Great investors · Howard Marks · Q4 2024
What Howard Marks bought and sold in Q4 2024
Oaktree Capital 13F portfolio as of Dec 31, 2024: 56 positions worth $4.5 bn. Largest: TRMD, EXE, GTX, Sitio Royalties. Filed with the SEC on Feb 12, 2025.
The 13F is filed by Oaktree Capital, not by Howard Marks personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
No purchase of 0.5 points of the portfolio or more this quarter.
Sells in Q4 2024
- ReducedTalen EnergyTLN−1.1 pp
- Sold outItau Unibanco HoldingITUB−1.1 pp
- Sold outBank BradescoBBD−0.7 pp
- Sold outJOYYJOYY−0.6 pp
- ReducedCBL & Associates PropertiesCBL−0.6 pp
5 companies with material moves, out of 39 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Oaktree Capital's Q4 2024 13F lists 56 lines of US-listed securities worth $4.5 bn; the largest is TRMD at 17.4% of the portfolio. It was accepted by the SEC on Feb 12, 2025 at 11:55 AM ET.
Against the previous quarter, it opened 4 positions (ABX, EXEEL, CPNG and MESO), closed 7 (ITUB, BBD, JOYY and BABA and 3 more), added to 3 (NTES, LBTYA and HDB) and trimmed 25 (TLN, CBL, FCX and VIST and 21 more). 23 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 40.6 M | $780M | 17.4% | no change |
| 2 | Expand Energy EXE | 6.9 M | $691M | 15.4% | no change |
| 3 | Garrett Motion GTX | 44.1 M | $398M | 8.89% | no change |
| 4 | Sitio Royalties | 12.9 M | $248M | 5.54% | no change |
| 5 | Infinera | 25.2 M | $165M | 3.69% | no change |
| 6 | Sunopta STKL | 20.7 M | $159M | 3.56% | no change |
| 7 | AngloGold Ashanti AU | 5.6 M | $128M | 2.86% | −1.8% |
| 8 | Vista Energy, S.A.B. de C.V. VIST | 2.3 M | $124M | 2.77% | −8.4% |
| 9 | Runway Growth Finance RWAY | 10.8 M | $118M | 2.64% | no change |
| 10 | Indivior INDV | 8.7 M | $112M | 2.50% | −8.3% |
| 11 | California Resources CRC | 2.0 M | $106M | 2.37% | no change |
| 12 | Liberty Global LBTYA | 7.2 M | $91.9M | 2.05% | +21% |
| 13 | CBL & Associates Properties CBL | 3.0 M | $88.4M | 1.97% | −25% |
| 14 | Cemex SAB De CV CX | 14.6 M | $82.3M | 1.84% | no change |
| 15 | Star Bulk Carriers SBLK | 5.4 M | $80.3M | 1.79% | −5.9% |
| 16 | Talen Energy TLN | 396,624 | $79.9M | 1.78% | −43% |
| 17 | Kilroy Realty KRC | 1.9 M | $74.8M | 1.67% | no change |
| 18 | Freeport-McMoRan FCX | 1.8 M | $67.1M | 1.50% | −27% |
| 19 | VALE VALE | 7.2 M | $63.8M | 1.42% | −12% |
| 20 | Sunrise Communications SNNRF | 1.4 M | $62.1M | 1.39% | from a spin-off |
| 21 | Trip.com Group TCOM | 717,222 | $49.2M | 1.10% | −9.4% |
| 22 | JD.com JD | 1.4 M | $48.9M | 1.09% | −20% |
| 23 | Petrobras - Petroleo Brasileiro PBR | 3.4 M | $43.1M | 0.96% | −18% |
| 24 | Yum China Holdings YUMC | 877,830 | $42.3M | 0.94% | −10% |
| 25 | H World Group HTHT | 1.1 M | $37.8M | 0.84% | −1.9% |
| 26 | Infosys INFY | 1.7 M | $36.8M | 0.82% | −2% |
| 27 | Macro Bank BMA | 378,625 | $36.6M | 0.82% | −18% |
| 28 | Netease NTES | 399,694 | $35.7M | 0.80% | +72% |
| 29 | Enlink Midstream LLC.com Unit REP | 2.5 M | $35.4M | 0.79% | −1% |
| 30 | Telecom Argentina TEO | 2.8 M | $35.2M | 0.79% | −9.1% |
| 31 | Oaktree Specialty Lending OCSL | 1.9 M | $28.3M | 0.63% | no change |
| 32 | PDD Holdings PDD | 277,767 | $26.9M | 0.60% | −1.9% |
| 33 | Alvotech ALVO | 1.9 M | $25.5M | 0.57% | −24% |
| 34 | Kanzhun BZ | 1.8 M | $24.3M | 0.54% | −12% |
| 35 | Ternium TX | 828,309 | $24.1M | 0.54% | −2% |
| 36 | Transportadora De Gas DEL SU TGS | 794,183 | $23.2M | 0.52% | −14% |
| 37 | Uniti Group | 3.4 M | $18.7M | 0.42% | no change |
| 38 | Optimum Communications OPTU | 7.5 M | $18.1M | 0.40% | no change |
| 39 | Barrick Mining ABX | 1.0 M | $15.7M | 0.35% | new |
| 40 | Berry Corporation (bry) BRY | 3.7 M | $15.3M | 0.34% | no change |
| 41 | Alvotech ALVOW | 4.7 M | $14.5M | 0.32% | no change |
| 42 | Smartrent SMRT | 7.5 M | $13.1M | 0.29% | no change |
| 43 | Onity Group ONIT | 410,429 | $12.6M | 0.28% | −9% |
| 44 | Pampa Energy PAM | 131,086 | $11.5M | 0.26% | −36% |
| 45 | Magnachip Semiconductor MX | 2.8 M | $11.5M | 0.26% | no change |
| 46 | Daqo New Energy DQ | 551,007 | $10.7M | 0.24% | −8.9% |
| 47 | Bausch Health Companies BHC | 1.3 M | $10.2M | 0.23% | no change |
| 48 | Braskem BAK | 2.5 M | $9.6M | 0.21% | no change |
| 49 | TPI Composites | 4.6 M | $8.7M | 0.19% | no change |
| 50 | Expand Energy EXEEL | 95,294 | $8.2M | 0.18% | new |
| 51 | Vacasa | 1.4 M | $6.7M | 0.15% | no change |
| 52 | Hdfc Bank HDB | 89,697 | $5.7M | 0.13% | +66% |
| 53 | Coupang CPNG | 241,544 | $5.3M | 0.12% | new |
| 54 | Battalion Oil BATL | 3.0 M | $5.2M | 0.12% | no change |
| 55 | Mesoblast MESO | 179,593 | $3.6M | 0.08% | new |
| 56 | ECD Automotive Design | 75,000 | $72.0K | 0.00% | no change |
Positions it closed (7)
- Itau Unibanco Holding ITUBwas 1.14% · 9.1 M shares
- Bank Bradesco BBDwas 0.71% · 14.1 M shares
- JOYY JOYYwas 0.60% · 882,590 shares
- Alibaba Group Holding BABAwas 0.45% · 224,719 shares
- HIMS & Hers Health HIMSwas 0.23% · 666,962 shares
- YPF Sociedad Anonima YPFwas 0.22% · 551,128 shares
- XP XPwas 0.17% · 510,764 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Oaktree Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.