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Howard Marks’s Portfolio

OAKTREE CAPITAL MANAGEMENT LP

Distressed-debt pioneer famous for his widely-read investor memos.

Institutional InvestorSimilar funds →SEC EDGAR: CIK 949509
Institutional-grade research for retail investors

Sector Allocation

  • Industrials22.4%$1.2B
  • Energy13.2%$703.1M
  • Healthcare12.1%$643.6M
  • Communication Services10.8%$570.8M
  • Materials10.5%$558.3M
  • Technology9.0%$477.8M
  • Financials7.6%$401.5M
  • Other5.7%$301.0M
  • Utilities3.3%$176.7M
  • Real Estate3.2%$170.1M

AUM History

13fpro.ai/research/fund/oaktree-capital-management-lp-949509

Conviction and streaks

Stable · top 10 = 47.3%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

TRMD$TRMDConviction hold9.9% weight · held 7 quartersEXE$EXEConviction hold9.0% weight · held 7 quartersGTX$GTXConviction hold5.2% weight · held 7 quartersAU$AUConviction hold4.8% weight · held 7 quartersTDS$TDSConviction hold3.7% weight · held 4 quartersETSY$ETSYAccumulating+1231% shares · 7 quarters runningSE$SEAccumulating+690% shares · 6 quarters running$Accumulating+1641% shares · 6 quarters runningENPH$ENPHAccumulating+422% shares · 5 quarters runningBMRN$BMRNAccumulating+4223% shares · 4 quarters runningAU$AUTrimming-47% shares · 7 quarters runningTEO$TEOTrimming-96% shares · 6 quarters runningGTX$GTXTrimming-83% shares · 5 quarters runningFCX$FCXTrimming-45% shares · 5 quarters runningCX$CXTrimming-100% shares · 5 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/oaktree-capital-management-lp-949509

OAKTREE CAPITAL MANAGEMENT LP 13F holdings — Q2 2026

$7.2B portfolio (+14.7% QoQ) · 145 holdings · Q2 2026 13F · top 10 are 47% of the stock portfolio

Includes $1.9B of put/call options ($1.8B puts, $144.6M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $5.3B. Weights use the stock portfolio.

All holdings — OAKTREE CAPITAL MANAGEMENT LP (Q2 2026)

145 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
SPY$SPYPUTSPDR S&P 500 ETF TRUST$1.0BNew
QQQ$QQQPUTINVESCO QQQ TRUST, SERIES 1$651.7M+55%
CORZ$CORZCALLCore Scientific, Inc./tx$128.0M+43%
ITUB$ITUBItau Unibanco Holding S.A.$97.9M-2%
LBTYA$LBTYALiberty Global Ltd.$97.2M—
OCSL$OCSLOaktree Specialty Lending Corp$94.0M+325%
FCX$FCXFREEPORT-MCMORAN INC$75.5M-2%
AERO$AEROGrupo Aeromexico, S.A.B. de C.V.$71.4M—
KRC$KRCKILROY REALTY CORP$69.3M—
PEB$PEBPebblebrook Hotel Trustnote$63.1M+10%
BMRN$BMRNBIOMARIN PHARMACEUTICAL INCnote$62.4M+14%
SE$SESea Ltdnote$62.1M+31%
ETSY$ETSYETSY INCnote$61.2M+9%
SE$SESea Ltd$60.9MNew
LILA$LILALiberty Latin America Ltd.$58.9M+31%

What changed in Q2 2026

Against the previous quarter's 13F: 40 new, 52 added to, 30 trimmed, 39 sold out. Share-count changes; largest moves by dollar size first.

New positions (40)

  • SPY$SPYPUTSPDR S&P 500 ETF TRUST$1.0B

    first bought this quarter

  • INDV$INDVIndivior Pharmaceuticals, Inc.$251.4M

    first bought this quarter

  • VSAT$VSATVIASAT INC$56.6M

    first bought this quarter

  • MMYT$MMYTMakeMyTrip Ltd$52.4M

    first bought this quarter

  • MATW$MATWMATTHEWS INTERNATIONAL CORP$51.8M

    first bought this quarter

  • VC$VCPUTVISTEON CORP$39.7M

    first bought this quarter

+34 more in the Excel export

Added to (52)

  • QQQ$QQQPUTINVESCO QQQ TRUST, SERIES 1+55%

    now $651.7M

  • OCSL$OCSLOaktree Specialty Lending Corp+325%

    now $94.0M · held 3+ qtrs

  • CORZ$CORZCALLCore Scientific, Inc./tx+43%

    now $128.0M

  • TDS$TDSTELEPHONE & DATA SYSTEMS INC /DE/+23%

    now $195.5M · held 3+ qtrs, 2 adds in a row

  • FIVN$FIVNFive9, Inc.+145%

    now $47.4M · held 3+ qtrs

  • AFRM$AFRMAffirm Holdings, Inc.+202%

    now $34.3M · held 3+ qtrs, 2 adds in a row

+46 more in the Excel export

Trimmed (30)

  • GTX$GTXGarrett Motion Inc.-48%

    now $275.2M · held 3+ qtrs, 2 trims in a row

  • STKL$STKLSunOpta Inc.-100%

    now $406K · held 3+ qtrs

  • CORZ$CORZCore Scientific, Inc./tx-47%

    now $127.8M · held 3+ qtrs

  • RIOT$RIOTRiot Platforms, Inc.-67%

    now $52.3M · held 3+ qtrs, 2 trims in a row

  • TRMD$TRMDTORM plc-15%

    now $524.3M · held 3+ qtrs, 2 trims in a row

  • TAC$TACTRANSALTA CORP-53%

    now $41.5M · held 3+ qtrs

+24 more in the Excel export

Sold out (39)

  • PUTSTATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFwas $181.8M
  • PBR$PBRPETROBRAS - PETROLEO BRASILEIRO SAwas $126.4M

    held 1 qtr

  • JBLU$JBLUJETBLUE AIRWAYS CORPwas $94.8M

    held 6+ qtrs

  • NOK$NOKNOKIA CORPwas $90.1M

    held 5+ qtrs

  • CBL$CBLCBL & ASSOCIATES PROPERTIES INCwas $82.8M

    held 6+ qtrs

  • AMERICAN WATER CAPITAL CORPwas $55.8M

+33 more in the Excel export

Firm AUM (Form ADV): $183.3B as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F OAKTREE CAPITAL MANAGEMENT LP has filed, 27 earlier quarters. Pick one to see what it held then.

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Is it too late to follow OAKTREE CAPITAL MANAGEMENT?

Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of OAKTREE CAPITAL MANAGEMENT's top 20 holdings: 60/100 (our AI quality score, weighted by position size; 13 of the 20 are scored)

Top 10 since filing

-0.7%

Value-weighted move of the 10 largest stock positions

Turnover

21%

Last quarter

Top 10 weight

47%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

0%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2025 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

OAKTREE CAPITAL MANAGEMENT LP disclosed 145 positions worth $7.2B in its Form 13F-HR for Q2 2026 — $5.3B in common stock plus $1.9B of put/call option positions (reported at underlying notional value, not premium at risk), led by $TRMD (TORM plc) at 9.9% of the equity portfolio, followed by $EXE and $GTX. During the quarter the fund opened 40 new positions and exited 39 — including a new stake in $SPY. The portfolio is most concentrated in Industrials (22.4% of disclosed assets). All figures are sourced directly from OAKTREE CAPITAL MANAGEMENT LP’s Form 13F-HR filing with the SEC under CIK 949509.

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AI-Powered Hedge Fund Analysis: OAKTREE CAPITAL MANAGEMENT LP

13F Pro is an AI hedge fund tracker and stock research platform. For OAKTREE CAPITAL MANAGEMENT LP (SEC CIK: 949509), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in OAKTREE CAPITAL MANAGEMENT LP's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.