Howard Marks · quarter digest
What Howard Marks did in Q3 2025
Oaktree Capital filed 30 moves in Q3 2025: 6 new, 12 add, 5 trim, 7 exit.
13F filed 2025-11-14. Manager quality score: q9. Philosophy: You can't predict, you can prepare. Second-level thinking.
New positions · 6
Fresh money
Adds · 12
Adding to conviction
ADD +12%·14.8% book·+21
“Building Torm shipping.”
ADD +25%·11.2% book·+22
“Same data center thesis as Klarman.”
SEASEA LTD
ADD +17%·1.5% book·−1
LILAKLIBERTY LATIN AMERICA LTD
ADD +223%·1.0% book·−2
ABNBAIRBNB INC
ADD +8%·0.6% book·+2
EQIXETSY INC
ADD +24%·0.5% book·0
JBSJBS NV
ADD +562%·0.4% book·−2
PPLPPL CORP
ADD +38%·0.3% book·0
MKSMKS INC
ADD +39%·0.3% book·0
BLOCKBLOCK INC
ADD +349%·0.2% book·+4
FLUORFLUOR CORP
ADD +109%·0.2% book·−2
BILLBILL HOLDINGS INC
ADD +23%·0.0% book·0
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Trims · 5
Taking chips off
Exits · 7
Closed positions
Current top holdings
Howard Marks’s book, latest snapshot
Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.