Smart Money · Value investors
Howard Marks
Oaktree Capital Management
01
13F holdings
OAKTREE CAPITAL MANAGEMENT LP · period 2026-06-30 (filed 2026-08-14)
13F portfolio value$7.2B145 positions
Top-10 weight54.6%Concentration
New / added40 / 51vs 2026-03-31
Trimmed / sold out33 / 42vs 2026-03-31
Top 30 positions
| Ticker | Name | Value | Weight | Change | Share change |
|---|---|---|---|---|---|
| SPY | STATE STREET CORP (Put) | $1.0B | 14.0% | New | – |
| QQQ | INVESCO QQQ TRUST SERIES 1 (Put) | $652M | 9.0% | Added | +55.3% |
| TRMD | TORM PLC | $524M | 7.3% | Trimmed | -14.7% |
| EXE | EXPAND ENERGY CORP | $478M | 6.6% | Held | – |
| GTX | GARRETT MOTION INC | $275M | 3.8% | Trimmed | -48.0% |
| AU | ANGLOGOLD ASHANTI PLC | $257M | 3.6% | Trimmed | -1.4% |
| INDV | INDIVIOR PHARMACEUTICALS INC | $251M | 3.5% | Trimmed | -12.3% |
| TDS | TELEPHONE AND DATA SYSTEMS INC | $196M | 2.7% | Added | +23.1% |
| VNOM | VIPER ENERGY INC | $161M | 2.2% | Held | – |
| CORZ | CORE SCIENTIFIC INC (Call) | $128M | 1.8% | Added | +42.9% |
| CORZ | CORE SCIENTIFIC INC | $128M | 1.8% | Trimmed | -46.6% |
| TLN | TALEN ENERGY CORP | $127M | 1.8% | Held | – |
| B | BARRICK MINING CORP | $118M | 1.6% | Added | +22.1% |
| ITUB | ITAU UNIBANCO HOLDING SA | $98M | 1.4% | Trimmed | -1.7% |
| LBTYA | LIBERTY GLOBAL LTD | $97M | 1.3% | Held | – |
| OCSL | OAKTREE SPECIALTY LENDING CORP | $94M | 1.3% | Added | +325.0% |
| FCX | FREEPORT-MCMORAN INC | $76M | 1.0% | Trimmed | -1.6% |
| AERO | GRUPO AEROMEXICO SAB DE CV | $71M | 1.0% | Held | – |
| KRC | KILROY REALTY CORP | $69M | 1.0% | Held | – |
| no ticker | PEBBLEBROOK HOTEL TRUST | $63M | 0.9% | Added | +10.0% |
| no ticker | BIOMARIN PHARMACEUTICAL INC | $62M | 0.9% | Added | +14.4% |
| no ticker | SEA LTD | $62M | 0.9% | Added | +30.7% |
| no ticker | ETSY INC | $61M | 0.8% | Added | +9.2% |
| SE | SEA LTD | $61M | 0.8% | New | – |
| LILAK | LIBERTY LATIN AMERICA LTD | $59M | 0.8% | Added | +31.5% |
| no ticker | ENPHASE ENERGY INC | $58M | 0.8% | Added | +9.2% |
| no ticker | DEXCOM INC | $57M | 0.8% | Added | +51.3% |
| BLCO | BAUSCH LOMB CORP | $57M | 0.8% | Added | +1.7% |
| VSAT | VIASAT INC | $57M | 0.8% | New | – |
| no ticker | ECHOSTAR CORP | $56M | 0.8% | Held | – |
New this quarter (by value)
| Ticker | Name | Value | Weight | Change | Share change |
|---|---|---|---|---|---|
| SPY | STATE STREET CORP (Put) | $1.0B | 14.0% | New | – |
| SE | SEA LTD | $61M | 0.8% | New | – |
| VSAT | VIASAT INC | $57M | 0.8% | New | – |
| MMYT | MAKEMYTRIP LTD | $52M | 0.7% | New | – |
| MATW | MATTHEWS INTERNATIONAL CORP | $52M | 0.7% | New | – |
| VC | VISTEON CORP (Put) | $40M | 0.6% | New | – |
| no ticker | ENOVIS CORP | $38M | 0.5% | New | – |
| QMCO | QUANTUM CORP | $22M | 0.3% | New | – |
| SGRY | SURGERY PARTNERS INC | $14M | 0.2% | New | – |
| no ticker | WORKIVA INC | $14M | 0.2% | New | – |
| no ticker | ETSY INC | $14M | 0.2% | New | – |
| no ticker | STARWOOD PROPERTY TRUST INC | $12M | 0.2% | New | – |
| BTDR | BITDEER TECHNOLOGIES GROUP (Call) | $12M | 0.2% | New | – |
| no ticker | CLOUDFLARE INC | $10M | 0.1% | New | – |
| no ticker | FRESHPET INC | $9M | 0.1% | New | – |
Sold out this quarter (by prior value)
| Ticker | Name | Prior value | Weight | Change | Share change |
|---|---|---|---|---|---|
| XOP | STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF (Put) | $182M | 0.0% | Sold out | – |
| PBR | PETROLEO BRASILEIRO SA - PETROBRAS | $126M | 0.0% | Sold out | – |
| no ticker | JETBLUE AIRWAYS CORP | $95M | 0.0% | Sold out | – |
| NOK | NOKIA OYJ | $90M | 0.0% | Sold out | – |
| CBL | CBL & ASSOCIATES PROPERTIES INC | $83M | 0.0% | Sold out | – |
| no ticker | AMERICAN WATER CAPITAL CORP | $56M | 0.0% | Sold out | – |
| no ticker | COINBASE GLOBAL INC | $52M | 0.0% | Sold out | – |
| CRDO | CREDO TECHNOLOGY GROUP HOLDING LTD | $51M | 0.0% | Sold out | – |
| TLN | TALEN ENERGY CORP (Call) | $48M | 0.0% | Sold out | – |
| no ticker | OKTA INC | $47M | 0.0% | Sold out | – |
| no ticker | Q2 HOLDINGS INC | $41M | 0.0% | Sold out | – |
| no ticker | BLOCK INC | $38M | 0.0% | Sold out | – |
| no ticker | PROGRESS SOFTWARE CORP | $36M | 0.0% | Sold out | – |
| ECVT | ECOVYST INC | $31M | 0.0% | Sold out | – |
| no ticker | CRACKER BARREL OLD COUNTRY STORE INC | $26M | 0.0% | Sold out | – |
13F covers US long positions only (options at notional value). No shorts, cash or foreign assets; filed within 45 days of quarter end.
88 holdings could not be matched to a ticker (mostly non-common shares or delisted securities) and are shown by name.
The two largest lines are put options on SPY and QQQ, about 23% combined. 13F reports them at the value of the underlying shares, not the price of the options.
Original filings: 13F-HR（2026-08-14）