Howard Marks · quarter digest
What Howard Marks did in Q2 2025
Oaktree Capital filed 50 moves in Q2 2025: 9 new, 21 add, 14 trim, 6 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·+4
IVVISHARES RUSSELL 2000 ETF
NEW·0.9% book·0
YPFYPF SA
NEW·0.2% book·−8
MKSMKS INC
NEW·0.2% book·−6
LILAKLIBERTY LATIN AMERICA LTD
NEW·0.2% book·−8
JBSJBS NV
NEW·0.1% book·−8
BABAALIBABA GROUP HOLDING LTD
NEW·0.1% book·+33
BMRNBIOMARIN PHARMACEUTICAL INC
NEW·0.0% book·−2
BILLBILL HOLDINGS INC
NEW·0.0% book·−6
Adds · 21
Adding to conviction
ADD +6%·13.2% book·+15
“Building Torm shipping.”
SPGSTATE STREET CORP
ADD +200%·10.8% book·+2
ADD +18%·9.0% book·−10
“Same Vistra thesis as Klarman — 3 Q build.”
SEASEA LTD
ADD +20%·1.7% book·−7
LBTYKLIBERTY GLOBAL LTD
ADD +14%·1.4% book·−4
GRABGRAB HOLDINGS LTD
ADD +13%·1.0% book·−5
CABOCABLE ONE INC
ADD +22%·0.8% book·−4
ABNBAIRBNB INC
ADD +45%·0.6% book·+1
SNAPSNAP INC
ADD +38%·0.5% book·−5
KEKE HOLDINGS INC
ADD +21%·0.5% book·−7
EQIXETSY INC
ADD +27%·0.5% book·−8
TDOCTELADOC HEALTH INC
ADD +72%·0.5% book·−4
OKTAOKTA INC
ADD +441%·0.4% book·−5
BBIOBRIDGEBIO PHARMA INC
ADD +31%·0.3% book·−9
JDJD.COM INC
ADD +1186%·0.2% book·+13
UBERUBER TECHNOLOGIES INC
ADD +32%·0.1% book·+13
ONON SEMICONDUCTOR CORP
ADD +24%·0.1% book·−2
BANDBANDWIDTH INC
ADD +42%·0.1% book·−5
GUESSGUESS INC
ADD +193%·0.1% book·−10
UPWKUPWORK INC
ADD +187%·0.1% book·−6
NICENICE LTD
ADD +196%·0.1% book·−6
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Trims · 14
Taking chips off
EXEEXPAND ENERGY CORP
TRIM -9%·10.4% book·−1
GTXGARRETT MOTION INC
TRIM -16%·6.7% book·−9
CXCEMEX SAB DE CV
TRIM -23%·1.8% book·−12
FCXFREEPORT-MCMORAN INC
TRIM -9%·1.5% book·−9
TLNTALEN ENERGY CORP
TRIM -68%·1.0% book·−8
VALEVALE SA
TRIM -66%·0.3% book·−9
GHGUARDANT HEALTH INC
TRIM -60%·0.2% book·+1
SHAKSHAKE SHACK INC
TRIM -24%·0.2% book·−10
LIVNLIVANOVA PLC
TRIM -33%·0.2% book·−7
WWAYFAIR INC
TRIM -66%·0.1% book·−10
HLFHERBALIFE LTD
TRIM -22%·0.1% book·−11
FLUORFLUOR CORP
TRIM -9%·0.1% book·−8
BLOCKBLOCK INC
TRIM -66%·0.0% book·−10
PDDPG&E CORP
TRIM -68%·0.0% book·−12
Exits · 6
Closed positions
BAIDUBAIDU INC
EXIT·0.0% book·−6
ONITYONITY GROUP INC
EXIT·0.0% book·−3
FIVE9FIVE9 INC
EXIT·0.0% book·−3
SHOPSHOPIFY INC
EXIT·0.0% book·−4
LSXMALIBERTY MEDIA CORP-LIBERTY FORMULA ONE
EXIT·0.0% book·−12
LYFTLYFT INC
EXIT·0.0% book·−3
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.