Howard Marks · quarter digest
What Howard Marks did in Q2 2025
Oaktree Capital filed 29 moves in Q2 2025: 7 new, 13 add, 4 trim, 5 exit.
13F filed 2025-08-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 7
Fresh money
Adds · 13
Adding to conviction
ADD +6%·13.2% book·+21
“Building Torm shipping.”
SPGSTATE STREET CORP
ADD +200%·10.8% book·+10
ADD +18%·9.0% book·+22
“Same Vistra thesis as Klarman — 3 Q build.”
SEASEA LTD
ADD +20%·1.7% book·−1
GRABGRAB HOLDINGS LTD
ADD +13%·1.0% book·0
ABNBAIRBNB INC
ADD +45%·0.6% book·+2
SNAPSNAP INC
ADD +38%·0.5% book·+1
KEKE HOLDINGS INC
ADD +21%·0.5% book·−1
EQIXETSY INC
ADD +27%·0.5% book·0
OKTAOKTA INC
ADD +441%·0.4% book·0
UBERUBER TECHNOLOGIES INC
ADD +32%·0.1% book·+19
GUESSGUESS INC
ADD +193%·0.1% book·−4
NICENICE LTD
ADD +196%·0.1% book·0
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Trims · 4
Taking chips off
Exits · 5
Closed positions
Current top holdings
Howard Marks’s book, latest snapshot
Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.