Oaktree Capital Management 13F, Q2 2025
Howard Marks · quarter ending 30 June 2025 · filed 13 August 2025 · SEC CIK 949509
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 4 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q2 2025
The 25 largest of 174 positions. Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| TORM PLC | $681.59M | 13.5% | unchanged | |
| EXPAND ENERGY CORP | EXE | $591.99M | 11.7% | -9% shares |
| GARRETT MOTION INC | GTX | $387.76M | 7.7% | -16% shares |
| SITIO ROYALTIES CORP | $237.94M | 4.7% | unchanged | |
| ANGLOGOLD ASHANTI PLC | $225.47M | 4.5% | -10% shares | |
| Indivior PLC | $162.27M | 3.2% | unchanged | |
| SUNOPTA INC | STKL | $120.19M | 2.4% | unchanged |
| RUNWAY GROWTH FINANCE CORP | RWAY | $104.94M | 2.1% | -9% shares |
| CEMEX SAB DE CV | CX | $102.83M | 2.0% | -23% shares |
| VISTA ENERGY SAB DE CV | VIST | $98.56M | 1.9% | -6% shares |
| NOKIA OYJ | NOK | $97.14M | 1.9% | unchanged |
| FREEPORT-MCMORAN INC | FCX | $86.53M | 1.7% | -9% shares |
| LIBERTY GLOBAL LTD | $82.20M | 1.6% | +14% shares | |
| CBL & ASSOCIATES PROPERTIES INC | CBL | $76.30M | 1.5% | unchanged |
| ITAU UNIBANCO HOLDING SA | ITUB | $74.72M | 1.5% | +59% shares |
| BARRICK MINING CORP | B | $65.74M | 1.3% | new |
| TRANSALTA CORP | TAC | $65.51M | 1.3% | +9% shares |
| KILROY REALTY CORP | KRC | $63.47M | 1.3% | unchanged |
| CALIFORNIA RESOURCES CORP | CRC | $62.88M | 1.3% | unchanged |
| PEBBLEBROOK HOTEL TRUST | PEB 1.75 12/15/26 | $59.15M | 1.2% | +45% shares |
| GRAB HOLDINGS LTD | $58.19M | 1.1% | +13% shares | |
| JETBLUE AIRWAYS CORP | JBLU 0.5 04/01/26 | $57.58M | 1.1% | +39% shares |
| STAR BULK CARRIERS CORP | $55.73M | 1.1% | -40% shares | |
| CABLE ONE INC | CABO 0 03/15/26 | $49.15M | 1.0% | +22% shares |
| TALEN ENERGY CORP | TLN | $37.75M | 0.8% | -59% shares |
What changed since Q1 2025
Against the Q1 2025 filing, Oaktree Capital Management opened 40 new positions, added to 60, trimmed 44, left 30 unchanged and exited 32. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- B$65.74M
- BLCO$32.80M
- YMM$21.76M
- DAY 0.25 03/15/26$17.48M
- DEXCOM INC$15.87M
- SO 4.5 06/15/27$14.87M
- LIBERTY LATIN AMERICA LTD$14.48M
- SE$13.36M
and 32 more
Exited
- BARRICK GOLD CORPwas $48.92M
- COHERUS BIOSCIENCES INCwas $48.29M
- HTHTwas $45.50M
- JDwas $39.51M
- PBRwas $38.14M
- BILIwas $36.80M
- BIDUwas $18.38M
- KCwas $15.68M
and 24 more
Other quarters
Source: SEC Form 13F-HR, accession 0000949509-25-000004, 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.