Fund · 13F holdings
Oaktree Capital Management, L.P.
Howard Marks · Los Angeles, CA · Founded 1995
Oaktree Capital Management is a Los Angeles-based investment firm founded in 1995 by Howard Marks and Bruce Karsh. It specializes in credit — distressed debt, high-yield bonds, and other less-efficient corners of the market — under a risk-first philosophy Marks distills in his widely-read investor memos and the book "The Most Important Thing."
Brookfield Asset Management acquired a majority stake in Oaktree in 2019, leaving the investment team independent. The firm's book is dominated by credit; the 13F below captures only its US-listed equity and equity-linked positions, so it is a narrow slice of what Oaktree manages.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
1995
Oaktree founded
Howard Marks and Bruce Karsh launch the firm to specialize in distressed debt and other inefficient credit markets.
2012
IPO on the NYSE
Oaktree lists publicly, giving outside investors a stake in the management company.
2019
Brookfield takes majority stake
Brookfield Asset Management acquires ~62% of Oaktree while the investment teams stay independent.
2026 Q2 holdings
Period end
Filed
Portfolio value
$7.21B
Positions
145
We track
0
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | State Street Corp | Put | $1.01B | 1.4M | 14.0% | NEW |
| 2 | Invesco Qqq Trust Series 1 | Put | $651.7M | 885K | 9.0% | ADD |
| 3 | Torm Plc | COMMON STOCK | $524.3M | 20.3M | 7.3% | TRIM |
| 4 | Expand Energy Corp | COMMON STOCK | $477.6M | 5.2M | 6.6% | HOLD |
| 5 | Garrett Motion Inc | COMMON STOCK | $275.2M | 7.6M | 3.8% | TRIM |
| 6 | Anglogold Ashanti Plc | COMMON STOCK | $257.2M | 3.2M | 3.6% | TRIM |
| 7 | Indivior Pharmaceuticals Inc | COMMON STOCK | $251.4M | 6.1M | 3.5% | TRIM |
| 8 | Telephone And Data Systems Inc | COMMON STOCK | $195.5M | 5.3M | 2.7% | ADD |
| 9 | Viper Energy Inc | COMMON STOCK | $160.8M | 3.8M | 2.2% | HOLD |
| 10 | Core Scientific Inc | Call | $128.0M | 5.0M | 1.8% | ADD |
| 11 | Core Scientific Inc | COMMON STOCK | $127.8M | 5.0M | 1.8% | TRIM |
| 12 | Talen Energy Corp | COMMON STOCK | $127.2M | 331K | 1.8% | HOLD |
| 13 | Barrick Mining Corp | COMMON STOCK | $117.8M | 3.2M | 1.6% | ADD |
| 14 | Itau Unibanco Holding Sa | COMMON STOCK | $97.9M | 12.0M | 1.4% | TRIM |
| 15 | Liberty Global Ltd | COMMON STOCK | $97.2M | 8.6M | 1.3% | HOLD |
| 16 | Oaktree Specialty Lending Corp | COMMON STOCK | $94.0M | 7.9M | 1.3% | ADD |
| 17 | Freeport-mcmoran Inc | COMMON STOCK | $75.5M | 1.2M | 1.0% | TRIM |
| 18 | Grupo Aeromexico Sab De Cv | COMMON STOCK | $71.4M | 4.0M | 1.0% | HOLD |
| 19 | Kilroy Realty Corp | COMMON STOCK | $69.3M | 1.9M | 1.0% | HOLD |
| 20 | Pebblebrook Hotel Trust | CONVERTIBLE BOND | $63.1M | 63.5M prn | 0.9% | ADD |
| 21 | Biomarin Pharmaceutical Inc | CONVERTIBLE BOND | $62.4M | 64.0M prn | 0.9% | ADD |
| 22 | Sea Ltd | CONVERTIBLE BOND | $62.1M | 62.6M prn | 0.9% | ADD |
| 23 | Etsy Inc | CONVERTIBLE BOND | $61.2M | 66.8M prn | 0.8% | ADD |
| 24 | Sea Ltd | COMMON STOCK | $60.9M | 635K | 0.8% | NEW |
| 25 | Liberty Latin America Ltd | COMMON STOCK | $58.9M | 7.6M | 0.8% | ADD |
| 26 | Enphase Energy Inc | CONVERTIBLE BOND | $57.6M | 61.8M prn | 0.8% | ADD |
| 27 | Dexcom Inc | CONVERTIBLE BOND | $57.1M | 61.1M prn | 0.8% | ADD |
| 28 | Bausch Lomb Corp | COMMON STOCK | $57.0M | 3.4M | 0.8% | ADD |
| 29 | Viasat Inc | COMMON STOCK | $56.6M | 630K | 0.8% | NEW |
| 30 | Echostar Corp | CONVERTIBLE BOND | $56.3M | 18.0M prn | 0.8% | HOLD |
| 31 | Marriott Vacations Worldwide Corp | CONVERTIBLE BOND | $56.0M | 56.9M prn | 0.8% | ADD |
| 32 | Draftkings Inc | CONVERTIBLE BOND | $54.5M | 58.5M prn | 0.8% | ADD |
| 33 | Conmed Corp | CONVERTIBLE BOND | $52.5M | 53.6M prn | 0.7% | ADD |
| 34 | Makemytrip Ltd | COMMON STOCK | $52.4M | 983K | 0.7% | NEW |
| 35 | Riot Platforms Inc | CONVERTIBLE BOND | $52.3M | 26.0M prn | 0.7% | TRIM |
| 36 | Teladoc Health Inc | CONVERTIBLE BOND | $52.3M | 53.6M prn | 0.7% | ADD |
| 37 | Bentley Systems Inc | CONVERTIBLE BOND | $52.2M | 54.3M prn | 0.7% | ADD |
| 38 | Matthews International Corp | COMMON STOCK | $51.8M | 1.9M | 0.7% | NEW |
| 39 | Xp Inc | COMMON STOCK | $50.7M | 3.1M | 0.7% | TRIM |
| 40 | Unity Software Inc | CONVERTIBLE BOND | $48.6M | 49.4M prn | 0.7% | ADD |
| 41 | FIVE9 Inc | CONVERTIBLE BOND | $47.4M | 53.3M prn | 0.7% | ADD |
| 42 | Lyondellbasell Industries Nv | Put | $47.4M | 900K | 0.7% | ADD |
| 43 | SHIFT4 Payments Inc | CONVERTIBLE BOND | $46.3M | 48.4M prn | 0.6% | ADD |
| 44 | Ypf Sa | COMMON STOCK | $45.1M | 991K | 0.6% | ADD |
| 45 | Transalta Corp | COMMON STOCK | $41.5M | 3.0M | 0.6% | TRIM |
| 46 | Visteon Corp | Put | $39.7M | 400K | 0.6% | NEW |
| 47 | Runway Growth Finance Corp | COMMON STOCK | $39.4M | 7.0M | 0.5% | HOLD |
| 48 | Enovis Corp | CONVERTIBLE BOND | $37.8M | 39.2M prn | 0.5% | NEW |
| 49 | Amphastar Pharmaceuticals Inc | CONVERTIBLE BOND | $37.2M | 40.9M prn | 0.5% | ADD |
| 50 | Affirm Holdings Inc | CONVERTIBLE BOND | $34.3M | 34.8M prn | 0.5% | ADD |
| 51 | Array Technologies Inc | CONVERTIBLE BOND | $31.6M | 34.0M prn | 0.4% | ADD |
| 52 | Embraer Sa | COMMON STOCK | $28.1M | 440K | 0.4% | TRIM |
| 53 | Snap Inc | CONVERTIBLE BOND | $26.7M | 28.0M prn | 0.4% | ADD |
| 54 | Array Digital Infrastructure Inc | COMMON STOCK | $25.3M | 697K | 0.4% | TRIM |
| 55 | Rice Acquisition Corp 3 | COMMON STOCK | $25.2M | 2.4M | 0.3% | HOLD |
| 56 | Sharonai Holdings Inc | COMMON STOCK | $24.5M | 289K | 0.3% | TRIM |
| 57 | Spectrum Brands Holdings Inc | CONVERTIBLE BOND | $24.5M | 23.5M prn | 0.3% | TRIM |
| 58 | Ternium Sa | COMMON STOCK | $24.4M | 572K | 0.3% | TRIM |
| 59 | Quantum Corp | COMMON STOCK | $22.1M | 2.0M | 0.3% | NEW |
| 60 | Winnebago Industries Inc | CONVERTIBLE BOND | $18.7M | 20.1M prn | 0.3% | ADD |
| 61 | Block Inc | CONVERTIBLE BOND | $17.1M | 18.0M prn | 0.2% | ADD |
| 62 | Snap Inc | CONVERTIBLE BOND | $16.1M | 17.5M prn | 0.2% | ADD |
| 63 | Simply Good Foods Co/the | COMMON STOCK | $16.0M | 1.2M | 0.2% | ADD |
| 64 | Cogent Biosciences Inc | CONVERTIBLE BOND | $14.8M | 11.9M prn | 0.2% | ADD |
| 65 | Surgery Partners Inc | COMMON STOCK | $14.5M | 863K | 0.2% | NEW |
| 66 | Blackstone Mortgage Trust Inc | CONVERTIBLE BOND | $14.1M | 14.1M prn | 0.2% | ADD |
| 67 | Upwork Inc | CONVERTIBLE BOND | $14.0M | 14.2M prn | 0.2% | ADD |
| 68 | Workiva Inc | CONVERTIBLE BOND | $14.0M | 15.0M prn | 0.2% | NEW |
| 69 | Etsy Inc | CONVERTIBLE BOND | $13.9M | 12.0M prn | 0.2% | NEW |
| 70 | Redfin Corp | CONVERTIBLE BOND | $13.5M | 14.0M prn | 0.2% | ADD |
| 71 | Starwood Property Trust Inc | CONVERTIBLE BOND | $12.1M | 11.9M prn | 0.2% | NEW |
| 72 | Bitdeer Technologies Group | Call | $11.9M | 750K | 0.2% | NEW |
| 73 | Snowflake Inc | CONVERTIBLE BOND | $11.9M | 7.1M prn | 0.2% | ADD |
| 74 | Nabors Industries Ltd | CONVERTIBLE BOND | $11.3M | 11.9M prn | 0.2% | TRIM |
| 75 | Aerovironment Inc | CONVERTIBLE BOND | $11.3M | 11.8M prn | 0.2% | ADD |
| 76 | Itron Inc | CONVERTIBLE BOND | $11.2M | 11.2M prn | 0.2% | ADD |
| 77 | Ziff Davis Inc | CONVERTIBLE BOND | $11.1M | 11.2M prn | 0.2% | ADD |
| 78 | Mayfair Gold Corp | COMMON STOCK | $11.1M | 4.5M | 0.2% | HOLD |
| 79 | Arrowhead Pharmaceuticals Inc | CONVERTIBLE BOND | $11.0M | 9.1M prn | 0.2% | TRIM |
| 80 | Blue Moon Metals Inc | COMMON STOCK | $10.7M | 1.7M | 0.1% | HOLD |
| 81 | Envista Holdings Corp | CONVERTIBLE BOND | $10.3M | 10.2M prn | 0.1% | TRIM |
| 82 | Cloudflare Inc | CONVERTIBLE BOND | $10.2M | 8.1M prn | 0.1% | NEW |
| 83 | RAPID7 Inc | CONVERTIBLE BOND | $9.7M | 10.1M prn | 0.1% | ADD |
| 84 | Freshpet Inc | CONVERTIBLE BOND | $9.2M | 7.9M prn | 0.1% | NEW |
| 85 | Alphatec Holdings Inc | CONVERTIBLE BOND | $9.1M | 9.2M prn | 0.1% | NEW |
| 86 | Smartrent Inc | COMMON STOCK | $8.9M | 7.5M | 0.1% | HOLD |
| 87 | Upstart Holdings Inc | CONVERTIBLE BOND | $8.3M | 8.3M prn | 0.1% | ADD |
| 88 | Sitime Corp | CONVERTIBLE BOND | $8.1M | 7.3M prn | 0.1% | NEW |
| 89 | Redwood Trust Inc | CONVERTIBLE BOND | $8.0M | 7.9M prn | 0.1% | TRIM |
| 90 | Doordash Inc | CONVERTIBLE BOND | $8.0M | 8.1M prn | 0.1% | NEW |
| 91 | JD.COM Inc | CONVERTIBLE BOND | $7.9M | 8.1M prn | 0.1% | TRIM |
| 92 | ALARM.COM Holdings Inc | CONVERTIBLE BOND | $7.8M | 8.2M prn | 0.1% | ADD |
| 93 | Pennymac Mortgage Investment Trust | CONVERTIBLE BOND | $7.3M | 7.1M prn | 0.1% | ADD |
| 94 | Cerence Inc | CONVERTIBLE BOND | $7.2M | 7.9M prn | 0.1% | ADD |
| 95 | Celcuity Inc | CONVERTIBLE BOND | $7.1M | 6.2M prn | 0.1% | NEW |
| 96 | Magnachip Semiconductor Corp | COMMON STOCK | $7.1M | 1.5M | 0.1% | TRIM |
| 97 | Workiva Inc | CONVERTIBLE BOND | $7.1M | 7.1M prn | 0.1% | NEW |
| 98 | Cracker Barrel Old Country Store Inc | CONVERTIBLE BOND | $6.9M | 6.7M prn | 0.1% | NEW |
| 99 | Etsy Inc | CONVERTIBLE BOND | $6.9M | 7.2M prn | 0.1% | NEW |
| 100 | Pagerduty Inc | CONVERTIBLE BOND | $6.7M | 7.1M prn | 0.1% | ADD |
Notable 2026 Q2 moves
New positions
- State Street Corp (Put) $1.01B
- Sea Ltd $60.9M
- Viasat Inc $56.6M
- Makemytrip Ltd $52.4M
- Matthews International Corp $51.8M
- Visteon Corp (Put) $39.7M
- Enovis Corp $37.8M
- Quantum Corp $22.1M
- Surgery Partners Inc $14.5M
- Workiva Inc $14.0M
- Etsy Inc $13.9M
- Starwood Property Trust Inc $12.1M
- Bitdeer Technologies Group (Call) $11.9M
- Cloudflare Inc $10.2M
- Freshpet Inc $9.2M
- Alphatec Holdings Inc $9.1M
- Sitime Corp $8.1M
- Doordash Inc $8.0M
- Celcuity Inc $7.1M
- Workiva Inc $7.1M
- Cracker Barrel Old Country Store Inc $6.9M
- Etsy Inc $6.9M
- Sarepta Therapeutics Inc $6.3M
- Lci Industries $6.3M
- Uber Technologies Inc $6.2M
- Magnachip Semiconductor Corp (Call) $4.7M
- Firstenergy Corp $4.7M
- Rubrik Inc $4.6M
- Dpc Holdings Ltd $3.7M
- Transmedics Group Inc $3.4M
- Service Properties Trust $3.4M
- Wec Energy Group Inc $3.3M
- Norwegian Cruise Line Holdings Ltd $2.8M
- Nn Inc $1.8M
- Groupon Inc $1.7M
- On Semiconductor Corp $1.5M
- Revolution Medicines Inc $1.4M
- Alibaba Group Holding Ltd $886K
- Shake Shack Inc $252K
- Office Properties Income Trust/md $184K
Exited
- State Street Spdr S&p Oil & Gas Exploration & Production Etf (Put) was $181.8M
- Petroleo Brasileiro Sa - Petrobras was $126.4M
- Jetblue Airways Corp was $94.8M
- NOK Nokia Corporation was $90.1M
- Cbl & Associates Properties Inc was $82.8M
- American Water Capital Corp was $55.8M
- Coinbase Global Inc was $52.2M
- Credo Technology Group Holding Ltd was $50.6M
- Talen Energy Corp (Call) was $47.9M
- Okta Inc was $46.7M
- Q2 Holdings Inc was $40.9M
- Block Inc was $37.7M
- Progress Software Corp was $36.1M
- Ecovyst Inc was $30.8M
- Cracker Barrel Old Country Store Inc was $25.7M
- Synaptics Inc was $14.3M
- Penn Entertainment Inc was $9.6M
- Optimum Communications Inc was $9.5M
- Callaway Golf Co was $9.2M
- Lci Industries was $9.1M
- Repligen Corp was $8.8M
- TRIP.COM Group Ltd was $7.9M
- Illumination Acquisition Corp I was $7.4M
- Nrg Energy Inc was $7.2M
- Pg&e Corp was $4.1M
- Invesco Senior Income Trust was $4.1M
- Southern Co/the was $3.7M
- Bandwidth Inc was $3.7M
- Jbt Marel Corp was $2.9M
- Digitalocean Holdings Inc was $2.9M
- Hdfc Bank Ltd was $2.8M
- Coinbase Global Inc was $2.2M
- Cheesecake Factory Inc/the was $2.1M
- Strategy Inc was $2.1M
- Post Holdings Inc was $2.1M
- Jazz Pharmaceuticals Plc was $2.1M
- Parsons Corp was $2.0M
- Meritage Homes Corp was $1.8M
- Nextera Energy Inc was $1.8M
- Irhythm Technologies Inc was $1.5M
- Celcuity Inc was $1.5M
- Pdd Holdings Inc was $493K
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| NOKNokia Oyj | — | $90.1M | $121.3M | $90.2M |
| GRABGrab Holdings Ltd | — | — | $55.9M | $72.8M |
| VISTVista Energy Sab De Cv | — | — | $38.1M | $63.3M |
Excludes 1 option position — a put or call is a claim on shares, not a share position. They are listed in the holdings table with their Put/Call class.