Investor: Howard Marks
Number of Assets: 168
Reporting Period: Q1 - 2025
Holdings at Report: $5,169,601,827
Return Since Report: +$578,878,852
Return Since Report: +11.20%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Altice Usa Inc. (ATUS) | Equity | 0% | 7,500,000 | 0.50% | $2.66 | $2.69 | $19,950,000 | $20,137,500 | +$187,500 | +0.94% |
| Alvotech (ALVO) | Equity | -2.97% | 1,868,483 | 0.45% | $9.67 | $9.55 | $18,068,230 | $17,844,013 | -$224,217 | -1.24% |
| Anglogold Ashanti PLC (AU) | Equity | -1.67% | 5,464,851 | 5.04% | $37.12 | $50.22 | $202,855,269 | $274,444,817 | +$71,589,548 | +35.29% |
| Baidu Inc. (BIDU) | Equity | +100% | 199,684 | 0.46% | $92.03 | $90.74 | $18,376,918 | $18,119,326 | -$257,592 | -1.40% |
| Banco Macro S.A. (BMA) | Equity | -31.21% | 260,462 | 0.49% | $75.51 | $71.45 | $19,667,485 | $18,610,010 | -$1,057,475 | -5.38% |
| Barrick Gold Corp. (GOLD) | Equity | +147.93% | 2,516,658 | 1.21% | $19.44 | $82.89 | $48,923,831 | $208,605,782 | +$159,681,951 | +326.39% |
| Battalion Oil Corp. (BATL) | Equity | 0% | 3,009,912 | 0.10% | $1.30 | $1.32 | $3,912,885 | $3,958,034 | +$45,149 | +1.15% |
| Bausch Health Companies Inc. (BHC) | Equity | 0% | 1,270,000 | 0.20% | $6.47 | $6.76 | $8,216,900 | $8,578,850 | +$361,950 | +4.40% |
| Berry Corp. (BRY) | Equity | 0% | 3,697,000 | 0.29% | $3.21 | $3.05 | $11,867,370 | $11,257,365 | -$610,005 | -5.14% |
| Bilibili Inc. (BILI) | Equity | +100% | 1,925,797 | 0.91% | $19.11 | $23.31 | $36,801,980 | $44,880,699 | +$8,078,719 | +21.95% |
| Braskem S.A. (BAK) | Equity | -5.92% | 2,344,292 | 0.22% | $3.85 | $3.81 | $9,025,524 | $8,931,753 | -$93,771 | -1.04% |
| California Resources Corp. (CRC) | Equity | -32.73% | 1,376,753 | 1.50% | $43.97 | $49.70 | $60,535,829 | $68,424,624 | +$7,888,795 | +13.03% |
| CBL & Associates Properties Inc. (CBL) | Equity | 0% | 3,005,126 | 1.98% | $26.58 | $27.44 | $79,876,275 | $82,460,657 | +$2,584,382 | +3.24% |
| Cemex S.A.B. De C.V. (CX) | Equity | +32.87% | 19,383,729 | 2.70% | $5.61 | $8.38 | $108,742,719 | $162,338,730 | +$53,596,011 | +49.29% |
| Daqo New Energy Corp. (DQ) | Equity | -37.42% | 344,819 | 0.16% | $18.11 | $23.36 | $6,244,672 | $8,054,972 | +$1,810,300 | +28.99% |
| Ecopetrol S.A. (EC) | Equity | +100% | 3,162,122 | 0.82% | $10.44 | $8.57 | $33,012,553 | $27,083,575 | -$5,928,978 | -17.96% |
| Expand Energy Corp. (EXE) | Equity | -19.82% | 5,562,364 | 15.37% | $111.32 | $98.02 | $619,202,388 | $545,222,919 | -$73,979,469 | -11.95% |
| Freeport-Mcmoran Inc. (FCX) | Equity | +24.28% | 2,191,108 | 2.06% | $37.86 | $44.89 | $82,955,348 | $98,358,838 | +$15,403,490 | +18.57% |
| Garrett Motion Inc. (GTX) | Equity | 0% | 44,082,816 | 9.16% | $8.37 | $13.02 | $368,973,169 | $573,958,264 | +$204,985,095 | +55.56% |
| Grab Holdings Limited (GRAB) | Equity | +100% | 10,275,995 | 1.16% | $4.53 | $5.37 | $46,550,257 | $55,130,713 | +$8,580,456 | +18.43% |
| H World Group Limited (HTHT) | Equity | +7.35% | 1,229,399 | 1.13% | $37.01 | $33.17 | $45,500,056 | $40,779,165 | -$4,720,891 | -10.38% |
| HDFC Bank Limited (HDB) | Equity | 0% | 89,697 | 0.15% | $66.44 | $77.93 | $5,959,468 | $6,989,639 | +$1,030,171 | +17.29% |
| Itaú Unibanco Holding S.A. (ITUB) | Equity | +100% | 6,941,012 | 0.95% | $5.50 | $6.37 | $38,175,571 | $44,214,246 | +$6,038,675 | +15.82% |
| KE Holdings Inc. (BEKE) | Equity | +100% | 1,254,784 | 0.63% | $20.09 | $19.47 | $25,208,610 | $24,424,371 | -$784,239 | -3.11% |
| Kingsoft Cloud Holdings Limited (KC) | Equity | +100% | 1,091,853 | 0.39% | $14.36 | $15.74 | $15,679,009 | $17,180,307 | +$1,501,298 | +9.58% |
| Liberty Global Ltd. (LBTYA) | Equity | 0% | 7,204,190 | 2.06% | $11.51 | $10.02 | $82,920,226 | $72,149,963 | -$10,770,263 | -12.99% |
| Magnachip Semiconductor Corp. (MX) | Equity | 0% | 2,849,858 | 0.24% | $3.43 | $4.11 | $9,775,012 | $11,710,067 | +$1,935,055 | +19.80% |
| Nokia Oyj (NOK) | Equity | +100% | 18,752,227 | 2.45% | $5.27 | $4.31 | $98,824,236 | $80,728,337 | -$18,095,899 | -18.31% |
| Oaktree Specialty Lending Corp. (OCSL) | Equity | 0% | 1,852,456 | 0.71% | $15.36 | $14.45 | $28,453,724 | $26,767,989 | -$1,685,735 | -5.92% |
| Petróleo Brasileiro S.A. - Petrobras (PBR) | Equity | -20.68% | 2,659,492 | 0.95% | $14.34 | $12.60 | $38,137,115 | $33,509,599 | -$4,627,516 | -12.13% |
| Runway Growth Finance Corp. (RWAY) | Equity | 0% | 10,779,667 | 2.77% | $10.35 | $11.03 | $111,569,562 | $118,899,727 | +$7,330,165 | +6.57% |
| Smartrent Inc. (SMRT) | Equity | 0% | 7,505,294 | 0.23% | $1.21 | $1.14 | $9,081,406 | $8,518,509 | -$562,897 | -6.20% |
| Star Bulk Carriers Corp. (SBLK) | Equity | 0% | 5,373,631 | 2.08% | $15.56 | $18.87 | $83,613,698 | $101,400,417 | +$17,786,719 | +21.27% |
| Sunopta Inc. (STKL) | Equity | 0% | 20,726,126 | 2.50% | $4.86 | $6.61 | $100,774,304 | $136,896,062 | +$36,121,758 | +35.84% |
| Ternium S.A. (TX) | Equity | -1.90% | 812,609 | 0.63% | $31.16 | $31.58 | $25,320,896 | $25,658,129 | +$337,233 | +1.33% |
| Torm PLC (TRMD) | Equity | 0% | 40,581,120 | 16.45% | $16.33 | $15.43 | $662,769,533 | $626,166,682 | -$36,602,851 | -5.52% |
| Transportadora De Gas Del Sur S.A. (TGS) | Equity | -38.98% | 484,606 | 0.32% | $26.46 | $31.41 | $12,822,674 | $15,221,474 | +$2,398,800 | +18.71% |
| Indivior PLC (INDV) | Equity | +26.06% | 11,009,125 | 2.57% | $9.40 | $17.07 | $103,450,915 | $187,925,764 | +$84,474,849 | +81.66% |
| JD.com Inc. (JD) | Equity | -31.86% | 960,796 | 0.98% | $41.12 | $33.12 | $39,507,931 | $31,821,564 | -$7,686,367 | -19.46% |
| Kanzhun Limited (BZ) | Equity | -33.57% | 1,170,961 | 0.56% | $19.17 | $20.00 | $22,447,322 | $23,419,220 | +$971,898 | +4.33% |
| Kilroy Realty Corp. (KRC) | Equity | 0% | 1,850,011 | 1.50% | $32.76 | $37.32 | $60,606,360 | $69,042,411 | +$8,436,051 | +13.92% |
| Onity Group Inc. (ONIT) | Equity | 0% | 410,429 | 0.33% | $32.32 | $38.21 | $13,265,065 | $15,682,492 | +$2,417,427 | +18.22% |
| Sitio Royalties Corp. (STR) | Equity | 0% | 12,935,120 | 6.38% | $19.87 | $18.40 | $257,020,834 | $238,006,208 | -$19,014,626 | -7.40% |
| Talen Energy Corp. (TLN) | Equity | -19.36% | 319,829 | 1.59% | $199.67 | $346.71 | $63,860,256 | $110,887,913 | +$47,027,657 | +73.64% |
| Telecom Argentina S.A. (TEO) | Equity | -3.22% | 2,709,263 | 0.69% | $10.19 | $9.47 | $27,607,389 | $25,656,721 | -$1,950,668 | -7.07% |
| Tpi Composites Inc. (TPIC) | Equity | 0% | 4,610,003 | 0.09% | $0.81 | $1.04 | $3,715,662 | $4,794,403 | +$1,078,741 | +29.03% |
| Transalta Corp. (TAC) | Equity | +100% | 5,585,253 | 1.29% | $9.33 | $12.28 | $52,117,386 | $68,558,981 | +$16,441,595 | +31.55% |
| Uniti Group Inc. (UNIT) | Equity | 0% | 3,397,592 | 0.43% | $5.04 | $5.72 | $17,123,863 | $19,417,238 | +$2,293,375 | +13.39% |
| Vacasa Inc. (VCSA) | Equity | 0% | 1,375,448 | 0.18% | $5.38 | $5.39 | $7,399,910 | $7,413,665 | +$13,755 | +0.19% |
| Vale S.A. (VALE) | Equity | -16.37% | 6,014,782 | 1.49% | $9.98 | $9.97 | $60,027,524 | $59,937,303 | -$90,221 | -0.15% |
| Vista Energy S.A.B. De C.V. (VIST) | Equity | -4.75% | 2,184,561 | 2.53% | $46.56 | $44.36 | $101,713,160 | $96,907,126 | -$4,806,034 | -4.73% |