Howard Marks · quarter digest
What Howard Marks did in Q2 2025
Oaktree Capital filed 49 moves in Q2 2025: 9 new, 21 add, 12 trim, 7 exit.
13F filed 2025-08-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 9
Fresh money
SPGISTATE STREET CORP
NEW·1.2% book·−1
IVVISHARES RUSSELL 2000 ETF
NEW·0.9% book·−19
YPFYPF SA
NEW·0.2% book·−4
MKSMKS INC
NEW·0.2% book·−9
LILAKLIBERTY LATIN AMERICA LTD
NEW·0.2% book·−12
JBSJBS NV
NEW·0.1% book·−7
BABAALIBABA GROUP HOLDING LTD
NEW·0.1% book·+25
BMRNBIOMARIN PHARMACEUTICAL INC
NEW·0.0% book·0
BILLBILL HOLDINGS INC
NEW·0.0% book·−5
Adds · 21
Adding to conviction
ADD +6%·13.2% book·+14
“Building Torm shipping.”
SPGSTATE STREET CORP
ADD +200%·10.8% book·−4
ADD +18%·9.0% book·+1
“Same Vistra thesis as Klarman — 3 Q build.”
SEASEA LTD
ADD +20%·1.7% book·+1
LBTYKLIBERTY GLOBAL LTD
ADD +14%·1.4% book·−8
GRABGRAB HOLDINGS LTD
ADD +13%·1.0% book·−16
CABOCABLE ONE INC
ADD +22%·0.8% book·−6
ABNBAIRBNB INC
ADD +45%·0.6% book·−14
SNAPSNAP INC
ADD +38%·0.5% book·−13
KEKE HOLDINGS INC
ADD +21%·0.5% book·−7
EQIXETSY INC
ADD +27%·0.5% book·−7
TDOCTELADOC HEALTH INC
ADD +98%·0.5% book·−6
OKTAOKTA INC
ADD +441%·0.4% book·−6
BBIOBRIDGEBIO PHARMA INC
ADD +31%·0.3% book·−14
JDJD.COM INC
ADD +1186%·0.2% book·+9
UBERUBER TECHNOLOGIES INC
ADD +32%·0.1% book·+16
ONON SEMICONDUCTOR CORP
ADD +24%·0.1% book·−16
BANDBANDWIDTH INC
ADD +42%·0.1% book·−12
GUESSGUESS INC
ADD +193%·0.1% book·−11
UPWKUPWORK INC
ADD +187%·0.1% book·−16
NICENICE LTD
ADD +196%·0.1% book·−6
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Remove with Pro →Trims · 12
Taking chips off
CHKEXPAND ENERGY CORP
TRIM -9%·10.2% book·−5
GTXGARRETT MOTION INC
TRIM -16%·6.7% book·−13
CXCEMEX SAB DE CV
TRIM -23%·1.8% book·−10
FCXFREEPORT-MCMORAN INC
TRIM -9%·1.5% book·−4
TLNTALEN ENERGY CORP
TRIM -68%·1.0% book·−10
VALEVALE SA
TRIM -66%·0.3% book·−11
GHGUARDANT HEALTH INC
TRIM -60%·0.2% book·−9
SHAKSHAKE SHACK INC
TRIM -24%·0.2% book·−7
WWAYFAIR INC
TRIM -66%·0.1% book·−7
FLUORFLUOR CORP
TRIM -9%·0.1% book·−2
BLOCKBLOCK INC
TRIM -66%·0.0% book·−8
PDDPG&E CORP
TRIM -68%·0.0% book·−16
Exits · 7
Closed positions
PBRPETROLEO BRASILEIRO SA
EXIT·0.0% book·−4
BAIDUBAIDU INC
EXIT·0.0% book·+2
ONITYONITY GROUP INC
EXIT·0.0% book·−8
FIVE9FIVE9 INC
EXIT·0.0% book·−5
SHOPSHOPIFY INC
EXIT·0.0% book·−5
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
EXIT·0.0% book·−16
LYFTLYFT INC
EXIT·0.0% book·−17
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.