Howard Marks · quarter digest
What Howard Marks did in Q1 2025
Oaktree Capital filed 65 moves in Q1 2025: 14 new, 18 add, 20 trim, 13 exit.
13F filed 2025-05-15. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 14
Fresh money
NEW·7.8% book·+1
“Howard Marks's first Vistra position — same quarter as Klarman.”
NOKNOKIA OYJ
NEW·1.9% book·−6
TACTRANSALTA CORP
NEW·1.0% book·−5
GRABGRAB HOLDINGS LTD
NEW·0.9% book·−4
BILIBILIBILI INC
NEW·0.7% book·−6
ITUBITAU UNIBANCO HOLDING SA
NEW·0.7% book·−10
ECECOPETROL SA
NEW·0.6% book·−7
BEKEKE HOLDINGS INC
NEW·0.5% book·−21
BIDUBAIDU INC
NEW·0.4% book·0
KCKINGSOFT CORP LTD
NEW·0.3% book·−6
SHOPSHOPIFY INC
NEW·0.1% book·−7
GUESSGUESS INC
NEW·0.0% book·−11
LYFTLYFT INC
NEW·0.0% book·−24
NICENICE LTD
NEW·0.0% book·−6
Adds · 18
Adding to conviction
SPYSTATE STREET CORP
ADD +6%·3.7% book·−2
CXCEMEX SAB DE CV
ADD +33%·2.1% book·−5
SEASEA LTD
ADD +109%·2.0% book·−3
FCXFREEPORT-MCMORAN INC
ADD +24%·1.6% book·−6
ABNBAIRBNB INC
ADD +1538%·0.5% book·−14
EQIXETSY INC
ADD +47%·0.4% book·−2
SNAPSNAP INC
ADD +158%·0.4% book·−11
BBIOBRIDGEBIO PHARMA INC
ADD +305%·0.3% book·−13
TDOCTELADOC HEALTH INC
ADD +103%·0.3% book·−6
BLOCKBLOCK INC
ADD +107%·0.2% book·−4
PPLPPL CORP
ADD +30%·0.2% book·−9
SHAKSHAKE SHACK INC
ADD +35%·0.2% book·−7
FOURSHIFT4 PAYMENTS INC
ADD +21%·0.2% book·+12
FIVE9FIVE9 INC
ADD +751%·0.1% book·−7
FLUORFLUOR CORP
ADD +25%·0.1% book·−9
OKTAOKTA INC
ADD +49%·0.1% book·−11
ONON SEMICONDUCTOR CORP
ADD +366%·0.1% book·−16
UUNITY SOFTWARE INC
ADD +24%·0.1% book·−7
Trims · 20
Taking chips off
EXEEXPAND ENERGY CORP
TRIM -20%·12.0% book·+3
TLNTALEN ENERGY CORP
TRIM -6%·2.3% book·−10
LBTYALIBERTY GLOBAL LTD
TRIM -6%·1.6% book·−7
CRCCALIFORNIA RESOURCES CORP
TRIM -33%·1.2% book·−12
VALEVALE SA
TRIM -16%·1.2% book·−9
CABOCABLE ONE INC
TRIM -8%·0.8% book·−7
JDJD.COM INC
TRIM -32%·0.8% book·+7
PBRPETROLEO BRASILEIRO SA
TRIM -21%·0.7% book·−2
GHGUARDANT HEALTH INC
TRIM -22%·0.5% book·−8
BMABANCO MACRO SA
TRIM -31%·0.4% book·−3
BZKANZHUN LTD
TRIM -34%·0.4% book·−14
BAKBRASKEM SA
TRIM -6%·0.2% book·−2
TGSTRANSPORTADORA DE GAS DEL SUR SA
TRIM -39%·0.2% book·−4
DQDAQO NEW ENERGY CORP
TRIM -37%·0.1% book·−8
PDDPG&E CORP
TRIM -60%·0.1% book·−12
UBERUBER TECHNOLOGIES INC
TRIM -70%·0.1% book·+15
WWAYFAIR INC
TRIM -20%·0.1% book·−12
BANDBANDWIDTH INC
TRIM -42%·0.0% book·−11
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
TRIM -91%·0.0% book·−7
UPWKUPWORK INC
TRIM -35%·0.0% book·−17
Exits · 13
Closed positions
TCOMTRIP.COM GROUP LTD
EXIT·0.0% book·−1
YUMCYUM CHINA HOLDINGS INC
EXIT·0.0% book·−8
INFYINFOSYS LTD
EXIT·0.0% book·−22
PWRQUANTA SERVICES INC
EXIT·0.0% book·−5
NTESNETEASE INC
EXIT·0.0% book·−10
PAMPAMPA ENERGIA SA
EXIT·0.0% book·−4
CHEGGCHEGG INC
EXIT·0.0% book·−1
CPNGCOUPANG INC
EXIT·0.0% book·−1
INSMINSMED INC
EXIT·0.0% book·0
MARAMARA HOLDINGS INC
EXIT·0.0% book·−6
MESOMESOBLAST LTD
EXIT·0.0% book·−7
NIONIO INC
EXIT·0.0% book·−7
8X88X8 INC
EXIT·0.0% book·−1
Current top holdings
Howard Marks’s book, latest snapshot
Other quarters for Howard Marks
Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.
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