OAKTREE CAPITAL MANAGEMENT LP

Superinvestor · Howard Marks

CIK

949509

Location

LOS ANGELES, CA

Portfolio Value

Mid $4,700,972,769

Diversification

Diversified

Filing Date

Global Rank

#695 / 8,603 ▲ 18 · as of Mar 2026

Top Industry

Oil & Gas Midstream 19.3%

3Y Alpha vs SPY

+3.1%

Period ended 3 months ago

Filed May 20, 2026 · 50d

24 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+90.7%

SPY

+76.0%

Annualised alpha

+3.3%

Max drawdown

−27.1%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

49 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.1%

+2.4 pts

Top 5

45.7%

+4.5 pts

Top 10

65.2%

+4.9 pts

HHI

607

Diversified+99

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Energy	34.0%	$1,597,320,143	6
Basic Materials	13.7%	$643,612,625	9
Technology	8.0%	$374,860,540	6
Communication Services	7.5%	$350,931,555	6
Unclassified	7.0%	$328,992,600	1
Healthcare	5.7%	$267,807,499	4
Consumer Cyclical	5.7%	$265,680,620	2
Financial Services	5.5%	$259,352,206	6
Utilities	5.2%	$244,791,744	3
Consumer Defensive	3.2%	$150,504,853	2
Real Estate	2.9%	$134,956,154	2
Industrials	1.7%	$82,162,230	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

4 positions

Ticker	Company	Δ Shares	Shares	Value
CORZ	Core Scientific, Inc./tx	+2,500,000	12,850,708	$192,246,591
TDS	Telephone & Data Systems Inc /De/	+603,857	4,292,243	$180,703,430
AERO	Grupo Aeromexico, S.A.B. de C.V.	+191,700	3,968,686	$55,601,290
EXE	EXPAND ENERGY Corp	+175,114	5,237,477	$574,970,225
No positions match the current search.

Trimmed

Positions the filer reduced

18 positions

Ticker	Company	Δ Shares	Shares	Value
NOK	Nokia Corp	−7,551,921	11,200,308	$90,050,476
CX	Cemex Sab De CV	−2,986,241	2,763,083	$31,609,669
TRMD	TORM plc	−2,585,484	23,839,575	$665,124,142
GTX	Garrett Motion Inc.	−2,500,000	14,594,816	$265,187,806
VNOM	Viper Energy, Inc.	−2,493,630	3,791,432	$178,159,389
ECVT	Ecovyst Inc.	−1,860,712	2,393,791	$30,784,152
ITUB	Itau Unibanco Holding S.A.	−1,633,752	12,188,995	$102,143,778
TEO	Telecom Argentina SA	−725,264	1,622,244	$18,964,032
AU	AngloGold Ashanti PLC	−624,899	3,223,092	$313,800,237
CBL	Cbl & Associates Properties Inc	−363,859	2,153,717	$82,767,344
B	Barrick Mining Corp	−350,259	2,624,859	$107,067,998
ALVO	Alvotech	−293,618	240,038	$823,330
FCX	Freeport-Mcmoran Inc	−169,931	1,220,122	$71,718,771
OPTU	Optimum Communications, Inc.	−169,510	7,330,490	$9,529,637
TLN	Talen Energy Corp	−150,000	481,117	$153,586,979
XP	XP Inc.	−148,150	3,172,009	$60,395,051
TX	Ternium S.A.	−75,641	582,924	$23,404,398
HDB	Hdfc Bank Ltd	−16,180	114,261	$2,842,813
No positions match the current search.

New Positions

Positions the filer opened this quarter

13 positions

Ticker	Company	Shares	Value
QQQ	Invesco Qqq Trust, Series 1	570,000	$328,992,600
INDV	Indivior Pharmaceuticals, Inc.	6,984,102	$212,875,428
PBR	Petrobras - Petroleo Brasileiro SA	6,089,413	$126,355,319
CRDO	Credo Technology Group Holding Ltd	539,000	$50,595,930
YPF	Ypf Sociedad Anonima	886,465	$40,972,412
LYB	LyondellBasell Industries N.V.	500,000	$40,280,000
EMBJ	Embraer S.A.	447,606	$26,560,940
SHAZ	SharonAI Holdings Inc.	1,000,000	$22,730,000
SMPL	Simply Good Foods Co	1,128,889	$16,199,557
MINE	Mayfair Gold Corp.	4,500,000	$13,927,500
BMM	Blue Moon Metals Inc.	1,685,000	$11,019,900
NRG	Nrg Energy, Inc.	49,028	$7,164,951
PDD	PDD Holdings Inc.	4,823	$492,814
No positions match the current search.

Sold Out

Positions the filer fully exited

15 positions

Ticker	Company	Shares	Value
SPY	Spdr S&P 500 ETF Trust	385,000	$262,539,200
FTAI	FTAI Aviation Ltd.	517,328	$101,836,016
ORCL	Oracle Corp	500,000	$97,455,000
NU	Nu Holdings Ltd.	4,479,175	$74,981,389
GRAB	Grab Holdings Ltd	11,207,699	$55,926,418
MAR	Marriott International Inc /Md/	150,000	$46,536,000
VIST	Vista Energy, S.A.B. de C.V.	782,250	$38,064,285
YMM	Full Truck Alliance Co. Ltd.	3,519,764	$37,767,067
SBLK	Star Bulk Carriers Corp.	1,962,892	$37,726,784
CRC	California Resources Corp	694,502	$31,051,184
BZ	Kanzhun Ltd	1,523,231	$31,043,447
VALE	Vale S.A.	2,023,706	$26,368,889
INFY	Infosys Ltd	1,094,752	$19,508,480
ONIT	Onity Group Inc.	390,835	$17,896,334
BHC	Bausch Health Companies Inc.	1,270,000	$8,826,500
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

49 positions · $4,700,972,769 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Est. Price	% of Portfolio
TRMD	TORM plc Energy	Reduced	23,839,575	-2,585,484	$665,124,142	+28.6%	$25.45	14.15%
EXE	EXPAND ENERGY Corp Energy	Added	5,237,477	+175,114	$574,970,225	+2.9%	$106.77	12.23%
QQQ	Invesco Qqq Trust, Series 1	NEW	570,000	NEW	$328,992,600	NEW	$607.50	7.00%
AU	AngloGold Ashanti PLC Basic Materials	Reduced	3,223,092	-624,899	$313,800,237	−4.4%	$102.57	6.68%
GTX	Garrett Motion Inc. Consumer Cyclical	Reduced	14,594,816	-2,500,000	$265,187,806	−11.0%	$18.66	5.64%
INDV	Indivior Pharmaceuticals, Inc. Healthcare	NEW	6,984,102	NEW	$212,875,428	NEW	$33.03	4.53%
CORZ	Core Scientific, Inc./tx Technology	Added	12,850,708	+2,500,000	$192,246,591	+27.6%	$17.06	4.09%
TDS	Telephone & Data Systems Inc /De/ Communication Services	Added	4,292,243	+603,857	$180,703,430	+19.5%	$43.97	3.84%
VNOM	Viper Energy, Inc. Energy	Reduced	3,791,432	-2,493,630	$178,159,389	−26.6%	$42.87	3.79%
TLN	Talen Energy Corp Utilities	Reduced	481,117	-150,000	$153,586,979	−35.1%	$352.88	3.27%
STKL	SunOpta Inc. Consumer Defensive	Held	20,726,126	0	$134,305,296	+70.5%	$5.65	2.86%
PBR	Petrobras - Petroleo Brasileiro SA Energy	NEW	6,089,413	NEW	$126,355,319	NEW	$16.00	2.69%
B	Barrick Mining Corp Basic Materials	Reduced	2,624,859	-350,259	$107,067,998	−17.4%	$46.19	2.28%
LBTYA	Liberty Global Ltd. Communication Services	Held	8,551,191	0	$103,383,899	+8.5%	$11.64	2.20%
ITUB	Itau Unibanco Holding S.A. Financial Services	Reduced	12,188,995	-1,633,752	$102,143,778	+3.2%	$8.37	2.17%
NOK	Nokia Corp Technology	Reduced	11,200,308	-7,551,921	$90,050,476	−25.8%	$7.34	1.92%
TAC	Transalta Corp Utilities	Held	6,415,253	0	$84,039,814	+3.6%	$12.88	1.79%
CBL	Cbl & Associates Properties Inc Real Estate	Reduced	2,153,717	-363,859	$82,767,344	−11.1%	$37.07	1.76%
FCX	Freeport-Mcmoran Inc Basic Materials	Reduced	1,220,122	-169,931	$71,718,771	+1.6%	$60.42	1.53%
XP	XP Inc. Financial Services	Reduced	3,172,009	-148,150	$60,395,051	+11.1%	$19.32	1.28%
AERO	Grupo Aeromexico, S.A.B. de C.V. Industrials	Added	3,968,686	+191,700	$55,601,290	−33.0%	$18.15	1.18%
BLCO	Bausch & Lomb Corp Healthcare	Held	3,382,739	0	$53,785,550	−6.9%	$17.00	1.14%
KRC	Kilroy Realty Corp Real Estate	Held	1,850,011	0	$52,188,810	−24.5%	$32.84	1.11%
CRDO	Credo Technology Group Holding Ltd Technology	NEW	539,000	NEW	$50,595,930	NEW	$121.71	1.08%
RWAY	Runway Growth Finance Corp. Financial Services	Held	7,029,667	0	$48,293,812	−23.1%	$8.31	1.03%
YPF	Ypf Sociedad Anonima Energy	NEW	886,465	NEW	$40,972,412	NEW	$37.85	0.87%
LYB	LyondellBasell Industries N.V. Basic Materials	NEW	500,000	NEW	$40,280,000	NEW	$59.31	0.86%
AD	Array Digital Infrastructure, Inc. Communication Services	Held	724,444	0	$33,425,846	−14.0%	$49.85	0.71%
CX	Cemex Sab De CV Basic Materials	Reduced	2,763,083	-2,986,241	$31,609,669	−52.1%	$11.92	0.67%
ECVT	Ecovyst Inc. Basic Materials	Reduced	2,393,791	-1,860,712	$30,784,152	−25.6%	$11.29	0.65%
EMBJ	Embraer S.A. Industrials	NEW	447,606	NEW	$26,560,940	NEW	$68.47	0.57%
KRSP	Rice Acquisition Corp 3 Financial Services	Reduced	2,400,000	-2,799,999	$24,744,000	−53.6%	$10.34	0.53%
TX	Ternium S.A. Basic Materials	Reduced	582,924	-75,641	$23,404,398	−6.9%	$41.42	0.50%
SHAZ	SharonAI Holdings Inc. Technology	NEW	1,000,000	NEW	$22,730,000	NEW	$24.03	0.48%
OCSL	Oaktree Specialty Lending Corp Financial Services	Held	1,852,456	0	$20,932,752	−11.3%	$11.97	0.45%
TEO	Telecom Argentina SA Communication Services	Reduced	1,622,244	-725,264	$18,964,032	−30.4%	$11.68	0.40%
SMPL	Simply Good Foods Co Consumer Defensive	NEW	1,128,889	NEW	$16,199,557	NEW	$17.25	0.34%
MINE	Mayfair Gold Corp. Basic Materials	NEW	4,500,000	NEW	$13,927,500	NEW	$3.72	0.30%
BATL	Battalion Oil Corp Energy	Held	3,009,912	0	$11,738,656	+245.1%	$6.76	0.25%
SMRT	SmartRent, Inc. Technology	Held	7,505,294	0	$11,257,941	−25.7%	$1.69	0.24%
BMM	Blue Moon Metals Inc. Basic Materials	NEW	1,685,000	NEW	$11,019,900	NEW	$4.86	0.23%
OPTU	Optimum Communications, Inc. Communication Services	Reduced	7,330,490	-169,510	$9,529,637	−23.0%	$1.57	0.20%
MX	MAGNACHIP SEMICONDUCTOR Corp Technology	Held	2,849,858	0	$7,979,602	+9.8%	$2.85	0.17%
NRG	Nrg Energy, Inc. Utilities	NEW	49,028	NEW	$7,164,951	NEW	$157.35	0.15%
LILA	Liberty Latin America Ltd. Communication Services	Held	839,020	0	$4,924,711	+16.9%	$5.27	0.10%
HDB	Hdfc Bank Ltd Financial Services	Reduced	114,261	-16,180	$2,842,813	−40.4%	$31.08	0.06%
ALVO	Alvotech Healthcare	Reduced	240,038	-293,618	$823,330	−69.9%	$4.39	0.02%
PDD	PDD Holdings Inc. Consumer Cyclical	NEW	4,823	NEW	$492,814	NEW	$105.11	0.01%
BTAI	BioXcel Therapeutics, Inc. Healthcare	Held	241,188	0	$323,191	−16.3%	$1.65	0.01%