Oaktree Capital Management 13F, Q1 2025

Name: Oaktree Capital Management 13F holdings, Q1 2025
Creator: Oaktree Capital Management

Howard Marks · quarter ending 31 March 2025 · filed 15 May 2025 · SEC CIK 949509

$4.92B

Filed US book

166

Positions

13.5%

Largest position

Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 2 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.

Largest positions, Q1 2025

The 25 largest of 166 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.

Company	Ticker	Value	% of book	vs Q4 2024
TORM PLC		$662.77M	13.5%	unchanged
EXPAND ENERGY CORP	EXE	$619.20M	12.6%	-20% shares
GARRETT MOTION INC	GTX	$368.97M	7.5%	unchanged
SITIO ROYALTIES CORP		$257.02M	5.2%	unchanged
ANGLOGOLD ASHANTI PLC		$202.86M	4.1%	unchanged
RUNWAY GROWTH FINANCE CORP	RWAY	$111.57M	2.3%	unchanged
CEMEX SAB DE CV	CX	$108.74M	2.2%	+33% shares
INDIVIOR PLC		$103.45M	2.1%	+26% shares
VISTA ENERGY SAB DE CV	VIST	$101.71M	2.1%	-5% shares
SUNOPTA INC	STKL	$100.77M	2.0%	unchanged
NOKIA OYJ	NOK	$98.82M	2.0%	new
STAR BULK CARRIERS CORP		$83.61M	1.7%	unchanged
FREEPORT-MCMORAN INC	FCX	$82.96M	1.7%	+24% shares
LIBERTY GLOBAL LTD		$82.92M	1.7%	unchanged
CBL & ASSOCIATES PROPERTIES INC	CBL	$79.88M	1.6%	unchanged
TALEN ENERGY CORP	TLN	$63.86M	1.3%	-19% shares
KILROY REALTY CORP	KRC	$60.61M	1.2%	unchanged
CALIFORNIA RESOURCES CORP	CRC	$60.54M	1.2%	-33% shares
VALE SA	VALE	$60.03M	1.2%	-16% shares
TRANSALTA CORP	TAC	$52.12M	1.1%	new
BARRICK GOLD CORP		$48.92M	1.0%	+148% shares
COHERUS BIOSCIENCES INC		$48.29M	1.0%	unchanged
GRAB HOLDINGS LTD		$46.55M	0.9%	new
H WORLD GROUP LTD	HTHT	$45.50M	0.9%	+7% shares
JETBLUE AIRWAYS CORP	JBLU 0.5 04/01/26	$40.88M	0.8%	+8% shares

What changed since Q4 2024

Against the Q4 2024 filing, Oaktree Capital Management opened 44 new positions, added to 47, trimmed 45, left 30 unchanged and exited 38. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.

New positions

NOK$98.82M
TAC$52.12M
GRAB HOLDINGS LTD$46.55M
ITUB$38.18M
BILI$36.80M
EC$33.01M
BEKE$25.21M
BIDU$18.38M

and 36 more

Exited

INFINERA CORPwas $165.40M
SUNRISE COMMUNICATIONS AG/OLDwas $62.07M
TCOMwas $49.24M
YUMCwas $42.29M
INFYwas $36.77M
NTESwas $35.66M
ENLINK MIDSTREAM LLCwas $35.36M
PDDwas $26.94M

and 30 more

Added to

CX+33%$108.74M
INDIVIOR PLC+26%$103.45M
FCX+24%$82.96M
BARRICK GOLD CORP+148%$48.92M
HTHT+7%$45.50M
JBLU 0.5 04/01/26+8%$40.88M
PEB 1.75 12/15/26+5%$40.42M
NEO 0.25 01/15/28+726%$27.29M

and 39 more

Trimmed

EXE-20%$619.20M
VIST-5%$101.71M
TLN-19%$63.86M
CRC-33%$60.54M
VALE-16%$60.03M
CABO 0 03/15/26-8%$40.48M
JD-32%$39.51M
PBR-21%$38.14M

and 37 more

Other quarters

← Q4 2024 Q2 2025 →Howard Marks's latest portfolio

Source: SEC Form 13F-HR, accession 0000949509-25-000002, filed by OAKTREE CAPITAL MANAGEMENT LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.