OAKTREE CAPITAL MANAGEMENT LP
Long book
$4.31B
Q1 2026
Positions
52
Top-10 weight
65%
concentration
Last quarter
+10.2%
SPY +14.8%
Turnover
41%
of book per quarter
Strategy in plain words
auto-generated from filingsOAKTREE CAPITAL MANAGEMENT LP is a concentrated fundamental stock-picker, running a $4.31B US long book across 52 positions.
The portfolio is concentrated: the top 10 names carry 65% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TORM PLC-A, EXPAND ENERGY CORP, ANGLOGOLD ASHANTI PLC, GARRETT MOTION INC, INDIVIOR PHARMACEUTICALS INC.
Over the last 9 quarters its long book ran on average 1.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.9%
Q2 2024
+4.4%
Q3 2024
+4.5%
Q4 2024
+0.2%
Q1 2025
+10.2%
Q2 2025
+15.4%
Q3 2025
+8.2%
Q4 2025
+4.8%
Q1 2026
+10.2%
Sector allocation
Other 24%
Energy 21%
Materials 15%
Communications 11%
Healthcare 7%
Industrials 7%
Financials 6%
Utilities 5%
Long book by quarter
What does OAKTREE CAPITAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TRMDA TORM PLC-A | — | 23.8M | $675.1M | 15.7% | -9.8% |
| EXE EXPAND ENERGY CORP | Energy | 5.2M | $575.0M | 13.4% | +3.5% |
| AU ANGLOGOLD ASHANTI PLC | Materials | 3.2M | $313.8M | 7.3% | -16.2% |
| GTX GARRETT MOTION INC | Industrials | 14.6M | $265.2M | 6.2% | -14.6% |
| INDV INDIVIOR PHARMACEUTICALS INC | Healthcare | 7.0M | $212.9M | 4.9% | New |
| TDS TELEPHONE AND DATA SYSTEMS | Communications | 4.3M | $180.7M | 4.2% | +16.4% |
| VNOM VIPER ENERGY INC-CL A | Energy | 3.8M | $178.2M | 4.1% | -39.7% |
| CORZ CORE SCIENTIFIC INC | Financials | 9.4M | $139.9M | 3.2% | +12.0% |
| STKL SUNOPTA INC | — | 20.7M | $134.2M | 3.1% | Held |
| B BARRICK MINING CORP | Materials | 2.6M | $107.1M | 2.5% | -11.8% |
| TLN TALEN ENERGY CORP | Utilities | 331.1K | $105.7M | 2.5% | Held |
| LBTYA LIBERTY GLOBAL LTD-A | Communications | 8.6M | $103.4M | 2.4% | Held |
| TAC TRANSALTA CORP | Utilities | 6.4M | $84.1M | 2.0% | Held |
| FCX FREEPORT-MCMORAN INC | Materials | 1.2M | $71.7M | 1.7% | -12.2% |
| XP XP INC - CLASS A | Financials | 3.2M | $60.4M | 1.4% | -4.5% |
| BLCO BAUSCH + LOMB CORP | Healthcare | 3.4M | $53.8M | 1.2% | Held |
| LILAK LIBERTY LATIN AMERIC-CL C | Communications | 5.7M | $50.7M | 1.2% | Held |
| CRDO CREDO TECHNOLOGY GROUP HOLDI | Technology | 539.0K | $50.6M | 1.2% | New |
| RWAY RUNWAY GROWTH FINANCE CORP | — | 7.0M | $48.3M | 1.1% | Held |
| AD ARRAY DIGITAL INFRASTRUCTURE | Communications | 724.4K | $33.4M | 0.8% | Held |
| ECVT ECOVYST INC | Materials | 2.4M | $30.8M | 0.7% | -43.7% |
| KRSP RICE ACQUISITION CORP 3-A | Financials | 2.4M | $24.7M | 0.6% | Held |
| SHAZ SHARONAI HOLDINGS INC | Technology | 1.0M | $22.7M | 0.5% | New |
| OCSL OAKTREE SPECIALTY LENDING CO | — | 1.9M | $20.9M | 0.5% | Held |
| SMPL SIMPLY GOOD FOODS CO/THE | Consumer staples | 1.1M | $16.2M | 0.4% | New |
| MINE MAYFAIR GOLD CORP | Materials | 4.5M | $13.9M | 0.3% | New |
| BATL BATTALION OIL CORP | Energy | 3.0M | $11.7M | 0.3% | Held |
| SMRT SMARTRENT INC | Technology | 7.5M | $11.3M | 0.3% | Held |
| BMM BLUE MOON METALS INC | Materials | 1.7M | $10.9M | 0.3% | New |
| OPTU OPTIMUM COMMUNICATIONS INC-A | Communications | 7.3M | $9.5M | 0.2% | -2.3% |
| MX MAGNACHIP SEMICONDUCTOR CORP | Technology | 2.8M | $8.0M | 0.2% | Held |
| LILA LIBERTY LATIN AMERIC-CL A | Communications | 839.0K | $7.2M | 0.2% | Held |
| NRG NRG ENERGY INC | Utilities | 49.0K | $7.2M | 0.2% | New |
| ALVO ALVOTECH SA | Healthcare | 240.0K | $339K | 0.0% | -55.0% |
| BTAI BIOXCEL THERAPEUTICS INC | Healthcare | 241.2K | $323K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR/ARESTATEMENT | May 20, 2026 | 147 | $6.56B | canonical | SEC ↗ |
| Q1 2026 | 13F-HR/ARESTATEMENT | May 19, 2026 | 142 | $6.49B | SEC ↗ | |
| Q1 2026 | 13F-HR | May 15, 2026 | 142 | $6.28B | SEC ↗ | |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 172 | $7.03B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 165 | $6.49B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 178 | $5.81B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 170 | $5.17B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 165 | $5.64B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 168 | $6.24B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 152 | $6.30B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 169 | $6.36B | canonical | SEC ↗ |
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