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
Q4 2014Dec 31, 2014	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+472,300+10.7%	$109.39K	4,887,784
Q4 2014Dec 31, 2014	PBR-A Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy - Position Entry	+460,200	$3.49K	460,200
Q4 2014Dec 31, 2014	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+442,400+11.2%	$44.64K	4,381,037
Q4 2014Dec 31, 2014	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+242,854+3.9%	$47.81K	6,548,845
Q4 2014Dec 31, 2014	JD JD.com, Inc.	JD.com, Inc.	Buy	+232,400+20.6%	$31.51K	1,361,550
Q4 2014Dec 31, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Buy - Position Entry	+138,429	$31.56K	138,429
Q4 2014Dec 31, 2014	TX Ternium S.A. Ternium S.A.	Ternium S.A. Ternium S.A.	Buy - Position Entry	+121,200	$2.14K	121,200
Q4 2014Dec 31, 2014	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy	+119,300+11.5%	$39.53K	1,160,710
Q4 2014Dec 31, 2014	WFC-L Wells Fargo	Wells Fargo	Sell	-7,592-48.2%	$9.91K	8,158
Q4 2014Dec 31, 2014	BAC.PRN Bank of America	Bank of America	Sell	-9,400-65.3%	$5.82K	5,000
Q4 2014Dec 31, 2014	QUAD Quad Graphics, Inc	Quad Graphics, Inc	Sell - Position Exit	-44,931-100.0%	$0.00	-
Q4 2014Dec 31, 2014	GTY Getty Realty Corporation	Getty Realty Corporation	Sell	-91,902-6.5%	$24.23K	1,330,319
Q4 2014Dec 31, 2014	NTAP NetApp, Inc.	NetApp, Inc.	Sell - Position Exit	-490,000-100.0%	$0.00	-
Q4 2014Dec 31, 2014	AIG American International Group, I	American International Group, I	Sell	-500,000-91.9%	$2.47K	44,100
Q4 2014Dec 31, 2014	VSH Vishay Intertechnology, Inc.	Vishay Intertechnology, Inc.	Sell	-575,000-20.9%	$30.78K	2,175,000
Q4 2014Dec 31, 2014	NRG NRG Energy, Inc.	NRG Energy, Inc.	Sell	-612,000-46.2%	$19.21K	713,000
Q4 2014Dec 31, 2014	NBIS Nebius Group	Nebius Group	Sell	-895,600-93.2%	$1.18K	65,500
Q4 2014Dec 31, 2014	MTG MGIC Investment Corporation	MGIC Investment Corporation	Sell	-2,220,600-17.2%	$99.77K	10,705,200
Q3 2014Sep 30, 2014	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy - Position Entry	+1,855,600	$25.76K	1,855,600
Q3 2014Sep 30, 2014	TSQ Townsquare Media, Inc.	Townsquare Media, Inc.	Buy - Position Entry	+1,595,224	$19.17K	1,595,224
Q3 2014Sep 30, 2014	MTG MGIC Investment Corporation	MGIC Investment Corporation	Buy	+1,525,800+13.4%	$100.95K	12,925,800
Q3 2014Sep 30, 2014	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+1,176,700+36.3%	$89.10K	4,415,484
Q3 2014Sep 30, 2014	NBIS Nebius Group	Nebius Group	Buy - Position Entry	+961,100	$26.71K	961,100
Q3 2014Sep 30, 2014	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy	+934,100+31.1%	$51.36K	3,938,637
Q3 2014Sep 30, 2014	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy	+761,800+13.7%	$89.48K	6,305,991
Q3 2014Sep 30, 2014	NMIH NMI Holdings Inc	NMI Holdings Inc	Buy - Position Entry	+600,300	$5.19K	600,300
Q3 2014Sep 30, 2014	IBN ICICI Bank Limited	ICICI Bank Limited	Buy - Position Entry	+511,615	$25.12K	511,615
Q3 2014Sep 30, 2014	BRFS BRF S.A.	BRF S.A.	Buy	+304,300+27.1%	$33.98K	1,428,500
Q3 2014Sep 30, 2014	ALLY Ally Financial Inc.	Ally Financial Inc.	Buy	+262,800+3.3%	$191.04K	8,256,030
Q3 2014Sep 30, 2014	PARR Par Pacific Holdings, Inc. Comm	Par Pacific Holdings, Inc. Comm	Buy - Position Entry	+190,862	$3.22K	190,862

Page 48 of 51 • 1520 total trades

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