Howard Marks - Oaktree Capital Management 13F Activity & Position Changes (Q1 2026)

According to the SEC 13F filed on May 15, 2026, the Oaktree Capital Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2026, the filing reported:

New Buys - Invesco Senior Loan ETF, Embraer S.A., Credo Technology, NRG Energy, Inc., Petroleo Brasileiro S.A.- Petro, and 3 more

Increases - , Core Scientific, Inc., Alvotech, Telephone and Data Systems, Inc

Reductions - Altice USA, Inc., AngloGold Ashanti, Barrick Gold, CBL & Associates Properties, In, Cemex, S.A.B. de C.V. Sponsored, and 11 more

Complete Exits - Bausch Health Companies Inc., KANZHUN LIMITED - American Depo, , California Resources Corporatio, FTAI Aviation, and 9 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2026	ATUS Altice USA, Inc.	Altice USA, Inc.	Sell	-169,510	-2.3%	$9.53M	7,330,490
Q1 2026	AU AngloGold Ashanti	AngloGold Ashanti	Sell	-624,899	-16.2%	$313.80M	3,223,092
Q1 2026	B Barrick Gold	Barrick Gold	Sell	-350,259	-11.8%	$107.07M	2,624,859
Q1 2026	BHC Bausch Health Companies Inc.	Bausch Health Companies Inc.	Sell - Position Exit	-1,270,000	-100.0%	$0.00	-
Q1 2026	BKLN Invesco Senior Loan ETF	Invesco Senior Loan ETF	Buy - Position Entry	+200,020	-	$4.08M	200,020
Q1 2026	BZ KANZHUN LIMITED - American Depo	KANZHUN LIMITED - American Depo	Sell - Position Exit	-1,523,231	-100.0%	$0.00	-
Q1 2026	CBL CBL & Associates Properties, In	CBL & Associates Properties, In	Sell	-363,859	-14.5%	$82.77M	2,153,717
Q1 2026	CHK		Buy	+175,114	+3.5%	$574.97M	5,237,477
Q1 2026	CHKEL		Sell - Position Exit	-95,294	-100.0%	$0.00	-
Q1 2026	CORZ Core Scientific, Inc.	Core Scientific, Inc.	Buy	+1,050,000	+12.6%	$139.90M	9,400,708
Q1 2026	CRC California Resources Corporatio	California Resources Corporatio	Sell - Position Exit	-694,502	-100.0%	$0.00	-
Q1 2026	CX Cemex, S.A.B. de C.V. Sponsored	Cemex, S.A.B. de C.V. Sponsored	Sell	-2,986,241	-51.9%	$31.61M	2,763,083
Q1 2026	ECVT Ecovyst Inc.	Ecovyst Inc.	Sell	-1,860,712	-43.7%	$30.78M	2,393,791
Q1 2026	ERJ Embraer S.A.	Embraer S.A.	Buy - Position Entry	+447,606	-	$26.56M	447,606
Q1 2026	FCX Freeport-McMoRan, Inc.	Freeport-McMoRan, Inc.	Sell	-169,931	-12.2%	$71.72M	1,220,122
Q1 2026	FTAI FTAI Aviation	FTAI Aviation	Sell - Position Exit	-517,328	-100.0%	$0.00	-
Q1 2026	G25457105 Credo Technology	Credo Technology	Buy - Position Entry	+539,000	-	$50.60M	539,000
Q1 2026	G4124C109 Grab	Grab	Sell - Position Exit	-11,207,699	-100.0%	$0.00	-
Q1 2026	G6683N103 Nu Holdings	Nu Holdings	Sell - Position Exit	-4,479,175	-100.0%	$0.00	-
Q1 2026	GTX Garrett Motion Inc.	Garrett Motion Inc.	Sell	-2,500,000	-14.6%	$265.19M	14,594,816
Q1 2026	HDB HDFC Bank Limited	HDFC Bank Limited	Sell	-16,180	-12.4%	$2.84M	114,261
Q1 2026	INDV Indivior	Indivior	Sell - Position Exit	-7,108,644	-100.0%	$0.00	-
Q1 2026	INFY Infosys Limited	Infosys Limited	Sell - Position Exit	-1,094,752	-100.0%	$0.00	-
Q1 2026	ITUB Itau Unibanco Banco Holding SA	Itau Unibanco Banco Holding SA	Sell	-1,633,752	-11.8%	$102.14M	12,188,995
Q1 2026	L01800108 Alvotech	Alvotech	Sell	-435,674	-81.6%	$336.08K	97,982
Q1 2026	L01800116 Alvotech	Alvotech	Buy	+2,841	+0.1%	$1.33M	4,669,508
Q1 2026	NOK Nokia Corporation Sponsored	Nokia Corporation Sponsored	Sell	-7,551,921	-40.3%	$90.05M	11,200,308
Q1 2026	NRG NRG Energy, Inc.	NRG Energy, Inc.	Buy - Position Entry	+49,028	-	$7.16M	49,028
Q1 2026	ONIT Onity Group Inc.	Onity Group Inc.	Sell - Position Exit	-390,835	-100.0%	$0.00	-
Q1 2026	PBR Petroleo Brasileiro S.A.- Petro	Petroleo Brasileiro S.A.- Petro	Buy - Position Entry	+6,089,413	-	$126.36M	6,089,413

Page 1 of 2