Latest Transactions of Howard Marks Q1 2025

Highlights

Biggest Buys

1. Nokia Corp. (NOK) Oaktree Capital initiated a new position in Nokia Corp., acquiring 18,752,227 shares at an average purchase price of approximately $5 per share. Nokia is a Finnish multinational telecommunications, information technology, and consumer electronics company. This new investment could signal Oaktree's belief in a turnaround potential, undervalued assets, or a specific catalyst related to the company's ongoing transformation and role in 5G infrastructure.

2. TransAlta Corp. (TAC) The firm established a new holding in TransAlta Corp., purchasing 5,585,253 shares at an average purchase price of around $11 per share. TransAlta Corporation is a Canadian electricity power generator and wholesale marketing company with operations in Canada, the United States, and Australia. This move may reflect Oaktree's view on the value in certain traditional energy assets, opportunities in the energy transition, or specific situations within the utility sector.

3. Grab Holdings Ltd Cl A (GRAB) Oaktree also opened a new position in Grab Holdings Ltd, buying 10,275,995 Class A shares at an average purchase price of approximately $5 per share. Grab Holdings is a leading Southeast Asian technology company offering a "super-app" for ride-hailing, food delivery, and digital financial services. This investment might indicate Oaktree sees a mispriced growth opportunity, a path to profitability, or a special situation in the evolving ASEAN digital economy.

Biggest Sells

1. Expand Energy Corp. (EXE) Oaktree Capital sold 1,375,000 shares of Expand Energy Corp., reducing its position by 19.82%, at an average selling price of approximately $106 per share. Expand Energy Corp. operates within the energy sector. This reduction could be due to profit-taking after a period of strong performance, portfolio rebalancing, or a recalibration of its risk/reward profile for this specific holding within Oaktree's strategy.

2. INFN-OLD (Infinera Corporation - Old Shares) The firm sold 25,175,384 shares designated as INFN-OLD, completely liquidating this particular holding. An average selling price was not specified, which can occur with shares involved in corporate restructurings, delistings, or ticker changes where the exit price is not a standard market trade. This likely represents the divestment of legacy shares related to Infinera Corporation, an optical networking equipment provider, potentially following a merger, acquisition, delisting, or another corporate action associated with this specific "-OLD" ticker.

These Q1 2025 portfolio activities for Oaktree Capital highlight an opportunistic approach, establishing new stakes in diverse sectors such as telecom (Nokia), utilities/power (TransAlta), and Southeast Asian tech (Grab). The trimming of an energy position (Expand Energy) and liquidation of a legacy telecom equipment holding (INFN-OLD) reflect active portfolio management consistent with Oaktree's renowned focus on risk assessment, market cycles, and identifying value in potentially overlooked or complex situations.

All Transactions

The information is provided for educational purposes only and does not constitute financial advice or recommendation and should not be considered as such. Do your own research.