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 2015Sep 30, 2015	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-373,000-4.1%	$175.89K	8,630,530
Q3 2015Sep 30, 2015	GTY Getty Realty Corporation	Getty Realty Corporation	Sell - Position Exit	-793,091-100.0%	$0.00	-
Q3 2015Sep 30, 2015	BANC Banc of California, Inc.	Banc of California, Inc.	Sell	-855,498-29.9%	$24.59K	2,004,204
Q3 2015Sep 30, 2015	NBIS Nebius Group	Nebius Group	Sell	-1,591,500-96.0%	$703.00	65,500
Q3 2015Sep 30, 2015	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-1,994,849-44.0%	$52.78K	2,543,638
Q3 2015Sep 30, 2015	CIG Comp En De Mn Cemig	Comp En De Mn Cemig	Sell - Position Exit	-6,929,863-100.0%	$0.00	-
Q3 2015Sep 30, 2015	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Sell - Position Exit	-7,558,156-100.0%	$0.00	-
Q2 2015Jun 30, 2015	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+1,647,434+44.3%	$43.02K	5,364,208
Q2 2015Jun 30, 2015	NBIS Nebius Group	Nebius Group	Buy	+1,591,500+2429.8%	$25.22K	1,657,000
Q2 2015Jun 30, 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+646,700+14.4%	$56.40K	5,150,534
Q2 2015Jun 30, 2015	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+575,800+14.5%	$103.07K	4,538,487
Q2 2015Jun 30, 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy	+472,693+115.3%	$17.88K	882,768
Q2 2015Jun 30, 2015	YPF YPF Sociedad Anonima	YPF Sociedad Anonima	Buy - Position Entry	+465,365	$12.77K	465,365
Q2 2015Jun 30, 2015	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+384,350+6.6%	$56.91K	6,212,533
Q2 2015Jun 30, 2015	BRFS BRF S.A.	BRF S.A.	Buy	+276,800+10.7%	$59.94K	2,866,446
Q2 2015Jun 30, 2015	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+92,900+1.2%	$68.40K	7,558,156
Q2 2015Jun 30, 2015	EEM iShares MSCI Emerging Index Fun	iShares MSCI Emerging Index Fun	Buy - Position Entry	+38,000	$1.51K	38,000
Q2 2015Jun 30, 2015	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy	+34,200+2.6%	$52.76K	1,359,026
Q2 2015Jun 30, 2015	CIG Comp En De Mn Cemig	Comp En De Mn Cemig	Buy	+14,300+0.2%	$26.40K	6,929,863
Q2 2015Jun 30, 2015	WFC-L Wells Fargo	Wells Fargo	Sell	-600-6.2%	$10.64K	9,058
Q2 2015Jun 30, 2015	BBD Banco Bradesco Sa	Banco Bradesco Sa	Sell	-11,000-4.3%	$2.24K	244,360
Q2 2015Jun 30, 2015	TX Ternium S.A. Ternium S.A.	Ternium S.A. Ternium S.A.	Sell	-17,700-14.6%	$1.79K	103,500
Q2 2015Jun 30, 2015	GTY Getty Realty Corporation	Getty Realty Corporation	Sell	-99,405-11.1%	$12.97K	793,091
Q2 2015Jun 30, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Sell - Position Exit	-127,837-100.0%	$0.00	-
Q2 2015Jun 30, 2015	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Sell	-264,300-48.1%	$2.32K	284,800
Q2 2015Jun 30, 2015	JD JD.com, Inc.	JD.com, Inc.	Sell	-305,400-21.2%	$38.67K	1,134,102
Q2 2015Jun 30, 2015	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell - Position Exit	-345,000-100.0%	$0.00	-
Q2 2015Jun 30, 2015	BANC Banc of California, Inc.	Banc of California, Inc.	Sell	-429,245-13.1%	$39.32K	2,859,702
Q2 2015Jun 30, 2015	ALLY Ally Financial Inc.	Ally Financial Inc.	Sell	-560,000-5.9%	$201.95K	9,003,530
Q2 2015Jun 30, 2015	IBN ICICI Bank Limited	ICICI Bank Limited	Sell	-823,700-16.3%	$44.05K	4,227,943

Page 46 of 51 • 1520 total trades

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