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
Q2 2018Jun 30, 2018	WFC-L Wells Fargo	Wells Fargo	Sell	-14,500-68.5%	$8.40K	6,677
Q2 2018Jun 30, 2018	LEA Lear Corporation	Lear Corporation	Sell - Position Exit	-15,312-100.0%	$0.00	-
Q2 2018Jun 30, 2018	RYAM Rayonier Advanced Materials Inc	Rayonier Advanced Materials Inc	Sell	-50,000-4.8%	$17.09K	1,000,000
Q2 2018Jun 30, 2018	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Sell - Position Exit	-233,980-100.0%	$0.00	-
Q2 2018Jun 30, 2018	VSH Vishay Intertechnology, Inc.	Vishay Intertechnology, Inc.	Sell - Position Exit	-455,000-100.0%	$0.00	-
Q2 2018Jun 30, 2018	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell - Position Exit	-506,330-100.0%	$0.00	-
Q2 2018Jun 30, 2018	VALE VALE S.A.	VALE S.A.	Sell	-950,721-27.7%	$31.82K	2,481,959
Q2 2018Jun 30, 2018	Y8162K204 Star Bulk Carriers	Star Bulk Carriers	Sell	-2,021,739-6.2%	$392.97K	30,557,767
Q2 2018Jun 30, 2018	VICI VICI Properties Inc.	VICI Properties Inc.	Sell	-2,901,372-42.8%	$80.08K	3,879,862
Q2 2018Jun 30, 2018	VST Vistra Corp.	Vistra Corp.	Sell	-3,885,775-8.0%	$1.05M	44,553,037
Q2 2018Jun 30, 2018	ABEV Ambev S.A.	Ambev S.A.	Sell - Position Exit	-5,643,716-100.0%	$0.00	-
Q1 2018Mar 31, 2018	VICI VICI Properties Inc.	VICI Properties Inc.	Buy - Position Entry	+6,781,234	$124.23K	6,781,234
Q1 2018Mar 31, 2018	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+1,009,832+17.2%	$89.50K	6,889,922
Q1 2018Mar 31, 2018	INFY Infosys Limited	Infosys Limited	Buy	+680,153+23.7%	$63.31K	3,546,753
Q1 2018Mar 31, 2018	IBN ICICI Bank Limited	ICICI Bank Limited	Buy	+161,684+1.8%	$79.35K	8,966,000
Q1 2018Mar 31, 2018	ABEV Ambev S.A.	Ambev S.A.	Buy	+135,675+2.5%	$41.03K	5,643,716
Q1 2018Mar 31, 2018	BELFB Bel Fuse Inc.	Bel Fuse Inc.	Buy - Position Entry	+112,327	$2.12K	112,327
Q1 2018Mar 31, 2018	LEA Lear Corporation	Lear Corporation	Buy - Position Entry	+15,312	$2.84K	15,312
Q1 2018Mar 31, 2018	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+15,103+3.1%	$92.93K	506,330
Q1 2018Mar 31, 2018	INDA Ishares MSCI India ETF	Ishares MSCI India ETF	Buy	+2,000+7.8%	$938.00	27,500
Q1 2018Mar 31, 2018	BAC.PRN Bank of America	Bank of America	Sell	-5,700-55.3%	$5.93K	4,600
Q1 2018Mar 31, 2018	WFC-L Wells Fargo	Wells Fargo	Sell	-10,900-34.0%	$27.32K	21,177
Q1 2018Mar 31, 2018	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Sell	-12,181-4.9%	$3.31K	233,980
Q1 2018Mar 31, 2018	AZUL Azul S.A.	Azul S.A.	Sell	-98,667-8.4%	$37.17K	1,069,674
Q1 2018Mar 31, 2018	MTG MGIC Investment Corporation	MGIC Investment Corporation	Sell	-300,000-60.0%	$2.60K	200,000
Q1 2018Mar 31, 2018	BRFS BRF S.A.	BRF S.A.	Sell	-380,517-9.6%	$24.89K	3,597,257
Q1 2018Mar 31, 2018	RYAM Rayonier Advanced Materials Inc	Rayonier Advanced Materials Inc	Sell	-507,493-32.6%	$22.54K	1,050,000
Q1 2018Mar 31, 2018	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-660,915-18.5%	$127.14K	2,905,441
Q1 2018Mar 31, 2018	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-1,047,600-10.7%	$236.54K	8,712,400
Q1 2018Mar 31, 2018	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-1,213,619-13.1%	$125.13K	8,021,072

Page 38 of 51 • 1520 total trades

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