Oaktree Capital Management’s Q2 2025 portfolio demonstrates continued commitment to shipping and energy sectors while strategically expanding into technology and emerging markets. Howard Marks maintains his disciplined value approach, with notable position adjustments reflecting both profit-taking in outperforming holdings and conviction-building in undervalued opportunities across diverse global markets.
1
TRMD
Torm PLC
Position Maintained
Portfolio: 17.26%
Shares: 40,581,120
Reported Price: $16.80
Value: $681,587,614
Torm PLC continues to dominate the portfolio at over 17%, representing Oaktree’s unwavering confidence in the product tanker shipping market. The Danish shipping company benefits from strong refined petroleum product transportation demand and tight vessel supply, positioning it well in the current energy logistics environment.
2
CHK
Chesapeake Energy Corp
Reduced 8.99%
Portfolio: 15.00%
Shares: 5,062,364
Reported Price: $116.94
Value: $591,992,875
Chesapeake Energy remains the second-largest holding despite continued trimming (500,000 shares sold in Q2). This ongoing reduction suggests strategic profit-taking in the natural gas producer while maintaining substantial exposure to North American energy markets and the company’s operational excellence in unconventional drilling.
3
GTX
Garrett Motion Inc
Reduced 16.31%
Portfolio: 9.82%
Shares: 36,894,816
Reported Price: $10.51
Value: $387,764,516
Garrett Motion saw significant position reduction (7.2 million shares sold) but remains a substantial holding. The automotive technology company’s turbocharging and electric boosting solutions remain relevant as the industry transitions toward more efficient powertrains, though the reduction suggests some profit-taking after strong performance.
4
STR
Sitio Royalties Corp
Minimal Change
Portfolio: 6.03%
Shares: 12,945,551
Reported Price: $18.38
Value: $237,939,227
Sitio Royalties maintains its position as a core holding with minimal share changes. This royalty company provides stable cash flows from oil and gas production without operational risks, making it an attractive income-generating asset in Oaktree’s energy-focused strategy.
5
AU
AngloGold Ashanti PLC
Reduced 9.46%
Portfolio: 5.71%
Shares: 4,947,737
Reported Price: $45.57
Value: $225,468,375
AngloGold Ashanti experienced a modest reduction but remains a significant precious metals exposure. Despite trimming 517,000 shares, the position still provides important portfolio diversification and inflation hedging through this established gold producer with global operations.
6
INDV
Indivior PLC
Position Maintained
Portfolio: 4.11%
Shares: 11,009,125
Reported Price: $14.74
Value: $162,274,503
Indivior’s addiction treatment focus continues to attract Oaktree’s conviction, with the position maintained at over 4% of the portfolio. The specialty pharmaceutical company’s pipeline and market position in opioid addiction treatment represent a stable healthcare niche with growing demand.
7
STKL
SunOpta Inc
Position Maintained
Portfolio: 3.04%
Shares: 20,726,126
Reported Price: $5.80
Value: $120,187,007
SunOpta remains a steady consumer staples holding, focused on plant-based foods and beverages. The company’s concentration on healthy, sustainable food products aligns with long-term consumer trends toward plant-based alternatives and health-conscious eating.
8
RWAY
Runway Growth Finance Corp
Reduced 9.28%
Portfolio: 2.66%
Shares: 9,779,667
Reported Price: $10.73
Value: $104,935,838
Runway Growth Finance saw a modest reduction of 1 million shares but remains a significant specialty finance holding. This business development company provides debt financing to growth-stage businesses, offering attractive yields in the current interest rate environment.
9
CX
Cemex SAB de CV
Reduced 23.45%
Portfolio: 2.60%
Shares: 14,839,032
Reported Price: $6.93
$102,834,491
Cemex experienced significant profit-taking with over 4.5 million shares sold, but remains a meaningful infrastructure play. The Mexican building materials giant continues to provide exposure to construction and infrastructure development across emerging markets, particularly in Latin America.
10
VIST
Vista Oil & Gas SAB de CV
Reduced 5.63%
Portfolio: 2.50%
Shares: 2,061,561
Reported Price: $47.81
Value: $98,563,231
Vista Oil & Gas rounds out the top 10 with a modest reduction of 123,000 shares. This Latin American energy company provides continued exposure to Argentina’s prolific Vaca Muerta shale formation, representing Oaktree’s confidence in South American unconventional energy development.
★
NOK
Nokia Corp
New Major Position
Portfolio: 2.46%
Shares: 18,752,229
Value: $97,136,546
Nokia represents Oaktree’s largest new technology position, providing exposure to 5G infrastructure and telecommunications equipment. This significant investment reflects confidence in the global 5G rollout and Nokia’s competitive position in network equipment markets.
★
GRAB
Grab Holdings Ltd
Increased 12.59%
Portfolio: 1.47%
Shares: 11,569,295
Value: $58,193,553
Grab Holdings continues to attract increased investment, with shares up 12.59%. This Southeast Asian super-app provides exposure to ride-hailing, food delivery, and financial services across one of the world’s fastest-growing regional economies.
★
ITUB
Itau Unibanco Holding
Increased 58.54%
Portfolio: 1.89%
Shares: 11,004,494
Value: $74,720,521
Itau Unibanco saw the largest percentage increase among major holdings, with shares up nearly 59%. This Brazilian banking giant provides exposure to Latin American financial services and benefits from Brazil’s growing digital banking adoption.
1
Continued Energy & Shipping Leadership
Torm PLC and Chesapeake Energy maintain their dominance at over 32% combined portfolio weight. Despite continued trimming in Chesapeake (another 500,000 shares sold), Oaktree’s substantial commitment signals enduring confidence in global shipping demand and North American natural gas fundamentals. The shipping sector particularly benefits from tight vessel supply and strong refined product transportation needs.
2
Strategic Technology Expansion
The addition of Nokia as a major 2.46% position represents Oaktree’s most significant technology investment. Combined with increased positions in Grab Holdings and new stakes in Chinese technology companies, this reflects a calculated expansion into undervalued technology assets. Nokia’s 5G infrastructure focus provides exposure to global telecommunications modernization, while Grab offers access to Southeast Asian digital economy growth.
3
Emerging Markets Financial Services
The dramatic 58.54% increase in Itau Unibanco holdings signals growing conviction in Brazilian banking. This complements maintained positions in Banco Macro and reflects Oaktree’s strategic bet on Latin American financial services recovery. These positions provide exposure to credit growth, improving economic conditions, and digital banking transformation across the region.
4
Profit-Taking in Outperformers
Significant reductions in Garrett Motion (down 16.31%), Cemex (down 23.45%), and continued trimming of Chesapeake Energy suggest disciplined profit-taking after strong performance. However, these remain substantial positions, indicating Oaktree’s continued conviction in the underlying investment themes while managing position size and risk.
5
Precious Metals Rebalancing
While AngloGold Ashanti was trimmed by 9.46%, it maintains a 5.71% portfolio weight, and the addition of Barrick Gold as a new 1.67% position demonstrates continued precious metals conviction. This rebalancing within the gold sector rather than wholesale reduction suggests Oaktree views gold miners as essential portfolio hedges against inflation and currency debasement.
6
Healthcare & Consumer Stability
Indivior maintains its 4.11% position, highlighting Oaktree’s confidence in addiction treatment demand, while SunOpta provides steady exposure to plant-based consumer trends. These holdings offer defensive characteristics and exposure to secular growth themes independent of economic cycles.
Oaktree’s Q2 2025 portfolio evolution demonstrates Howard Marks’ disciplined approach to value investing amid changing market conditions. While maintaining core convictions in shipping through Torm and energy through Chesapeake Energy, the portfolio shows strategic diversification into technology infrastructure via Nokia and emerging market financial services through expanded Itau Unibanco holdings.
The quarter’s activity reflects careful position management, with profit-taking in outperforming industrial names like Garrett Motion and Cemex, while building conviction in undervalued technology and emerging market opportunities. Notable increases in Grab Holdings and new positions in Chinese technology companies signal Oaktree’s identification of value in Asian markets despite geopolitical uncertainties.
The maintained emphasis on energy infrastructure, shipping, precious metals, and specialty finance reflects Marks’ preference for businesses with tangible assets, essential services, or unique market positions. The Q2 portfolio positioning suggests confidence in global economic resilience while preparing for potential market volatility through diversified exposure to both defensive assets and growth opportunities in undervalued sectors and geographies.
