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
Q1 2019Mar 31, 2019	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-948,225-24.6%	$118.80K	2,900,352
Q1 2019Mar 31, 2019	VICI VICI Properties Inc.	VICI Properties Inc.	Sell	-1,361,319-47.6%	$32.82K	1,500,000
Q1 2019Mar 31, 2019	VALE VALE S.A.	VALE S.A.	Sell - Position Exit	-3,016,925-100.0%	$0.00	-
Q1 2019Mar 31, 2019	VST Vistra Corp.	Vistra Corp.	Sell	-6,106,478-20.2%	$626.06K	24,051,399
Q4 2018Dec 31, 2018	INFN Infinera Corporation	Infinera Corporation	Buy - Position Entry	+20,975,384	$83.69K	20,975,384
Q4 2018Dec 31, 2018	Y8162K204 Star Bulk Carriers	Star Bulk Carriers	Buy	+3,603,984+11.8%	$312.24K	34,161,751
Q4 2018Dec 31, 2018	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+3,465,841+46.0%	$100.56K	11,002,800
Q4 2018Dec 31, 2018	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+3,011,141+34.6%	$265.65K	11,723,541
Q4 2018Dec 31, 2018	COOP Mr. Cooper Group Inc.	Mr. Cooper Group Inc.	Buy - Position Entry	+1,927,544	$22.50K	1,927,544
Q4 2018Dec 31, 2018	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+950,515+19.8%	$27.76K	5,759,215
Q4 2018Dec 31, 2018	YETI YETI Holdings, Inc.	YETI Holdings, Inc.	Buy - Position Entry	+633,938	$9.41K	633,938
Q4 2018Dec 31, 2018	NBIS Nebius Group	Nebius Group	Buy - Position Entry	+600,903	$16.43K	600,903
Q4 2018Dec 31, 2018	MTG MGIC Investment Corporation	MGIC Investment Corporation	Buy	+580,000+35.4%	$23.22K	2,220,000
Q4 2018Dec 31, 2018	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy - Position Entry	+318,380	$43.64K	318,380
Q4 2018Dec 31, 2018	BRFS BRF S.A.	BRF S.A.	Buy	+313,603+6.1%	$30.85K	5,430,905
Q4 2018Dec 31, 2018	YUMC Yum China Holdings, Inc.	Yum China Holdings, Inc.	Buy	+285,668+46.5%	$30.18K	900,168
Q4 2018Dec 31, 2018	TEO Telecom Argentina SA	Telecom Argentina SA	Buy	+226,500+31.8%	$14.61K	939,000
Q4 2018Dec 31, 2018	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+222,768+6.1%	$142.05K	3,848,577
Q4 2018Dec 31, 2018	TGS Transportadora de Gas del Sur S	Transportadora de Gas del Sur S	Buy	+183,000+57.2%	$7.54K	503,000
Q4 2018Dec 31, 2018	PAM Pampa Energia S.A.	Pampa Energia S.A.	Buy	+98,500+41.0%	$10.77K	338,500
Q4 2018Dec 31, 2018	HYG iShares iBoxx $ High Yield Corp	iShares iBoxx $ High Yield Corp	Buy - Position Entry	+61,500	$4.99K	61,500
Q4 2018Dec 31, 2018	FPI Farmland Partners Inc.	Farmland Partners Inc.	Buy	+27,858+8.6%	$1.59K	350,000
Q4 2018Dec 31, 2018	WB Weibo Corporation	Weibo Corporation	Buy	+25,000+6.1%	$25.22K	431,600
Q4 2018Dec 31, 2018	N6596X109 NXP Semiconductors	NXP Semiconductors	Buy	+10,300+6.2%	$12.92K	176,300
Q4 2018Dec 31, 2018	INDA Ishares MSCI India ETF	Ishares MSCI India ETF	Buy	+1,600+5.0%	$1.11K	33,300
Q4 2018Dec 31, 2018	WFC-L Wells Fargo	Wells Fargo	Sell	-474-7.5%	$7.34K	5,819
Q4 2018Dec 31, 2018	BAC.PRN Bank of America	Bank of America	Sell	-2,900-38.2%	$5.89K	4,700
Q4 2018Dec 31, 2018	CMLS Cumulus Media Inc.	Cumulus Media Inc.	Sell - Position Exit	-42,075-100.0%	$0.00	-
Q4 2018Dec 31, 2018	VALE VALE S.A.	VALE S.A.	Sell	-285,756-8.7%	$39.79K	3,016,925
Q4 2018Dec 31, 2018	AZUL Azul S.A.	Azul S.A.	Sell	-430,852-23.0%	$39.94K	1,442,364

Page 35 of 51 • 1520 total trades

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