Great investors · Howard Marks · Q1 2025
What Howard Marks bought and sold in Q1 2025
Oaktree Capital 13F portfolio as of Mar 31, 2025: 53 positions worth $4.0 bn. Largest: TRMD, EXE, GTX, Sitio Royalties. Filed with the SEC on May 14, 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 Q1 2025
- NewNokiaNOK+2.2 pp
- NewTransaltaTAC+1.2 pp
- NewGRAB HoldingsGRAB+1.0 pp
- NewItau Unibanco HoldingITUB+0.9 pp
- NewBilibiliBILI+0.8 pp
- NewEcopetrolEC+0.7 pp
- IncreasedBarrick MiningABX+0.7 pp
- IncreasedCemex SAB De CVCX+0.6 pp
- NewKE HoldingsBEKE+0.6 pp
Sells in Q1 2025
- ReducedExpand EnergyEXE−3.4 pp
- Sold outSunrise CommunicationsSNNRF−1.4 pp
- Sold outTrip.com GroupTCOM−1.1 pp
- Sold outYum China HoldingsYUMC−0.9 pp
- Sold outInfosysINFY−0.8 pp
- Sold outNeteaseNTES−0.8 pp
- ReducedCalifornia ResourcesCRC−0.7 pp
- Sold outPDD HoldingsPDD−0.6 pp
17 companies with material moves, out of 40 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 Q1 2025 13F lists 53 lines of US-listed securities worth $4.0 bn; the largest is TRMD at 16.4% of the portfolio. It was accepted by the SEC on May 14, 2025 at 6:16 PM ET.
Against the previous quarter, it opened 9 positions (NOK, TAC, GRAB and ITUB and 5 more), closed 10 (SNNRF, TCOM, YUMC and INFY and 6 more), added to 5 (ABX, CX, INDV and FCX and 1 more) and trimmed 16 (EXE, CRC, JD and TLN and 12 more). 23 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 40.6 M | $663M | 16.4% | no change |
| 2 | Expand Energy EXE | 5.6 M | $619M | 15.3% | −20% |
| 3 | Garrett Motion GTX | 44.1 M | $369M | 9.12% | no change |
| 4 | Sitio Royalties | 12.9 M | $257M | 6.35% | no change |
| 5 | AngloGold Ashanti AU | 5.5 M | $203M | 5.02% | −1.7% |
| 6 | Runway Growth Finance RWAY | 10.8 M | $112M | 2.76% | no change |
| 7 | Cemex SAB De CV CX | 19.4 M | $109M | 2.69% | +33% |
| 8 | Indivior INDV | 11.0 M | $103M | 2.56% | +26% |
| 9 | Vista Energy, S.A.B. de C.V. VIST | 2.2 M | $102M | 2.51% | −4.8% |
| 10 | Sunopta STKL | 20.7 M | $101M | 2.49% | no change |
| 11 | Nokia NOK | 18.8 M | $98.8M | 2.44% | new |
| 12 | Star Bulk Carriers SBLK | 5.4 M | $83.6M | 2.07% | no change |
| 13 | Freeport-McMoRan FCX | 2.2 M | $83.0M | 2.05% | +24% |
| 14 | Liberty Global LBTYA | 7.2 M | $82.9M | 2.05% | no change |
| 15 | CBL & Associates Properties CBL | 3.0 M | $79.9M | 1.97% | no change |
| 16 | Talen Energy TLN | 319,829 | $63.9M | 1.58% | −19% |
| 17 | Kilroy Realty KRC | 1.9 M | $60.6M | 1.50% | no change |
| 18 | California Resources CRC | 1.4 M | $60.5M | 1.50% | −33% |
| 19 | VALE VALE | 6.0 M | $60.0M | 1.48% | −16% |
| 20 | Transalta TAC | 5.6 M | $52.1M | 1.29% | new |
| 21 | Barrick Mining ABX | 2.5 M | $48.9M | 1.21% | +148% |
| 22 | GRAB Holdings GRAB | 10.3 M | $46.6M | 1.15% | new |
| 23 | H World Group HTHT | 1.2 M | $45.5M | 1.12% | +7.3% |
| 24 | JD.com JD | 960,796 | $39.5M | 0.98% | −32% |
| 25 | Itau Unibanco Holding ITUB | 6.9 M | $38.2M | 0.94% | new |
| 26 | Petrobras - Petroleo Brasileiro PBR | 2.7 M | $38.1M | 0.94% | −21% |
| 27 | Bilibili BILI | 1.9 M | $36.8M | 0.91% | new |
| 28 | Ecopetrol EC | 3.2 M | $33.0M | 0.82% | new |
| 29 | Oaktree Specialty Lending OCSL | 1.9 M | $28.5M | 0.70% | no change |
| 30 | Telecom Argentina TEO | 2.7 M | $27.6M | 0.68% | −3.2% |
| 31 | Ternium TX | 812,609 | $25.3M | 0.63% | −1.9% |
| 32 | KE Holdings BEKE | 1.3 M | $25.2M | 0.62% | new |
| 33 | Kanzhun BZ | 1.2 M | $22.4M | 0.56% | −34% |
| 34 | Optimum Communications OPTU | 7.5 M | $20.0M | 0.49% | no change |
| 35 | Macro Bank BMA | 260,462 | $19.7M | 0.49% | −31% |
| 36 | Baidu BIDU | 199,684 | $18.4M | 0.45% | new |
| 37 | Alvotech ALVO | 1.9 M | $18.1M | 0.45% | −3% |
| 38 | Uniti Group | 3.4 M | $17.1M | 0.42% | no change |
| 39 | Kingsoft Cloud Holdings KC | 1.1 M | $15.7M | 0.39% | new |
| 40 | Onity Group ONIT | 410,429 | $13.3M | 0.33% | no change |
| 41 | Transportadora De Gas DEL SU TGS | 484,606 | $12.8M | 0.32% | −39% |
| 42 | Berry Corporation (bry) BRY | 3.7 M | $11.9M | 0.29% | no change |
| 43 | Magnachip Semiconductor MX | 2.8 M | $9.8M | 0.24% | no change |
| 44 | Expand Energy EXEEL | 95,294 | $9.6M | 0.24% | no change |
| 45 | Smartrent SMRT | 7.5 M | $9.1M | 0.22% | no change |
| 46 | Braskem BAK | 2.3 M | $9.0M | 0.22% | −5.9% |
| 47 | Bausch Health Companies BHC | 1.3 M | $8.2M | 0.20% | no change |
| 48 | Vacasa | 1.4 M | $7.4M | 0.18% | no change |
| 49 | Alvotech ALVOW | 4.7 M | $7.0M | 0.17% | no change |
| 50 | Daqo New Energy DQ | 344,819 | $6.2M | 0.15% | −37% |
| 51 | Hdfc Bank HDB | 89,697 | $6.0M | 0.15% | no change |
| 52 | Battalion Oil BATL | 3.0 M | $3.9M | 0.10% | no change |
| 53 | TPI Composites | 4.6 M | $3.7M | 0.09% | no change |
Positions it closed (10)
- Sunrise Communications SNNRFwas 1.39% · 1.4 M shares
- Trip.com Group TCOMwas 1.10% · 717,222 shares
- Yum China Holdings YUMCwas 0.94% · 877,830 shares
- Infosys INFYwas 0.82% · 1.7 M shares
- Netease NTESwas 0.80% · 399,694 shares
- PDD Holdings PDDwas 0.60% · 277,767 shares
- Pampa Energy PAMwas 0.26% · 131,086 shares
- Coupang CPNGwas 0.12% · 241,544 shares
- Mesoblast MESOwas 0.08% · 179,593 shares
- ECD Automotive Design was 0.00% · 75,000 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.