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 2013Sep 30, 2013	SQM Sociedad Quimica y Minera S.A.	Sociedad Quimica y Minera S.A.	Sell - Position Exit	-22,325-100.0%	$0.00	-
Q3 2013Sep 30, 2013	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell - Position Exit	-112,569-100.0%	$0.00	-
Q3 2013Sep 30, 2013	FBP First BanCorp. New	First BanCorp. New	Sell	-8,840,904-17.4%	$237.67K	41,843,581
Q2 2013Jun 30, 2013	FBP First BanCorp. New	First BanCorp. New	Buy - Position Entry	+50,684,485	$358.85K	50,684,485
Q2 2013Jun 30, 2013	MTG MGIC Investment Corporation	MGIC Investment Corporation	Buy - Position Entry	+12,000,000	$72.84K	12,000,000
Q2 2013Jun 30, 2013	VSH Vishay Intertechnology, Inc.	Vishay Intertechnology, Inc.	Buy - Position Entry	+2,750,000	$38.20K	2,750,000
Q2 2013Jun 30, 2013	GTY Getty Realty Corporation	Getty Realty Corporation	Buy - Position Entry	+1,422,221	$29.37K	1,422,221
Q2 2013Jun 30, 2013	NRG NRG Energy, Inc.	NRG Energy, Inc.	Buy - Position Entry	+1,325,000	$35.38K	1,325,000
Q2 2013Jun 30, 2013	AIG American International Group, I	American International Group, I	Buy - Position Entry	+645,000	$28.83K	645,000
Q2 2013Jun 30, 2013	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy - Position Entry	+597,830	$8.02K	597,830
Q2 2013Jun 30, 2013	BVN Buenaventura Mining Company Inc	Buenaventura Mining Company Inc	Buy - Position Entry	+251,327	$3.71K	251,327
Q2 2013Jun 30, 2013	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Buy - Position Entry	+112,569	$1.45K	112,569
Q2 2013Jun 30, 2013	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Buy - Position Entry	+111,084	$1.18K	111,084
Q2 2013Jun 30, 2013	PLPC Preformed Line Products Company	Preformed Line Products Company	Buy - Position Entry	+105,181	$6.97K	105,181
Q2 2013Jun 30, 2013	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+104,598	$1.92K	104,598
Q2 2013Jun 30, 2013	TKC Turkcell Iletisim Hizmetleri AS	Turkcell Iletisim Hizmetleri AS	Buy - Position Entry	+63,696	$915.00	63,696
Q2 2013Jun 30, 2013	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy - Position Entry	+56,600	$1.41K	56,600
Q2 2013Jun 30, 2013	HDB HDFC Bank Limited	HDFC Bank Limited	Buy - Position Entry	+42,267	$1.53K	42,267
Q2 2013Jun 30, 2013	SQM Sociedad Quimica y Minera S.A.	Sociedad Quimica y Minera S.A.	Buy - Position Entry	+22,325	$902.00	22,325
Q2 2013Jun 30, 2013	PKX POSCO Holdings Inc.	POSCO Holdings Inc.	Buy - Position Entry	+14,809	$964.00	14,809

Page 51 of 51 • 1520 total trades

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