.8%	$79.35K	5,587,814
Q2 2019Jun 30, 2019	AZUL Azul S.A.	Azul S.A.	Buy	+36,800+2.5%	$50.72K	1,516,668
Q2 2019Jun 30, 2019	INFY Infosys Limited	Infosys Limited	Buy	+32,473+0.9%	$39.30K	3,672,938
Q2 2019Jun 30, 2019	BGNE BeiGene, Ltd.	BeiGene, Ltd.	Buy - Position Entry	+26,700	$3.31K	26,700
Q2 2019Jun 30, 2019	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+19,221+0.7%	$114.36K	2,919,573
Q2 2019Jun 30, 2019	INDA Ishares MSCI India ETF	Ishares MSCI India ETF	Buy	+12,800+27.2%	$2.11K	59,800
Q2 2019Jun 30, 2019	WB Weibo Corporation	Weibo Corporation	Buy	+3,300+0.6%	$23.16K	531,918
Q2 2019Jun 30, 2019	WFC-L Wells Fargo	Wells Fargo	Sell	-2,154-74.9%	$984.00	721
Q2 2019Jun 30, 2019	NBIS Nebius Group	Nebius Group	Sell	-77,629-11.8%	$22.16K	583,020
Q2 2019Jun 30, 2019	YETI YETI Holdings, Inc.	YETI Holdings, Inc.	Sell	-96,309-15.2%	$15.56K	537,629
Q2 2019Jun 30, 2019	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-141,264-1.2%	$112.32K	11,923,666
Q2 2019Jun 30, 2019	FPI Farmland Partners Inc.	Farmland Partners Inc.	Sell	-150,000-42.9%	$1.41K	200,000
Q2 2019Jun 30, 2019	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-200,000-1.8%	$339.14K	10,943,541

Page 33 of 51 • 1520 total trades

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