Howard Marks · quarter digest
What Howard Marks did in Q2 2025
Oaktree Capital filed 68 moves in Q2 2025: 14 new, 26 add, 18 trim, 10 exit.
13F filed 2025-08-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 14
Fresh money
XHBSTATE STREET CORP
NEW·1.2% book·−6
BBARRICK MINING CORP
NEW·1.1% book·−6
IWMISHARES RUSSELL 2000 ETF
NEW·0.9% book·−2
BLCOBAUSCH PLUS LOMB CORP
NEW·0.6% book·−8
YMMFULL TRUCK ALLIANCE CO LTD
NEW·0.4% book·−8
YPFYPF SA
NEW·0.2% book·+8
MKSMKS INC
NEW·0.2% book·−10
LILAKLIBERTY LATIN AMERICA LTD
NEW·0.2% book·−5
JBSJBS NV
NEW·0.1% book·0
HDSNHUDSON TECHNOLOGIES INC
NEW·0.1% book·−6
BABAALIBABA GROUP HOLDING LTD
NEW·0.1% book·+26
BTAIQBIOXCEL THERAPEUTICS INC
NEW·0.0% book·−5
BMRNBIOMARIN PHARMACEUTICAL INC
NEW·0.0% book·0
BILLBILL HOLDINGS INC
NEW·0.0% book·−5
Adds · 26
Adding to conviction
ADD +6%·13.2% book·+16
“Building Torm shipping.”
SPYSTATE STREET CORP
ADD +200%·10.8% book·−2
ADD +18%·9.0% book·+1
“Same Vistra thesis as Klarman — 3 Q build.”
SESEA LTD
ADD +20%·1.7% book·−4
LBTYALIBERTY GLOBAL LTD
ADD +14%·1.4% book·−7
ITUBITAU UNIBANCO HOLDING SA
ADD +59%·1.3% book·−10
TACTRANSALTA CORP
ADD +9%·1.1% book·−5
GRABGRAB HOLDINGS LTD
ADD +13%·1.0% book·−4
CABOCABLE ONE INC
ADD +22%·0.8% book·−7
ABNBAIRBNB INC
ADD +45%·0.6% book·−14
SNAPSNAP INC
ADD +38%·0.5% book·−11
BEKEKE HOLDINGS INC
ADD +21%·0.5% book·−21
EQIXETSY INC
ADD +27%·0.5% book·−2
TXTERNIUM SA
ADD +13%·0.5% book·−9
BZKANZHUN LTD
ADD +34%·0.5% book·−14
TDOCTELADOC HEALTH INC
ADD +98%·0.5% book·−6
ECECOPETROL SA
ADD +12%·0.5% book·−7
OKTAOKTA INC
ADD +441%·0.4% book·−11
BBIOBRIDGEBIO PHARMA INC
ADD +31%·0.3% book·−13
JDJD.COM INC
ADD +1186%·0.2% book·+7
UBERUBER TECHNOLOGIES INC
ADD +32%·0.1% book·+15
ONON SEMICONDUCTOR CORP
ADD +24%·0.1% book·−16
BANDBANDWIDTH INC
ADD +42%·0.1% book·−11
GUESSGUESS INC
ADD +193%·0.1% book·−11
UPWKUPWORK INC
ADD +187%·0.1% book·−17
NICENICE LTD
ADD +196%·0.1% book·−6
Trims · 18
Taking chips off
EXEEXPAND ENERGY CORP
TRIM -9%·10.2% book·+3
GTXGARRETT MOTION INC
TRIM -16%·6.7% book·−13
AUANGLOGOLD ASHANTI PLC
TRIM -9%·3.9% book·−12
CXCEMEX SAB DE CV
TRIM -23%·1.8% book·−5
RWAYRUNWAY GROWTH FINANCE CORP
TRIM -9%·1.8% book·−2
VISTVISTA ENERGY SAB DE CV
TRIM -6%·1.7% book·+6
FCXFREEPORT-MCMORAN INC
TRIM -9%·1.5% book·−6
TLNTALEN ENERGY CORP
TRIM -68%·1.0% book·−10
VALEVALE SA
TRIM -66%·0.3% book·−9
GHGUARDANT HEALTH INC
TRIM -60%·0.2% book·−8
SHAKSHAKE SHACK INC
TRIM -24%·0.2% book·−7
WWAYFAIR INC
TRIM -66%·0.1% book·−12
TGSTRANSPORTADORA DE GAS DEL SUR SA
TRIM -72%·0.1% book·−4
BMABANCO MACRO SA
TRIM -77%·0.1% book·−3
FLUORFLUOR CORP
TRIM -9%·0.1% book·−9
BLOCKBLOCK INC
TRIM -66%·0.0% book·−4
BAKBRASKEM SA
TRIM -81%·0.0% book·−2
PDDPG&E CORP
TRIM -68%·0.0% book·−12
Exits · 10
Closed positions
BILIBILIBILI INC
EXIT·0.0% book·−6
PBRPETROLEO BRASILEIRO SA
EXIT·0.0% book·−2
BIDUBAIDU INC
EXIT·0.0% book·0
KCKINGSOFT CORP LTD
EXIT·0.0% book·−6
ONITONITY GROUP INC
EXIT·0.0% book·−8
DQDAQO NEW ENERGY CORP
EXIT·0.0% book·−8
FIVE9FIVE9 INC
EXIT·0.0% book·−7
SHOPSHOPIFY INC
EXIT·0.0% book·−7
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
EXIT·0.0% book·−7
LYFTLYFT INC
EXIT·0.0% book·−24
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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