Oaktree Capital Management

Howard Marks

Period

Q2 2026

Portfolio Date

Jun 30, 2026

Stocks Held

49

Market Value

$3.8B

Holdings Value Trend

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Top 5 Holdings

$TRMD

TORM plc

7.3%

% of Portfolio

Decreased 14.72%

$EXE

Expand Energy Corporation

6.6%

% of Portfolio

$GTX

Garrett Motion Inc.

3.8%

% of Portfolio

Decreased 47.96%

$AU

AngloGold Ashanti plc

3.6%

% of Portfolio

Decreased 1.37%

$INDV

Indivior Pharmaceuticals, Inc.

3.5%

% of Portfolio

Historical Positions

Symbol	Q2 2026	Q1 2026	Q4 2025	Q3 2025
TRMD	7.3%	10.7%	7.5%	12.9%
EXE	6.6%	9.2%	8.0%	8.3%
GTX	3.8%	4.2%	4.2%	6.7%
AU	3.6%	5.0%	4.7%	4.5%
INDV	3.5%	-	3.6%	-
TDS	2.7%	2.9%	2.1%	2.2%
VNOM	2.2%	2.8%	3.5%	3.7%
CORZ	1.8%	2.2%	1.7%	1.8%
TLN	1.8%	-	1.8%	1.9%
B	1.6%	1.7%	1.8%	1.7%

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

CBL+71.96%

TRMD+20.43%

AU+42.34%

NOK+56.91%

EXE+5.35%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

GTX-27.13%

CORZ-28.14%

TDS-6.21%

INDV-7.92%

LBTYA-6.42%

Sector Analysis

Energy32.1%

Others12.8%

Materials12.6%

Utilities4.5%

Financials7.5%

Healthcare2.0%

Technology5.9%

Industrials2.2%

Trading Summary

$INDV

3.5%

$SE

0.8%

$VSAT

0.8%

$MMYT

0.7%

$MATW

0.7%

$SHAZ

0.3%

$QMCO

0.3%

$SGRY

0.2%

$MINE

0.1%

$BMM

0.1%

$SVC

0.1%

$NNBR

0.0%

All Holdings

$TRMD

7.3%

Decreased 14.72%

$EXE

6.6%

$GTX

3.8%

Decreased 47.96%

$AU

3.6%

Decreased 1.37%

$INDV

3.5%

$TDS

2.7%

Increased 23.08%

$VNOM

2.2%

$CORZ

1.8%

Decreased 46.88%

$TLN

1.8%

$B

1.6%

Increased 22.14%

$ITUB

1.4%

Decreased 1.73%

$LBTYA

1.4%

$OCSL

1.3%

Increased 324.96%

$FCX

1.1%

Decreased 1.56%

$AERO

1.0%

$KRC

1.0%

$SE

0.8%

$LILAK

0.8%

Increased 31.49%

$BLCO

0.8%

Increased 1.72%

$VSAT

0.8%

$MMYT

0.7%

$MATW

0.7%

$XP

0.7%

Decreased 1.74%

$YPF

0.6%

Increased 11.83%

$TAC

0.6%

Decreased 53.24%

$RWAY

0.6%

$ERJ

0.4%

Decreased 1.76%

$AD

0.3%

Decreased 3.81%

$KRSP

0.3%

$SHAZ

0.3%

$TX

0.3%

Decreased 1.82%

$QMCO

0.3%

$SMPL

0.2%

Increased 6.64%

$SGRY

0.2%

$MINE

0.1%

$BMM

0.1%

$SMRT

0.1%

$MX

0.1%

Decreased 47.37%

$LILA

0.1%

$BATL

0.1%

$SVC

0.1%

$BTAI

0.0%

Increased 472.27%

$NNBR

0.0%

$TEO

0.0%

Decreased 92.84%

$CX

0.0%

Decreased 96.38%

$STKL

0.0%

Decreased 99.64%

$ALVO

0.0%