Oaktree Capital Management 13F, Q1 2026
Howard Marks · quarter ending 31 March 2026 · filed 20 May 2026 · SEC CIK 949509
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 5 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q1 2026
The 25 largest of 142 positions. Weights are against the whole filed book. Changes are in shares held, against the Q4 2025 filing.
| Company | Ticker | Value | % of book | vs Q4 2025 |
|---|---|---|---|---|
| TORM PLC | $675.08M | 11.4% | -10% shares | |
| EXPAND ENERGY CORP | EXE | $574.97M | 9.7% | +4% shares |
| ANGLOGOLD ASHANTI PLC | $313.80M | 5.3% | -16% shares | |
| GARRETT MOTION INC | GTX | $265.19M | 4.5% | -15% shares |
| INDIVIOR PHARMACEUTICALS INC | INDV | $212.88M | 3.6% | new |
| TELEPHONE AND DATA SYSTEMS INC | TDS | $180.70M | 3.1% | +16% shares |
| VIPER ENERGY INC | VNOM | $178.16M | 3.0% | -40% shares |
| CORE SCIENTIFIC INC | CORZ | $139.89M | 2.4% | +12% shares |
| SUNOPTA INC | STKL | $134.23M | 2.3% | unchanged |
| PETROLEO BRASILEIRO SA - PETROBRAS | PBR | $126.36M | 2.1% | new |
| BARRICK MINING CORP | B | $107.07M | 1.8% | -12% shares |
| TALEN ENERGY CORP | TLN | $105.70M | 1.8% | unchanged |
| LIBERTY GLOBAL LTD | $103.38M | 1.8% | unchanged | |
| ITAU UNIBANCO HOLDING SA | ITUB | $102.14M | 1.7% | -12% shares |
| JETBLUE AIRWAYS CORP | JBLU 0.5 04/01/26 | $94.79M | 1.6% | +5% shares |
| RIOT PLATFORMS INC | RIOT 0.75 01/15/30 | $91.81M | 1.6% | -3% shares |
| NOKIA OYJ | NOK | $90.05M | 1.5% | -40% shares |
| TRANSALTA CORP | TAC | $84.08M | 1.4% | unchanged |
| CBL & ASSOCIATES PROPERTIES INC | CBL | $82.77M | 1.4% | -15% shares |
| FREEPORT-MCMORAN INC | FCX | $71.72M | 1.2% | -12% shares |
| ECHOSTAR CORP | ECHO 3.875 11/30/30 | $64.34M | 1.1% | unchanged |
| XP INC | $60.40M | 1.0% | -5% shares | |
| PEBBLEBROOK HOTEL TRUST | PEB 1.75 12/15/26 | $56.38M | 0.9% | +45% shares |
| AMERICAN WATER CAPITAL CORP | AWK 3.625 06/15/26 | $55.84M | 0.9% | +1532% shares |
| GRUPO AEROMEXICO SAB DE CV | AERO | $55.60M | 0.9% | +5% shares |
What changed since Q4 2025
Against the Q4 2025 filing, Oaktree Capital Management opened 32 new positions, added to 35, trimmed 50, left 25 unchanged and exited 56. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
- INDV$212.88M
- PBR$126.36M
- COIN 0.5 06/01/26$52.23M
- CREDO TECHNOLOGY GROUP HOLDING LTD$50.60M
- YPF$40.97M
- QTWO 0.75 06/01/26$40.88M
- PRGS 1 04/15/26$36.11M
- EMBJ$26.56M
and 24 more
Exited
- Indivior Pharmaceuticals Incwas $255.06M
- FTAI AVIATION LTDwas $101.84M
- NU HOLDINGS LTD/CAYMAN ISLANDSwas $74.98M
- CABO 0 03/15/26was $58.14M
- GRAB HOLDINGS LTDwas $55.93M
- ABNB 0 03/15/26was $50.23M
- VISTwas $38.06M
- YMMwas $37.77M
and 48 more
Other quarters
Source: SEC Form 13F-HR, accession 0000949509-26-000004, filed by OAKTREE CAPITAL MANAGEMENT LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.