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HoldLens
Howard Marks · quarter digest

What Howard Marks did in Q1 2025

Oaktree Capital filed 25 moves in Q1 2025: 7 new, 10 add, 4 trim, 4 exit.

13F filed 2025-05-15. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.

New positions · 7

Fresh money

NEW·7.8% book·+22

Howard Marks's first Vistra position — same quarter as Klarman.

GRABGRAB HOLDINGS LTD
NEW·0.9% book·0
KEKE HOLDINGS INC
NEW·0.5% book·−1
BAIDUBAIDU INC
NEW·0.4% book·+1
GUESSGUESS INC
NEW·0.0% book·−4
LYFTLYFT INC
NEW·0.0% book·+5
NICENICE LTD
NEW·0.0% book·0
Adds · 10

Adding to conviction

SPGSTATE STREET CORP
ADD +6%·3.7% book·+10
SEASEA LTD
ADD +109%·2.0% book·−1
ABNBAIRBNB INC
ADD +1538%·0.5% book·+2
EQIXETSY INC
ADD +47%·0.4% book·0
SNAPSNAP INC
ADD +158%·0.4% book·+1
BLOCKBLOCK INC
ADD +107%·0.2% book·+4
PPLPPL CORP
ADD +30%·0.2% book·0
FIVE9FIVE9 INC
ADD +751%·0.1% book·+3
FLUORFLUOR CORP
ADD +25%·0.1% book·−2
OKTAOKTA INC
ADD +49%·0.1% book·0
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Trims · 4

Taking chips off

VALEVALE SA
TRIM -16%·1.2% book·−3
PDDPG&E CORP
TRIM -60%·0.1% book·−1
UBERUBER TECHNOLOGIES INC
TRIM -70%·0.1% book·+19
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
TRIM -91%·0.0% book·−11
Exits · 4

Closed positions

CHEGGCHEGG INC
EXIT·0.0% book·−5
MARAMARA HOLDINGS INC
EXIT·0.0% book·+1
NIONIO INC
EXIT·0.0% book·−1
8X88X8 INC
EXIT·0.0% book·−1
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%

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