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 2015Jun 30, 2015	MTG MGIC Investment Corporation	MGIC Investment Corporation	Sell	-1,000,000-10.0%	$102.76K	9,030,000
Q1 2015Mar 31, 2015	CIG Comp En De Mn Cemig	Comp En De Mn Cemig	Buy - Position Entry	+6,915,563	$28.29K	6,915,563
Q1 2015Mar 31, 2015	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+1,447,146+33.0%	$55.19K	5,828,183
Q1 2015Mar 31, 2015	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+1,027,694+38.2%	$27.84K	3,716,774
Q1 2015Mar 31, 2015	IBN ICICI Bank Limited	ICICI Bank Limited	Buy	+1,020,475+25.3%	$52.34K	5,051,643
Q1 2015Mar 31, 2015	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+916,411+14.0%	$44.87K	7,465,256
Q1 2015Mar 31, 2015	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+516,965+13.0%	$49.81K	4,503,834
Q1 2015Mar 31, 2015	BSAC Banco Santander - Chile	Banco Santander - Chile	Buy - Position Entry	+410,075	$8.89K	410,075
Q1 2015Mar 31, 2015	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy - Position Entry	+345,000	$28.72K	345,000
Q1 2015Mar 31, 2015	BRFS BRF S.A.	BRF S.A.	Buy	+296,933+13.0%	$51.22K	2,589,646
Q1 2015Mar 31, 2015	BBD Banco Bradesco Sa	Banco Bradesco Sa	Buy - Position Entry	+255,360	$2.37K	255,360
Q1 2015Mar 31, 2015	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+235,000+2.5%	$200.64K	9,563,530
Q1 2015Mar 31, 2015	CCS Century Communities, Inc.	Century Communities, Inc.	Buy	+203,951+19.9%	$23.72K	1,226,931
Q1 2015Mar 31, 2015	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy	+164,116+14.1%	$43.73K	1,324,826
Q1 2015Mar 31, 2015	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+88,900+19.3%	$3.34K	549,100
Q1 2015Mar 31, 2015	JD JD.com, Inc.	JD.com, Inc.	Buy	+77,952+5.7%	$42.29K	1,439,502
Q1 2015Mar 31, 2015	WFC-L Wells Fargo	Wells Fargo	Buy	+1,500+18.4%	$11.78K	9,658
Q1 2015Mar 31, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-10,592-7.7%	$26.64K	127,837
Q1 2015Mar 31, 2015	AIG American International Group, I	American International Group, I	Sell - Position Exit	-44,100-100.0%	$0.00	-
Q1 2015Mar 31, 2015	GTY Getty Realty Corporation	Getty Realty Corporation	Sell	-437,823-32.9%	$16.24K	892,496
Q1 2015Mar 31, 2015	TGS Transportadora de Gas del Sur S	Transportadora de Gas del Sur S	Sell - Position Exit	-547,476-100.0%	$0.00	-
Q1 2015Mar 31, 2015	MTG MGIC Investment Corporation	MGIC Investment Corporation	Sell	-675,200-6.3%	$96.59K	10,030,000
Q1 2015Mar 31, 2015	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-925,097-18.9%	$93.04K	3,962,687
Q4 2014Dec 31, 2014	IBN ICICI Bank Limited	ICICI Bank Limited	Buy	+3,519,553+687.9%	$46.56K	4,031,168
Q4 2014Dec 31, 2014	BANC Banc of California, Inc.	Banc of California, Inc.	Buy - Position Entry	+3,288,947	$37.72K	3,288,947
Q4 2014Dec 31, 2014	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy	+2,131,269+114.9%	$51.87K	3,986,869
Q4 2014Dec 31, 2014	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy	+2,088,780+348.0%	$24.55K	2,689,080
Q4 2014Dec 31, 2014	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+1,072,500+13.0%	$220.34K	9,328,530
Q4 2014Dec 31, 2014	CCS Century Communities, Inc.	Century Communities, Inc.	Buy - Position Entry	+1,022,980	$17.68K	1,022,980
Q4 2014Dec 31, 2014	BRFS BRF S.A.	BRF S.A.	Buy	+864,213+60.5%	$53.53K	2,292,713

Page 47 of 51 • 1520 total trades

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