Investor: Howard Marks
Number of Assets: 178
Reporting Period: Q2 - 2025
Holdings at Report: $5,814,694,465
Return Since Report: +$261,852,303
Return Since Report: +4.50%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Bioxcel Therapeutics INC | Equity | +100% | 241,188 | 0.01% | $1.81 | N/A | $436,551 | N/A | N/A | N/A |
| Braskem S.A. (BAK) | Equity | -80.67% | 453,167 | 0.04% | $3.28 | $3.81 | $1,486,387 | $1,726,566 | +$240,179 | +16.16% |
| Transportadora De Gas Del Sur S.A. (TGS) | Equity | -71.60% | 137,630 | 0.09% | $25.90 | $31.41 | $3,564,617 | $4,322,958 | +$758,341 | +21.27% |
| Battalion Oil Corp. (BATL) | Equity | 0% | 3,009,912 | 0.10% | $1.29 | $1.32 | $3,882,786 | $3,958,034 | +$75,248 | +1.94% |
| Tpi Composites Inc. (TPIC) | Equity | 0% | 4,610,003 | 0.10% | $0.86 | $1.04 | $3,961,375 | $4,794,403 | +$833,028 | +21.03% |
| JBS NV | Equity | +100% | 238,610 | 0.09% | $14.61 | N/A | $3,486,092 | N/A | N/A | N/A |
| Banco Macro S.A. (BMA) | Equity | -76.74% | 60,591 | 0.11% | $70.21 | $44.38 | $4,254,094 | $2,689,029 | -$1,565,065 | -36.79% |
| Hudson Technologies Inc. (HDSN) | Equity | +100% | 562,662 | 0.12% | $8.12 | N/A | $4,568,815 | N/A | N/A | N/A |
| HDFC Bank Limited (HDB) | Equity | -5.41% | 84,843 | 0.17% | $76.67 | $35.14 | $6,504,912 | $2,981,383 | -$3,523,529 | -54.17% |
| Smartrent Inc. (SMRT) | Equity | 0% | 7,505,294 | 0.19% | $0.99 | $1.47 | $7,430,242 | $10,995,256 | +$3,565,014 | +47.98% |
| Bausch Health Companies Inc. (BHC) | Equity | 0% | 1,270,000 | 0.22% | $6.66 | $7.20 | $8,458,200 | $9,144,000 | +$685,800 | +8.11% |
| YPF Sociedad Anónima (YPF) | Equity | +100% | 324,330 | 0.26% | $31.45 | $26.93 | $10,200,178 | $8,732,585 | -$1,467,593 | -14.39% |
| Sea Limited (SE) | Equity | +100% | 83,513 | 0.34% | $159.94 | $192.14 | $13,357,069 | $16,046,188 | +$2,689,119 | +20.13% |
| Liberty Latin America Ltd. (LILAK) | Equity | +100% | 2,328,516 | 0.37% | $6.22 | $7.92 | $14,483,369 | $18,430,204 | +$3,946,835 | +27.25% |
| Oaktree Specialty Lending Corp. (OCSL) | Equity | 0% | 1,852,456 | 0.64% | $13.66 | $13.85 | $25,304,548 | $25,654,663 | +$350,115 | +1.38% |
| KE Holdings Inc. (BEKE) | Equity | +20.58% | 1,513,039 | 0.68% | $17.74 | $19.96 | $26,841,311 | $30,192,693 | +$3,351,382 | +12.49% |
| Ternium S.A. (TX) | Equity | +13.18% | 919,709 | 0.70% | $30.10 | $33.69 | $27,683,240 | $30,980,398 | +$3,297,158 | +11.91% |
| Bausch + Lomb Corp. (BLCO) | Equity | +100% | 2,521,245 | 0.83% | $13.01 | $15.32 | $32,801,397 | $38,625,473 | +$5,824,076 | +17.76% |
| Talen Energy Corp. (TLN) | Equity | -59.41% | 129,829 | 0.96% | $290.77 | $392.06 | $37,750,378 | $50,900,109 | +$13,149,731 | +34.83% |
| Star Bulk Carriers Corp. (SBLK) | Equity | -39.88% | 3,230,527 | 1.42% | $17.25 | $19.74 | $55,726,590 | $63,754,450 | +$8,027,860 | +14.41% |
| Grab Holdings Limited (GRAB) | Equity | +12.59% | 11,569,295 | 1.48% | $5.03 | $5.28 | $58,193,553 | $61,085,878 | +$2,892,325 | +4.97% |
| California Resources Corp. (CRC) | Equity | 0% | 1,376,753 | 1.60% | $45.67 | $51.37 | $62,876,309 | $70,723,802 | +$7,847,493 | +12.48% |
| Transalta Corp. (TAC) | Equity | +8.95% | 6,085,253 | 1.67% | $10.77 | $12.31 | $65,512,910 | $74,909,464 | +$9,396,554 | +14.34% |
| Itaú Unibanco Holding S.A. (ITUB) | Equity | +58.54% | 11,004,494 | 1.90% | $6.79 | $7.00 | $74,720,521 | $76,976,436 | +$2,255,915 | +3.02% |
| Liberty Global Ltd. (LBTYA) | Equity | +13.99% | 8,212,191 | 2.09% | $10.01 | $11.62 | $82,204,031 | $95,384,598 | +$13,180,567 | +16.03% |
| Nokia Oyj (NOK) | Equity | +0.00% | 18,752,229 | 2.47% | $5.18 | $4.58 | $97,136,546 | $85,941,466 | -$11,195,080 | -11.53% |
| Cemex S.A.B. De C.V. (CX) | Equity | -23.45% | 14,839,032 | 2.62% | $6.93 | $9.46 | $102,834,491 | $140,303,048 | +$37,468,557 | +36.44% |
| Sunopta Inc. (STKL) | Equity | 0% | 20,726,126 | 3.06% | $5.80 | $6.42 | $120,187,007 | $133,061,729 | +$12,874,722 | +10.71% |
| Sitio Royalties Corp. (STR) | Equity | +0.08% | 12,945,551 | 6.06% | $18.38 | $18.12 | $237,939,227 | $234,573,384 | -$3,365,843 | -1.41% |
| Expand Energy Corp. (EXE) | Equity | -8.99% | 5,062,364 | 15.07% | $116.94 | $95.02 | $591,992,875 | $481,025,827 | -$110,967,048 | -18.74% |
| Berry Corp. (BRY) | Equity | 0% | 3,697,000 | 0.26% | $2.77 | $3.22 | $10,240,690 | $11,885,855 | +$1,645,165 | +16.06% |
| Magnachip Semiconductor Corp. (MX) | Equity | 0% | 2,849,858 | 0.29% | $3.98 | $3.00 | $11,342,434 | $8,549,574 | -$2,792,860 | -24.62% |
| Alvotech (ALVO) | Equity | -16.31% | 1,563,676 | 0.36% | $9.12 | $8.09 | $14,260,725 | $12,650,139 | -$1,610,586 | -11.29% |
| Uniti Group Inc. (UNIT) | Equity | 0% | 3,397,592 | 0.37% | $4.32 | $7.11 | $14,677,597 | $24,139,891 | +$9,462,294 | +64.47% |
| Altice Usa Inc. (ATUS) | Equity | 0% | 7,500,000 | 0.41% | $2.14 | $2.42 | $16,050,000 | $18,112,500 | +$2,062,500 | +12.85% |
| Vale S.A. (VALE) | Equity | -66.19% | 2,033,706 | 0.50% | $9.71 | $10.39 | $19,747,285 | $21,120,037 | +$1,372,752 | +6.95% |
| Full Truck Alliance Co. Ltd. (YMM) | Equity | +100% | 1,842,337 | 0.55% | $11.81 | $13.30 | $21,757,999 | $24,503,082 | +$2,745,083 | +12.62% |
| Telecom Argentina S.A. (TEO) | Equity | -2.40% | 2,644,263 | 0.59% | $8.83 | $7.23 | $23,348,842 | $19,118,021 | -$4,230,821 | -18.12% |
| Kanzhun Limited (BZ) | Equity | +34.19% | 1,571,272 | 0.71% | $17.84 | $24.04 | $28,031,492 | $37,765,523 | +$9,734,031 | +34.73% |
| Ecopetrol S.A. (EC) | Equity | +12.26% | 3,549,822 | 0.80% | $8.85 | $9.32 | $31,415,924 | $33,087,891 | +$1,671,967 | +5.32% |
| Kilroy Realty Corp. (KRC) | Equity | 0% | 1,850,011 | 1.62% | $34.31 | $42.05 | $63,473,877 | $77,792,963 | +$14,319,086 | +22.56% |
| Barrick Mining corp | Equity | +100% | 3,157,686 | 1.67% | $20.82 | N/A | $65,743,022 | N/A | N/A | N/A |
| CBL & Associates Properties Inc. (CBL) | Equity | 0% | 3,005,126 | 1.94% | $25.39 | $32.08 | $76,300,174 | $96,404,442 | +$20,104,268 | +26.35% |
| Freeport-Mcmoran Inc. (FCX) | Equity | -8.90% | 1,996,075 | 2.20% | $43.35 | $43.88 | $86,529,851 | $87,577,791 | +$1,047,940 | +1.21% |
| Vista Energy S.A.B. De C.V. (VIST) | Equity | -5.63% | 2,061,561 | 2.51% | $47.81 | $35.83 | $98,563,231 | $73,865,731 | -$24,697,500 | -25.06% |
| Runway Growth Finance Corp. (RWAY) | Equity | -9.28% | 9,779,667 | 2.67% | $10.73 | $10.55 | $104,935,838 | $103,165,707 | -$1,770,131 | -1.69% |
| Anglogold Ashanti PLC (AU) | Equity | -9.46% | 4,947,737 | 5.74% | $45.57 | $61.75 | $225,468,375 | $305,498,021 | +$80,029,646 | +35.49% |
| Garrett Motion Inc. (GTX) | Equity | -16.31% | 36,894,816 | 9.87% | $10.51 | $13.18 | $387,764,516 | $486,273,675 | +$98,509,159 | +25.40% |
| Torm PLC (TRMD) | Equity | 0% | 40,581,120 | 17.35% | $16.80 | $15.43 | $681,587,614 | $626,166,682 | -$55,420,932 | -8.13% |
| Indivior PLC (INDV) | Equity | 0% | 11,009,125 | 4.13% | $14.74 | $24.65 | $162,274,503 | $271,319,886 | +$109,045,383 | +67.20% |