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Howard Marks · quarter digest

What Howard Marks did in Q4 2024

Oaktree Capital filed 41 moves in Q4 2024: 3 new, 13 add, 19 trim, 6 exit.

13F filed 2025-02-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.

New positions · 3

Fresh money

UBERUBER TECHNOLOGIES INC
NEW·0.2% book·+16
EXEEXPAND ENERGY CORP
NEW·0.1% book·−12
CPNGCOUPANG INC
NEW·0.1% book·+4
Adds · 13

Adding to conviction

ADD +8%·13.0% book·+14

Building Torm shipping.

ADD +22%·6.5% book·+1

Same Vistra thesis as Klarman — start of build.

LBTYKLIBERTY GLOBAL LTD
ADD +19%·1.7% book·−8
CABOCABLE ONE INC
ADD +11%·0.8% book·−6
PDDPG&E CORP
ADD +5390%·0.8% book·−16
GHGUARDANT HEALTH INC
ADD +79%·0.6% book·−9
EQIXETSY INC
ADD +82%·0.2% book·−7
PPLPPL CORP
ADD +89%·0.2% book·−9
FOURSHIFT4 PAYMENTS INC
ADD +236%·0.2% book·+14
WWAYFAIR INC
ADD +583%·0.2% book·−7
HDBHDFC BANK LTD
ADD +66%·0.1% book·−16
TDOCTELADOC HEALTH INC
ADD +14%·0.1% book·−6
UUNITY SOFTWARE INC
ADD +27%·0.0% book·−7
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Trims · 19

Taking chips off

SPGSTATE STREET CORP
TRIM -19%·3.3% book·−4
TLNTALEN ENERGY CORP
TRIM -9%·2.3% book·−10
FCXFREEPORT-MCMORAN INC
TRIM -27%·1.2% book·−4
VALEVALE SA
TRIM -12%·1.1% book·−11
JDJD.COM INC
TRIM -20%·0.9% book·+9
PBRPETROLEO BRASILEIRO SA
TRIM -18%·0.8% book·−4
YUMCYUM CHINA HOLDINGS INC
TRIM -10%·0.8% book·−6
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
TRIM -31%·0.2% book·−16
ONITYONITY GROUP INC
TRIM -9%·0.2% book·−8
BANDBANDWIDTH INC
TRIM -26%·0.1% book·−12
CHEGGCHEGG INC
TRIM -39%·0.1% book·−9
FLUORFLUOR CORP
TRIM -34%·0.1% book·−2
MARAMARA HOLDINGS INC
TRIM -45%·0.1% book·−5
NIONIO INC
TRIM -8%·0.1% book·−7
OKTAOKTA INC
TRIM -10%·0.1% book·−6
UPWKUPWORK INC
TRIM -28%·0.1% book·−16
8X88X8 INC
TRIM -49%·0.0% book·−1
FIVE9FIVE9 INC
TRIM -75%·0.0% book·−5
ONON SEMICONDUCTOR CORP
TRIM -78%·0.0% book·−16
Exits · 6

Closed positions

JOYYJOYY INC
EXIT·0.0% book·−7
BABAALIBABA GROUP HOLDING LTD
EXIT·0.0% book·+25
YPFYPF SA
EXIT·0.0% book·−4
LYVLIVE NATION ENTERTAINMENT INC
EXIT·0.0% book·−17
XPXP INC
EXIT·0.0% book·−4
ZSZSCALER INC
EXIT·0.0% book·−8
Current top holdings

Howard Marks’s book, latest snapshot

#TickerWeight
1TRMD
Torm plc
14.8%
2VST
Vistra Corp
11.2%
3GRBK
Green Brick Partners
9.4%
4PR
Permian Resources
7.6%
5WMB
Williams Companies
6.3%
6STR
Sitio Royalties
5.1%
Other quarters for Howard Marks

Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.