Great investors · Howard Marks · Q2 2025
What Howard Marks bought and sold in Q2 2025
Oaktree Capital 13F portfolio as of Jun 30, 2025: 52 positions worth $3.9 bn. Largest: TRMD, EXE, GTX, Sitio Royalties. Filed with the SEC on Aug 13, 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 Q2 2025
- NewBausch & LombBLCO+0.8 pp
- IncreasedItau Unibanco HoldingITUB+0.7 pp
- NewFull Truck AllianceYMM+0.5 pp
Sells in Q2 2025
- ReducedGarrett MotionGTX−1.9 pp
- ReducedExpand EnergyEXE−1.4 pp
- ReducedTalen EnergyTLN−1.4 pp
- Sold outH World GroupHTHT−1.1 pp
- Sold outJD.comJD−1.0 pp
- ReducedVALEVALE−1.0 pp
- Sold outPetrobras - Petroleo BrasileiroPBR−0.9 pp
- ReducedStar Bulk CarriersSBLK−0.9 pp
- Sold outBilibiliBILI−0.9 pp
- ReducedCemex SAB De CVCX−0.8 pp
- ReducedAngloGold AshantiAU−0.6 pp
14 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 Q2 2025 13F lists 52 lines of US-listed securities worth $3.9 bn; the largest is TRMD at 17.3% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 5:17 PM ET.
Against the previous quarter, it opened 8 positions (BLCO, YMM, LILAK and SE and 4 more), closed 8 (HTHT, JD, PBR and BILI and 4 more), added to 9 (ITUB, B, LBTYA and BZ and 5 more) and trimmed 16 (GTX, EXE, CX and TLN and 12 more). 19 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Torm TRMD | 40.6 M | $682M | 17.3% | no change |
| 2 | Expand Energy EXE | 5.1 M | $592M | 15.0% | −9% |
| 3 | Garrett Motion GTX | 36.9 M | $388M | 9.82% | −16% |
| 4 | Sitio Royalties | 12.9 M | $238M | 6.03% | no change |
| 5 | AngloGold Ashanti AU | 4.9 M | $225M | 5.71% | −9.5% |
| 6 | Indivior INDV | 11.0 M | $162M | 4.11% | no change |
| 7 | Sunopta STKL | 20.7 M | $120M | 3.04% | no change |
| 8 | Runway Growth Finance RWAY | 9.8 M | $105M | 2.66% | −9.3% |
| 9 | Cemex SAB De CV CX | 14.8 M | $103M | 2.60% | −23% |
| 10 | Vista Energy, S.A.B. de C.V. VIST | 2.1 M | $98.6M | 2.50% | −5.6% |
| 11 | Nokia NOK | 18.8 M | $97.1M | 2.46% | no change |
| 12 | Freeport-McMoRan FCX | 2.0 M | $86.5M | 2.19% | −8.9% |
| 13 | Liberty Global LBTYA | 8.2 M | $82.2M | 2.08% | +14% |
| 14 | CBL & Associates Properties CBL | 3.0 M | $76.3M | 1.93% | no change |
| 15 | Itau Unibanco Holding ITUB | 11.0 M | $74.7M | 1.89% | +59% |
| 16 | Barrick Mining B | 3.2 M | $65.7M | 1.67% | +25% |
| 17 | Transalta TAC | 6.1 M | $65.5M | 1.66% | +9% |
| 18 | Kilroy Realty KRC | 1.9 M | $63.5M | 1.61% | no change |
| 19 | California Resources CRC | 1.4 M | $62.9M | 1.59% | no change |
| 20 | GRAB Holdings GRAB | 11.6 M | $58.2M | 1.47% | +13% |
| 21 | Star Bulk Carriers SBLK | 3.2 M | $55.7M | 1.41% | −40% |
| 22 | Talen Energy TLN | 129,829 | $37.8M | 0.96% | −59% |
| 23 | Bausch & Lomb BLCO | 2.5 M | $32.8M | 0.83% | new |
| 24 | Ecopetrol EC | 3.5 M | $31.4M | 0.80% | +12% |
| 25 | Kanzhun BZ | 1.6 M | $28.0M | 0.71% | +34% |
| 26 | Ternium TX | 919,709 | $27.7M | 0.70% | +13% |
| 27 | KE Holdings BEKE | 1.5 M | $26.8M | 0.68% | +21% |
| 28 | Oaktree Specialty Lending OCSL | 1.9 M | $25.3M | 0.64% | no change |
| 29 | Telecom Argentina TEO | 2.6 M | $23.3M | 0.59% | −2.4% |
| 30 | Full Truck Alliance YMM | 1.8 M | $21.8M | 0.55% | new |
| 31 | VALE VALE | 2.0 M | $19.7M | 0.50% | −66% |
| 32 | Optimum Communications OPTU | 7.5 M | $16.1M | 0.41% | no change |
| 33 | Uniti Group | 3.4 M | $14.7M | 0.37% | no change |
| 34 | Liberty Latin America LILAK | 2.3 M | $14.5M | 0.37% | new |
| 35 | Alvotech ALVO | 1.6 M | $14.3M | 0.36% | −16% |
| 36 | Sea SE | 83,513 | $13.4M | 0.34% | new |
| 37 | Magnachip Semiconductor MX | 2.8 M | $11.3M | 0.29% | no change |
| 38 | Expand Energy EXEEL | 95,294 | $10.3M | 0.26% | no change |
| 39 | Berry Corporation (bry) BRY | 3.7 M | $10.2M | 0.26% | no change |
| 40 | YPF Sociedad Anonima YPF | 324,330 | $10.2M | 0.26% | new |
| 41 | Bausch Health Companies BHC | 1.3 M | $8.5M | 0.21% | no change |
| 42 | Alvotech ALVOW | 4.7 M | $8.2M | 0.21% | no change |
| 43 | Smartrent SMRT | 7.5 M | $7.4M | 0.19% | no change |
| 44 | Hdfc Bank HDB | 84,843 | $6.5M | 0.16% | −5.4% |
| 45 | Hudson Technologies HDSN | 562,662 | $4.6M | 0.12% | new |
| 46 | Macro Bank BMA | 60,591 | $4.3M | 0.11% | −77% |
| 47 | TPI Composites | 4.6 M | $4.0M | 0.10% | no change |
| 48 | Battalion Oil BATL | 3.0 M | $3.9M | 0.10% | no change |
| 49 | Transportadora De Gas DEL SU TGS | 137,630 | $3.6M | 0.09% | −72% |
| 50 | JBS JBS | 238,610 | $3.5M | 0.09% | new |
| 51 | Braskem BAK | 453,167 | $1.5M | 0.04% | −81% |
| 52 | BioXcel Therapeutics BTAIQ | 241,188 | $437K | 0.01% | new |
Positions it closed (8)
- H World Group HTHTwas 1.12% · 1.2 M shares
- JD.com JDwas 0.98% · 960,796 shares
- Petrobras - Petroleo Brasileiro PBRwas 0.94% · 2.7 M shares
- Bilibili BILIwas 0.91% · 1.9 M shares
- Baidu BIDUwas 0.45% · 199,684 shares
- Kingsoft Cloud Holdings KCwas 0.39% · 1.1 M shares
- Onity Group ONITwas 0.33% · 410,429 shares
- Daqo New Energy DQwas 0.15% · 344,819 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.