Oaktree Capital Management

Howard Marks

Medium

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

46

Market Value

$4.0B

Portfolio Analysis

AIPreview
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I. Institutional Overview

As of the first quarter of 2026, the investment landscape continues to be shaped by the strategic maneuvers of one of the most respected figures in the world of distressed debt and value investing: Howard Marks and his firm, Oaktree Capital Management. This analysis delves into the institutional 13F filings for the period ending March 31, 2026, providing a...

Oaktree Capital Management, under the guidance of Howard Marks, has long been synonymous with a disciplined, risk-conscious approach to investing. Marks, famous for his "memos" that dissect market cycles and investor psychology, has built a reputation for finding value where others see only distress. The current report reveals a total portfolio market value...

The portfolio currently consists of 46 holdings, a number that suggests a relatively concentrated and high-conviction investment style. In the world of institutional asset management, holding fewer than 50 stocks often indicates a departure from "closet indexing." Instead, it reflects a deliberate choice to back specific themes and companies where the firm...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$TRMD

TORM plc

10.7%

% of Portfolio

2

$EXE

Expand Energy Corporation

9.2%

% of Portfolio

3

$AU

AngloGold Ashanti plc

5.0%

% of Portfolio

4

$GTX

Garrett Motion Inc.

4.2%

% of Portfolio

5

$TDS

Telephone and Data Systems, Inc.

2.9%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
TRMD10.7%7.5%12.9%11.7%
EXE9.2%8.0%8.3%10.2%
AU5.0%4.7%4.5%3.9%
GTX4.2%4.2%6.7%6.7%
TDS2.9%2.1%2.2%-
VNOM2.8%3.5%3.7%-
CORZ2.2%1.7%1.8%-
STKL2.1%-1.9%2.1%
PBR2.0%---
B1.7%1.8%1.7%-

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

GTX+83.82%
TRMD+2.22%
CORZ+82.93%
NOK+75.25%
AU-14.56%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

EXE-20.68%
PBR-12.10%
ITUB-5.61%
LBTYA-0.50%
TAC+1.98%

Sector Analysis

Energy40.7%
Others0.7%
Materials14.6%
Utilities5.0%
Financials5.9%
Healthcare1.4%
Technology7.6%
Real Estate3.4%

Trading Summary

1

$PBR

2.0%

2

$CRDO

0.8%

3

$YPF

0.7%

4

$ERJ

0.4%

5

$SMPL

0.3%

6

$NRG

0.1%

8

$ETF-BKLN

0.1%

9

$PDD

0.0%

All Holdings

1

$TRMD

10.7%

2

$EXE

9.2%

3

$AU

5.0%

4

$GTX

4.2%

5

$TDS

2.9%

6

$VNOM

2.8%

7

$CORZ

2.2%

8

$STKL

2.1%

9

$PBR

2.0%

10

$B

1.7%

11

$TLN

1.7%

12

$LBTYA

1.6%

13

$ITUB

1.6%

14

$NOK

1.4%

15

$TAC

1.3%

16

$CBL

1.3%

17

$FCX

1.1%

18

$XP

1.0%

20

$BLCO

0.9%

21

$KRC

0.8%

22

$LILAK

0.8%

23

$CRDO

0.8%

24

$RWAY

0.8%

25

$YPF

0.7%

26

$AD

0.5%

27

$CX

0.5%

28

$ECVT

0.5%

29

$ERJ

0.4%

31

$TX

0.4%

32

$OCSL

0.3%

33

$TEO

0.3%

34

$SMPL

0.3%

35

$BATL

0.2%

36

$SMRT

0.2%

37

$ATUS

0.1%

38

$MX

0.1%

39

$LILA

0.1%

40

$NRG

0.1%

42

$ETF-BKLN

0.1%

43

$HDB

0.1%

44

$PDD

0.0%

45

$ALVO

0.0%

46

$BTAI

0.0%