Oaktree Capital Management Portfolio - Dec 31, 2025
Oaktree Capital Management, Howard Marks, has built a diversified portfolio of 49 publicly traded holdings with a total market value of $6.2B as of Dec 31, 2025. This comprehensive analysis examines the latest 13F filing data to understand the investment strategy and recent portfolio adjustments.
The portfolio demonstrates a diversified approach to stock selection, with the top holding representing 9.1% of the total portfolio value. The top 5 holdings account for 31.9% of the overall portfolio allocation.
Recent portfolio activity shows 10 significant position adjustments, indicating active portfolio management and strategic repositioning. These changes reflect the investor's response to market conditions and evolving investment thesis.
Portfolio Statistics
Top Holdings Analysis
The portfolio's top holdings reveal the investor's core investment thesis and sector preferences. The largest position in EXPAND ENERGY CORP (CHK) represents 9.1% of the total portfolio, valued at $558.7M.
| Rank | Symbol | Company | Value | Portfolio % | Change |
|---|---|---|---|---|---|
| 1 | CHK | EXPAND ENERGY CORP | $558.7M | 9.1% | - |
| 2 | TRMD | TORM PLC | $527.3M | 8.5% | -34.9% |
| 3 | AU | ANGLOGOLD ASHANTI PLC | $328.2M | 5.3% | -8.1% |
| 4 | GTX | GARRETT MOTION INC | $298.0M | 4.8% | -46.4% |
| 5 | INDV | Indivior Pharmaceuticals Inc | $255.1M | 4.1% | -97.2% |
For a complete analysis of all holdings and detailed portfolio breakdown by sector and market cap, visit our comprehensive holdings page.
Recent Portfolio Activity
Recent portfolio adjustments provide insights into the investor's evolving strategy and market outlook.
The following table shows the top 10 most significant position changes from
recent reporting periods (out of 143 total transactions), sorted by the magnitude of
change.
For a complete history of all portfolio transactions and detailed activity analysis,
visit our comprehensive
activity page.
| Symbol | Company | Quantity Change | Date | Action |
|---|---|---|---|---|
| INDV | Indivior | -250,676,754 | Dec 31, 2025 | SELL |
| GTX | Garrett Motion Inc. | -14,800,000 | Dec 31, 2025 | SELL |
| TRMD | TORM | -14,156,061 | Dec 31, 2025 | SELL |
| CX | Cemex, S.A.B. de C.V. Sponsored | -4,699,500 | Dec 31, 2025 | SELL |
| TPIC | TPI Composites, Inc. | -4,610,003 | Dec 31, 2025 | SELL |
| CORZ | Core Scientific, Inc. | +1,950,000 | Dec 31, 2025 | BUY |
| N4732M103 | JBS | -1,580,400 | Dec 31, 2025 | SELL |
| ECVT | Ecovyst Inc. | +1,395,481 | Dec 31, 2025 | BUY |
| XP | XP Inc | +1,287,282 | Dec 31, 2025 | BUY |
| RWAY | Runway Growth Finance Corp. | -1,250,000 | Dec 31, 2025 | SELL |
Options Activity
Options trading activity provides insights into the investor's derivative strategies and hedging approaches. The following table shows options positions from the latest reporting period, sorted by notional value.
| Symbol | Company | Type | Contracts | Notional Value | Date |
|---|---|---|---|---|---|
| SMH | VanEck Semiconductor ETF | PUT | 865,000 | $311.5M | Dec 31, 2025 |
| SPY | SPDR S&P 500 | PUT | 385,000 | $262.5M | Dec 31, 2025 |
| TLN | Talen Energy | CALL | 300,000 | $112.5M | Dec 31, 2025 |
| ORCL | Oracle Corporation | PUT | 500,000 | $97.5M | Dec 31, 2025 |
| MAR | Marriott International | PUT | 150,000 | $46.5M | Dec 31, 2025 |
| CORZ | Core Scientific, Inc. | CALL | 2,000,000 | $29.1M | Dec 31, 2025 |
Note: Notional value represents the total exposure value of the options position. For a complete analysis of all options strategies and historical options activity, visit our comprehensive options page.
Investment Strategy Insights
Oaktree Capital Management's investment approach can be analyzed through several key metrics. The portfolio's concentration in top holdings suggests a diversified investment strategy, with significant positions in companies that align with the investor's long-term thesis.
The largest position in EXPAND ENERGY CORP (CHK) demonstrates strong conviction in this particular investment opportunity. indicating active portfolio management and strategic positioning.
Portfolio turnover can be assessed through recent activity patterns. The 10 most significant transactions shown here (out of 143 total transactions) suggest a highly active approach to portfolio management, with frequent strategic adjustments and position changes.
Additional Analysis
Complete Holdings
View all 49 holdings with detailed analysis
Trading Activity
Track all portfolio transactions and position changes
Performance Metrics
Analyze profit, winning trades, and investment returns
Sector Allocation
Analyze portfolio breakdown by sector and industry
Oaktree Capital Management's portfolio as of Dec 31, 2025 reflects a strategic approach to equity investing with 49 holdings valued at $6.2B. The concentrated position in EXPAND ENERGY CORP and other top holdings demonstrates the investor's confidence in specific investment themes and long-term value creation opportunities. Recent activity indicates ongoing portfolio optimization and strategic repositioning.
For the most current portfolio data and detailed analysis, refer to the latest SEC 13F filings and our comprehensive holdings and activity pages, which are updated regularly with the latest filing information.
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