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Howard Marks · quarter digest

What Howard Marks did in Q4 2024

Oaktree Capital filed 39 moves in Q4 2024: 3 new, 12 add, 18 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

EXEEXPAND ENERGY CORP
NEW·12.4% book·−1
UBERUBER TECHNOLOGIES INC
NEW·0.2% book·+13
CPNGCOUPANG INC
NEW·0.1% book·+7
Adds · 12

Adding to conviction

ADD +8%·13.0% book·+15

Building Torm shipping.

ADD +22%·6.5% book·−10

Same Vistra thesis as Klarman — start of build.

LBTYKLIBERTY GLOBAL LTD
ADD +19%·1.7% book·−4
CABOCABLE ONE INC
ADD +11%·0.8% book·−4
PDDPG&E CORP
ADD +5390%·0.8% book·−12
GHGUARDANT HEALTH INC
ADD +79%·0.6% book·+1
EQIXETSY INC
ADD +82%·0.2% book·−8
PPLPPL CORP
ADD +89%·0.2% book·−6
WWAYFAIR INC
ADD +583%·0.2% book·−10
HDBHDFC BANK LTD
ADD +66%·0.1% book·−11
TDOCTELADOC HEALTH INC
ADD +14%·0.1% book·−4
UUNITY SOFTWARE INC
ADD +27%·0.0% book·−5
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Trims · 18

Taking chips off

SPGSTATE STREET CORP
TRIM -19%·3.3% book·+2
TLNTALEN ENERGY CORP
TRIM -9%·2.3% book·−8
FCXFREEPORT-MCMORAN INC
TRIM -27%·1.2% book·−9
VALEVALE SA
TRIM -12%·1.1% book·−9
JDJD.COM INC
TRIM -20%·0.9% book·+13
YUMCYUM CHINA HOLDINGS INC
TRIM -10%·0.8% book·−8
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
TRIM -31%·0.2% book·−12
ONITYONITY GROUP INC
TRIM -9%·0.2% book·−3
BANDBANDWIDTH INC
TRIM -26%·0.1% book·−5
CHEGGCHEGG INC
TRIM -39%·0.1% book·−11
FLUORFLUOR CORP
TRIM -34%·0.1% book·−8
MARAMARA HOLDINGS INC
TRIM -45%·0.1% book·−7
NIONIO INC
TRIM -8%·0.1% book·−7
OKTAOKTA INC
TRIM -10%·0.1% book·−5
UPWKUPWORK INC
TRIM -28%·0.1% book·−6
8X88X8 INC
TRIM -49%·0.0% book·−1
FIVE9FIVE9 INC
TRIM -75%·0.0% book·−3
ONON SEMICONDUCTOR CORP
TRIM -78%·0.0% book·−2
Exits · 6

Closed positions

CHKCHESAPEAKE ENERGY CORP
EXIT·0.0% book·−10
JOYYJOYY INC
EXIT·0.0% book·−7
BABAALIBABA GROUP HOLDING LTD
EXIT·0.0% book·+33
YPFYPF SA
EXIT·0.0% book·−8
XPXP INC
EXIT·0.0% book·−5
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.